Frequently Asked Questions
Credit Cards calculate the interest on your credit card balances DAILY, meaning that literally every day your balance is growing. Even though the rate may be as low, such as 5.99%, most people are shocked to find you they really pay 2 to 3 times that rate in actual interest payments. That is why it can take 15-40 years to pay off the balance if you make minimum payments.
Liberty1 offers you access to low rates with a fixed payment schedule, so you know EXACTLY when you will pay off your consolidated debt. With loans through Liberty1 Financial, your interest rate is FIXED.
Also, most credit card rates are variable, meaning they will increase as the Prime rate increases. Lock in a FIXED rate today, the Prime rate is near 50 year lows. The Fed may raise rates again soon, which will cost you more money.
We do not require or accept collateral for a loan through Liberty1 Financial.
Your custom interest rate and loan amount will be determined by a variety of factors, including but not limited to, your credit history, your income, and your ability to repay the loan. Remember, our loans are based on Simple Fixed Interest, not Daily Compounding Interest like your credit cards. With a loan from Liberty1 Financial, you can finally put an expiration date on your credit card balances
In order to send you that pre-approved offer, we used information contained in your credit report to determine that you satisfied certain criteria for creditworthiness in conjunction with this offer. If, after you respond to this offer, it is determined that you no longer satisfy that criteria, credit may not be extended to you. This can happen if your credit score has recently decreased. Additionally, we don’t have your income information until you apply for a loan. We may not be able to extend a loan to you if you do not have sufficient income to support your loan payments.
There are NO fees or penalties for early payment of your loan. You only pay interest on your loan on the outstanding balance, so early payment will also reduce your interest charges. Any fees already paid, including origination or fees, will not be refunded.