Question: Does anyone know where I can get the best rates for a personal or debt consolidation loan?
Answer: Rob, the best rates are almost always from one’s relatives or one’s close personal friends. How much do you need to borrow? I have many friends who were in the fortunate situation of receiving interest free loans from their parents, & this is an area where the commercial interests really just can’t compete. This is almost always amounts under $10,000, however.
Next best IME is (for short term loans) I have received many offers lately for a 3.9 percent interest rates on credit card advances. This interest rate would be in place for only 3 to 6 months however. Some of the cards sneak in a cash advance fee, so you need to read carefully. Generally, there is such a fee unless you are responding to a specific offer. Check your mailbox!!!
Next best after that is probably the home equity loan, which is still pretty low & which can also be used as a tax deduction.
Once you get away from loving parents, desperate credit card companies, & home equity loan sellers…you’re getting into some pretty high interest rates. The low interest rates being paid by banks do not seem to have trickled down to the little people.
Yes, I am aware that my advice will only be helpful to *some* people in *some* special circumstances. Alas, I do not know of an answer that will help everyone, but I’m sure others can provide more avenues to check out? Good luck,
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