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?????!!!?car loan
Is this 750 score your FICO or your %26#039;vantage%26#039;?
I don tknow what a %26quot;high%26quot; 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?????!!!?
loan
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.
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