Credit Cards

[MrCredit]

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.

[trumpet-205]

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.

[MrCredit]

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.

[trumpet-205]

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

[Cdnewmanpac]

Wells fargo has better rates, but not sure if you need to have an account to apply.

[Creditaddict]

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.

[bobebob]

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.

[trumpet-205]

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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.

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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.

[traveler2005]

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.

[seigex]

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.