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Personal loans

Discussion in 'Personal Finance' started by nylonmarkup, May 15, 2016.

  1. nylonmarkup

    nylonmarkup Member

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    Hello! I just need your opinion about personal loans. My family are planning to go on a vacation by the end of the month. We are thinking of getting a personal loan to cover all the expenses so we don't have to sacrifice our savings. Do you think it is a good idea? I've been searching online of a company that offers good deals like low interest rates and payable up to 60 months. Thanks!
     
  2. StockJock-e

    StockJock-e Brew Master
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    I do not think that is a good idea.

    If you can afford to pay it from savings, do that.

    Be careful of some random company offering special low rates, there may be hidden charges.

    If you are set on getting some personal loan, then try lendingtree.com and see what you can find.
     
  3. T0rm3nted

    T0rm3nted Moderator
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    Gonna have to agree with Gil. Taking out a loan should always be a last resort and I don't think taking a vacation is something you should be doing if it means you have to take out a loan to do it, but that's just me. Debt is never a good thing when it comes to personal finance and should be avoided at all costs. Use the savings if you can afford it, and if you can't, postpone the vacation and save up until you can afford to take it without it affecting your financial situation.
     
  4. Ciao (Sheppy)

    Ciao (Sheppy) Well-Known Member

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    I agree with Gil & Tormented
    Why keep the saving to get a loan .... maybe you pay more interest then what you get with your deposit/investment

    if ever you have a long term investment and can't disinvest without paying without paying penalties some banks will forward the money require with special conditions (years ago I got a lump of money for 3 weeks and got charged just commissions) but I don't know if the banks there (USA) practice these modalities (?)

    a loan for six months to go on holiday I would stay at home and go out more often with the money I can afford but that is JMHO:)
     
  5. Zaysev

    Zaysev Member

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    If you are really looking for an answer if you should take a loan - definitely NO. If you came here having decided already to take it and the thing you need is simply to justify it... Well, good luck with your vacation and I really hope it's worth it :)
     
    Ciao (Sheppy) likes this.
  6. StockJock-e

    StockJock-e Brew Master
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    Or spend the money on vodka, get really drunk and pretend you are on vacation! That could be cheaper and easier!:D
     
    OldFart likes this.
  7. nylonmarkup

    nylonmarkup Member

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    Thanks for everyone who posted their responses and made me realize how stupid of an idea it was to get a personal for a family vacation. It's a good thing I asked here. It really helped that people here are very honest and straightforward.

    TBH, I was already looking into borrowing money from a CU that my sister suggested. I think I made the wrong decision if (again) if I hadn't asked your opinions! Thanks a bunch and expect more silly money decisions from me. LoL. Thanks again for saving me in this one ;)
     
    Ciao (Sheppy) and T0rm3nted like this.
  8. Ciao (Sheppy)

    Ciao (Sheppy) Well-Known Member

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    at least someone well mannered to comment after everyone posted... many don't even bother... well done nylonm.

    here we say >>> do not take the step longer then your leg <<< in English I think it is equivalent to >> do not bite off more than you can chew:)
    IMO always spend the money that you got ( of course after putting a bit aside for the raining days)
    if you organize yourself., you can have a nice break/vacation by staying at home.. and spend only the money you can afford ;):) JMHP

    good luck:)
     
  9. Zaysev

    Zaysev Member

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    Well that I agree with. I used to live in a country with very volatile currency, so people there have developed the habit of spending much of their salary as fast as possible just to be able to get most out of it, since otherwise they'd lose like 10%/month of their money due inflation anyway.
     
  10. InvestingNewbie

    InvestingNewbie New Member

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    This has already been said, but yes....the answer is no, don't do it. Taking out a loan is something that you should only do if you have absolutely no other choice, otherwise you will just end up with crazy debt and a bad credit score. Student loans and mortgages are the only ok reasons to take a loan, in my opinion. My personal rule is, if I can't pay for it in cash (savings), then I can't afford it and need to wait until I can. I watched my parents drown under consumer debt. That is never an ok situation to be in. Avoid it at all costs.
     
    Zaysev and T0rm3nted like this.
  11. Mitchell Eipper

    Mitchell Eipper New Member

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    Hi there, I don't think this is a good idea. If you have savings then you should use it.
     
  12. David Smith

    David Smith Member

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    What Is a Personal Loan?

    A personal loan is an unsecured installment loan with a fixed interest rate that is repaid in equal monthly payments.

    You may be able to receive up to $35,000 by the next business day* to take control of your financial goals - whether that's consolidating debt, making home improvements, or making a major purchase.

    *This is just a representative example. Loan offers and eligibility will depend upon your individual credit profile. Funds availability may vary based upon your specific bank's policies.

    Benefits of a Personal Loan
    A RocketLoans personal loan provides you with a simple, automated process to get your money into your bank account quickly and efficiently. Personal loans are most popular as Debt-Consolidation Loans, which allow you to consolidate high-interest credit card accounts into a single, low, fixed monthly payment with a specific time period to eliminate the debt. Other popular uses are to make Home Improvements, or to make major purchases.

    What Should I Know?
    RocketLoans platform is simple, fast and secure. Our platform works by sharing data electronically, so we'll need you to:

    • Verify your identity electronically
    • Verify your income electronically
    • Log into your bank account
    • Validate your bank account electronically
    Finance Example
    A finance charge is the total cost of the loan, including all interest and fees incurred at the time of origination (i.e. fees that are financed). See below for an example:

    Loan Amount: $10,000
    Origination Fee (4%)*: $400
    Net Funds Deposited Into Your Account: $9,600
    Term: 36 Months
    Annual Percentage Rate (APR): 10.8%
    Interest Rate: 8.0%
    Monthly Payment: $313.36
    Total Interest: $1,281.09
    Total Finance Charge: $1,681.09
    The interest represented assumes full payments each month for the entire term of the loan using ACH repayment. RocketLoans Personal Loans never have a pre-payment penalty, so the loan can be repaid at any time by making a full payment of the remaining balance and incurred interest at the time of payoff.

    Qualified clients using RocketLoans will see loan options for a 36 or 60 month term, and APR ranges from a minimum of 5.983% to a maximum of 28.99% depending on their credit profile.
    https://www.rocketloans.com/homepage.html
     
  13. sunshinebest

    sunshinebest New Member

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    i also don't think that borrowing money for a vacation is a good idea. what you have to do is save if you want to go on vacation
     
  14. Jonathan Wiley

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    Taking a loan for a vacation will lead you to spending money that you won't allow to spend in usual situation. And such habits can make your financial situation make worse only. But I'm curious, for what purposes you save money?
     
  15. AnuShetty

    AnuShetty New Member

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    I guess, many have advised to not get a loan to go on a vacation. Though I would also advice against it but i wouldn’t know what your situation is so I won’t write a whole post asking you to not do it. So my friend had recently taken a personal loan from Upwards to pay his daughter’s college fee. This personal loan platform is online and it’s not a bank. I was a bit startled when he mentioned all of this to me. But apparently the platform is legit and the services are good as well. You can check the documents required for personal loan by Upwards. The process is very simple and doesn’t require a lot of documentation and waiting, with flexible tenure. I hope this helps you out with your plan.
     

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