Chit Chat

Grunge018 · 11-04-2009, 06:12 PM

Been looking for some xtra cash for the holidays so I surfed the internet to look at some loans. Today I was contacted by a company (private lender) offering me a loan. Here are the terms. Is this a decent deal?

Loan - $5000
interest rate- 7%
loan term - 3yrs

They want $900 down then they transfer in 24-48hrs and my payments (around 150/mo) wouldnt start until Jul 2010. I havent accepted this deal and they are keeping it open until next fri.

Also...I didn't request this amount...I was looking for like $500. They offered this.

rubberchickenmx · 11-04-2009, 06:16 PM

youre gonna be paying like 1050 more, i think

The Ninja · 11-04-2009, 06:19 PM

I = Prt
=5000(.07)(3)
=1050

You were correct, rubberchickenmx. It's $1050 interest on the loan.

steamwhistle · 11-04-2009, 06:21 PM

If you have ok/ good credit I am sure you could find a better loan out there. My student loans have a better interest rate than that.

panda51 · 11-04-2009, 06:24 PM

They want $900 down and then they'll send u $5k 1-2 days later? if you had the $900, why would u need to borrow $500?

OG Maverick · 11-04-2009, 06:26 PM

Quote:

Originally Posted by The Ninja

I = Prt
=5000(.07)(3)
=1050

You were correct, rubberchickenmx. It's $1050 interest on the loan.

Yes, but as you pay it off there is less balance to pay interest on. It was the wrong formula to use if I can remember right.

I wouldn't go for it especially since you only needed $500 in the first place.

joedk · 11-04-2009, 06:55 PM

Assuming that you are of legal age to enter into a binding contract. (There are a large number of members here who are under age and would need their parent/guardian to sign for them.)

Two things.

1) You should never have to pay $ to get a personal loan (Mortgages are slightly different, so while you may have to pay points, this is to bring your rate down).

2) I'm sure you can get the amount you are looking for from your local financial institution. I'd recommend a credit union as their rates tend to be a little better than banks. Also see if the bank/CU has a holiday loan, which is what it sounds like you're looking for. I have seen these with deferred payments until after the holidays. (If you didn't already know, the difference between the two is that a bank is "for profit" and credit unions are "non profit")

Just my 2 cents.

joedk · 11-04-2009, 06:59 PM

Almost forgot one more thing. Make sure that they don't have a pre-payment penalty. Some states allow for a lender to charge you a penalty for paying your loan off early. This helps to guarantee the lender some return on their investment (your loan).

Yes, while it does sound retarded, it does happen.

Read the fine print

Grunge018 · 11-05-2009, 10:33 PM

bump for any xtra input

cashd00d · 11-06-2009, 06:06 AM

I would get a loan locally from a bank or credit union. They have way better rate than this, and you should NEVER have to pay a down payment on a personal loan. My old roomate got a $1000 personal loan and he had to pay back $50 bucks a month or something like that. I want to say his interest rate was around 4% or 5%. This was about a year ago.

11-04-2009, 06:12 PM	#1 (permalink)
Grunge018 Member Join Date: Jan 2009 Posts: 79 Reputation: 1 *cBay Rating:*	Loan Question (not asking for one from CN) Been looking for some xtra cash for the holidays so I surfed the internet to look at some loans. Today I was contacted by a company (private lender) offering me a loan. Here are the terms. Is this a decent deal? Loan - $5000 interest rate- 7% loan term - 3yrs They want $900 down then they transfer in 24-48hrs and my payments (around 150/mo) wouldnt start until Jul 2010. I havent accepted this deal and they are keeping it open until next fri. Also...I didn't request this amount...I was looking for like $500. They offered this.

11-04-2009, 06:16 PM	#2 (permalink)
rubberchickenmx CN Coder Join Date: Oct 2008 Posts: 4,527 Reputation: 553 *cBay Rating:*	youre gonna be paying like 1050 more, i think __________________

11-04-2009, 06:19 PM	#3 (permalink)
The Ninja Senior Member Join Date: Feb 2009 Posts: 671 Reputation: 125 *cBay Rating:*	I = Prt =5000(.07)(3) =1050 You were correct, rubberchickenmx. It's $1050 interest on the loan. __________________

11-04-2009, 06:21 PM	#4 (permalink)
steamwhistle Senior Member Join Date: Sep 2009 Posts: 868 Reputation: 149 *cBay Rating:*	If you have ok/ good credit I am sure you could find a better loan out there. My student loans have a better interest rate than that. __________________ Money In My Piggy Bank- My site

11-04-2009, 06:24 PM	#5 (permalink)
panda51 Selling a Monitor. PM me Join Date: Feb 2009 Posts: 2,945 Reputation: 584 *cBay Rating:*	They want $900 down and then they'll send u $5k 1-2 days later? if you had the $900, why would u need to borrow $500? __________________ I ♥ Rach Join the IRC, tons of fun. Click HERE

11-04-2009, 06:55 PM	#7 (permalink)
joedk Junior Member Join Date: Sep 2009 Posts: 15 Reputation: 6 *cBay Rating:*	Assuming that you are of legal age to enter into a binding contract. (There are a large number of members here who are under age and would need their parent/guardian to sign for them.) Two things. 1) You should never have to pay $ to get a personal loan (Mortgages are slightly different, so while you may have to pay points, this is to bring your rate down). 2) I'm sure you can get the amount you are looking for from your local financial institution. I'd recommend a credit union as their rates tend to be a little better than banks. Also see if the bank/CU has a holiday loan, which is what it sounds like you're looking for. I have seen these with deferred payments until after the holidays. (If you didn't already know, the difference between the two is that a bank is "for profit" and credit unions are "non profit") Just my 2 cents. Last edited by joedk; 11-04-2009 at 07:03 PM..

11-04-2009, 06:59 PM	#8 (permalink)
joedk Junior Member Join Date: Sep 2009 Posts: 15 Reputation: 6 *cBay Rating:*	Almost forgot one more thing. Make sure that they don't have a pre-payment penalty. Some states allow for a lender to charge you a penalty for paying your loan off early. This helps to guarantee the lender some return on their investment (your loan). Yes, while it does sound retarded, it does happen. *Read the fine print*

11-05-2009, 10:33 PM	#9 (permalink)
Grunge018 Member Join Date: Jan 2009 Posts: 79 Reputation: 1 *cBay Rating:*	bump for any xtra input

11-06-2009, 06:06 AM	#10 (permalink)
cashd00d Senior Member Join Date: Oct 2009 Posts: 2,276 Reputation: 393 *cBay Rating:*	I would get a loan locally from a bank or credit union. They have way better rate than this, and you should NEVER have to pay a down payment on a personal loan. My old roomate got a $1000 personal loan and he had to pay back $50 bucks a month or something like that. I want to say his interest rate was around 4% or 5%. This was about a year ago. __________________ Make Money with cashd00d! I owe MasterKiller $100 +interest.

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