I have a 2 big credit card balances, totaling about 8k with high APR's. I found a loan that could pay them both off with some left over. The payments for the loan are less then what I pay monthly for the two of them seperately. Should I go for it, is there anything about the loan I should know or consider. Thanks in advance for the advice.
2007-10-13 18:05:04 · 3 answers · asked by kim45237 4 in Business & Finance ➔ Personal Finance
The loan is offered through Capital One, which I also have an account with. I received the offer through the mail.
2007-10-14 11:49:07 · update #1
If it is through Capital One it is legit. What Capital One does is from time to time offer their card holders personal loans. If it pays off your credit card debt go for it. Close one credit card account & keep the other open for EMERGENCIES ONLY!!! Good luck to you
2007-10-14 17:20:00 · answer #1 · answered by mdbaker3rd 1 · 0⤊ 0⤋
Are you sure it is not a SCAM. Most "loan" offers on the web are.
1) If you found the lender on this or any other message board, it is a scam.
2) If the "lender" has a generic email address (Yahoo!, gmail, Hotmail, etc.) it is a scam.
3) If the lender is requiring you to pay any fees upfront, it is a scam.
2007-10-13 19:58:01 · answer #2 · answered by Wayne Z 7 · 0⤊ 0⤋
I would have talk to your bank. They would probably be willing to give you things to look out for. Or, you could call a free credit counselor. That's part of their jobs.
2007-10-13 18:19:29 · answer #3 · answered by em 3 · 0⤊ 0⤋