That did cross my mind when I received the letter.
at least they didn’t say “Borrow from us or we will close your accounts!”
Save your money in Paypal or Apple Pay and get 4.3% return
You must have a very high credit rating. They know that you’re good for it.
How are they securing it? First born male child?
My advice: Don’t invest it into one of Vivek’s businesses. LOL
Any chance it was a scam pretending to be your bank??
They make money by loaning money and getting paid back with interest. That’s the business they are in. What do you consider evil, that they offer you a loan?
We must get ten pitches a week in the mailbox for credit union loans, bank loans, new credit cards, etc. We just toss all of them.
They are in the business of providing loans and credit cards. That’s how they market their services.
You should be proud that you’ve got a good credit rating and they want to loan you money. I just don’t see “evil” in standard business practices.
No different than Drug Dealers.....................Here, have a free sample....................
A new car and a new kitchen
That’s what the bankers will buy with all the interest you pay them
How about this? I used my credit unions home equity line (3.24%) of credit to purchase a CD (5.5%) from them.
If my bank offered me a $30k loan I would be insulted............
The banksters are truly evil people.
__________________________________
What’s so evil about that? I’ve got a $50,000 unsecured loan (Personal line of credit) at 8.5%.
Have you checked the rates and terms of their offer? It may be legitimate.
The wife and myself have been getting the same kind of letters from our bank that we have been with for about 20 years. Also get a 35 grand offer for a personal loan from our credit card company.
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 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.
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.