Posted on 08/30/2023 11:39:46 AM PDT by RandFan
Relatively small unsecured loans like that are offered all the time. Not unusual. They send them out to those with good credit ratings, like fishing - hoping to entice you with the simplicity. Probably a poor uptake rate because they send to those with good credit ratings in the first place.
What are the terms they are offering you?
I’d take the $30,000 loan and invest it in the Powerball Lottery. I’d make many times your return.
I have a mortgage through pennymac thats at 3.75%, been paying it down aggressively so have quite a bit of equity built up. I get calls from pennymac every few weeks pushing home equity loans even though the last time I actually answered them I told them I wasn’t interested. I hate paying interest. I’ve lived virtually debt free since 2010 until I bought a new house last year. I’d payoff this house if it wouldn’t cost me a great deal more in income tax than the mortgage interest is.
Bkmrk
I had to use my personal line of credit or they were going to close it.
Did you adjust for taxes on the CD interest? Seems like a very close to break even proposition.
I just didn’t like their marketing I feel it’s irresponsible
That is a compliment to your creditworthiness. Don’t take it badly!
Even better is to have an unsecured line of credit, which then doubles for crunch times and overdrafts. You only get charged interest for the days there is a balance, so you might only have one day’s worth of interest.
I never use mine, but it’s kept me with a credit union for decades. You never know when you might need it.
Also, you could get the loan for a smaller amount, so it doesn’t tie much credit up.
Such unsecured loans function like a credit card, minus the high interest rate and penalties.
So, decline the offer.
“ The banksters are truly evil people.”
No.
You would have to actually be fully approved for it.
You would need to accept and sign the papers.
Conservatives believe in free choice and having options.
The bank would probably be critiqued for NOT offering these products by some people.
I did. It’s not much but it’s for free. I’m getting home updates done, so I’ll try to work that into the EOY tax deductions.
We have a similar outlook which is why I didn’t appreciate the letter
I wonder if some of the earlier replies are right and soon it’ll be: “borrow or else!”
They are not ready to try for new customers with much higher savings rates (even though greater savings would given them more capital) so they are trying to boost revenue by offering more loans and credit. All my “available credit” marks from any outfit I have credit with have been raised this past year.
“Loan” is a noun. The verb is “to lend.”
A lot of banks are sitting on a TON OF CASH. Reverse repos are through the roof.
If they lend the money to you, they get a better rate. Better income, and better financials for the bank.
If you can’t pay, then the execs who peddled the fat financials for years don’t have to give their bonuses back.
Stockholders take it in the shorts again!
There's been a rash of scam emails that are spamming in-boxes declaring "Surprise in your in-box" or "You've been selected..." or "You won..." These appear to be coming from email addresses that look like universities in the UK or the Philippines.
-PJ
Take the money,
invest it in the stock market,
a year from now you can declare bankruptcy,
and eliminate all of your debts.
Some conservatives dont believe in fractional reserve banking itself and the whole basis for the rotten system but that’s another debate
The real kick in the teeth is that you get those offers endlessly, when you don’t need ‘em.
If you were in a bad spot, and needed 25K for a short time to help get out of a hole, you’d NEVAH get ‘em.
I get this all the time.
My bank just got its credit rating down-graded. I should be loaning them money.
Lol.
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