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Established Contributor
Posts: 577
Registered: ‎11-13-2008
0

Signature Loan?

I need to borrow about $10,000. I have several credit cards with 0% promotions that charge a 3% transaction fee. I am a member of PSECU and they offer a signature loan for 10.99% that I know I will get if I apply. 

 

My question is does anyone know of any financial institution where I can get the signature loan cheaper than 10.99% with a 710 FICO? Thanks in advance.

Valued Contributor
Posts: 2,512
Registered: ‎11-11-2010
0

Re: Signature Loan?

You can try social lending website like Lending Club. Depending on your credit it can go lower than 11% APR. Or if you can pay it back really quick use balance transfer checks from your CC.

 

10.99% APR is pretty good for signature loan, given that it is an unsecured loan.

In My Wallet:
Citi Forward (12/2010) | Citi Dividend (05/2011) | Chase Freedom (11/2011) | GECRB/PayPal (05/2012)
Discover it (07/2012) | AMEX BCP (09/2012) | TD/Target REDCard (10/2012) | Chase Ink Classic (11/2012)
BofA BBR (04/2013) | FNBO/Overstock.com (02/2014) | Barclaycard Arrival (04/2014) | FIA/Fidelity AMEX (04/2014)
Established Contributor
Posts: 577
Registered: ‎11-13-2008
0

Re: Signature Loan?

I won't be paying it back quick via a CC due to the BT fee. I called all my cards that have $0 balances and I have heard a while and they refuse to give me a card without a BT fee. Pretty sad, Citi used to do that back in the day if you had longivity with them.

Valued Contributor
Posts: 2,512
Registered: ‎11-11-2010
0

Re: Signature Loan?

How big is the monthly payment for this loan be? 3% BT fee from $10K is $300. $300 / 12 = $25 BT fee per month.

In My Wallet:
Citi Forward (12/2010) | Citi Dividend (05/2011) | Chase Freedom (11/2011) | GECRB/PayPal (05/2012)
Discover it (07/2012) | AMEX BCP (09/2012) | TD/Target REDCard (10/2012) | Chase Ink Classic (11/2012)
BofA BBR (04/2013) | FNBO/Overstock.com (02/2014) | Barclaycard Arrival (04/2014) | FIA/Fidelity AMEX (04/2014)
Established Contributor
Posts: 766
Registered: ‎01-16-2012
0

Re: Signature Loan?

Wells fargo has better rates, but not sure if you need to have an account to apply.
In wallet: Ink Plus 10k, AMEX TE 25k. In bag: CSP 16k, USAA WMC 15k, Hyatt 13k, United MPE 12k, AMEX HHonors 3k. In SD: Cap 1 QS 5k, Discover IT 7k. FICO 08 says my EQ is now 844, was 510 in 2010.
Epic Contributor
Posts: 25,866
Registered: ‎10-23-2007
0

Re: Signature Loan?

Unless you are going to pay it off in less than 2 years I would think paying the 3% to transfer to 1 credit card, don't move it all around.... and when out or go get a new one 15-18 is easy to find... Im not good with the break down but $10k starting out at 11% on a 48-60 month loan is going to cost way more than the 3% cc unless you really just want to set it at low low payments for 60 months and don't care... i rarely see a no fee BT (Navy Federal) does it and 1 or 2 a year i think they even offer the 0% for 12 months... CC rate for them starts at 8.99 i believe for lowest.

Fico Scores 8: EX 694. TU 689. EQ 658. 05/26/2015
Frequent Contributor
Posts: 263
Registered: ‎08-14-2011
0

Re: Signature Loan?

[ Edited ]

I don't know if this would work for you but I have a DCU Platinum Visa with a $10K limit and no fees for cash advances. The APR is 8.5%.

 

I'm not sure what their minumum required FICO scores are.

bobebob || Nov: My FICO SW EQ(Upgraded Version) = 822 ||Sept: Walmart TU Fico=838Goal = FICO's>800 || In my wallet: CostcoAmEx(20k), DCU Visa Platinum (10k), BoA Visa Signature (17.1k), Walmart Discover (7.5k), AmEx Corporate (5k). All PIF every month.
Valued Contributor
Posts: 2,512
Registered: ‎11-11-2010
0

Re: Signature Loan?

[ Edited ]

bobebob wrote:

I don't know if this would work for you but I have a DCU Platinum Visa with a $10K limit and no fees for cash advances.

 

I'm not sure what their minumum required FICO scores are.


If you can get the best rate (8.50%), that's great. Otherwise it can be more expensive, given their highest rate is 18%. Cash advance has no grace period.

 

Funny DCU does not offer intro APR.

In My Wallet:
Citi Forward (12/2010) | Citi Dividend (05/2011) | Chase Freedom (11/2011) | GECRB/PayPal (05/2012)
Discover it (07/2012) | AMEX BCP (09/2012) | TD/Target REDCard (10/2012) | Chase Ink Classic (11/2012)
BofA BBR (04/2013) | FNBO/Overstock.com (02/2014) | Barclaycard Arrival (04/2014) | FIA/Fidelity AMEX (04/2014)
Established Contributor
Posts: 784
Registered: ‎08-13-2011
0

Re: Signature Loan?

I got a unsecured loan at my credit union today for 3500 at 10% for 2 years, they also said that they have a christmas loan at this time of year at 5.5% but it must be paid back over 1 years period of time. Maybe you could check with your credit union.

 





Starting Score: TU 573 Exp 523 Lender Pull, Eq 583
Current Score: TU 673, Exp 664.,Eq 672 04/17/2015 TU 741 Equifax 682 Experian 678

Goal Score: 700 across the board


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Established Contributor
Posts: 536
Registered: ‎05-16-2012
0

Re: Signature Loan?

Not sure if you're a USAA member, but there is a pre-approval in my "offers" section for a CC with 0% BT/Convienence Check fee until sometime in 2014 with a new AMEX application up to $25k (or whatever I'm approved for) .. Their max Convenence Check fee is $200 ... just an option, and a lot cheaper than 10+% on a sig loan over that same period. Worth a look to see if you have the same if you're also a USAA member.

FICO 08 EX: 802 EQ: 780 TU: 804

Total Credit Lines: $133,700
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