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Loan/credit question

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Beesknees
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Loan/credit question  Reply with quote  

Hello,
I have a question/situation I was hoping I could get some advice on. I am currently hoping to get a 10k loan or a few credit cards. I make 4000 gross a month but work seasonally and over the next 5 month will be receiving 2000 a month. I need the extra 10k now which I could pay off over the next year. However I am not able to get a loan from my own bank as they deemed my credit history "limited" and I do not make enough money. I have a credit card that is fully payed off. Should I try some other banks for a loan. Should I try to get another credit card with a high limit. Any other thoughts ideas.
Thanks
Post Wed Nov 26, 2014 2:16 am
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oldguy
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It's usually easier to get a collateralized loan. Eg, if you have a car that's worth over $10k, put a loan on it - you'll get a better rate than a signature loan, probably 5% to 7% on a used car. Or - sell your car for cash and buy another used car on time. You'll probably do better at a Credit Union than at a bank.

You're in a beautiful area, Kelowna. Once met a trucker from there, he had an 18-wheeler load of flowers, he was hauling them North.
Post Wed Nov 26, 2014 3:11 am
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Wino
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You should have made arrangements 6 months ago. If you make $4K per month while working, why do you need $10K to tide you over for five months while getting $2K per month? Simple math tells me that $10K is the $2K x Five months, plus $2K per month, or $4K per month.

If the above math is correct, then HOW do you plan to pay back the $10K making only $4K? I think that $5K loan and then living on $3K for 10 months still doesn't cover you, as you'll only be able to save $2K for the following 2 months, once again leaving yourself $3K short next year.

You need to CUT your lifestyle or INCREASE your income while you are in the seasonal downturn. The first step to getting out of debt and getting your finances in order is to stop borrowing money for things you do not need.
Post Wed Nov 26, 2014 4:54 am
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Beesknees
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Oldguy, I dont have a car worth that much money, I drive a reliable but old Toyota. Thanks for the advice on the credit union and yes it is beautiful here.

Wino, I need the 10k right now. Essentialy i got the money coming over the next 6 months or so but need it all now. It is not for living expenses. I have approx 10k now but need that much more. I will be getting 2k over the next 4 months plus working on the side. I was looking to have a year to pay back which shouldn't be a problem for me.
My living expenses are fairly low... Ahywho I don't know if there is any magic bullet other than applying for some credit cards and or loans from other institutions. I thought Maybe someone would have some insight.
Cheers
Post Wed Nov 26, 2014 6:22 am
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Wino
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quote:
Originally posted by Beesknees
My living expenses are fairly low.

Not if you need $10K to add to the other $10K. Unless you are buying something that isn't a living expense.

I'll give you one iron-clad piece of advice: Do NOT get a payday loan. If you do, you'll end up paying back 3 to 5 times more than you borrowed, and you'll regret it inside of six months.

If you use your car as collateral, then do NOT do it at a "title loan" place. Go to a credit union like oldguy said if you're going to do that. I don't recommend this route either. Is there no way to get the $20K spread out or delayed until you can come up with the money? Without knowing anything about the reason for that "need," I tend to think you're giving us "either/or" without all the facts.

So, what do you "need" the $20K for? I find it hard to believe this is a need that must be met immediately.
Post Wed Nov 26, 2014 2:07 pm
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BarakaMarketing
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Well if you are up for it, i would recommend that if you are still looking to get a loan you can go to this site http://bit.ly/1JQPmzK and fill out the form to see what options you have that are available for you. Doing so should hopefully get you to where you need. Let us know how it turned out for you.
Post Tue Jan 27, 2015 5:36 pm
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