Question : What is a good intrest rate for a personal loan?
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.
- asked by joyce
All Answers:
Answer #1
hi there, I think you got a fine enough interestrate on an unsecured personal loan. Truly, sinceyou offered no collatoral except your promise topay, this is a fine rate. Take your monthlypayment and add a bit to it each month and youwill pay it off faster and spend less oninterest.Good Luckps im a mortgage broker
- answered by batwanda
Answer #2
You have a good rate, this is signature loan? Meaning no colloidal, not backed by house or cartitle? You need to step up the payments as muchas possible, 5 years is too long to take to payback this loan.You should be able to put $1,000 ayear in the savings account after all you billsare paid. This is minimum, you should be tryingto put $500 a month in the saving account on aregular basic.
- answered by whatevit
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