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Please note: I am not a financial advisor and this is my own opinion based upon my own experience.
You have options when it comes to high interest rate credit card debt. One of those options is to get a personal loan at a much lower interest rate, with lower monthly payments, that has a term end date.
Most of the credit cards I have are 20% and higher. The monthly minimum payments were adding up! I was struggling just to pay that minimum due without any end in sight. There had to be a better way.
I came across SoFi and decided to see what they could offer. There was no obligation and by clicking on “Find My Rate”, it wouldn’t even effect my credit unless I decided to apply.
The rate I was given was much lower than my credit cards rates and when I added up all my minimum monthly payments, I would end up paying less per month and I would have an end date in sight. One note: you have to be diligent not to rack up that credit card debt again once you make payoffs with the money once it is funded.
Another great thing about SoFi is that there are no hidden fees. They will charge you interest only. Be careful if applying elsewhere because many charge you a fee for loaning you the money, which can be pretty hefty if you aren’t careful and they will take it directly out of your funding. So, if you borrow $10,000 but they charge a fee of $2,000, you will only receive $8,000 to pay those credit card debts and they also charge additional interest over the life of the loan! With SoFi if they loan you $10,000 this is the amount you will receive if approved and funded!
Once approved, it takes a few business days and your funding is directly deposited to your bank account. Just make sure you use it to pay down those debts and don’t continue using those cards or you will be worse off than when you started. I lowered my monthly bills by over $400 per month but each individual situation will be different. What have you got to lose? Check it out!
Click here to “Find My Rate” and Receive $100 upon Approval and Funding
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As an Amazon Associate I earn from qualifying purchases.
This post may contain affiliate links and we may earn compensation or discounts for products, gifts or services when you click on the links at no additional cost to you. Please visit our disclosure policy for more details.
