Is it a good idea to use a low interest loan to pay a high interest loan?
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yeah use a loan to pay another loan
low interest loan 7%
high interest loan ~15% (variable interest)
the low interest loan is a student loan from the gov
the high interest loan is from a private bank
Is it a good idea to use a low interest loan to pay a high interest loan?Sounds good--but are there any other charges/expenses involved with the low interest loan?
Is it a good idea to use a low interest loan to pay a high interest loan?Yes, make sure the rate will not increase or it will be the same problem later. They charge a fee to transfer a balance too.
Is it a good idea to use a low interest loan to pay a high interest loan?Check and see if there is a fee associated with this loan. (If you are using the loan to pay your credit cards, make sure you cut up your cards before you pay them off. It is too tempting to keep using them, and then your debt will be even greater.) Also make sure that there are no prepayment penalties on your high rate loan as well as on the low rate loan.
Is it a good idea to use a low interest loan to pay a high interest loan?I read your Article. I have applied for series of Loan in different loan companies online and end up loosing my money.I lost $2,400.00 in the hands those internet loan scammers, who claim to be loan lenders. I lost every penny i had till a friend directed me to Macro Loan House, were i applied for a loan of $46,000.00 which was Approved and transfer to me. I will advcie you contact the company too for possible help. Company email: macroloans@gmail.com
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