Have you ever had to take a loan?

I'm considering it. I know I can pay it back I just feel like it might help me to have the cash upfront then pay it back with the lump sums I should be getting.
So Im not rationing so to speak my money.

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Chiefjustice · 46-50, M

Yes, i've had to take loan out.Call it in line of credit.If this is something you are able to afford.And will qualify for it. Line of credit is better than a loan.As it allows flexibility. So check your options.

CrazyMusicLover · 31-35

No, I would only do that if I really had to or something really amazing would appear as a once in a lifetime opportunity that I wouldn't want to miss.

Elessar · 31-35, M

@CrazyMusicLover Like the €60k second hand Porsche that I absolutely need in order to survive my midlife crisis 😵‍💫

Mordechai · 31-35, M

I use credit sparingly for bigger things just for the convenience of it

Mellowgirl · 31-35, F

@Mordechai I've never had a credit card before. I have taken a loan for my bed frame. As that was a big purchase but I got 20% off if I did it that way. I mean who doesn't like to save money. And I had the money to pay it off, so never had a late payment

Mordechai · 31-35, M

@Mellowgirl Honestly get a credit card with 0% APR for first 12 months. I got it to build my credit rating but it's genuinely useful.

Just use it tactfully for bigger purchases and pay them off by the next monthly due date.

Mellowgirl · 31-35, F

@Mordechai if I can find 0% Apr I'm seeing a lot of 13.1- 29.25% 😒

Musicman · 61-69, M

Yes I have. The only part I don't like is the "lump sums I should be getting". Should be is not a guarantee. What if they are delayed? Would you still be able to make your payments? If you can't make your payments what happens then?

Mellowgirl · 31-35, F

@Musicman well Im still in the decision phase or is something I'm taking into consideration.
I just need to figure out what the best route to take is

Musicman · 61-69, M

@Mellowgirl Also how much interest will you be required to pay back too. The percentages can be quite high.

Chiefjustice · 46-50, M

Do not take a payday loan. If you must it should be through a reputable bank and you should understand all you terms and ins and outs.no colletral etc.

Mellowgirl · 31-35, F

@Chiefjustice no never pay day. That's why I'm looking at the Apr. Tbh another person here suggested a credit card but I'm assuming because I've never taken one out before thats why I'm only eligible for the ones with 6 months 0% apr then it shoots up to 29.5+ which is crazy to me. I don't want to take a 3k loan only to have to pay nearly 4 or 5 k back.

Chiefjustice · 46-50, M

@Mellowgirl evaliered all your options, if you think you will need cash to do better.Then look at the overall cost. Alone or line of credit will give you cash options which is not real than a credit card.
However, interest rate may vary, so you really need to look at the total cost of borrowing for each of the options and what your needs are;

1) Fixed loan
2) Line of Credit
3) Credit Card

I would highly recommend you meeting with a financial/bank advisor and ask them to lay it out for you For each of the options, total cost of borrowing monthly and yearly and then make an informed decision.

Mellowgirl · 31-35, F

@Chiefjustice thank you

LaNinaRosa · F

No.

Not any kind of loan - especially a loan secured on my house.

Hell nah

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