(Closed) Interest Rates on Bank Loans

posted 8 years ago in Money
  • poll: The interest rate is

    less than 3%

    [3-4)%

    [4-5)%

    [5-6)%

    [6-7)%

    [7-8)%

    [8-9)%

    [9-10)%

    [10-12)%

  • Post # 5
    Member
    10354 posts
    Sugar Beekeeper
    • Wedding: September 2010

    We don’t have a LOC or anything but in the US, lines of credit, and other loans are almost always higher than mortgage rates. Edited b/c I put home equity loan info instead of what you asked :-). See post below!

    Post # 6
    Member
    10354 posts
    Sugar Beekeeper
    • Wedding: September 2010

    An unsecured personal loan for $10k from Wells Fargo carries an 8.25% APR with a 12 month term. I’m sure it goes up from there if you want longer to pay it off.

    Post # 8
    Member
    10354 posts
    Sugar Beekeeper
    • Wedding: September 2010

    View original reply
    @AB Bride:  Yeah it looks like personal loans from the quick google I did are around double the mortgage rate here right now. Expensive! But still lower than a lot of credit cards. It’d be a lot cheaper for us to do a home equity loan if we needed to.

    Post # 10
    Member
    1797 posts
    Buzzing bee
    • Wedding: August 2010

    Personal loans are stupid expensive in the US!  They need to be avoided at all cost lol.  We got one for like 90 days to help a relative once and the rate was 8%.  Our mortgage however is 2.25%, seems much more reasonable!

    Post # 11
    Member
    1541 posts
    Bumble bee
    • Wedding: June 2013

    we didn’t end up getting it but the bank wanted to give us a 6.9% interest on a used car we wanted to purchase… no thanks. and thats a secured loan… i don’t even want to know what they’d charge us for a unsecured loan.  i hate loans… you always get raped in interest. the only loan thats “okay” is a mortgage and even that i want for no more then 20 years. because you still end up paying double the cost of the home over 30 years. i hate interest, its just like throwing away money.

    Post # 12
    Member
    8434 posts
    Bumble Beekeeper
    • Wedding: April 2013

    For an unsecured personal loan our rate is 4.99% (through a credit union, 5 year term for $10k+).

    Post # 13
    Member
    3336 posts
    Sugar bee
    • Wedding: April 2013 - Rhode Island

    It depends on the loan.  We each have several student loans and one car loan.

    The student loans range in from 1.75% to 6.55%.  His car loan is 2.99% and mine is 5.74%.  Our average combined interest rate is 4.69%.

    The topic ‘Interest Rates on Bank Loans’ is closed to new replies.

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