Recently one of the banks that I have a credit card with has been aggressively calling me to promote one of their personal term loan product. The interest rate is supposedly cheaper than many others and it comes with some form of insurance too.
After many calls and some emails, I finally decided to do the smart thing. I took it up, a small amount to start with so that I can use the funds to pay off some other debts which are currently on a higher interest rate band.
The good thing about this loan is that the tie-in is a rather short period, and if I decide to pay off the entire sum after the tie-in period, I won't have to incur a penalty fee provided I give them a month's notice. Not too bad an idea. Hope to save some money that way.
How do you handle your debts? It is sometimes not the most pleasant of things to think about but if you do come across some good offers, it's worth it to think it through and take action.
Too bad they don't have any similar products for purchase order financing otherwise I might think about it too for my business. Good way to leverage sometimes :)
After many calls and some emails, I finally decided to do the smart thing. I took it up, a small amount to start with so that I can use the funds to pay off some other debts which are currently on a higher interest rate band.
The good thing about this loan is that the tie-in is a rather short period, and if I decide to pay off the entire sum after the tie-in period, I won't have to incur a penalty fee provided I give them a month's notice. Not too bad an idea. Hope to save some money that way.
How do you handle your debts? It is sometimes not the most pleasant of things to think about but if you do come across some good offers, it's worth it to think it through and take action.
Too bad they don't have any similar products for purchase order financing otherwise I might think about it too for my business. Good way to leverage sometimes :)
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