As the title states…
I’m in my mid-20s, making $60,000/yearly from working pt and disability pay.
Long story short, about 5 years ago, I locked myself in my house and didn’t leave for about a year and a half, nor did I take care of any finances.
The only thing that got me out was a 3 month hospitalization, and moving back to my home city once the military decided to discharge me with a 100% disability rating.
Since then, I’ve paid off about $25k credit card and personal loan debt, and I have about $4,000 to go, with a $250/month car loan and $2,000/rent trying to pay off my credit cards as fast as I can since I got my job.
Unfortunately, there’s been an emergency and I have to take out a $6,000 loan that I need by tomorrow. I currently have $10 in my bank account after spending the $4,000 I had in my savings and checking on this emergency.
Due to my bad credit history, it’s been near impossible to get a loan by any of the banks I’m associated with (Navy Federal, Chase and my small, local credit union I’ve been with my entire life).
So I took to Credit Karma, and the only loans I’ve had offered were about 35% interest, $210 for 60 months by OneMain Financial. The “interests and fees” are $6,600 alone for a $6,000 loan.
I guess my question is, as someone who is obviously financially illiterate and at this point hanging on by a thread, is there anything I need to look out for before I take this loan? I’m also a little confused how a $6k loan, 35% interest rate for 60 months ends up = $12,600.
It has “no early payment penalty fee”. Does that mean, if I pay off my loan by February, I’d just be paying for the interest accumulated by then?
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- This reply was modified 9 months, 3 weeks ago by
Melisa Middel.
Hi my link best- This reply was modified 9 months, 3 weeks ago by
Understanding the life cycle of a loan is indeed essential for financial awareness. Generally, the loan process involves several stages from start to finish. It typically begins with loan application and approval, where the borrower provides necessary information and the lender assesses their eligibility.
I think the reason why people usually take payday loans in MD is because no credit history check is required. This makes it easy to get them without any problems or complications, which makes it very simple. If you are considering applying to a payday loan company, research your options beforehand.
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