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May 18th, 2007 at 10:41 am

I recently saw an offer for a loan from citibank, where I have a credit card. The interest rate would be 16%, and I would use it to pay off some credit cards with high interest rates (29%). The only thing is that if I get an amount over so much (up to 10,000) I'd have to give them the title of my car as collateral. My car is paid for. I'd like to know what other people think. I'm thinking of maybe just getting an amount under what I'd have to give them the title for. I'd appreciate any advice.

3 Responses to “loan”

  1. Ima saver Says:

    16% interest is still very high. Can't you get a loan at the bank for about 8%. Even if you had to give them the title to your car, it would be worth it to get rid of 29% interest rate.

  2. LdyFaile Says:

    If you can't get a better deal elsewhere, I would get the citibank loan for just under what you'd have to give them your title for. Then you should be able to pay off the balance at 29% faster (hopefully) and then concentrate on the 16% one.

  3. monkeymama Says:

    Have you checked out prosper.com? You may be able to get a loan at a better interest rate with no collateral. I would avoid it, but if it is your only option, I don't think it is the worst idea either.

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