Personal Loans

[ElMasChingon]

I have a little over 10K in my bank account but I'm trying not to touch it. (I'd like to keep a nice amount for emergencies.) I'm taking a vacation soon and I was thinking about getting a personal loan. ($2,500) on a 12 month payment term. Should I do it?
What are the pros and cons of a personal loan?

 

[TLR Is Mental Poison]

Terrible idea. The interest rates are always crazy high. If you can save a decent amount each month just dip into your savings and replenish them when you get back.

 

[theworldismine13]

what i would recommend is putting the 10K into a brokerage account, but the money into some safe stocks, then ask for a margin account, with a margin account you will be able to borrow against your stock holdings and pay it back whenever you want

for personal loans i would check out http://upstart.com i actually just used them recently

overall you want to NOT use the 10K but use the 10K as collateral to expand your credit options, so you could just open up a secured credit card, and then use the credit card for the vacation and then pay off the credit card in 12 months, the reason to do this is to expand your credit limits

 

[Ed MOTHERFUCKING G]

what i would recommend is putting the 10K into a brokerage account, but the money into some safe stocks, then ask for a margin account, with a margin account you will be able to borrow against your stock holdings and pay it back whenever you want

That is maybe the stupidest shyt I've ever seen on thecoli.com

 

[hashmander]

Terrible idea. The interest rates are always crazy high. If you can save a decent amount each month just dip into your savings and replenish them when you get back.

exactly, my mans needs to borrow from himself. you could even pay yourself back interest and shyt.

 

[88m3]

I have a little over 10K in my bank account but I'm trying not to touch it. (I'd like to keep a nice amount for emergencies.) I'm taking a vacation soon and I was thinking about getting a personal loan. ($2,500) on a 12 month payment term. Should I do it?
What are the pros and cons of a personal loan?

just don't.

 

[theworldismine13]

That is maybe the stupidest shyt I've ever seen on thecoli.com

why, borrowing from yourself is the best way to borrow money

 

[Hawaiian Punch]

Borrow against yourself, not with a bank charging interest. I would use a portion of the money you saved and work feverishly to replenish it. I would also recommend placing your savings in an interest bearing mutual fund or stock etf. Make that money work for you pleighbwoi.

Debt is what cripples people in this country. You end up making minimum payments and get killed in interest charges. That's backwards hustling doggie. When it's your money you taking from you have greater incentive to put it back.

 

[the cac mamba]

breh just use your own fukkin money

at the end of the day, the loan will have to be paid back. you're straight up losing the interest

i feel you on the cushion most people dont have the common sense. but 8k should be enough

 

[Responsible Allen Iverson]

DO NOT BORROW MONEY FOR A VACATION

Also, don't keep that 10K sitting in a savings account. Invest it in an index fund like this one: https://personal.vanguard.com/us/funds/snapshot?FundId=0585&FundIntExt=INT

 

[NoMorePie]

I borrowed $850 one time. Had to pay back over $1000 a month and a half later.

It ain't worth it man, just use your own money. Interests rates

sure, you'll be paying a little a month with the payment plan. But knowing that you're financially whipped by someone

 

[Yapdatfool]

I'm gonna say to do it, but pay it in full asap so you dont get killed in interest payments.
If you can't do this, don't bother.