I received a pre-approved offer from Bank of America for their "CleanSweep" loan. Bank of America wants to help me get out of debt so bad, they are offering me up to $50,000 at an interest rate of 8.99% to 21.99% based on my "creditworthiness". I am so glad I have educated myself about my finances and will not fall for their offer to "help". Not only could my interest rate be 21.99% but in the fine print, their is a transaction fee for each advance. So if I took out the entire $50,000.00, I would immediately be over my limit as this would add an additional $1500 to the balance. This would jack up my interest rate to the default rate of 27.99%.
You've been a pretty good bank for me and I still maintain a checking account with a very small balance, just in case I can't find an ATM that is free to use with my credit union. I appreciate all of your concern for my personal finances but NO THANKS. The only remaining debt I have is my Mortgage and student loans. The student loans have already been consolidated to a low rate and I don't plan to take on any additional debt anytime soon.
Have you received one of these crazy loan offers?
Image Credit: The Consumerist