High rate private loan

[Kozmo]

Hey everyone-somewhat off topic

Been awhile since I've been on the boards. I have a Private Loan with Sallie Mae with a 9.75% variable rate. I still have about $4800 left to pay. Most lenders who refi private loans require a min of $5k of a balance.

Thought about doing a Discover personal loan to just pay it off but my rate would be around the same, maybe 8%. P2P loans seem to have slightly lower rates but im not sure.

Anyone have any tips on what I can do to get this taken care of? Fico is around 700+ and DTI is low.

Thanks!

[pizzadude]

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@Kozmo wrote:

Hey everyone-somewhat off topic

Been awhile since I've been on the boards. I have a Private Loan with Sallie Mae with a 9.75% variable rate. I still have about $4800 left to pay. Most lenders who refi private loans require a min of $5k of a balance.

Thought about doing a Discover personal loan to just pay it off but my rate would be around the same, maybe 8%. P2P loans seem to have slightly lower rates but im not sure.

Anyone have any tips on what I can do to get this taken care of? Fico is around 700+ and DTI is low.

Thanks!

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How much interest do you have left to pay?  Can you send extra payments to knock down the balance?

Also if you have at least $5K equity in a vehicle you might try doing a cash-out refi.

[Kozmo]

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@pizzadude wrote:

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@Kozmo wrote:

Hey everyone-somewhat off topic

Been awhile since I've been on the boards. I have a Private Loan with Sallie Mae with a 9.75% variable rate. I still have about $4800 left to pay. Most lenders who refi private loans require a min of $5k of a balance.

Thought about doing a Discover personal loan to just pay it off but my rate would be around the same, maybe 8%. P2P loans seem to have slightly lower rates but im not sure.

Anyone have any tips on what I can do to get this taken care of? Fico is around 700+ and DTI is low.

Thanks!

---

How much interest do you have left to pay?  Can you send extra payments to knock down the balance?

Also if you have at least $5K equity in a vehicle you might try doing a cash-out refi.

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Not sure on the interest. I can pay more but was trying to find a way to save a little cash. I dont have a ton of equity in the car...didnt realize P2P would show up as a CFL so I will stay away from that for sure.

Is there any way to use a Balance Transfer from a CC? My thought was that my wife has a simplicity account that constantly offers new deals. I figured at a minimum I could do $1200 at a time for $100 a month payments and have it paid off with no interest (just a hypothetical I would probabaly pay more than $100 per month) but im not sure how it works if you're trying to BT from a loan to a CC or if thats even allowed?

[pizzadude]

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@Kozmo wrote:

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Not sure on the interest. I can pay more but was trying to find a way to save a little cash. I dont have a ton of equity in the car...didnt realize P2P would show up as a CFL so I will stay away from that for sure.

Is there any way to use a Balance Transfer from a CC? My thought was that my wife has a simplicity account that constantly offers new deals. I figured at a minimum I could do $1200 at a time for $100 a month payments and have it paid off with no interest (just a hypothetical I would probabaly pay more than $100 per month) but im not sure how it works if you're trying to BT from a loan to a CC or if thats even allowed?

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I don't think you could do it via a BT, although you could use cash advance checks ~ some lenders will have occasionally have promotions with favourable interest rates / fees.