Is this loan a good idea?

Credit and mortgage advice Forums Consumer Credit Improve Credit Is this loan a good idea?

This topic contains 0 replies, has 1 voice, and was last updated by  Anonymous 7 years, 10 months ago.

  • Author
  • #372867


    We have 3 credit cards: Balance of 530 with 19.8%, 1640 and 1738 both at 29.99%. My hubby had cosigned for his older brother a car and we had to take it from him. It was in a wreck (hit and run) and did not have coverage (his brother lied). We are waiting on the police report. We were going to take the car and sell it but now that it is damaged we must fix it first. We do not have the money. We have been approved for a $ 6k loan at 28.33% (I assume it is an unsecured loan) with a term of 60 mos and the payment will be 188 a month. In april we will move into a cheaper house to free up some cash and we plan on paying the loan off long before the 60 mos. Does this sound like a good plan? Any advice?

    PS Please no lectures about what we should not have done. We know and what’s done is done, just trying to fix the mess we are in. Thank you!
    The credit cards are literally frozen in my freezer–not to be used again!

You must be logged in to reply to this topic.

Register New Account
Reset Password