I went through serious financial hardship during Covid and got a personal loan for $36,000 at 25.44% interest. It's probably what people call a predatory loan or something. Now things are much better, my salary is up 50%, and my credit score has jumped from 571 to 770. I am getting offers from other companies to refinance at 9.99%. I know if I do this, I will have to pay fees and the amortization will start over. Can someone please help me figure out if getting another loan at a much lower rate is worth it?
Details:
------------------------------------Current Loan:-----Offer:
Loan Amount:---------------$36,000--------------$39,000
Outstanding principal---$30,321.62----------$39,000
APR:----------------------------25.44%---------------9.99%
Monthly payment:-------$1,066.03------------$1,227
Months:----------------------60----------------------36
Months paid:---------------16----------------------0
I don't know why the rates have gone down a lot since I got it, maybe because my credit score is up almost 200 points. My income also went from $105,000/yr to $148,000/yr if that helps at all.
Can someone please advice on my offer vs my current product?
Submitted July 29, 2022 at 05:38PM by TheyCallMeGOOSE https://ift.tt/RTfbcre
