since I myself have taken out a personal loan at 20% let me tell you my experience. if you take it out for a year you have at least a one month to 6 week jump on no payments to the bills you were still paying on. Now to those having a heart attack about the interes rate, fix your budget for a 9 month payoff. You also get a high bump in your credit scores because before the loan gets reported to credit bureaus, the credit cards do update as paid. both my avant (23,99) and my lending club (13.99) were more than a month behind updating versus the credit cards and store cards I have
