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Balance Transfer, Pay Down My Debt, Reviews

Logix Platinum Rewards MasterCard Balance Transfer Review

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any credit card issuer. This site may be compensated through a credit card issuer partnership.

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If you are digging yourself out of credit card debt, a balance transfer can be a great way to reduce the interest paid, as well as the time it will take to pay off the balance. As long as you can handle an additional credit card responsibly, and are committed to aggressively paying off debt, a balance transfer will shave time and hundreds to thousands off your debt repayment.

The Offer

The Logix Platinum Rewards MasterCard offers a variable 10.74% to 17.99% APR with no balance transfer fee.

Pros

  • No balance transfer fee
  • No annual fee
  • Zero Liability for fraudulent purchases
  • No foreign transaction fees
  • No cash advance fees

Cons

  • Exact promotional interest rate is not known until you apply
  • Hard credit pull required to see rate
  • 10.74% to 17.99% variable APR
  • Balance transfer must be completed within 60 days

How to Qualify           

Individuals must have a credit score of 640 or higher to be eligible for the Logix Platinum Rewards MasterCard.

Logix is a Credit Union – you don’t have to be a member to apply but you need to become one by putting $5 in a savings account. You must live in: AZ, CA, DC, MA, MD, ME, NH, NV, or VA or be eligible to open an account with Logix and to be able to even apply for the balance transfer card.

Fine Print Alerts

  • Balance transfers must be completed within 60 days of account opening, or risk losing the promotional APR
  • 17.99% penalty APR
  • Late/Returned Payment Fee: Up to $30

Account holders should complete the balance transfer process immediately, because you don’t want to risk losing the promotional APR or being charged the full APR of up to 17.99%.

Missed payments, or late payments result in a fee of up to $30. Cardholders may be charged the full 17.99% penalty APR. This late and missed payments policy is not unique to the Logix Platinum Rewards MasterCard. Regardless of which balance transfer credit card you choose, late or missed payments should be avoided, as they result in fees and penalty interest rates. Finally, returned checks or going over the credit limit can result in a $29 fee.

The Logix Platinum Rewards MasterCard does allow for a grace period of 25 calendar days, during which the cardholder will not pay interest on any new credit purchases. In order to avoid interest charges on new purchases, the entire new balance listed on the statement must be paid by the due date. There is no grace period on balance transfers or cash advances. The APR for cash advances is 17.99%.

Alternative Balance Transfer Options

You can search for a variety of other balance transfer options including ones with 0% interest and even ones offering 0% with no fee. Find our list of no fee balance transfer offers here.

If you’re still interested in considering other cards, which may have a longer duration but charge a fee, then explore our balance transfer marketplace here.

[Use this tool to calculate the difference with fees and interest.]

The Logix Platinum Rewards MasterCard is a good option, but not even close to the best on the market. It would still be better to start with a 0% balance transfer offer as long as the fee is 4% or less.

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Personal Loans, Reviews

Pave Review: Personal Loan for Minimal Credit History

Student Loan Mod_lg

Pave is no longer lending. All existing loans will continue to be serviced. If you are looking for a personal loan, you can visit our review (updated monthly) of the best personal loans.

PAVE personal loans seeks to answer the plight of the young: how do you get access to affordable funding with limited credit history? If you’re a millennial in need of financial backing for higher education, to pay off debt, or even to start your own business, chances are you have found financing to be a challenge.

Enter Pave

Pave personal loans were designed specifically for people early in their careers. Its underwriting takes into account hundreds of factors beyond the traditional credit score in order to gauge an individual’s future potential. 

Pave grants loans of up to $25,000 in 24 to 36 months, with a personalized, enhanced, very non-traditional underwriting process to individuals who may not traditionally have access to the financing they need.

By the same token, Pave offers risk adjusted returns to its financial backers.

How is Pave Able to Offer Low Rates?

Pave recognized a big hole in the personal loan marketplace for talented young people who had promise but minimal credit history. With this in mind,Pave created a unique underwriting process that takes into account not only the borrower’s creditworthiness, but the value of his or her ideas, goals and education.

Pave starts by reviewing the borrower’s credit score and history, but then analyzes: use of personal funds, work history, current employment, education and future earning potential. This gives Pave opportunities to recognize how financially responsible a person can be as a whole, and enables Pave to offer the lowest rate possible without assuming too much risk.

Pave’s Underwriting Process

Pave approaches underwriting with a viewpoint that one size does not fit all.

While Pave does use a FICO credit score as a baseline, it considers alternate factors such as: education, employment and work history.

“As for previous education, we look at a number of things,” says David Rosen, head of underwriting for PAVE. “Including publicly available information on student loan repayment, and how likely graduates from certain schools, programs, or majors are to be employed.”

For example, say a student wanted to obtain a Bachelor’s degree in engineering, but because he was only 19, did not have a very high credit score.  Most banks would deny him funding based on his low credit score alone, but Pave would look at his high school employment history, his grades, and even future salary potential as an engineer. By using this hybrid underwriting model, Pave loans may be able to offer him financing.

How Can I Get Approved for Funding?

Basic eligibility for a Pave Loan requires:

  • US Citizenship
  • At least 18 years of age
  • Must have a US Bank Account
  • Must have a credit score of 660 or higher

Are There Any Restrictions On The Amount I Can Borrow?

Pave’s minimum loan amount is $3,000 and its maximum is $25,000

How Can I Use The Money I Borrow?

Pave places no restrictions how you use the money you have been loaned, because it recognizes there are many reasons why funding might be needed, and that those reasons could change at any time. 

People have typically used Pave funding to pay off or consolidate debt, finance higher education, or even start their own business.

Step 1: Sign up for Pave

Pave1

You will need to enter your first and last Name, email address, and a password.  Or, you can sign up using Linkedin.

Step 2: Confirm your Email

Step 3: Fill Out the Talent Questionnaire

The Talent Questionnaire is Pave’s way of finding out all of your basic information such as your birthdate, address, current living arrangement (rent or own), marital status, work experience, how much you want to borrow, education, and a bit of information about how your financials look currently.

Additionally, Pave Loans will ask for your social security number and then do a “soft pull”that will not affect your credit score, to determine your pre-eligibility. You must have a credit score of at least 660 to be considered for financing.

Step 4:  Approval

Once you have entered all of the information the Talent Questionnaire requested, Pave loans will take approximately 1 business day to review your application, and then they will contact you to let you know if you are approved for a Pave Loan or not.

Fee Warnings

Pave does not charge a prepayment penalty. It origination fees averages 2%. This means that if you refinanced $10,000 of credit card debt, the origination fee would cost you $200.

However, Pave does note that as it expands its service area and eligibility requirements, origination fees will range from 1.00% - 6.00%. This means that the origination fee on that same $10,000 would cost you anywhere from $100 – $600 in origination fees.

Pave Against the Competition

Other lending options such as SoFi and LendingClub do offer more convenient and flexible lending solutions. 

Where Pave limits you to $25,000, SoFi* allows you to borrow amounts from $5,000 to $100,000 with No origination fee. In addition, SoFi offers unemployment insurance with every personal loan, which is a great added benefit.

SoFi
APR

5.99%
To
18.64%*

Credit Req.

680

Minimum Credit Score

Terms

24 to 84

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

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SoFi offers some of the best rates and terms on the market. ... Read More


Fixed rates from 5.99% APR to 18.64% APR (with AutoPay). SoFi rate ranges are current as of March 27, 2020 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your creditworthiness, years of professional experience, income and other factors. See APR examples and terms. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

LendingClub* also offers personal loans of up to $40,000. The minimum credit requirements are not specified. LendingClub is not available in Iowa or West Virginia.

APR

6.95%
To
35.89%

Credit Req.

Not specified

Terms

36 or 60

months

Origination Fee

1.00% - 6.00%

SEE OFFERS Secured

on LendingTree’s secure website

LendingClub is a great tool for borrowers that can offer competitive interest rates.... Read More

Pros & Cons of a Pave Loan

Pros:

  • Applying for a Pave personal loan will not hurt your credit.
  • The online application is easy and fast!
  • Pave Loans take non-traditional factors into accounts when deciding who they should finance.
  • Pave Loans can help you raise your credit score by paying off credit cards, or offering low-cost higher education financing solutions. 

Cons:

  • Pave can’t offer loans in the following states: Arizona, Connecticut, District of Columbia, Maine, Massachusetts, Nebraska, Nevada, New Jersey, North Carolina, North Dakota, Oregon, Pennsylvania, Tennessee, Vermont, Wisconsin and Wyoming
  • Rates start at 7.18% and can go quite a bit higher, depending on creditworthiness, up to 29.65%
  • You must have a credit score of 660 or higher.
  • Loans are available from $3,000 to $25,000

Pave Loan is leading the way in developing a non-traditional lending process catering to millennials. Its system provides financing to a generation with great ideas, but who lack the credit to make those dreams happen. Currently, Pave is beta testing in New York, but Pave personal loans will soon be available in many other areas of the United States as well. Whether you live in New York or not — you should always comparison shop rates before settling on any personal loan.

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Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

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