Personal Loan

[Norman and Dijani 0]

Hello,

I am interested in getting personal loan to consolidate some bills and have a little extra to take care of everyhting when my fiancee arrives. I am looking for about $25,000. Anyone have any experience or advice for me about this? I am new to the loan game and dont want to get screwed.

[Otto 83]

Hello,

I am interested in getting personal loan to consolidate some bills and have a little extra to take care of everyhting when my fiancee arrives. I am looking for about $25,000. Anyone have any experience or advice for me about this? I am new to the loan game and dont want to get screwed.

Do your research - non-collateral loans (not secured with anything of value, i.e., property) tend to be pretty expensive.

[brnidokiegurl 0]

do you own your home? line of credit thru your bank?

[athena_ny 1]

All depends on your credit score, what you have as collateral, etc etc.

[Dr. Obvious 49]

I would try to do it through your bank or credit union, if all possible.

[Kazan' Tiger 1]

I agree! Especially credit unions. Because you are a member rather than an account holder, rates tends to be very reasonable.

I would try to do it through your bank or credit union, if all possible.

[Gaby&Talbert 1]

Hello,

I am interested in getting personal loan to consolidate some bills and have a little extra to take care of everyhting when my fiancee arrives. I am looking for about $25,000. Anyone have any experience or advice for me about this? I am new to the loan game and dont want to get screwed.

My advice is do not go into debt starting a new marriage. If you are new to the loan game how do you owe 25 grand? Don't make the mistake of getting into more debt. If your spouse comes here and thinks you have a lot of money they may expect it to continue, if you don't have money then they should accept you the way you are.

[Dan J 277]

This is not a good idea. If you want to consolidate your debt into one payment at a fixed interest rate, thats a good thing. But adding to your debt, especially now, when the economy is tanking is not very prudent.

If you don't have the money to buy some things you need/want, save until you do. You wont be paying the cost of credit on top of the cost of buying what you want to buy.

[Ephesia 0]

Last year, my husband and I briefly considered getting one of those consolidated loans so that we would make just one payment to one institution every month. I was more gung-ho about it than he was actually because I thought the concept behind a consolidated loan was cool. He did some research and learned that we'd have to put something up as collateral. The only "asset" we have that is paid in full is the car I'm driving. But we didn't think it would be prudent to lock that up in a loan forever. Consolidated loans also usually take a far longer time to pay off and the interest rates can be high.

In the end, we decided to bite the bullet and deal with our credit card debt head-on. We knocked out the highest interest cards and cancelled a couple of them. We then transferred the balances from the remaining cards to a lower interest card. We are currently on track with clearing 60% of our credit card debt by Nov this year.

If you are determined to apply for a consolidated loan, please read up as much as possible and ask experienced professionals before you dive in. You'll also need a concrete plan on how you will pay off that loan.

Good luck.

[funkyab 0]

if you have to resort to a loan, and if u own your home,,, take a "home improvement loan" you will get a much better rate and home improvement is very "relative".

Edited March 28, 2008 by funkyab

[funkyab 0]

Hello,

I am interested in getting personal loan to consolidate some bills and have a little extra to take care of everyhting when my fiancee arrives. I am looking for about $25,000. Anyone have any experience or advice for me about this? I am new to the loan game and dont want to get screwed.

My advice is do not go into debt starting a new marriage. If you are new to the loan game how do you owe 25 grand? Don't make the mistake of getting into more debt. If your spouse comes here and thinks you have a lot of money they may expect it to continue, if you don't have money then they should accept you the way you are.

if the debt is credit card debt with high interest... it is definately best to consolidate with a lower interest loan. more money at the end of the day.

[ddkm 0]

it all depends on your personal situation

Are you a homeowner? (this includes things such as condos and even mobile homes in some cases)

Use the equity ties up in your home! Chances are, you will be able to get a good rate by using the home as collaterel. This basically means that you will get a better rate and there will be no negative consequences unless you dont pay the bills, also, you will likely be able to get a larger loan than going through other routes.

Not a homeowner? Vehicles can also be used as colatarel to secure a loan. In most cases, must have less than 100,000 miles on the clock and be 2000 or newer. It doesnt even have to be fully paid off, leased or financed vehicles can also be used to secure a loan.

Other options available - seeing if you qualify for a line of credit or possibly Cash on demand. Most of these options can be taken through a bank, but in any case you will need to go and see someone. I personally work for a major financial institution and deal with this exact situation on a daily basis, so if you have any further questions, or would like a referral, let me know!

[Dan J 277]

Hello,

I am interested in getting personal loan to consolidate some bills and have a little extra to take care of everyhting when my fiancee arrives. I am looking for about $25,000. Anyone have any experience or advice for me about this? I am new to the loan game and dont want to get screwed.

My advice is do not go into debt starting a new marriage. If you are new to the loan game how do you owe 25 grand? Don't make the mistake of getting into more debt. If your spouse comes here and thinks you have a lot of money they may expect it to continue, if you don't have money then they should accept you the way you are.

if the debt is credit card debt with high interest... it is definately best to consolidate with a lower interest loan. more money at the end of the day.

The main advantage would be lower interest cost, not nessarily smaller overall payments. It makes it easier to pay back debt faster.

If you take smaller payments over a longer period of time, you wont nessarily save any money.

[melusine 5]

hello there,

We will be going VERY short at the start too.

We thought about buying a car for me (in LA it sound quite essential) but after turning the numbers everywhere, i just came to realise it would not work or at least not work with what i wanted.

The situation is uneasy, my sweety is still paying for old debts (thanks ex-wife) + a bunch of old credit card he used to use... and even went back to live at his (hopefully big) parent's place to take care of it faster. I am very proud of him (i hate credit with passion) with all the progress he recently made on the matter.

Our last thinking (we are still under a thinking process) would eventually to get a 13k loan to be paid in 3 yrs. (i am considering a personal loan or low interest credit card around 9%)

wich would make us start on an easier way and definetly without a car (I need to make myself a reason).

And when my income will kicks in, i will intensively help pay the "let's start" loan faster too.

What does include your "let's start" loan ? perhaps you can make better choices to try to lower it.

Our would include:

- 2x gym membership(3yrs) (want to kick in good and healthir habit as well as loose some weight on the way)

- some gym clothe/shoes (let's start in style at least) (thoses might be considered as frivolous but it's important in our mental)

- some shopping to make our bed comfy and feel more home (featherbed, sheet etc)

- the move of my stuff from montreal to LA

- a new computer screen so i would be able to work on some of my professionnal project

- aos, eas, ap immigrations fees

- a las vegas week end and drive through wedding

- basic rings (we will do fancier later)

- and a big amount my sweet will owe for his taxes this year (but next year should definetly include a nice return since i am gonna be under his charge for a few months)

As for a car, well, i will drive his and we will need to organise at the start at least to make it all possible.

[Dan J 277]

hello there,

We will be going VERY short at the start too.

We thought about buying a car for me (in LA it sound quite essential) but after turning the numbers everywhere, i just came to realise it would not work or at least not work with what i wanted.

The situation is uneasy, my sweety is still paying for old debts (thanks ex-wife) + a bunch of old credit card he used to use... and even went back to live at his (hopefully big) parent's place to take care of it faster. I am very proud of him (i hate credit with passion) with all the progress he recently made on the matter.

Our last thinking (we are still under a thinking process) would eventually to get a 13k loan to be paid in 3 yrs. (i am considering a personal loan or low interest credit card around 9%)

wich would make us start on an easier way and definetly without a car (I need to make myself a reason).

And when my income will kicks in, i will intensively help pay the "let's start" loan faster too.

What does include your "let's start" loan ? perhaps you can make better choices to try to lower it.

Our would include:

- 2x gym membership(3yrs) (want to kick in good and healthir habit as well as loose some weight on the way)

- some gym clothe/shoes (let's start in style at least) (thoses might be considered as frivolous but it's important in our mental)

- some shopping to make our bed comfy and feel more home (featherbed, sheet etc)

- the move of my stuff from montreal to LA

- a new computer screen so i would be able to work on some of my professionnal project

- aos, eas, ap immigrations fees

- a las vegas week end and drive through wedding

- basic rings (we will do fancier later)

- and a big amount my sweet will owe for his taxes this year (but next year should definetly include a nice return since i am gonna be under his charge for a few months)

As for a car, well, i will drive his and we will need to organise at the start at least to make it all possible.

My suggetions. You could probably wait on the gym membership and just exercise the old fashioned way. Running, Biking or whatever at home or in your neighborhood/parks. Once you are caught up, then do the memberships.

Computer monitors are not that expensive, at least not for the 19-20" range. Maybe $200-300

You can get cheap and custimized rings here: http://www.titaniumera.com/

Its cheaper to just get married with the justice of the peace in your home county. Save the honeymoon for when you have the time and money.

Cars are expensive, both to use and maintain. Go for public transport if its available, or work something out.