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cash loan letter
$5000 Loan with Monthlyperiodic rate of 2.491% (29.897% annual)?
Got a 5000 check in mail from Beneficial, told me if i cash it i will be opening a loan with this bank, it is basically a revolving line of credit, as I paid off I can use the money over and over. In the letter it said my first payment is $154 a month and it is based on a % of my account balance and my monthly periodic rate of 2.491% (29.897% annually) and I can pay off the outstanding amount at any time with no penalty. Do you guys think it is a good deal? I mean it is 5000 and I kind need it for the holiday. If I cash it today how long do you think it will take me to pay it off if I pay about 500 a month? Thank you.
That is a very high rate. Most people can do better with a credit card, or a line of credit from the bank where you have your checking account. $5000 is a lot to spend over the holidays especially if you have to take out a loan to get it. Would it still seem worth it if you know that at the rate you mentioned, you will still be making payments on it *next* Christmas?
If it were me, I’d find a way of spending less this Christmas. If that isn’t what you want to do, apply for a credit card or a loan at your bank. This check you received in the mail is not a good deal.
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