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Personal loan
Personal Loan vs. Store's No-Interest Loan for Furniture
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[QUOTE="Yusra3, post: 341864, member: 31907"] When furnishing a home, you may be enticed by stores offering no-interest financing plans as an alternative to paying upfront or taking out a traditional loan. However, these deferred-interest deals require careful evaluation against other options like personal loans. With a personal loan, you borrow a lump sum from a bank, credit union or online lender to cover the furniture purchase. Interest rates are straightforward and fixed for the repayment term. No hidden fees or tricky requirements. Retail no-interest loans seem appealing since you avoid paying interest if the balance is paid before the promotional period ends, often 12-24 months. However, missed payments or any remaining balance after the promo incurs deferred interest retroactively from the purchase date at hefty rates around 25-30% APR. Personal loans provide debt certainty and scheduling flexibility beyond a strict promo timeline. No-interest furniture loans are cost-free only if paid in full well before the option expires. Depending on usage, one option may prove more affordable than the other long-term. [/QUOTE]
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Personal Loan vs. Store's No-Interest Loan for Furniture
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