Chase used to be offer tons of miles for mortgages, people used to refinance or take out seconds on their home and immediately pay them off. They might earn 100,000 miles at a cost of under $200 and a whole lot of time on paperwork.
But unsecured loans probably aren’t something you should do for the miles no matter what marketing emails you receive in your inbox.
Prosper offers affiliate links, they’d happily pay referral fees to any blogger that wanted to advocate you borrow money from them. I do not have links from them, because I think this is a Very. Bad. Idea.
And it’s not any better of an idea when you get United miles for doing so.
Look, I’m a defender of the payday loan industry because I think that people do need to borrow money sometimes to fix their cars to be able to go to work, or to cover emergency health care bills for their kids. People still need to borrow the money, and if you foreclose one option they’ll have to choose what would otherwise have been the next worse option. And I believe that people ought to be permitted to make their own choices.
And I think The Onion makes the point better than I ever could about high interest financial products actually providing a service to people even though of course if that’s the road you’re going down the mileage game is not for you.
So if you want to borrow money, and you want to borrow money from Prosper by all means go ahead. But don’t let MileagePlus convince you do to do!
(HT: Joel G.)