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Ummm....todays mail brought a suprise.
I am preapproved for a personal loan from PenFed. Blank check attached. Up to $25k.
It can't really be that easy, can it?
Yes it can! I get these often but the APR varies 12.99 to 17.99. I’ve used it once and paid it off early. Super easy!
Thank you YOUNG lady. (PM sent)
Somebody tell me why this is a bad idea...
Even with the high APR, a $25k personal loan to pay off credit cards will save me nearly $400 per month at first glance.
I'm missing something, I just can't see what it is...
Did not know Jag is a lady all this time.
There is really no downside if APR is lower than your current CC APR with 0 origination fee. Got the same letter today (3rd one this year) with 6.49% APR.
@Anonymous wrote:Did not know Jag is a lady all this time.
There is really no downside if APR is lower than your current CC APR with 0 origination fee. Got the same letter today (3rd one this year) with 6.49% APR.
Indeed she is. (She's also roughly my age...)
Thus far, I've only done the rough math and paying off various CC accounts would save me $374 per month. The vast majority of them have higher interest rates... like 20-25%... some of them may be similar to the loan tho... I'll have to look. Thank you for the thought.
@AverageJoesCredit wrote:
Tcbo, if this loan can make your life easier or help simplify your credit, saving you money as well, i would do it. Best part of this loan is once its paid off so is that debt. Good luck on your decision. I was supper happy to get my PL from Amex . Even though i may pay a little interest , i also look at it like im strengthening my credit and bettering my relationship with Amex for the future.
Best of luck
I believe that it can simplify my credit and save me some dollars. I didn't get the rate that YOU got you lucky son of a fish, but it's lower than the credit card interest rates.
Offer is good through 30 November, so I might just sit on it for a week or so.