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Personal Loans Discuss personal loans, secured and unsecured, and general borrowing.

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  #31  
Old 10-29-2008, 09:06 PM
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rogerthert rogerthert is offline
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Default Re: Dumbest thing you ever took out a loan for.

Quote:
Originally Posted by donnyg16 View Post
I took a loan out to fix my car and I am mad that I did because I got a horrible interest rate.
yep, they'll get ya. gotta understand/read the fine print. we've all done it! it's no fun.
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  #32  
Old 11-16-2008, 04:46 PM
bcsman bcsman is offline
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Default Re: Dumbest thing you ever took out a loan for.

I decided to take out a loan for a new big screen tv from Circuit City with the "90 days" no interest. Being sure of myself that I would pay off the loan within the 90 days. 4 years later I am still paying, and have since also purchased a newer technology Plasma television (with cash).
I have learned that buying technology through loans is not a good idea!

Thomas
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  #33  
Old 01-25-2009, 05:44 PM
bizzaro bizzaro is offline
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Default Re: Dumbest thing you ever took out a loan for.

an engagement ring. i didnt want to pay the finance charges at the jeweler [another mistake going to a retail jeweler]. i took out the loan from the fed credit union i belonged to in the air force. and then the marriage died and i was still paying for the ring.
thankfully she gave it back and in a lesson to myself [however stupid it may seem to an outsider] , i pawned the ring for pennies and drank it up at the dive bar next to the pawn shop.
i could have sold it and paid the loan off. i could have sold it and did anything with the money. but instead i had 3 beers and several shots. not in misery of divorce, but in anticipation of freedom! :P
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  #34  
Old 02-09-2009, 02:06 AM
shahab6 shahab6 is offline
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Default Re: Dumbest thing you ever took out a loan for.

the dumbest loan I have taken out so far is for a car, expensive car that I can't afford.
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  #35  
Old 02-09-2009, 07:40 PM
bdsctx bdsctx is offline
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Default Re: Dumbest thing you ever took out a loan for.

very funny but at the same time...very true
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  #36  
Old 02-20-2009, 07:57 PM
RobertD RobertD is offline
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Default Re: Dumbest thing you ever took out a loan for.

The dumbest thing I have ever borrowed for a car, but it was not the interest rate or payments that was the bad part, it was putting up with the lender.

You see in 1979 straight out of school (a $7490.00 shiny new 79 T'Bird) I had two choices to borrow the money 14% from the bank or 0% from my grand parents I took the zero percent. My grand mother got her money's worth by nagging me for the whole time. It was so bad that I cut all my spending for 10 months just so I could pay them back faster.

Money is not the only way it can hurt, that is why I am trying to get people to budget more.

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  #37  
Old 02-23-2009, 07:27 PM
AnthonyHoeffer AnthonyHoeffer is offline
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Default Re: Dumbest thing you ever took out a loan for.

I think I have most of you beat, me and my wife had to take out a loan for credit cards bills once.

I'm glad I got my life turned around since then. If you want to know how I did it please visit my site in my sig. I came to this forum to help others become debt free quick and easily because I know how it feels to be broke and feel like you're getting nowhere with your debt.
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  #38  
Old 02-25-2009, 10:26 AM
alpha_academic alpha_academic is offline
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Default Re: Dumbest thing you ever took out a loan for.

I think one of the dumbest things I have ever heard of was something using margin on their brokerage account to buy a stock of a single company. There is a lot of inherent risk on owning a single company, and using borrowed money to bet is not that smart.
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  #39  
Old 12-01-2009, 08:29 PM
ipreferamediumroast ipreferamediumroast is offline
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Default Re: Dumbest thing you ever took out a loan for.

When I lived in Cleveland in the late 90s, the banks were offering loans for people to buy personal seat licenses to the new clevleand stadium. Sad!
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  #40  
Old 12-17-2009, 10:45 AM
littleroc02us littleroc02us is offline
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Default Re: Dumbest thing you ever took out a loan for.

Everyone.....
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  #41  
Old 01-05-2010, 03:12 PM
Credit Girl Credit Girl is offline
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Default Re: Dumbest thing you ever took out a loan for.

I havent taken out a loan yet but something that I will have to take out a loan for in the future is my education and I think that's absurd but necessary as i will probably take a lifetime to pay it off. Let's hope i get a good interest rate.
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  #42  
Old 12-26-2018, 01:55 PM
SunnyMay SunnyMay is offline
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Default Re: Dumbest thing you ever took out a loan for.

I've spent hell of a lot on my drum set. But now I am glad that I did it because it's a lot of pleasure to play and even to search for some information on resources like https://musiety.com/the-best-snare-wires/ to solve some problems and issues that are constantly appearing.
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