Easy Financial Loan

[larryicels]

I got a small loan from easy financial about a year ago and paid it off. They just "pre-approved" me for a loan of $17,500 at 40% over a 7 year term. Now from what I've seen online, that's a pretty high rate. Bills are stacking right now but it's nothing unmanageable. Would just be nice to have.

I have a feeling this is a bad idea, but I'm also fairly young so I'm not exactly sure. Hopefully someone can give me a bit of direction.



Thanks!

 

[athanasius1007]

@larryicels You have a feeling it’s a bad idea?!

Go with your gut, 40% is atrocious and you will certainly fuck your future self for the next decade +

 

[mynamechef]

@larryicels You gonna almost pay 35k total for this loan.

Great idea to not touch it.

 

[davisalw]

@larryicels Run away. 40% is predatory.

 

[hisdelight831]

@larryicels I don’t recommend this. It’ll add tremendously to your stress while they politely steal from you.

 

[bmabramczyk]

@larryicels OP.

Listen carefully and read what I say multiple times.

Do not take this loan. 40% is fucking insane. I've never heard of this company but it sounds to me just from the interest rate that it's no different than one of the many pay day loan type places that have been popping up everywhere.

Go to your bank and apply for an unsecured line of credit. Will be less than a credit card.

These types of loans are for people who literally have no choice but to go to them because their credit is so bad no one else will even entertain the idea of giving them a loan.

I'll assume your not in that situation. A loan like this will not help you.

What will help you build credit and show that you are responsible? A standard credit card from your bank (or a line of credit). Use it, pay it right away.

Again, unless you have 0 options and need that loan (and even then I'd still be wary), don't do it.

I remember before my father passed away last year, he was living in Mexico and he kept losing his debit card, so I'd have to get money out of his account here and send it by western union. The amount of people I would see in that place taking loans for $100-$200 was fucking pathetic.

The workers would always try to sell me on a line of credit and I legit told them "even if I was unemployed theres absolutely no way I would take a loan from you" and the worker even said "yea that's probably a good idea"

 

[larryicels]

@bmabramczyk thank you for your input, I didn't realize how bad this really was. I'm not going anywhere near that place

 

[bmabramczyk]

@larryicels They exist for a reason, but if you don't need a loan and have decent credit, they are not your target demographic.

Honestly, places like this I associate with the bottom of the barrel. Gambling addicts, drug addicts, etc.

Now, I know I probably sound like a major asshole saying that, but high interest loans are generally because they're given to high risk borrowers.

Again, yea bills will pile up, but if your able to manage it using an unsecured line of credit from your bank, you should be fine. You draw from it as a to / from via online banking (I haven't used mine in years but that is how it worked).

 

[janemanu]

@larryicels Can you cancel the loan once you get it? You decide it’s not worth it?

 

[resjudicata]

@larryicels Easy, I'd do it and hit up the casino and then pay it back and have free money

 

[jazzhands]

@larryicels Dude!

That's 623$ a month, every month for the next 7 years. Until 2031!

623$ a month for a measly 17.5k

Do the math, that's over 52k$ in repayment.

A credit card is typically 20% and that's considered high already and you should never let your balance run over.

Don't

 

[robbu]

@larryicels That's a horrible, horrible idea. Every year your interest will be 40% of that. 40!!!

 

[resjudicata]

@larryicels 40% is borderline mob territory and pretty sure it works out to be more of you include their forced insurance prems you have to buy with them , don't do that you'll pay out so so so so much more than the principal when it's said and done, borderline loan sharking

 

[robslaybaugh]

@larryicels "Bills are stacking right now" means that your bills will continue to stack, plus you'll owe a ton of interest on the loan. If bills are stacking, a loan is not the solution, the solution is to cut down the size of the bills, or bring in more money. A loan now is just committing to a bigger bill for the future.