My bank wants to offer me a loan, apparently because I am good customer. They are offering me a pre-approved loan (no guarantors required etc.) of $17,500. Terms are it's paid back over 60 months of paying $381.25 per month for a total of $22,875, which is 130% of the principal. If I understand this correctly, this is far better than what I could probably get elsewhere. Even without compounding anything, one can see instantly that this is 0.5% per month. With compounding figured in, it must be less than that. I currently pay 2% finance charges on some of my credit card debts. So unless I'm missing something, this is a good deal. Right?