I was thinking about applying for a loan. But I don't really know anything about APR and all that stuff. I want low monthly payments and I want to be able to have at least 3-6 years to pay the loan off. I'm confused as to how to go about doing this. Any help?

Just tell the bank or business you are getting the loan from your requirements. They may or may not agree. But that is the only way to find out.

Thank you

Here is something you can play around with:
eFunda: Loan Calculators (http://www.efunda.com/formulae/finance/loan_calculator.cfm)
This will allow you to do some different scenarios any way you like and see how it all comes out.

I was thinking about applying for a loan. But I don't really know anything about APR and all that stuff. I want low monthly payments and I want to be able to have at least 3-6 years to pay the loan off. I'm confused as to how to go about doing this. Any help?Hello Hot:

Do you know anything about collateral? If you don't have any, you ain't going to get a loan. Oh, you might be able to get a cash advance on your credit card, but the interest will be HIGH, and if you take 3-6 years to pay it off, you'll pay back about 10 times the amount you borrowed.

excon

Excon: Of course I know what collatoral means. What's that got to do with me getting a loan though?

Morgaine: Thanks :-)

Hello again, Hot:

I don't know. Every time I got a loan, the bank wanted collateral before they'd give it to me. Maybe things are different where you are.

excon

Really? What kind of collatoral would you give?

Hello again, Hot:

It depends on the kind of loan I wanted.

Look. I'm going to stop dancing around here. Really, there are only three kinds of loans you're going to get: (1) Real estate loans, but it takes real estate to secure them, (2) pawn shop loans or payday loans. They both require collateral, and finally (3) unsecured credit card cash advances.

Real estate loans offer the best terms. The others are all high interest and short term.

excon

I would add a fourth to excon's list and that is car loans. Except for unsecured credit card debt, they all require collateral.

If you have an EXCELLENT credit score (700 or higher), you MAY qualify for an unsecured personal loan. Talk to your bank about that. You don't really need to know much about APRs etc. What you need to know is two basic things. The payment and the term. With those two facts you can calculate the cost of the loan (payment*term-principal).

What is the best way to make your credit score higher?

Establish a history of on-time payments. Don't max out your credit. Don't open unnecessary accounts.

Ok. Does that really help?

Does paying back payment (off your credit) make a difference?

Ok. Does that really help?

Does paying back payment (off your credit) make a difference?

If you show that you have a good history of making your payments, other lenders will be more comfortable giving you a loan because they know it's not a risk lending to you.

What do you mean by "paying back payment(off your credit)"?

Like, your credit score is low for a reason... cause of the bills you have on your credit. I pulled up my credit score and got a list of people that I owed money too. So I wrote them notes and asked them if I could start making monthly payments to get the bills off my credit.

So what I am saying is, by paying those bills off, does that help your credit score go up?

Eventually, yes.

Hello again, H:

Paying off BAD DEBTS doesn't increase your credit score by much. They're still going to be on your credit report as a BAD DEBT, and they'll stay there for 7 years... A judgment will stay there for 10 years or longer.

The way NOT to get bad credit, is to pay off the bills AS AGREED.

So, it appears you have BAD credit... You ain't going to get ANY loan. Oh, you might be able to get $100 if you put up a $2,000 diamond as collateral at a pawn shop.

excon

My credit isn't that bad. I can get a loan for my job because they are not paying us for a while.

My credit isn't that bad. I can get a loan for my job because they are not paying us for a while.

... what?

Some budget that they have going on here. So the govenor is going to be holding people checks until they can get a budget signed. It sucks that we have to suffer for a decision that they can't make.

What are you even talking about? Do you work for the state? Why is the governor of Pennsylvania holding your check - which, if you are not a government employee, he has no power to do?

My credit isn't that bad. I can get a loan for my job because they are not paying us for a while.Hello again, H:

You're dreaming... "That bad"?? It's either bad or good. There ain't no middle ground. IF you have ANY bad debts on your credit report, your credit is BAD. NOBODY will lend money to someone who doesn't pay their bills.

excon

Yeah I work for the state. I don't know why their holding out checks, but there is really nothing that we can do about it. They told us that we can apply for welfare, food stamps, and a loan until then. The governor said that he contacted several banks and credit unions to work with us by giving us a loan.

Actually excon I know of some people that don't do credit checks. Which makes it easy for people to get loans

Actually excon I know of some people that dont do credit checks. Which makes it easy for people to get loans

Are you joking? Please tell me you're joking...

The only people who DON'T do credit checks are crooks themselves. They give you a loan with a sky-high APR, you end up not being able to repay and they screw up your credit even more.

How old are you? 16, 17?

No I'm 22.

If you go online and Google payday loans you will see that some of them say no credit check or bad credit accepted.

I personally don't apply for these kinds of loans but I do know of people that do (that have bad credit).

Whether my credit is bad or not I'm still going to at least try to apply for a loan at a credit union because I'm going to be broke for god knows how long and I have home bills to pay for

No I'm 22.

If you go online and google payday loans you will see that some of them say no credit check or bad credit accepted.

I personally don't apply for these kinds of loans but I do know of people that do (that have bad credit).

Whether my credit is bad or not I'm still going to at least try to apply for a loan at a credit union because I'm going to be broke for god knows how long and I have home bills to pay for

That's right. You're 22 but somehow landed a government job without any background experience.


... can you hear me smirking?

EDIT: And "payday loans" are exactly what I was talking about. The more you type, the harder it is to believe anything you say.

What's that got to do with anything??

I don't understand why you have to be so rude

Whats that got to do with anything????

You're 22, you claim to have a government job yet you have no experience... do you realize the odds of that actually being true?

You think your credit is "goodish" and want to get an even crappier loan because you think it will help you. You have accounts that show you owe money to numerous collectors but don't think your credit is "that bad."

You have no idea why you need collateral for a loan or what to even give as collateral. You don't understand APR by your own admission.

I'm only 2 years older than you and I find your entire story to be unbelieveable.

Well you know something, it doesn't matter what you think. You can believe what you want.

Don't know how many times I have to tell you that I don't have a government job, your stupid.

Maybe if you watch the news you would see some info about the budget impasse here

Oh and its called Temp. Clerical Pool. That is how I got the job for the state. You don't have to have experience for that.

Yeah I work for the state.


Don't know how many times I have to tell you that I dont have a government job, your stupid

... and you say I'M stupid? Oh my, I can't stop giggling.

If you work for the state, you have a government job.

I smell a troll, what does everyone else think?

Working for the state and the government are 2 different thing

Maybe in your state it's the same, but here its not.

Maybe in your state it's the same, but here its not.

It's the same in every state. And just because your state is having budget problems - just like mine is - they're not allowed to keep your paycheck for services you provided. If you got hired through a temp agency, you'd be the first to get fired.

Your assumptions as to how the world works are absolutely mind-boggling.

How about you come over here where I live then, and you will see that we have no control over what is going on. And then you will be feeling pretty dumb

How about you come over here where I live then, and you will see that we have no control over what is going on. And then you will be feeling pretty dumb

Not really.

I would feel dumb if I was pretending to know what was going on and insisted on continuing to make a fool of myself...

Whose pretending?

You must really get off on being rude to people huh?

Hello again, H:

Let me see... You're in California, and you're being paid with IOU's, and you want the bank to loan you money based on that.

I'm just guessing, but I think the bank should credit your account with real cash if you deposit your IOU. But, I understand some banks don't want to DO that.

However, in terms of your getting a loan from a payday loan place, I wouldn't. The interest rate will KILL you. It's around 375%. Ever hear of anything so outrageous?

And, no, they don't do a credit check. But, they HAVE your check made out to them, and if you don't pay, they'll prosecute you for writing a bad check, and/or they'll sue you which will add to your woes...

You DO know, that you're going to have to write them a check that they'll hold till payday, and then cash, BEFORE you get your loan. You didn't know that?? Cool. Now you do.

excon

I don't live in California Excon lol. I live in Pennsylvania. But I wasn't planning on getting a payday loan, I was just expressing that there were some places that gave out loans w/o credit check. I knew that somewhat. One of my friends applied for a payday loan and didn't pay it back on time. So the place where they got the loan from took all the money from their bank account (money they didn't have)

Hello again, H:

Lemme see... You're in California, and you're being paid with IOU's, and you want the bank to loan you money based on that.

I'm just guessing, but I think the bank should credit your account with real cash if you deposit your IOU. But, I understand some banks don't want to DO that.

However, in terms of your getting a loan from a payday loan place, I wouldn't. The interest rate will KILL you. It's around 375%. Ever hear of anything so outrageous?

And, no, they don't do a credit check. But, they HAVE your check made out to them, and if you don't pay, they'll prosecute you for writing a bad check, and/or they'll sue you which will add to your woes...

You DO know, that you're going to have to write them a check that they'll hold till payday, and then cash, BEFORE you get your loan. You didn't know that???? Cool. Now you do.

excon

Now she's in California? She said on another thread she was in Pennsylvania

I never said I was in California on any thread

Whose pretending?

You must really get off on being rude to people huh?

Since when did being realistic mean you were rude?

From what I can see, you've told me I was stupid and that I would feel dumb. Then you have the audacity to say I'm rude.

You really are a peach.

Yes, but everything that comes out of your mouth is something rude towards me

Yes, but everything that comes outta your mouth is something rude towards me

Give me an example. For instance, you saying that I am stupid was rude. What did I say?

Yes it was rude of me to say that. I admit it. But you were rude for basically saying that I don't really have a state job. Basically saying that I was lying about that, when you don't even really know the details

But somehow landed a government job without any background experience.


This was rude

Hello again, girls:

Stop this before I have to take you both to my room.

Ex

You claim to have a government job yet you have no experience... do you realize the odds of that actually being true?

(This was rude!)

You have no idea why you need collateral for a loan or what to even give as collateral. You don't understand APR by your own admission.

(This is why I asked a question about collateral because I didn't know anything about it. Never had to go through it before. You didn't have to say "I don't know anything about it." Don't you think that's why I asked the question?)

but somehow landed a government job without any background experience.


This was rude

That's because that happens next to never. That's reality. It wasn't a slight against you.

But I also said that I got the job through the Temp Clerical Pool. You don't have to have experience for that. You just take a test. If you pass, you go on a employment list.

But I also said that I got the job through the Temp Clerical Pool. You don't have to have experience for that. You just take a test. If you pass, you go on a employment list.

Sure.

If you are in a TEMP job you work for that Temp Agency, not the state, even though you may work in a State office and work with AStae employees... Who sends you your paycheck, The state or your Temp agency? That will clarify a lot.

Collateral is simply put, something of value that usually equalls or exceded the value of the load, it's a guarantee that you will make payment. When you buy a car, that's why the bank has a lien on the title... thats collateral, If you have to put something else of value up for a loan that's collateral. People with poor credit or no credit usually have to do this. Avoid those payday loans... all they are , are legal loan sharking. If you could pay that loan off, you really wouldn't need that money in the first place.


APR and interest rate are similar, but not exactly the same. There will nearly always be a difference depending on what method the interest is calculated, and yes, there are different ways, many times the interest is front loaded, sometimes its spread out. Actual APR calculation can be quite complicated... Interest rate would be if the loan was a simple interest loan, which is really pretty rare.

Hello again, H:

Paying off BAD DEBTS doesn't increase your credit score by much. They're still going to be on your credit report as a BAD DEBT, and they'll stay there for 7 years.... A judgment will stay there for 10 years or longer.

The way NOT to get bad credit, is to pay off the bills AS AGREED.

So, it appears you have BAD credit... You ain't gonna get ANY loan. Oh, you might be able to get $100 if you put up a $2,000 diamond as collateral at a pawn shop.

exconExcon Sorry, accidentally gave a reddie when I meant to give a greeny.

Here is a link that explains APR... I suggest you give it a read...

What does APR mean (http://www.charterfinancial.net/what_does_apr_mean.htm)

Working for the state and the government are 2 different thing

You have to be kidding. When you work for the state you ARE working for the government. It's the state GOVERNMENT that hires you and pays your salary. You MAY work for a temp agency contracting with the state, but ultimately you work for the state government.

You have to be kidding. When you work for the state you ARE working for the government. its the state GOVERNMENT that hires you and pays your salary. You MAY work for a temp agency contracting with the state, but ultimately you work for the state government.


That gets in a grey area there... Usually if you are working for a temp agency, or a contractor the legal definition,, and by that I mean IRS rules as well, who you technically work for is determined by who drafts your paychecks. I once worked as a contractor, at a government facility, I worked along side several categories of government workers, Military, Federal, Federal contractors Paid directly by the government, and Us contractors paid by our company, who was paid by the Federal government.

Under tax laws, we all worked side by side, however... My company empoyees were exempt for all Federal and state taxes... except for SSI and medicare... while all the other people wee fully obligated for ALL the normal taxes. Basically, if the Feds paid the paycheck directly... you were a Federal employee, if they didn't, legally you weren't a federal employee even if you did the same work they did.

Personal experience Working overseas on a US military base for 5 years . A little different due to the tax implications, but the basic legal definitions didn't chage for those working in the USA.