Question:

I have a personal loan with bank which interest rate 24% annually, what should I do?
I get a personal loan from a well know International Bank 2 years ago. Lately, I just found out that they charge me 24% annual interest. I ask them to reduce the interest rate because it is too high, even higher than credit card. But they refuse. I am thinking of transfer the balance to other bank, but they will also charge some amount of penalty. Any advises what I should do now? Thank you.

Answers:

A-Best: How is it possible for you not to know what kind of interest a bank would charge you on a loan. o.O Ideas: Take out another loan and pay the first loan off. Pay off the loan as quickly as possible by cutting down on your expenses and using any excess funds to pay directly towards principal. Borrow money from family and friends to pay off the loan. Make sure you find out how much, if any, the prepayment penalty would be.  

A: What you should do is pay it off as fast as possible. The time to "find out" loan terms and conditions is before you agree to it.  

A: Take out another loan and pay off the one with the high interest rate. Next time pay attention to what your signing and know what your interest rate will be