What is a good intrest rate for a personal loan?
joyce asked:
I took out a personal loan from a credit union for $4000. The intrest rate is 9.9% and I have 5 years to pay it back. Did I get a good deal? My credit is in excellent condition, I have never been late on a bill and I have one student loan bill already pain in full.
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I took out a personal loan from a credit union for $4000. The intrest rate is 9.9% and I have 5 years to pay it back. Did I get a good deal? My credit is in excellent condition, I have never been late on a bill and I have one student loan bill already pain in full.
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Tags: Intrest Rate, Loan Bill, Personal Loan
October 3rd, 2008 at 11:06 am
hi there, I think you got a fine enough interest rate on an unsecured personal loan. Truly, since you offered no collatoral except your promise to pay, this is a fine rate. Take your monthly payment and add a bit to it each month and you will pay it off faster and spend less on interest.
Good Luck
ps im a mortgage broker
October 4th, 2008 at 8:08 am
You have a good rate, this is signature loan? Meaning no colloidal, not backed by house or car title? You need to step up the payments as much as possible, 5 years is too long to take to pay back this loan.
You should be able to put $1,000 a year in the savings account after all you bills are paid. This is minimum, you should be trying to put $500 a month in the saving account on a regular basic.