topic Re: Need advice on personal loan options and the cons/pro of each. in Personal Finance

Need advice on personal loan options and the cons/pro of each.

tparvaiz — Mon, 22 Apr 2024 01:55:22 GMT

Hello,

I'm interested in obtaining a personal loan for approximately one year. I currently have a mortgage, IRA, and 401k, as well as an excellent credit score.

I'm seeking guidance on available options with favorable interest rates.

Thank you.

Re: Need advice on personal loan options and the cons/pro of each.

CYBERSAM — Mon, 22 Apr 2024 02:13:33 GMT

Credit Union is your best option for loans with low interest rate.

How much are you looking for? Given you need a loan for about one year only, you could get a new CC with promotional 0% int. then do BT to your checking account! Unless you have some good CCs that offer good BT promotions.

Re: Need advice on personal loan options and the cons/pro of each.

tparvaiz — Mon, 22 Apr 2024 02:56:12 GMT

I am looking for about 25k.

what's BT?

Re: Need advice on personal loan options and the cons/pro of each.

CYBERSAM — Mon, 22 Apr 2024 03:36:31 GMT

@tparvaiz wrote:
I am looking for about 25k.

what's BT?

Balance Transfer. My apologies!

25K should not be a problem with excellent credit, the fees and interest rate is going to be high! Your probably looking %12 + processing fees!

Now if you have couple of credit cards with decent limits, you can use balance transfer for 12 to 15 months at around 3%

Re: Need advice on personal loan options and the cons/pro of each.

tparvaiz — Mon, 22 Apr 2024 05:15:09 GMT

is there an option to take a loan against 401k or IRA? and if it is, what's the interest rates I will be looking at?

Re: Need advice on personal loan options and the cons/pro of each.

MySunrise271 — Mon, 22 Apr 2024 12:39:14 GMT

Taking out a loan against any Long-term investment account would be the absolute last option I would pursue. I would in order of preference 1. Research and apply for a Home Equity Line Of Credit. 2 Research and apply for a low or no fee 0% balance transfer credit card 3, use as much savings as possible to pay down the debt, research and apply for a personal loan. 4. Reluctantly take out a loan against my long-term investment account.

I would start my research with credit unions.

Re: Need advice on personal loan options and the cons/pro of each.

SouthJamaica — Mon, 22 Apr 2024 12:47:15 GMT

@tparvaiz wrote:
is there an option to take a loan against 401k or IRA? and if it is, what's the interest rates I will be looking at?

That varies from institution to institution and from plan to plan. Those types of loans have lower interest, but are reducing the value of your retirement savings.

Re: Need advice on personal loan options and the cons/pro of each.

creditmemo — Mon, 22 Apr 2024 13:51:08 GMT

If you are an Amex customer, they offer no fee loans to 40k.

Also try Sofi.

Except for CU's, most lenders charge hefty fees and high int.