750+ credit score = high interest?????!!!?
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Whats the Deal with personal loans?.. Bank of America is offering 8.99% for unsecured loans, so I decided this would be a great opportunity to consolidate all my debt and applied. I get approved for a very high limit, but at a interest rate of 16.99%! Sure it will knock off a few bones off my monthly payments, but it also adds an extra $110 to the monthy payment compared to the 8.9 rate over 5 years. So I told them get bent.
This got me wondering how the system works compared to credit cards, I always get the best rate. Could someone explain why? And offer up some companies that are a little bit more lenient when it comes to who qualifies for the lowest rates for personal loans.
750+ credit score = high interest?????!!!?Is this 750 score your FICO or your 'vantage'?
I don tknow what a "high" limit is, but if you asked for a lot and its totally unsecured, thats why. 16% is still very high but very few loans of an unsecured nature are better than 10%.
Try a credit union
750+ credit score = high interest?????!!!?Sounds like your ratio of unsecured debt (when adding the amount you are requesting) is too high.
You would fair better at a bank/credit union, especially if you have assets to secure the loan with.
750+ credit score = high interest?????!!!?People with poor credit feel that it is difficult to get personal loans. However, there are many financial companies and banks that provide loans to bad credit applicants. Bad credit personal loans are generally sought<!--by persons who want to consolidate their loans.Some banks prefer to provide loans in an incremental order. First time customers are given loans ranging from $200 to $500, depending on their net income. You can get more about personal loans here,
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These customers can later apply for loans up to $1,500. Loans of greater amounts can be fetched through secured personal loans. These loans are passed by taking your property or home as collateral-->The interest rates on secured loans are lower than unsecured loans. However, there is always the risk of losing your house or property if the loan is not repaid.
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