• A person has an $8,100 balance with an effective % appeal on a single bank card and you may a beneficial $eight,100000 balance which have % rate of interest on some other. An effective P2P bank is willing to give him $16,100000 for 5 age from the mortgage regarding 12% and additionally good 5% payment in advance. The brand new Apr of loan is %, which is less than the speed into both handmade cards. Hence, he can utilize this loan to pay off their charge card financial obligation in the a considerably down interest rate. [Read more…]