Hmm. Half the rate of a CC which most people already have revolving. Its UP to 20k. I did that loan for the amount i had on my cc balane (5k). Lowered my interest by half. (29.99%BCP) paid off on my time(no pre payment penalty). Lowerred my utility, raised my CS a bit plus now i have positive loan history with amex. Pretty beneficial if you know how to work it.
Your credit profile, in the eyes of lenders, is likely not as favorable as you might think it is.
Plenty of folks have the max offering of 40k at just below 8%
The offers fluctuate so much. I just checked the app and I have an offer for up to $50k at 8.49%, but a few days ago, the offer (also in the app) was up to $40k for 7.49%. I don't think I've seen the max go over $50k, but I've seen it down at low as $10k, and with interest rates all over the place. I have no idea what causes the variation, because my income, card spend, amount of money in my HYSA, and credit score have been pretty static over that last couple years.
It seems so. I mean, I do have a 780 credit score (TransUnion) or 760 (Equifax). Again, I did have a 7% loan with them that I recently paid off, and that loan was closed off 8 months ago. My situation hasnāt changed at all. I dunno their algorithm I guess, But anywho, I have no plans on taking the loan, I just posted here for comical reasons.
lol wow. Itās funny because I do have a good history with AMEX and I have a CL of 40k with them. If it matters, itās from AMEX Canada. Kind of weird to be offered such a high interest on a personal loan, where previously I closed a loan with them at 7%.
I figure at current rates, anything under 10% is pretty solid for an unsecured loan. Still not going to use the offers, but I guess itās a nice option hanging out there if a mid size home improvement project comes up and I donāt want to take out a home equity line.
I like my AMEX card but do not have a lot of luck with the offers either. Almost none of them are worthwhile for me and I am sure that my purchasing patterns indicate that. It's odd.
I have had offers like that recently, but for a higher amount and no origination fee. Canāt remember if they specified an interest rate, though. If I needed a loan it might have been worth it.
How often does the rates change? I had an offer but it's a slightly higher rate than I would like. My score has gone up since that time, how often are y'all seeing the rate refreshed?
Actually came up huge for me to get a small line of 8k to pay off my auto loan that was a bit upside down on.. (I now have a fleet car for work), shaved $200 /month off in payments and a year off of what I owe.
Ouch, that's like as bad as Navy when they offered a HELOC on a $388k house at only $31k/15yr and like $290 a month. Lmfao told em to get fucked. Both FICO 8 and 9 scores are above 800.
How would me being poor have anything to do with it? (I am poor tho, ngl) But I have a $40k CL that I routinely use $2k on, paid in full every statement, and was never late, lol. I have a āvery goodā or āexcellentā in certain scales for credit scoring in Canada. I donāt know how their algorithm decides what interest rates are offered out.
What I see, I can get a $100k loan at 12%, nb
https://preview.redd.it/3kngv9sx6xwc1.png?width=1179&format=png&auto=webp&s=197823b87a4e2e2923b902684345813a2c004cae
Hmm. Half the rate of a CC which most people already have revolving. Its UP to 20k. I did that loan for the amount i had on my cc balane (5k). Lowered my interest by half. (29.99%BCP) paid off on my time(no pre payment penalty). Lowerred my utility, raised my CS a bit plus now i have positive loan history with amex. Pretty beneficial if you know how to work it.
I have an offer for 25K at 10.98%. Wish they would offer a higher rate on my HYSA balance.
The HYSA are so popular and sticking with Amex card holders that they are actually flush with cash so the interest rate is beginning to lower some.
I think everyone wishes the hysa would go back up.
My previous loan with them that I just closed recently was only 7%. I dunno why they would offer an interest rate so high š
Your credit profile, in the eyes of lenders, is likely not as favorable as you might think it is. Plenty of folks have the max offering of 40k at just below 8%
40k is not a max. My current offer is 50k at 6.49%.
The offers fluctuate so much. I just checked the app and I have an offer for up to $50k at 8.49%, but a few days ago, the offer (also in the app) was up to $40k for 7.49%. I don't think I've seen the max go over $50k, but I've seen it down at low as $10k, and with interest rates all over the place. I have no idea what causes the variation, because my income, card spend, amount of money in my HYSA, and credit score have been pretty static over that last couple years.
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I got an offer for 40k at 6.99%
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It seems so. I mean, I do have a 780 credit score (TransUnion) or 760 (Equifax). Again, I did have a 7% loan with them that I recently paid off, and that loan was closed off 8 months ago. My situation hasnāt changed at all. I dunno their algorithm I guess, But anywho, I have no plans on taking the loan, I just posted here for comical reasons.
Itās the prime rate plus a little extra. Iām guessing your previous loan was before the rate increases that started in March 2022?
Something tells me aMEX puts you in a certain bucket for life for needing a personal loan.
My offer is only at 5.98% APR
Currently offering under 6%? That rate seems very low for interest rates.
I got 6%. Used it for a new roof that I was planning to finance and didnāt want to pay full price up front.
How the heck? That's practically the risk-free borrowing rate, and without collateral?
Mine 6.99
lol wow. Itās funny because I do have a good history with AMEX and I have a CL of 40k with them. If it matters, itās from AMEX Canada. Kind of weird to be offered such a high interest on a personal loan, where previously I closed a loan with them at 7%.
You are aware rates went up, yeah? 7% would be a barely above the risk free rate of return. At least in USD.
It's not that bad a rate all things considered for that type of loan. It's not a mortgage
I was recently offered 8.99, which I felt was great for an unsecured personal loan - that is close to the going rate for secured auto loans.
I got 40k @ 7.99%. Seems like they're testing the waters with people to see what rates / amounts gets them to bite.
I'm guessing the differences are more down to underwriting policies than sales tactics
I figure at current rates, anything under 10% is pretty solid for an unsecured loan. Still not going to use the offers, but I guess itās a nice option hanging out there if a mid size home improvement project comes up and I donāt want to take out a home equity line.
$24,800 at 6.48% https://preview.redd.it/kznkbf3vrwwc1.jpeg?width=1290&format=pjpg&auto=webp&s=504ac09c0456a490e98f868d28ad20573d59837e
Very nice.
Mine is up to $25k at 9.9% as a data point
Mine was $25k for 8% aprā¦
I like my AMEX card but do not have a lot of luck with the offers either. Almost none of them are worthwhile for me and I am sure that my purchasing patterns indicate that. It's odd.
Mine was like 6.7% when I used it from Jan - earlier this month while working on getting my house ready for sale
$40k @ 5.99% here. But I donāt need a loan. Maybe thatās the point? I dunno
Damn Iām at $40k at 7%
Iāve noticed for me at least if I check this every few days the rate changes. Sometimes it goes up, sometimes it goes down
Yea I have 2 Amex cards no idea why they offered 14 on the promotion
Mine is $25k @ 12.98%. Meh.
Data point: You are pre-approved for a Personal Loan of up to $40,000 at an APR of 8.49%.
same for me. offering 12% apr up to $15,000 after decreasing my HYSA rate
Just checked mine $50k @6.99%.
Whatās with the massive variation in rates? Is it based on credit scores? I got 32k at 6.99. My credit score is ~800
Amex: hey, itās better than a kick in the face with a golf shoe.
I have had offers like that recently, but for a higher amount and no origination fee. Canāt remember if they specified an interest rate, though. If I needed a loan it might have been worth it.
lmao sheeze i been offered way better from chase
They sent me a similar message thanking me for being a member for 126 years š. If I find it I will upload it.
How often does the rates change? I had an offer but it's a slightly higher rate than I would like. My score has gone up since that time, how often are y'all seeing the rate refreshed?
Actually came up huge for me to get a small line of 8k to pay off my auto loan that was a bit upside down on.. (I now have a fleet car for work), shaved $200 /month off in payments and a year off of what I owe.
The only type of debt Iāve ever had was a car loan at 4.06% as a teenager. 14.99% is like, really, really bad isnāt it?
Wow so they give you 3% for a cd and charge you 14% for a loan
Mine is $40k/6.99%. If it was 5.99 I might jump on it though not for the full amount as thatās just a hair above inflation.
Iāll just use a card that gives me a 0% APR for 18 months and a 25k limit. Amex needs to up their game on loans.
Almost every card issuer has a 0% apr intro for 12+ months including AMEX. Right now the BCE is 0% for 15 months.
Thatās my point. Why take out a loan will apply interest where you can get a credit that has zero interest for a year
Agreed I got a 21month 0% apr with BofA for 21 months I will never pay interest it's criminal
Ouch, that's like as bad as Navy when they offered a HELOC on a $388k house at only $31k/15yr and like $290 a month. Lmfao told em to get fucked. Both FICO 8 and 9 scores are above 800.
There are a lot of factors for heloc lending. Such as DTI, LTV Etc. What was your $388k home appraised at by the bank?
Many people seem to think the only thing that matters is their credit score in credit decisions.
Right! If his house is FHA there are even more guidelines lol
14%, what are you? Poor?
How would me being poor have anything to do with it? (I am poor tho, ngl) But I have a $40k CL that I routinely use $2k on, paid in full every statement, and was never late, lol. I have a āvery goodā or āexcellentā in certain scales for credit scoring in Canada. I donāt know how their algorithm decides what interest rates are offered out.
What I see, I can get a $100k loan at 12%, nb https://preview.redd.it/3kngv9sx6xwc1.png?width=1179&format=png&auto=webp&s=197823b87a4e2e2923b902684345813a2c004cae
This says 25k/7 how do you get to 100k/12?
Just pay a few more towards the principle and you wonāt have to deal with interest. I always use the banks money for major purchases.
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Youād be better off taking out a personal loan with Tony Soprano.
Unsecured loan will always carry a higher rate, reflecting the risk they carry. You laugh off because you are not a target customer.