If I were to get a personal loan for like $5000 from the bank. What would my payments be? How long will I have to pay this back? I keep getting advertisements from Citi to get one of these loans. I think the interest rate on those loans is less than on my credit cards. So getting it and paying off my credit cards would be cool.

5/6/2008 7:14:34 AM

The rate will be dependent on your credit. Call Clark Howard before you do this, because he knows everything.

5/6/2008 7:26:03 AM

try prosper.com

5/6/2008 10:18:59 AM

Here's what secu charges

Type Payroll Deduction APR Direct Payment APR Maximum APR
Personal Loan, Unsecured 10.75% 11.25% 18.00%

5/6/2008 10:22:55 AM

I have an unsecured line of credit that I borrow from... the interest rate is pretty stupid(like 14%ish), but if your positive you'll be paying it back within a month or 2 then it's a pretty nice thing to have.

It's almost the same thing as just putting it on a credit card... if not exactly the same thing.

and banks have minimums that they will loan you.

My deal was, I needed $3k more than I had to buy my car, even though I knew I would have that $3k within 2 months... financing the $NewHampshire on the car would have had me paying amortized interest on the loan and early payoff penalties so it made more sense to borrow from my own line of credit.

5/6/2008 12:12:28 PM