(Closed) $1000 loan

posted 2 months ago in Finances
Post # 2
4623 posts
Honey bee
  • Wedding: July 2018

Is this real, it seems like such a bizarre first post on a wedding website?

What do you need the money for first of all?  

Post # 3
2318 posts
Buzzing bee

Before you consider a loan, there are a few things I’d consider.

1) Firstly, what is the loan for? Is it possible to set up a payment plan or renegotiate when you need to pay this money by? Even if the source you need the money for itself can’t be negotiated, is there a way to set up a payment or renegotiate some of your other expenses so that you free up this money?

2) Try to generate income before you take out a loan. Do you have any assets you could sell or pawn instead of taking a loan? Is there any (safe, legal) extra work you could do – side hussles like babysitting, house or pet sitting, selling plasma, participating in focus groups, etc? 

3) Cut any extraneous expenses you can in the meantime. Internet, netflix, eating out — anything other than your basic needs of shelter, food, etc. 

4) Do you have a credit card? I’d personally put money on a credit card before taking out a loan, esp if you can access one with a no interest introductory period during which you can pay it back 

5) If you really need a loan, make sure it’s for the smallest amount possible. I’d consider asking friends/family for a personal loan before looking at other options, especially if you don’t have good credit. Next I’d look at personal loans available from reputable financial institutions and make sure you understand the fine print and the interest rates. 

6) Do NOT take a payday loan or a similarly predatory loan. Find another option. Sublet your place and live on a friend’s couch, cut your expenses back to the most basic expenses possible, increase your revenue with a second or third job, etc. 

Post # 4
9530 posts
Buzzing Beekeeper
  • Wedding: March 2014 - Chicago, IL


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