Loans

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I have no idea about this so maybe someone who knows about this can help me out...How do I go about taking out a loan from a bank (or wherever) ?How much interest (or whatever it's called) should I be expecting?Just questions like that... any help would be appreciated

I think that if you take out a loan, it should be either for something that is definitely going to make money, enough money to service the loan and make a good profit, or something that you definitely, really, need to live or work, and you can afford to pay off. Remember, loans cost money, and to pay for something by means of a loan is to pay more for it than to pay by means of saving.The interest rate will depend on your security. Loans for houses use the house itself as security, which is generally good security, so interest rates are lowest. Loans through credit cards are generally the worst from banks from the point of view of interest rates. If your security is too bad banks won't touch you but loan sharks will, at exorbitant rates.

Thx for your answer Pete (I'll talk to you online about this some more whenever we talk next)

I guess I should specify that I'm interested in a Personal Loan, since there seems to be many different types of loans.

It's very, very difficult to get a personal loan from the bank, especially if you are young and have no credit.

Most banks or credit unions won't give out loans to younger people if they haven't developed some type of credit. No credit can sometimes be worse than bad credit and I say that from personal experience. The easiest way to build yourself some credit is to get a gas card to a Chevron or another kind of gas station in your area (much less tempting than an actual MasterCard or Visa).

Also, you normally have to have an existing account with most banks and/or credit unions before they'll allow you to take out a loan. If you already have an account with a bank or credit union all you have to do is go in and ask about loans and they'll usually have you fill out a credit report to see about your income and if you happen you have enough credit for them you allow you to get one.

You want to take out a personal loan, so your interest will really depend on what kind of collateral you've got, and what kind of credit history you have.

I just recently took out a loan through the credit union (I've been a member of it for years) to buy my Mini-van and they ended up loaning me close to 17K. The only reason they allowed me to take out such a large loan for a vehicle without a co-signer is because 1) I've been a long standing member 2) I've slowly built my credit up over the last few years and 3) I made enough money to pay it all back over a certain period of time. My interest rate is 9.14 % which isn't too bad with my credit history.

All you have to do is try... good luck!

I would avoid it. Personal loans usually have a pretty high interest rate becasue they are unsecured (nothing they can take away from you like a car, house, boat..)

If the money you earn is all going to living expenses, paying the loan off is immensely difficult and you would only be digging yourself into debt.

Originally Posted By: sdpI would avoid it. Personal loans usually have a pretty high interest rate becasue they are unsecured (nothing they can take away from you like a car, house, boat..)If the money you earn is all going to living expenses, paying the loan off is immensely difficult and you would only be digging yourself into debt. Could not agree more! A good friend of mine went and got a personal loan for a small amount of money, like $300 I think and it had a 900% interest rate. I about shit when she told me. It took her 6 months to pay off the loan because of the interest rate. Talk about a lesson learned.

Good fucking christ!I took out a loan at my credit union for 3 grand, unsecured. Paid it off in a year instead of the 3 I was allowed and my interest rate was 14%. I thought that was fucking high but needed the loan at the time, its still lower than a credit card but even they are lower than 300 fucking percent.

Well do yuo have any other suggestions for paying off $700 - $1000 (and soon) ? I can't think of anything else.

And soon? What's going on? To whom do you owe money and for what?

I mean do you owe money to some friend or is it some thug who's going to bust your fingers if you don't pay? The answer is dependant on the situation.

Those type of loans are popular in my hometown. They usually target lower income people because they have less knowledge about how interest rates work.

I just recently got a 10 K loan and I am paying Prime +1

And soon? What's going on? To whom do you owe money and for what?Hospital bill, vehicle tax, court costs, possible other fines resulting from those court visits, etc.

Here's my advice to you. Pay only what you HAVE TO pay. Vehicle tax.. I'm assuming is your registration? That you have to pay immediately.. Court fines? Well if you don't have money.. they accept payments in installments. Hospitals? Shit they write off unpaid bills all the time. They will accept monthly payments too.So:Car?.. You need it.. pay itCourt? maybe jail if you dont pay? IDK how that works... ask for monthly paymentsHospital? put them on hold. what are they going to do except bug you?

As far as the court system goes; as long as one makes an effort to pay, or shows INTENT to do so, the courts will pretty much extend your repayment for many many years. As far as loans go; as hard as they are to get...go for one from a bank (either a personal loan, or a line of credit; which may be a bit better depending on your income) the LOC is like a credit card but at a MUCH lower rate (below 10% usually, compared to 18-24% on Credit cards) Funny story side note: When I was turned down for a line of credit with ING Direct (the minimum you could ask for was $5000, I only needed $1500) so when I asked if they could grant me a lower LOC I was told "No..but perhaps in the future when you have a higher income or more assets, we'll be able to help you" To which I replied "Well, if I had a higher income or more assets I wouldn't be asking for loan, now would I?" (I never got a response to that witty little comment)

pay the car shit right away, and by tax I assume you meant registration fees to the county and state?cant run with no tags, pay that shit off first.I knwo from experience that a court will allow you to make payments, they will even pretty much let you set up the payment plan. on a 500 dollar fine I took a year to pay it. so long as I made my payments and never for less than agreed upon on time they didnt care. hospitals, atlest in teh US have to accept any payment you give them. lets say its 10k for your bill, you give them 50 bucks a month, they have to acept it and cant do shit about it. any payment is better than none and if you cant afford to pay it all at once then it helps you as well to pay it slowley.I was 19 had a kid that was hospitalized with diabeties. he was in the hospital for fucking 2 weeks, plus all the IVs and all the testing and all the other shit ti was over 20 fucking grand. I had no insurance and made too much money for state assitance. I had jsut sarted a new job and wouldnt get insurance for another 60 days or some shit. I actualyl started the job the same day my son ended up in the hospital. because I was making 40k a year they wouldnt give me medical aid for my son and insurance would kick in after my probation period. I made fucking payments to that hospuital for god damned years, skipped buying the car I wanted so I could make those payments, I drove an old piece of shit for 5 fucking years.I rented a shit hole for those years as well so I could make hospital payments. sometimes it was 300 a month, sometimes it was 50 bucks, so long as you make some sort of payment they are willing to work with you. dont give them 10 bucks and call it good, but make an honest effort and they will respond with less aggression.If they do take you to court explain to the judge what happened and why you were only able to make small payments, keep records of your income and outgoing bills for all that time incase they fuck ya around.In the end they ended up writing off about 5 grand of what I owed because they took me to court to get it all and I had all my records showing payments and totals and what I made and how much I payed for living expenses with no new cars or a house or any luxuries.we settlede for a much smaller amount I got no judgement against me or on my credit and had made an honest effort all that time to pay my debts.If you actually try to pay shit off over time people are normally willing to work with you, its when they dont hear from you and dont get payments at all or shitty amounts all the time like 10 bucks every 2 weeks that they get pissed.

Bloody hell, every time I see something regarding American health care; it just scares the shit out of me. And here I was bitching a couple weeks ago because I had to pay out-of-pocket for my $50/m prescription because the Ontario government doesn't cover them, lol.Thankfully you have insurance now, but still...wow.

its one of a few thing that really piss me off about america.you know that 50 you paid there would set me back 300 here? americans pay higher costs for all drugs, even when they are made in the smae place and sent to the US and canada ? thats right you pay far less than we do, why? because we will pay it! god damned it we are a sick fucking country and we want to pay high prices for shit that keeps us alive!the other thing that pisses me off so much is the current cunt rag duesch holster that is the president of the country and the bullshti he pulls and lies told and fucking murders commited in the name of thw ar or terror! and that shit sucking bastard Chaney too. toss in Rumsfield and ashcroft ( jsut because they are gone now doenst make them less responsible for what they did in the past) and several other bullshit fuck face toad humping bowel slurpers and you have the reasons I hate my fucking country, not to mention the brainless ass wipes who vote for htem and belive int hem.

Yea but remember you can't import drugs from Canada...the FDA SAYS THEY'RE DANGEROUS! OH NOES!!!!!!1111

*looking at a box of Singulair* Made in USA? WTF? Dangerous, eh? (Despite Canada having higher safety standards than most countries out there; and a damn-near impossible approval process for new drugs)

The corporations like to fuck you at every turn; a great case-and-point is that Seadoo, and many car companies are REFUSING TO SELL TO CANADIANS (or sell to dealerships who sell new cars or Seadoo branded items to Canadians) now that we don't have the exchange rate to hold us back; many companies are starting to shit themselves realizing they don't have an excuse to arse-fuck us Northerners for products anymore. (Duties do not count either; under the NAFTA rules anything made in Mexico, USA, or Canada is duty-free)