topic Re: Signature Loan? in Credit Cards

Signature Loan?

MrCredit — Sat, 20 Oct 2012 00:36:31 GMT

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.

Re: Signature Loan?

trumpet-205 — Sat, 20 Oct 2012 00:46:39 GMT

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.

Re: Signature Loan?

MrCredit — Sat, 20 Oct 2012 00:49:14 GMT

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.

Re: Signature Loan?

trumpet-205 — Sat, 20 Oct 2012 01:12:50 GMT

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

Re: Signature Loan?

Cdnewmanpac — Sat, 20 Oct 2012 01:54:05 GMT

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

Re: Signature Loan?

Creditaddict — Sat, 20 Oct 2012 02:25:52 GMT

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.

Re: Signature Loan?

bobebob — Sat, 20 Oct 2012 04:12:18 GMT

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.

Re: Signature Loan?

trumpet-205 — Sat, 20 Oct 2012 04:15:45 GMT

@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.

Re: Signature Loan?

traveler2005 — Sat, 20 Oct 2012 04:27:21 GMT

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.

Re: Signature Loan?

ceejx — Sat, 20 Oct 2012 04:55:23 GMT

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.

Re: Signature Loan?

ceejx — Sat, 20 Oct 2012 04:57:24 GMT

@trumpet-205 wrote:
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.

When my score was in the low 700s before my last app spree they offered me like 20% for a 2K loan.. (both lending tree and prosper) .. but the benefit is you can check the rate with a SP from their sites

Re: Signature Loan?

Walt_K — Sun, 04 Nov 2012 11:20:09 GMT

Isn't Chase Slate 0 BT fee? Depending on your monthly expenses it can also be fairly easy to avoid BT fee by simply charging everything to your 0% cards and the. Using the money you would normally use to pay your bill for whatever you need the loan for. That way you take advantage of your purchase APR. whether that gets you the money quickly enough depends on how soon you need it and how much you can charge in a month.

Re: Signature Loan?

gettnthere — Sun, 04 Nov 2012 16:03:41 GMT

@Walt_K wrote:
Isn't Chase Slate 0 BT fee? Depending on your monthly expenses it can also be fairly easy to avoid BT fee by simply charging everything to your 0% cards and the. Using the money you would normally use to pay your bill for whatever you need the loan for. That way you take advantage of your purchase APR. whether that gets you the money quickly enough depends on how soon you need it and how much you can charge in a month.

The Chase Slate would be a good choice for BT, the only thing i would worry about with that would be what kind of CL would Chase issue on it.