Personal loans- are they worth it? : r/personalfinance - Reddit

In general, taking on debt for consumption is a bad idea. Debt for assets, ok. Now, if you're confident you can repay, you could look into a collateralized loan (i.e if you car is paid off) to …

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Thinking About Taking Out A Personal Loan : R/personalfinance

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thinking about taking out a personal loan. Debt. I currently have almost 30k in credit card debt over 4 credit cards with interest rates ranging from 18% to 24% :/ For the last two years, I've …

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Are Personal Loans Bad? Not Always - NerdWallet

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Oct 26, 2023 · Interest rates on personal loans range from about 6% to 36%. Borrowers with good to excellent credit (scores above 690) are more likely to qualify and receive a rate at the lower …

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Is A Personal Loan A Good Idea For Me? : R/personalfinance - Reddit

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Investing while carrying debt like credit cards or a personal loan is the same as borrowing for that purpose. Extra cash should go towards the guaranteed return (of at least 6.5% in this …

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Is It A Good Idea To Take Out A "personal Loan" To Pay Down

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Of course, there's an up front fee, usually 1-3% of the total balance owing, and the term is usually about 12 months. If they sent the offer to you, probably not. In general, yes. Yes, Its a good …

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Does Taking Out A Personal Loan For Debt Consolidation ... - Reddit

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Do not pay off a car loan with a personal loan, that’s extremely dumb no matter how you slice it. Unless the car is 20% interest, in which case I’d suggest refinancing the car. Three things. …

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FAQs about Personal loans- are they worth it? : r/personalfinance - Reddit Coupon?

Is a personal loan a good idea?

Just an FYI, a "personal loan" is actually a specific type of loan, where unlike a mortgage or auto loan, a bank loans you money with no collateral. These loans are almost never a good idea, as they usually have very high interest rates, often on par with a credit card rate. ...

Can a personal loan have a lower APR than a credit card?

Personal loans can have lower APRs than credit cards, especially if you have a high income and credit score. According to the Federal Reserve, the average interest rate on a two-year personal loan from a bank was 12.35% in the fourth quarter of 2023, while the average credit card interest rate was 22.75%. ...

Are personal loans better than credit cards?

Personal loans tend to carry lower, more affordable interest rates than credit cards. Personal loans can be a great tool to help streamline your budget or get money fast in an emergency. From debt consolidation to paying a big car repair bill, you can usually qualify with a good credit score and stable income. ...

Is Reddit good for personal finance?

As you can see, Reddit personal finance threads have a wealth of information that can really help you to fast-track some of your financial goals. Unlike other networking sites, Reddit really uses the power of community to brainstorm and solve some of the day-to-day questions that real people have. ...

Should I avoid a personal loan if my credit is bad?

If you have bad credit, it's generally better to avoid a personal loan if it doesn't involve a credit check. Lenders that don't check your credit can't accurately assess your ability to afford the loan, leading to higher interest rates for you. Exhaust all other options before considering a personal loan with bad credit. ...

Are Reddit r/personalfinance threads good?

Making it fun is the best way to keep their attention while teaching them financial literacy. In summary - The Reddit r/personalfinance threads are great! As you can see, Reddit personal finance threads have a wealth of information that can really help you to fast-track some of your financial goals. ...