Is this common? My bank just called offering me a fixed rate loan at 1%.

[LiberalHeart]

I've had them call me before about wanting me to move cash in my account to a CD or annuity or some such thing, but never had them try to sell me a loan. And I haven't heard of any money available at 1% before.

[aquart]

1. What bank?

[LiberalHeart]

2. Charter One ... owned by the bank of Scotland, I think.

[EV_Ares]

3. Well, at 1%, you should be getting back to them instead of posting here on this board.

[LiberalHeart]

5. It has to be used for energy-saving home enhancements, I think.

I didn't listen long ... cut her off very fast. I could use some new energy-efficient windows.

[tnlurker]

4. Look them up and call them direct

To make sure it is not a scam.

[LiberalHeart]

6. It wasn't a scam. The banker is someone I know from in-person dealings. I know her voice.

[Robbien]

7. Are you in a flood damage area?

"The recent flooding has been devastating and stressful for many families and individuals," said Scott C. Swanson, President and CEO, Charter One, Illinois. "At Charter One, we offer a product that can help homeowners make necessary repairs not covered by their insurance."

The EZ Home Improvement Loan is designed for low-to-moderate-income homeowners based on HUD median family income guidelines and the income amount may vary depending upon the actual place of residence. The $1,000 1% APR fixed rate loan has a three-year term with a low monthly payment of $28.20 per month when payments are automatically deducted from a Charter One checking or savings account. There are no fees or closing costs.

http://www.marketwatch.com/news/story/charter-one-offers-low-interest-loans/story.aspx?guid=%7B0211518C-96BA-4A86-BB62-4FA538EBFE57%7D&dist=hppr

[LiberalHeart]

9. There was flooding in nearby towns, but I didn't have flooding.

[Robbien]

11. Well, if you have made any home improvements in the last year

and have credit card debt

you should consider taking advantage of this offer and apply the loan proceeds to your credit card debt

You don't have to have had actual flood damage to take advantage of the offer, just living in a flood damage area qualifies you.

[LiberalHeart]

13. I don't have any debts at all except one at zero percent interest....

It's one of those 12-months-same-as-cash deals. Took advantage of it when I purchased a new furnace and AC system this summer.

[AlCzervik]

8. if it's for this one---the loan is only for 1k.

http://www.marketwatch.com/news/story/charter-one-offers-low-interest-loans/story.aspx?guid=%7B0211518C-96BA-4A86-BB62-4FA538EBFE57%7D&dist=hppr

[LiberalHeart]

10. That has to be it -- the weatherization loan part -- because I did see signs at the bank...

...about the 1/2% thing.

[LiberalHeart]

12. Just read something that indicates the loan is up to 3 grand at 1% ... but....

...how can they cold call people to offer it when they don't know their income? They'd have no way of knowing my income. I wonder if they're widening the program to let anyone in.

[AlCzervik]

16. probably just making thousands of calls from some list hoping someone will bite.

[Schema Thing]

14. Take it. Invest in toilet paper and rice/beans. Maybe some toothpaste if you see a deal

[LiberalHeart]

15. Or donate it to Obama.

[Old and In the Way]

17. I'm holding out for them to offer me 1% to get me to borrow their money.

I don't think the day's too far off when they'll be offering free wheelbarrows to take the cash out of the bank.