Loans help/advice.

Discussion in 'Random Topic Center' started by Jason, Mar 7, 2008.

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  1. Jason

    Jason New Member

    Ladies and gentlemen.

    I am thinking of getting a AU$5000 loan from my bank.

    The interest rate on average is 7.25%

    I usually earn like AU$400 a fortnight.

    Would like to do repayment frequency of fortnightly. It can be done weekly or monthly.

    Repayment type can be either Principal & Interest or just interest only


    I am not sure on what is the best way to do, so yeah - my bank online website is http://secure.heritageonline.com.au/

    I would be happy if any of you who had experience with loans in the past to give me some good advice.

    In case you are wondering why - two simple reasons: 1) Worlds in Orlando and 2) My 21st birthday with dad's family in UK.

    Thanks once again to these who will be willing to help me on advices etc.

    Cheers

    Jason.
     
  2. homeofmew

    homeofmew Active Member

    Try to get a fixed interest rate this is good so the rate doesn't increase.
    I would also look into other lenders. If your parents are willing to help you since they may have a better credit history than you, ask them if they will cosign the loan for you. This may give you a better interest rate.

    Anyway I have never gotten a loan nor have ever been in debt.

    <3 Tina
     
  3. Jaeger

    Jaeger New Member

    I'm with mew I haven't either. But I would defenitly shop around ask questions and talk with friends or family who have done this before(the banks employee's doesn't count)
     
  4. DukeFireBird

    DukeFireBird Gallery Administrator<br>Forum Moderator

    i advise against getting a loan, because if you forget to pay it back, even if your late 1 day, your credit history goes KABLAM. The interest rates usually are bad, only consider this as a last resort Jason, try to save up as much as you can, and if you have to get a loan, only get it for an amount you can pay back as soon as you can.


    ~Duke
     
  5. Jason

    Jason New Member

    i am sure i get to repay them automatically....
     
  6. Krucifier

    Krucifier New Member

    Get a job.

    And then you won't have to get a loan... =D.
     
  7. Jason

    Jason New Member

    Jared, that advice does not help. :/
     
  8. secretsof2113

    secretsof2113 Moderator Trader Feedback Mod

    Just be careful. That's all most of us can say. Remember to make your payments on time, and be sure to pay more on them if you can. I have a loan out on my car right now, because I didn't have enough cash to pay for it, but I needed the car. If you do end up paying everything back on time, it does look really good on your credit.
     
  9. pokemonmike

    pokemonmike Active Member

    Sure it does! A job means cash flow which means you already have cash to spend correct? XD

    Honestly though Iwould seriously consider getting someone to help who already has a credit rating as it will be cheaper in the long run. I did that with my first loan ...kinda had to though as it was for $30,000 for my first car!XD
     
  10. FriedBlaziken

    FriedBlaziken New Member

    Eventhough I'm only 13, I have mastered the art of Loans etc. thanks to Maplestory.

    1. A job might help get that extra cash
    2. Slow down when buying stuff etc. Don't buy anything thats not needed (eg. Pokemon Cards, its a want, but not a necessity)
    3. Selling stuff
    4. Begging mum and dad.
    5. I don't know

    5 Loan Tips from a 13 year old by FriedBlaziken
     
  11. Jason

    Jason New Member

    I am still in progress of seeking a job but i might not start one til like May >_<
    And I want to be able to get $3300 by like may as I would like to organise my flights to Worlds etc.

    My mum and dad wont help. They will just ask me question and will bag me out for my balance... :S They are often so annoying.

    I am still buying these cards that I need for my decks etc.

    So yeah, thanks for these advices...but still.... Maplestory does not count. Srly.
     
  12. FriedBlaziken

    FriedBlaziken New Member

    Why don't you borrow?
     
  13. SD PokeMom

    SD PokeMom Mod Supervisor Staff Member

    taking out a loan for a 'want' like a *vacation* is a BAD idea, imho. loans at your age should only be for necessities...school/tuition, a car...or emergencies.

    not to mention you're looking at taking out a loan without currently having a *job*? i don't see how you'd get approved without being able to show a source of income.

    really, really bad idea, imho. too easy to get in over your head...

    jmho; ymmv.
    'mom
     
  14. pokeMATHter

    pokeMATHter Active Member

    I agree with SDPokemom. A loan for a vacation = bad idea.

    But if you do: Don't get an interest only loan. Payments are smaller, but you will need to come up with $5000 at the end of your term - which is usually very difficult.

    If you get the 1 year term:
    payments = $208.37 and you will be paying in interest and the $105 origination fee: $523.14

    If you get a 2 year term:
    payments = $112.34 Interest and fee: $946.68

    If you get a 3 year term:
    payments = $80.59 Interest and fee: $1391.02

    As you can see, your weekend of fun is going to cost you at least another $530 in interest and fees.

    My recommendation: Win a trip at Nationals...
     
  15. Jaeger

    Jaeger New Member

    Dude you got to be kidding me, we all thought you had a car or house loan. Sometimes you just have to step back and realize we are playing Pokemon. For me personally its a distraction, an escape for a few hours a week. Its not your life don't screw up your life for a weekend of Pokemon, call some friends get together throw a party, etc. you will completely forget about Worlds and on Monday you will wake up refreashed and not broke instead of being in some out door airport half passed out on what you thought was bench(don't ask).

    Back to back posts merged. The following information has been added:

    Not to mention without a Job, and no one to cosign you would be hard pressed to find a bank that would give you a loan
     
    Last edited: Mar 11, 2008
  16. ~Blazi-King~

    ~Blazi-King~ New Member

    If you want the least amout on interest accrued on a loan, pay onto the principle as much as you can while making the Weekly/Monthly Payments. Lowering the Principle in turn, lowers the amount of interest you will have to pay.

    But Dont take out a loan, unless you have a way of paying it back. ;)
     
  17. Jason

    Jason New Member

    As I said earlier I have a way of repaying the loan - I earn $340AUD and would always use $140 per fornight.... Or something like htat.
     
  18. PokemansForGeeks

    PokemansForGeeks New Member

    Taking out a loan to go to Worlds and buy pokemon cards has to be the most ridiculous thing I've ever heard of.

    And I thought I was bad wanting to take out a loan to buy a Subaru Impreza WRX STI.
     
  19. Vegeta ss4

    Vegeta ss4 Iron Chef Leader

    I will only take up a loan only if I have the money to pay it back. It is a great way to build credit, so what you could do is constantly take out small little loans, for small things, and then pay off the loans with the cash you have on hand. You do this for a while, your credit will get going and this will also help lower the interest rate of some loan offices.
     

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