I got approved for a loan through capital one the loan is $5100 for 36 months with a 12.99% APR and monthly payments at about $171.81 Should I continue to go through them or keep looking??
2007-08-06 15:53:06 · 5 answers · asked by MelC 6 in Business & Finance ➔ Personal Finance
These loan terms could be better; could be worse. Have you shopped for a better deal? Have you asked your banker? If you take it, read the fine print carefully. And be aware that it is likely that ANY missed payment, or under payment, will likely result in an interest rate hike to maybe near 20%, and that's bad.
You don't mention WHY you are seeking this loan. Wouldn't advise taking a loan just because its being offered. These types of loans are most often taken because people want to consolidate their other debt. And that's fine. Problem is that people will take this type of loan but continue using their other credit cards, or whatever, and a year later they have BOTH the consolidation loan AND freshly maxed out credit cards. Be careful.
2007-08-06 16:17:14 · answer #1 · answered by Tom K 7 · 0⤊ 0⤋
If it's an unsecured loan, meaning you aren't giving them any collateral such as a vehicle or your house, it's a pretty good deal. I've seen some better ones, but not a lot. Just make sure there aren't any fees or pre-payment penalties that go along with it. If there are, and you have pretty good credit, keep looking.
2007-08-06 23:02:18 · answer #2 · answered by wellsie 1 · 0⤊ 0⤋
i worked for a debt arbitration company a few months ago, so i dealt with a lot of people's loans credit cards. that % is actually pretty high for a signature personal loan. i would deffinitely shop around, because capital one isn't going anywhere anytime soon.
2007-08-06 23:04:33 · answer #3 · answered by ripcity3200 2 · 0⤊ 0⤋
That sounds fair to me. I just got a $5000.00 loan through Prosper and my credit is about average. My Interests is 12%. I will be paying about 167.00 per month. If your credit is better than mine you may be able to get a much better rate than I did. Check it out sometime.
Good Luck!
http://www.prosper.com/join/lzc5wh
2007-08-09 12:00:19 · answer #4 · answered by Anonymous · 0⤊ 0⤋
well you will be paying 1085.16 in intrest. If you dont have the best credit is is good. Considering everything though i would take it because its rougly 30 dollers a month in intrest if you break it all down so i say yes
2007-08-06 23:01:51 · answer #5 · answered by Jonathan L 2 · 0⤊ 0⤋