Best place to apply for a personal loan, I don’t have a credit union?

[Timesaves]

Hello everyone,

Currently, my AMEX Platinum balance is $11,300@25.6%.  I just received a statement stating my next payment will be about $1300.  My credit scores are 740 to 741.  I have Ally Bank and no other credit union.

I would like to take out a personal loan for 10k, and be done with this credit card.  What's your advice on on DCU, SOFI or any suggestions for my places to apply for the loan. Thank you!

[Anonymalous]

Yes, that's definitely a high rate. And Ally won't help, because they don't offer a personal loan. If I were in that situation, I'd look up all my local credit unions, and start calling around. CUs usually have the lowest rates, and part of their mission is helping people in trouble. I'd narrow them down based on rates and how amenable they are to helping me with a credit consolidation loan, and then I'd go in and talk to someone face to face. It's a little more personal than fintechs or big national CUs, but credit unions are about relationships.

[Timesaves]

Thank you for the information Anonymalous!

[Emierja99]

Yes credit unions would be great! Although you can check soft pull rates on sites such as Marcus Loans, Best Egg, Freedom Loans, Upstart, just to name few. 

I was just approved for a Marcus loan two days ago. They give you the rate before the hard pull. 

I'm in the same boat as you as well either my Amex Platinum. I have to pay that off ASAP. 

Hope this helps. 

[Timesaves]

Emierja99,  Thank you the insight.  I'm going to look into the businesses you mentioned.  

The minimum balance payment due of $1300, just seemed strange.  I've had cards years ago with the same balance no where close to this minimum of $1300 due. 

[SouthJamaica]

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@Timesaves wrote:

Hello everyone,

Currently, my AMEX Platinum balance is $11,300@25.6%.  I just received a statement stating my next payment will be about $1300.  My credit scores are 740 to 741.  I have Ally Bank and no other credit union.

I would like to take out a personal loan for 10k, and be done with this credit card.  What's your advice on on DCU, SOFI or any suggestions for my places to apply for the loan. Thank you!

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I would recommend doing it with a credit union. Usually the best credit union rates can be found with your local credit unions with limited fields of membership.  So shop around and join a good credit union in your area that has favorable personal loan rates, or a good no-balance-transfer fee platinum card, and that doesn't do a hard pull for membership. 

[Emierja99]

Yes, that is strange. In regards to Amex Platinum charge card, it is normally pay in full. May I ask if you have the Pay Over Time feature enabled? The only thing I can think of is the previous balance may not be included in the pay over time feature. As a reuslt, all charresult, that statement period would be due in full. The remaining balance would be included in the Pay Over Time balance. 

[Timesaves]

Emierja99,

The pay over time seems to be enabled. 
It shows interest charge on pay over time purchases of $159.59.

Any ideas?

Thanks.

[Timesaves]

Emierja99,

I just double checked again.  It appears I went over my pay over time limit by $500.

Also, I never knew there was a pay over time limit, until this conversation. 

This could possibly be the reason for the high minimum balance of $1300 due. 

[Emierja99]

Yes, I see. That sounds about right. I wasn't even aware you could go over the Pay Over Time Limit. Here are some details I found about Pay Over Time.

The only reason I opted in to Pay Over Time is because there was a 20K bonus offer. Now I need to clear this balance because the APR is appalling.