I need to pay off 1,500 and I need to pay it in cash. Should I get a bank loan ? Or a loan from like Cash Advance ? Or just get a credit card and get the money from there ? I was thinking of just getting a credit card since I have no credit history I can pay it off and I could build up good credit....what do you think ?
2007-10-31 19:45:48 · 7 answers · asked by Anonymous in Business & Finance ➔ Credit
The loan you already have is probably cheaper than any other loan you could get. Sell something or earn the money to pay it don't borrow more.
Your first credit card probably won't allow more than a hundred or two as a cash advance.
2007-10-31 19:58:41 · answer #1 · answered by shipwreck 7 · 0⤊ 0⤋
What ever you do, DO NOT get a cash advance loan. You will end up paying for this 5 times over! Are you in college? If so you can get an additional student loan pretty easily which will have lower interest and also help build your credit. You could get a credit card as well but with no credit history you may not be able to get approved for a $1500 balance. How long do you have to pay off this debt? You could make some cash pretty quickly from picking up some shifts serving at a bar. I guess I need more information to give you better advise.
2007-10-31 20:00:50 · answer #2 · answered by HopperJ 1 · 0⤊ 0⤋
First off, if whoever you owe the money to wants it only "in cash" then that sounds like a shady deal to me. Providing they don't break your legs for non-payment, I would ignore them because it sounds like they have little or no legal recourse to collect the debt. Is this some bottom feeding collection agency that want the money?
Avoid the "cash advance" rip offs, avoid taking cash advance on credit card as the interest is higher and it is the last balance to get paid unless you receive an offer at a locked in low rate interest for at least 6 months.
Best bet, is a credit union, they are usually easier and have lower interest rates. If you have any liquid assets to use as security for a loan (auto, savings bonds, property) then a credit union will give you a secured loan at a good low rate.
Hope this helps.
2007-11-01 03:31:03 · answer #3 · answered by Sgt Big Red 7 · 0⤊ 0⤋
Unless you cannot ask your family for the money, go for a low interest credit card. You still need to understand however, since you have no credit history, that you need to pay that credit card by the due date of each month and not allow it to fall overdue.
2007-10-31 20:13:18 · answer #4 · answered by nikros 2 · 0⤊ 0⤋
Get a credit card. Cash Advance, check n go places are just loan sharks. Their interest rates are high. I think you cn only get upto 1000 if you have nocredit history though. you might try getting a loan of some kind. Just go with the lowest interest rate.
2007-10-31 19:55:06 · answer #5 · answered by computerexpert 3 · 1⤊ 0⤋
You can go for credit card but you should get trapped . Once you are addicted to credit card it is very difficult to come out of the debt trap. You have to use this facility very sparingly. It should be need based
2007-10-31 21:58:41 · answer #6 · answered by sreenivasa m 4 · 0⤊ 0⤋
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since you seem to have good credit, get the credit card. don't be like me. watch out for the high interest rate
brenda
2007-10-31 20:18:02 · answer #7 · answered by Anonymous · 0⤊ 0⤋
we borrowed $400 from http://www.cashloancity.com and was able to pay it back in a month. Lower interest than one we got last year.
2007-11-02 13:22:31 · answer #8 · answered by Roy G 1 · 0⤊ 0⤋