Quote:
Originally Posted by Aquarius
Invest $5,000 once, profit $1,500 month after month, would you be interested?
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You are making a big mistake doing it like this.
Basically, you are borrowing money at a huge interest rate of 30%, and thats just after a single month. That's insane.
If you really need the money, try any of these ideas instead, in order.
#1. Ask your bank. $5000 is a pretty small loan and pretty low risk for any bank. If you have credit cards that you owe money on, tell the bank the truth and consider borrow more to pay those cards down. This is usually known as a debt consolidation loan, and it works because it let you pay off the cards, save your credit rating, and reduce your costs.
#2. IF you don't want to ask the bank, borrow from your credit card, but don't do a cash advance. Cash advances are very expensive, usually around 21% interest. Instead, call your credit card company and ask them for a credit transfer instead. It's almost the same thing as a cash advance, but the cost is sometimes very low. MBNA and RBC currently offer them at only 1% for 18 months.
#3. IF you don't have a credit card, get one. Lots of credit card companies make it super easy to get a card. The higher the interest rate and more fees they charge, the easier it is to get one.
Going with option 3 sucks because its really expensive, but its much cheaper than doing your 30% loan thingie. Try any of the other options instead and save yourself a small fortune.
Good luck!