Loans

What Is A Benefit Of Obtaining A Personal Loan – Should You Get a Personal Loan

what-is-a-benefit-of-obtaining-a-personal-loan-should-you-get-a-personal-loan

What Is A Benefit Of Obtaining A Personal Loan – 8 Tips

It is better to avoid a loan all together and if you need a personal loan, it is already too late. The interest rates that these companies charge is outrageous and is often times many multiples of credit card interest rates. You are often at a lower credit score range when you need such a loan and this compound the amount of interest you pay due to the higher interest rate they charge you.

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33 Comments

  1. BeatTheBush
    July 30, 2021 at 12:20 am

    Many of you complain that this does not look like a personal loan and rather like a payday loan. This video is targeted at vulnerable people looking up 'personal loans' which are likely to have bad credit. Hence the terms of this personal loan is one without collateral, bad credit of 550-600), and you get it within a few hours. It does not use your next paycheck as collateral. You can indeed get better rates on a personal loan if you have great credit.

  2. Cheeto Puffs
    July 30, 2021 at 12:20 am

    Guys I need to build my credit all I have are 2 credit cards so what I do for the other side of credit building I dont want a car payment :/

  3. Victor Bonnah
    July 30, 2021 at 12:20 am

    I just got approved for a 7.5k loan and I was signing agreements not knowing what I was agreeing upon all because they were closing soon. I was going through the documents and it says I’m to pay 22.8k$!!! And I’m like “what”? I’m gonna call them this morning and tell them I wanna cancel it. I’m only 22 and about to pay 22k just cuz I want help to pay my school fees and credit card.

  4. matt blah
    July 30, 2021 at 12:20 am

    But I want to buy an extra 100 shares of AMC

  5. Mr. Green
    July 30, 2021 at 12:20 am

    Pay day and personal loans are diff

  6. Luna Catalan
    July 30, 2021 at 12:20 am

    God bless you.

  7. Mahmud Salihu
    July 30, 2021 at 12:20 am

    EVERYTHING STARTED GOING SMOOTH EVER SINSE I MET DAHCYBER ON INSTAGRAM HAVE BEEN LIVING MY DREAMS AND LIVE NO PENDING ISSUE 😃😃😃.

  8. Vin Man
    July 30, 2021 at 12:20 am

    Is getting a personal loan of about $5,000 [at a good rate from my credit union] a good idea to create diversification in my tradelines? Currently, I have a pretty good credit score [from 720-760] but I have 1) a thin history, 2) low available credit limits [$1,000 from 2 credit cards (Amazon/Chase Prime and CapitalOne Quicksilver and a secured card for $300], 3) a car loan w/about $4,000 of $15,000 left to pay off, 4) just paid off a personal bank loan of $2,000, and 5) keep getting denied for most credit cards? I will be able to pay off the loan easily [an influx of about $40,000 is coming my way within a month or so]. Should I pay it off in 6 months [to keep the installment account open/active] or pay it off as soon as I get the influx of cash?

  9. Will Baskin
    July 30, 2021 at 12:20 am

    Why is he saying you borrow 2,600 and payback 11,000, i thought banks have interest of like 10%?

  10. Charlotte Tremblay
    July 30, 2021 at 12:20 am

    Will never forget the good work of vortexhackers .com . I'm still left with little of the $17,000 they wired into my account. I'm forever grateful to them. ..

  11. View From Venice
    July 30, 2021 at 12:20 am

    I was just about to take a personal loan out…..thank god I didn't after watching this vid I did some research and wow the shit is bogus

  12. Christopher Sanders
    July 30, 2021 at 12:20 am

    Hello, Have a look at theloanofficer_ (Jarvis Braina) on Instagram for your fast loans with only 5% interest, fully insured and we pay referral fees. We lend USD and offer foreign lending as well.

  13. Strong Man Personal Finance
    July 30, 2021 at 12:20 am

    No. Next question.

  14. Hamo1 Hamo1
    July 30, 2021 at 12:20 am

    Thanks I was going today to get a loan to pay my other loan ☹️

  15. Bella Flora
    July 30, 2021 at 12:20 am

    Haha, well that was direct. Thanks for the vid!

  16. Anna Skywords
    July 30, 2021 at 12:20 am

    I had bariatric surgery and lost 170 pounds. I'd really like to get rid of my loose skin and it looks like a personal loan is my only option. I'm 44 years old and in all my life I've never had dept or high credit card payments. This will be my first big purchase ever and I really want this. Any advice on the smartest way to go about doing this ?

  17. Garrett Hamilton
    July 30, 2021 at 12:20 am

    How you feel about a loan to learn a skill like aviation mechanics 🧰

  18. Trip'CBeats Production
    July 30, 2021 at 12:20 am

    Thanks man. I personally don’t need it but saw that I got approved though it would help. But thanks for the clarification there’s a lot more information underlined in the layers of what’s really going on!

  19. Darius Bush
    July 30, 2021 at 12:20 am

    I am about to take out a $1200 personal loan, I’m not in dire need of it but is cushion and easy for me to pay back. With 4% APR over 60 months. How much would I be paying in total?

  20. Sam Sung
    July 30, 2021 at 12:20 am

    I am actually tempted to take out a personal loan. I don't need it for anything right now. More like I want to have it for emergencies during the Coronavirus crisis. There's one company that keeps reaching out to me via us mail. The offer is $4200 with a 34% apr so its not as bad as the one you used in the example. Its still a lot though… I think I'm gonna pass on it for now.

  21. Critic Number 4
    July 30, 2021 at 12:20 am

    I love the definitive conclusion 10 seconds in. A resounding no. That's exactly what I needed to hear. And love his passion. Tell me how you really feel about personal loans. lol

  22. Rick Fleece
    July 30, 2021 at 12:20 am

    Every personal loan I applied for the apr was 7-9. I guess this video doesn’t apply to me

  23. Friki_Rican (PR)
    July 30, 2021 at 12:20 am

    So, my plan was to take a personal loan to consolidate my $20,000 car loans (two car loans). I've tried to refinance them but they're too old and I own too much ($10,000 on each car). What's my best shot If not a personal loan to at least reduce the $20,000 amount? 🤔

  24. Ardit Dafku
    July 30, 2021 at 12:20 am

    I took out a personal loan to consolidate my debt and it has worked in my favor. The bank apr is 16% while the loan apr was 7%. I would be paying double through the credit card instead of my personal loan so for me it was a better decision I don’t understand how you can get 100% APR. i’ve been paying it off with an extra on top therefore lowering my total monthly payment cycles without a penalty.

  25. celeste verdecia
    July 30, 2021 at 12:20 am

    Great video really appreciate it thanks

  26. ­ ­
    July 30, 2021 at 12:20 am

    I can pay the car in 1 year but I don’t have the funds for the purchase right now since it’s expensive at the moment

  27. ­ ­
    July 30, 2021 at 12:20 am

    I want to get a loan to buy a salvage title car, unfortunately as you may know lenders will ask for collateral on car loans but will not in salvage car loans (risky) so I want to use that personal loan.

  28. Cristian Piano
    July 30, 2021 at 12:20 am

    well now I'm never getting one.. just gonna start several small savings and I'm not allowed to buy anything till those accounts have gotten to my goal amount 🙂 Going that much in debt is just stupid unless you're starting a well-planned out business (but even that can go bad…still worth the try it you're passionate about the business)

  29. JXP
    July 30, 2021 at 12:20 am

    We're so blessed to have access to helpful information like this.

  30. Marco M.
    July 30, 2021 at 12:20 am

    I took out a loan, and then watched this video. Now I live in shame.

  31. Nordinary Family
    July 30, 2021 at 12:20 am

    how you gonna stack if you ain’t got nothing to save, and also it’s really about the sacrifices we choose to make or we can make but to afraid to commit, and I think personal loans are bad if you aren’t stable and making a good enough amount of money and at the end of the day your still paying back more than what you borrowed 🤦🏽‍♂️ just apart of the game

  32. Amber K
    July 30, 2021 at 12:20 am

    What about taking a personal loan to pay off IRS debt?

  33. Omar Passmore
    July 30, 2021 at 12:20 am

    I don't understand why I can't get approved for a simple 500$ loan. I seriously dont understand. I only need 500 but many loan companies force you to start AT 1000$