2007-01-18 21:36:40 · 13 answers · asked by feehilan 2 in Business & Finance ➔ Personal Finance
The internet is one of the best places to research loan deals. I would recommend checking out two sites:
http://www.moneysavingexpert.com/banking
http://www.fool.co.uk
You'll be able to read up on the pros and cons of consolidation loans, along with finding the best deals.
If you're really up for sorting out your finances, read the Motley Fool's pages on getting out of debt... it really helped me out.
2007-01-19 02:43:26 · answer #1 · answered by muppetofkent 3 · 0⤊ 0⤋
If you are consolidating credit cards into an unsecured loan, than no that is not high. Prime is at 8.25% and that is the rate that forms the basis for most commercial loans.
You are about .75% over prime. If it is a fixed rate I would not complain. If you have a very high net worth, then you might be able to get a better rate, but consolidation loans are not always the most attractive loans for banks to do.
2007-01-19 01:08:53 · answer #2 · answered by Culture Warrior 4 · 0⤊ 0⤋
No not really, you might find someplace that will give you a loan for less, but depending on your credit history it could go either way....8.8% is not bad, just check out the APR'S on your credit cards its ridiculous, I am sure, as mine were until I consolidated.
Good Luck.
2007-01-18 21:41:33 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Yes, it is. There are some companies around who do it for around 7.9 apr. You need to shop around a bit more, dont consolidate with that just yet, there is a company called red to black, or something similar, they offer a very low rate!
2007-01-18 21:39:42 · answer #4 · answered by Anonymous · 0⤊ 0⤋
if anything its quite low for a consolidation loan but what are the penalties check the small print. try for a standard loan the rate will be cheaper
2007-01-18 21:40:01 · answer #5 · answered by Snot Me 6 · 0⤊ 0⤋
it is a resonable rate, a lot of banks including Lloyds advertise loans at a much lower rate but as soon as you say for deby consolodation the rate is increased. Llloyds charge about 11% on debt consolodation loans.
2007-01-18 21:46:09 · answer #6 · answered by copperauto690 1 · 0⤊ 0⤋
sure, in case you do not own a house and decide to bypass out of renting, a debt consolidation employer can help you. the straightforward way is likewise to for my section artwork along with your lenders to contruct a charge plan. they are remarkably versatile with clientele even as they understand they attempt to pay off expenses in really couple of minutes. Remeber shopper credit Counseling reads on your credit record virtually precisely as in case you declared a financial ruin thirteen financial ruin. financial ruin besides the undeniable fact that, does help those who quite haven't the different option to debt mediation.
2016-11-25 20:01:29 · answer #7 · answered by maffia 4 · 0⤊ 0⤋
As of today, it's very reasonable, especially when the prime rate is now 8.5%. A personal loan is always much higher than a secured loan.
2007-01-18 22:18:32 · answer #8 · answered by americanmalearlington 4 · 0⤊ 0⤋
Yes I think it is. I was in Lloyds Tsb the other day and I am sure they had a rate of around 7%
2007-01-18 21:39:19 · answer #9 · answered by Anonymous · 0⤊ 0⤋
No that's rather a good interest rate provided it's just using your signature for the loan and not providing collateral.
2007-01-18 21:40:04 · answer #10 · answered by michael_trussell 4 · 0⤊ 0⤋