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Started By
Message
Friend looking for best personal loan option.
Posted on 4/1/19 at 11:00 am
Posted on 4/1/19 at 11:00 am
Their credit is bad (below 600) but they need a loan for an apartment. What are the best options or places they could get approved for about $1000-$2000?
6
Posted on 4/1/19 at 11:08 am to LlyodChristmas
quote:that ain't good....
need a loan for an apartment.
they can try lending club. Won't be as bad as pay day. At worst low 20s percent, which would be nothing if they have the money in a month.
But THIS is what it sounds like will happen if they get $2,000 at 20% for 12 months:
Oh look! We now have a year to pay down $2,000 so now we can enjoy that tax refund!!
This post was edited on 4/1/19 at 4:25 pm
Posted on 4/1/19 at 11:16 am to LlyodChristmas
What do they need a loan for an apartment for? My hunch is if they don't have 1k-2k they could get their hands on right now, they probably shouldn't be entering into any kind of lease agreement.
Posted on 4/1/19 at 11:27 am to TDsngumbo
quote:
What do they need a loan for an apartment for? My hunch is if they don't have 1k-2k they could get their hands on right now, they probably shouldn't be entering into any kind of lease agreement.
They were gonna use their tax return to lease one and take care of the first 2 months rent. Something came up and now they aren't getting it til next month. So they just basically need the money for it now and they pay it back next month when they get the tax return. They made alot of mistakes when they were younger and now they're trying to get their life together.
Posted on 4/1/19 at 11:42 am to LlyodChristmas
quote:
Their credit is bad (below 600) but they need a loan for an apartment. What are the best options or places they could get approved for about $1000-$2000?
think about this critically
1) bad credit = high risk
2) they are looking for an unsecured personal loan
now, what kinds of lending institutions will be available for that type of transaction?
HINT:
if they are good friends of yours, or have family with the means to do so, borrowing from you or them is frankly their only reasonable choice
Posted on 4/1/19 at 12:10 pm to LlyodChristmas
quote:
Their credit is bad (below 600) but they need a loan for an apartment.
April Fools?
Posted on 4/1/19 at 1:03 pm to LlyodChristmas
Might think outside the box on this one. What collateral does your friend have, and what is the relationship like with the parents?
Your friend is gonna get raped with any kind of conventional loan.
Your friend is gonna get raped with any kind of conventional loan.
Posted on 4/1/19 at 1:20 pm to LlyodChristmas
What does he have to pawn?
Posted on 4/1/19 at 1:43 pm to Thib-a-doe Tiger
quote:
What does he have to pawn?
Or sell outright. I'm always amazed by the cash poor people I know who are wearing watches & jewelry yet never think to liquidate that stuff.
Cue the "loan shark" trolls.
Posted on 4/1/19 at 2:05 pm to LlyodChristmas
quote:How can a tax return help him?
They were gonna use their tax return to lease one
Posted on 4/1/19 at 2:21 pm to LSURussian
quote:
How can a tax return help him?
get your arse back to day trading. poor guy failed to use refund instead of return
good observation and callout though regardlessThis post was edited on 4/1/19 at 2:25 pm
Posted on 4/1/19 at 4:24 pm to Fat Bastard
quote:It's near the top of my pet peeves on Tigerdroppings, posters not knowing they file a return to get a refund.
poor guy failed to use refund instead of return
Posted on 4/1/19 at 4:36 pm to LlyodChristmas
Raymond James lets me borrow against my investments. I have a couple of rental homes that a traditional bank would take as collateral in a pinch.
I'm not trying to be an arse but I am going to be. This sub is full of (1) intelligent people who make good financial decisions for the most part and (2) people who want to be like them. There's just not anyone in here that knows that much about playing the subprime $1000 loan market.
However, now that I have been an arse, I will give you some good advice for your friend. I am not familiar with banks in Louisiana, but here in Mississippi, BankPlus has a program for people like your friend where they will give a $1000 loan at 5% interest if you agree to go through a basic personal finance class. There may be something similar at a credit union or bank near you.
I'm not trying to be an arse but I am going to be. This sub is full of (1) intelligent people who make good financial decisions for the most part and (2) people who want to be like them. There's just not anyone in here that knows that much about playing the subprime $1000 loan market.
However, now that I have been an arse, I will give you some good advice for your friend. I am not familiar with banks in Louisiana, but here in Mississippi, BankPlus has a program for people like your friend where they will give a $1000 loan at 5% interest if you agree to go through a basic personal finance class. There may be something similar at a credit union or bank near you.
This post was edited on 4/1/19 at 4:41 pm
Posted on 4/1/19 at 5:22 pm to LSURussian
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