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?
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Well done! I've received one of those but for school loans. DECLINE!
I have been getting some loan offers which have mind blowing interest rates. All part of the whole Credit Crunch phase we are going though.
Having never turned down a loan offer in my life - I have turned down at least three since March. Think I will just stick to snowballing my debt from now on.
CleanSweep, indeed! Although they intend for it to lead to a clean sweep of your bank account... tell them to step off and put your money into an annuity or something, where they can't reach it! Way to go...
Jerry
www.leads4insurance.com
Just went to my bank today inquiring about the clean sweep loan. Just so happened to stumber across this tonight and will not be taking out the loan due to comments posted here. Thanks.
I fell for this. :( I got an $11,000 loan which I only put $10,000 on. Minimum payment is $234 (I pay $250 each month), but the slap me with outrageous finance charges (like... $150 each month), so I can barely get caught up with this loan. It was SUCH a stupid idea. Now I don't know how to get out of it. I guess I'll have to keep saving and put down large payments every few months. And what sucks is... this wasn't even my debt. I did it to help my boyfriend get out of debt (his intention was to pay me every month for it). I had a credit score of 805 and now it's down 100 points ever since I got this loan. He's out of work, so I'm stuck paying for it. :(