Help! I have a loan with Sallie Mae (big mistake) and the my interest rate is 18.5%. I only borrowed a little over $3000 and its now over $7000. What should I do?!?!?! This is driving me crazy because I don't want to be caught in sallie mae's debt trap for the rest of my life. I called them and asked if there was any way to lower the interest and they said no. I was thinking about taking out a lower interest loan just to get away from Sallie Mae but that may be a silly idea. I just want to get away from them! Any suggestions.
2007-09-05 13:59:02 · 6 answers · asked by iluvmuzic 1 in Business & Finance ➔ Personal Finance
Try making the payments on time. If you don't have enough money, you ARE overspending your income. Get on a strict budget and PAY OFF the loan.
2007-09-05 14:05:39 · answer #1 · answered by STEVEN F 7 · 2⤊ 1⤋
If you are thinking about getting a loan, then you should know about the basics before you get started. If you understand the basic dos and don’ts of loans, then you will be better equipped to find the best loan for your needs. Whatever type of loan you are applying for, you should follow these basic rules to help you find the best deal. When searching for a loan, it pays to do your research. Look for as many suitable lenders as you can, so that you can find the very best deal. There are many online pages thatyou can afford. Taking loans out over 10 years or more can be risky, and you cannot be sure what your financial situation will be at that time. Of course, taking out a long-term loan for property is acceptable, but is it something you really want to do just to buy a car or pay for a marriage? The longer the period of the loan, the more you have to pay back.
2007-09-05 14:21:39 · answer #2 · answered by Anonymous · 0⤊ 2⤋
I would do what I always do on small balances like this. Transfer the entire balance to a 0% credit card and pay it off in a year. If your credit is ok then this should be no problem. I get six offers per week.
I did this recently. I needed an additional $30,000 for a down payment on a house i bought to avoid paying PMI. I now have three 0% credit cards for $10,000 each and should have it paid off in a year. If not, I'll transfer again. Easy as pie.
2007-09-05 22:03:03 · answer #3 · answered by Meadowlark 2 · 0⤊ 0⤋
I would say see if you can find a personal loan for that amount or close to it with a lower interest rate and pay it off with that, or get in with a debt consolidation company.... pay it off as fast as possible!
2007-09-05 14:19:35 · answer #4 · answered by sami_sam 4 · 0⤊ 0⤋
>Beware of Advance fee Loan scams.
LOAN SCAM - Do Not Pay UpFront Fees.
Do not send money UpFront via Western Union or MoneyGram to any person or business in the UK, Nigeria or Canada in hopes of getting a loan.
2007-09-05 15:02:59 · answer #5 · answered by Anonymous · 0⤊ 0⤋
You need to call 888-995-HELP tomorrow! It's a counseling service approved by HUD to help. You need to know what your options are, call them first. Then call your lender and ask for their help. With the pressure the Bush administration and the Fed's are applying to these lenders, they are going to have to help you as much as possible. 18.5 % I thoughtthat was 25 years ago! Was your credit poor?
2007-09-05 14:04:40 · answer #6 · answered by Anonymous · 0⤊ 1⤋