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Nothing good can come of this, LOCK
Sakebomb
Registered User regular
Registered User regular
So PAX is right around the corner, and this months bills and some unexpected expenses have made my budget pretty damn tight. (AT&T, Time Warner, Perdenales Electric and Expert Tire can suck my balls)
So Im googling around to find info on a short term loan.
I’m thinking $3000 would do me in nicely. $1000 for PAX and use the rest to pay off credit card balances while im at it. It'd be nice I could pay it off over a year.
I’ve heard many many horror stories associated with this type of thing.
I was in the middle of filling out an application with Pioneer Military Lending, hoping my AGR (full-time National Guard) status could score me some low rates, when I decided to check into their background first and found a Rip-Off Report summarizing their unethical practices, and nickel&dime hidden fees.
EDIT: Also, I have an average credit score, and two credit cards with only $1000 limits, and both balances are pretty high atm...
tl,dr: Can anyone recommend a good loan shark?
So Im googling around to find info on a short term loan.
I’m thinking $3000 would do me in nicely. $1000 for PAX and use the rest to pay off credit card balances while im at it. It'd be nice I could pay it off over a year.
I’ve heard many many horror stories associated with this type of thing.
I was in the middle of filling out an application with Pioneer Military Lending, hoping my AGR (full-time National Guard) status could score me some low rates, when I decided to check into their background first and found a Rip-Off Report summarizing their unethical practices, and nickel&dime hidden fees.
EDIT: Also, I have an average credit score, and two credit cards with only $1000 limits, and both balances are pretty high atm...
tl,dr: Can anyone recommend a good loan shark?
Sakebomb on
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Looking into Bank of America right now, since I have my secure cc thru them
EDIT: BoA just denied my app...bastards. I will get a letter expalining why in 7-10 buisness days
Even then, borrowing money for this kind of thing is a really bad idea.
And yeah, this is a bad idea in general. Loans like those should be taken as an emergency only type deal, and are usually aimed at people with bad credit who can't get loans through other means. I should know since I had to borrow from them once to pay off a car repair bill. Luckily my credit's improve, and more importantly, my money handling abilities.
I fully agree there are times in life when you have to tell yourself no. This is one of them, get out of debt STAY OUT of debt. Id suggest cutting back on your expenditures till you get everything paid off. There is nothing more aggravating then dealing with high APR rotating debt
Did you just skip over every post? If so, let me summarize them.
DON'T DO THIS.
Yeah, maybe it’s time to let someone else manage your money. You don’t seem to have the knack for it.
Seriously OP, how old are you? Do you have any concept of financial responsibility, or the giant fucking hole you are digging yourself into? You don't need to go to PAX, and you sure as fuck don't need to pay off credit cards with a huge fucking interest loan that will rape you for years to come.
Try Randolf Brooks Federal Credit Union. I know they have locations in Austin(I live in San Marcos). I was at Compass...they are AWFUL. I hate that bank. My direct deposited paycheck from Target(obviously good for the money) that was put in at 12AM on Friday would be held until Monday with all funds inaccessable to me. The last straw was when on a holiday weekend they were closed Monday, so my money just wasn't there but they pushed a whole bunch of checks/charges through Tuesday morning, gave me a whole bunch of overdraft fees and THEN credited my money and then took it to pay said fees! >:( not to mention their overdraft fee was $35...I wasn't happy and I closed my account.
RBFCU has been really good to us. I would recommend anyone go with a credit union over a bank.
At least at my credit union, you can get small holiday/vacation loans through them that usually have about a 6% interest fee and you can choose to pay them off over 6months or 1 year. Typically it's about $1000-$1500 I've gotten, and if your credit cards have really bad interest I would recommend perhaps taking out a small loan to pay off the card and then paying down the loan. More of your money will actually go to paying it off rather than credit card fees. When you pay the minimum on those all the money pretty much goes towards interest.
I'd also skip PAX this year if it's going to cost $1000. That just seems like an awful lot when, like you said, you have other things to take care of.
First off, short term lending advice that I've seen given here is both common and fairly accurate. Unless you can borrow money from good friends or family, rates will be high. If you don't have much of a credit rating or history, you are a huge risk and liability to whoever loans you money.
OP, if this is going to hurt you financially for a long time, it may be best to simply cut your losses on whatever you have already spent and let it go. While not necessarily a good option, it may be your best option as we don't know enough to give you advice other than what you are being given currently.
I could be completely wrong here, but considering that by his own admission the OP already has an average credit score and 2 credit cards that are closer to being maxed than not....I think getting a 6% rate on a personal loan is rather unlikely. For example, I just looked at my credit union's website (NASA Federal), and the minimum rate on a personal loan is 9.99% atm.
The giant limed advice in the post above is still the best.
EDIT:
You asked for advice, and you received it several times. Calling it "self righteousness" because you don't like what you heard is pretty silly.
This is about as fucked up as all those families you see walking around Disneyworld who must have funded their $50,000 trip to the land of enchantment with a second mortgage on their house. Hope their kids like community college!
This thread has been polluted with self righteousness. I have all the info I need.
Don't ask for advice if you only want to hear someone that will agree with you.
When people are telling you the same thing over and over again, they may be onto something.
I know its not the greatest idea in the world.
I wanted info on personal loans, not lectures on why I shouldnt do it.
Get over yourself
Organichu:
Understandable, thanks anyway
They're giving you help and advice. It doesn't mean answering the one question you're asking. Your question is WRONG. You SHOULD NOT do this. DON'T DO IT. Jesus fucking christ, JUST DON'T.
While it's not a direct answer to your question, it is good help AND advice, we're trying to help you not make a huge mistake.
Here's an info on personal loans: They're bad. Don't do it.
Better?
People are giving you "lectures" because you're basically asking us to recommend a good way to shoot yourself in the foot (or worse) financially. No matter how much you want it to be otherwise, getting a loan for this purpose is a BAD IDEA.
And lest you think i'm coming from some sort of ivory tower also, my living costs (DC metro area) and debt (student loans, yay!) most likely outweigh yours by quite a bit.
Nobody here is saying NO just for the sake of being a jerk, we are trying to save you from making a huge mistake.
Uh-oh I accidentally deleted my signature. Uh-oh!!
You could also try opening a new credit card with 0% or low introductory interest, though if you do that too often it tends to lower your credit score. At any rate, you're really just robbing Peter to pay Paul if you do this...you'll save a little in intrest, but you still have to end up paying it back.
That said, it sounds like you're about to make a terrible decision. Borrowing a thousand dollars to go to a video game convention is a terrible decision, even given how wicked cool PAX will be. You can convince yourself that people are being self-righteous and make that terrible decision if you want to. Or you can suck up your pride and realize that sometimes people know what the fuck they're talking about.
IOS Game Center ID: Isotope-X
My self righteous advice over here is that you're ALREADY doing things VERY WRONG. You're in for 2k worth of credit card debt that you can't pay off without taking another loan? That's already doing exactly the wrong thing, if you have any hope of ever being financially stable. I'd recommend not only paying your credit cards off, but cancelling them and trying to live cash only for awhile. It teaches you a hell of a lot about money, instead of the future debt most people operate in.
That being said, you seem to have your own reasons for thinking it is a good idea. I'm wondering what they are. Why is it worth putting yourself further into debt for this?
Well, I have never dealt with loans or credit cards before this year, because I never had too.
Im 25, I have a secure state job, 6 years of steady income, and I make 41k a year.
But, I have less than a years worth of credit history, so banks dont even want to talk to me. Even though I pay my almost all my balance every month. Pisses me off to no end.
I already paid for tickets and lodging to PAX, but after bills this month, Im only gonna have about $100 to spend. And I was thinking, I take out an under-the-table loan for 3k, pay off both my credit card balances (so my credit rating will go up),and have xtra spending $$ for PAX. Whoopie!
Id totally be willing to pay up to a 30% APR for it (I know, I know, I know, again, Ive had enough lectures to last me a year)
The trouble is finding a lender that will deal with such a small amount at a reasonable interest rate. Like the others said, most online lenders can fine-print your ass into a 350% APR.
I mean, its not too unreasonable to ask for 3k now, as long as I give you 4k by next year.
So the best advice I got from this thread was to stay the hell away from online lenders. I put up a bid on a peer2peer lending site, however my state's laws say the max APR I can request is 8.9%. So my chances are pretty slim. meh.
If you already have your lodging and your hotel, take the fucking 100 dollars and go. You can eat cheaply for the what, 2-3 days you're there and live without whatever you were planning to buy with 1000 dollars.
More importantly, the fact that you are seriously considering this, along with how apparently despite making 41k a year, you can still find yourself in a situation with less than a 100 dollars is pretty damn irresponsible.
Grow up.
Do you feel better now that you have put yourself on a high horse so you can look down on me?
I dont know alot about loans, I came here looking for info, I got it, despite people like you throwing in thier "holier than thou" comments like you just did.
Would you like to judge me on anything else today kind sir?
I swear to fucking christ, it is goddam impossible for people to be civil on these boards.
See, this guy here. Unbiased info. I cannot thank you enough Cooter.
But yeah, my bank denied me today...
Wondering if its worth it to try another bank or just wait it out on the p2p borrowing ad thingy.
Edit edit:
Or just nevermind entirely. screw it, no big deal.
damn, these forums get me fired up too easily
The reason so many people are getting upset is because many of them(including myself) have been in bad debt situations before, a lot of them caused by stupid decisions. So when we see a stupid decision in the making(which yours really is) and try to talk you out of it, you take offense to it.
Why can't you go to PAX with the 100 dollars you have? Why is it so important for you to go? I mean, even if you have room and lodging already paid for, you come out less in the red by not going than by going. Is it really worth it?
I take offense to it because theres a big difference between:
"Hey Sakebomb, thats not such a good idea, maybe you should reconsider"
and
"Youre fucking stupid, grow up"
If youre gonna be a dick, I'm gonna be a dick right back. (Im a Libra:P)
But nevertheless, I managed to copy and paste some decent info in between the angry rants.
But yeah, I figured, money now that I could pay off later and improve my credit score at the same time would be nice, but, meh, dosent look like its gonna work out. Legitimate lenders dont wanna deal with me, and I cant find a sleazy one with an acceptable level of sleaziness.
Oh well.
CUZ THERE'S SOMETHING IN THE MIDDLE AND IT'S GIVING ME A RASH