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jcthaker

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Help with personal loan to pay credit card but cant find good interest rate.
Hello,
I have a 662 credit score and I need to pay off my credit card debt by gaining personal loan but the APR I am offered is 28.8% which I think is high. I have a hard time understanding the breakdown of interest. What's the difference between the regular interest they are charging me around 15-17% depending on the bank I choose and 28.8% APR. Can someone please help that if I got a loan for 8000 how much will I end up paying back with interest after 36 months with the above-mentioned interests? Also, where else can I apply for a lower interest rate personal loan without getting a hard inquiry?
Thank you in advance.

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The Bankrate website has calculators to help you figure this out. Why would you even consider a loan at that rate, that cannot be any different than your credit card. I say forget it. There is no point in taking out a loan of that high of interest. Try to improve your credit in whatever ways that you can and apply for a loan later to knock out the credit cards. There is really no place to apply for a loan without an Inquiry. Understand that personal unsecured loans often will have higher rates and the further you are from excellent credit the higher the rate will be. I am sorry I cannot give you any good news here. Also, understand that most lenders use FICO scores, not your scores here. Start googling reviews of loan companies to see if you could find one that issues loans at reasonable rates.

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