What is a good intrest rate for a personal loan?

joyce asked:


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.

Barbara

Tags: Excellent Condition, Loan Bill, Personal Credit

This entry was posted on Monday, April 27th, 2009 at 12:32 pm and is filed under Personal Finance. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

2 Responses to “What is a good intrest rate for a personal loan?”

1. batwanda Says:
   April 29th, 2009 at 12:15 pm

   Ricky

   hi there, I think you got a fine enough interest rate on an unsecured personal loan. Truly, since you offered no collatoral except your promise to pay, this is a fine rate. Take your monthly payment and add a bit to it each month and you will pay it off faster and spend less on interest.
   Good Luck
   ps im a mortgage broker

2. whatevit Says:
   April 29th, 2009 at 7:54 pm

   Ellen

   You have a good rate, this is signature loan? Meaning no colloidal, not backed by house or car title? You need to step up the payments as much as possible, 5 years is too long to take to pay back this loan.

   You should be able to put $1,000 a year in the savings account after all you bills are paid. This is minimum, you should be trying to put $500 a month in the saving account on a regular basic.