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Loans (continued)
"You will need to submit a post-dated check to cover the amount of the loan, plus a finance fee charged by the payday lender, once money from your paycheck arrives into your account on payday." This is for payday loans. "Lenders make an inquiry
into your credit when you apply for a personal loan. And each
loan inquiry lowers your credit score a little bit.Once you know your credit score, research a lender’s minimum credit requirements to see if your score will qualify you for a loan." -
Loans
I need a loan of $250 for my books for school. "A payday loan may be a convenient way to get cash for consumers who don’t
have savings accounts or credit cards, but it is a very costly way to borrow." I would have to look at my choices since a payday loan can be very costly. I've noticed with payday loans that there is a lot of charges and fees that put on you. -
Loans (continued)
"Credit unions can be good places to shop for a personal loan since they may have more lenient lending requirements and may be more willing to offer a short-term personal loan if you have less-than-stellar credit." An example of a credit union is a bank. The flexibility of banks is nice. I would choose a bank to go to, this is because it doesn't make a huge impact on my credit. The amount for my loan is $250. -
Loans (continued)
I would choose the banks because I know I can trust the banks to secure my loans.