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

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  #1  
Old 05-12-2006, 06:38 AM
Finance Admin Finance Admin is offline
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Default What was your loan for?

If you've ever taken out a personl loan, what was it actually for? A holiday, car, home improvements, anything particular?

I took out my first loan last year - a car loan - as the existing car meant with 3 kiddies and their car seats that things would get really crushed. So we figures on a people carrier, and boy am I glad we did.

Much more roomy now, and it's really nice to drive a car with no prior history that I can actually be proud of.
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  #2  
Old 05-13-2006, 11:32 AM
Melos Melos is offline
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Default Re: What was your loan for?

I have never taken out a personal loan, but know a friend who takes one out for almost everything - car, paying off debt, vacation, home improvements. She ends up paying more - a lot more - for everything she buys.
I only think a loan is good for something that is an asset - like home improvements or a car. Taking out a loan for a vacation is crazy to me.
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Old 05-14-2006, 03:10 AM
vicki2 vicki2 is offline
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Default Re: What was your loan for?

I've taken them out for home improvement, and once for paying off some taxes. If there's any way to avoid a loan, I try to find it!
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Old 05-14-2006, 09:58 AM
Janine Janine is offline
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Default Re: What was your loan for?

Loans are so tempting cos you never know what may happen. Sometimes its good to just grab life and do something while you feel you have the chance. But the you have to balance that with responsibility to make sure if you do can deal with the consequences of your financial commitments and responsibilities because that's what they are.
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Old 05-15-2006, 01:57 PM
ninikins ninikins is offline
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Default Re: What was your loan for?

My loans were for education and home improvement
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Old 06-18-2006, 03:42 PM
Green Diva Green Diva is offline
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Default Re: What was your loan for?

I once took out a signature or pesonal loan right before I suspected I was going to laid off (and able to collect unemployment). Sure enough I was.
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Old 06-29-2006, 02:30 PM
Benji Benji is offline
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Default Re: What was your loan for?

We took out a loan when my wife went to school to become a teacher - we're still paying on that. Just paid off our van - we have two cars - both paid off - now we have a new mortgage, but we're strategizing to pay it off early too.
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Old 08-12-2006, 06:27 PM
LilOne1989 LilOne1989 is offline
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Default Re: What was your loan for?

The only loans that I have every taken out have been for education and I honestly wish that I had not ever bothered to go to college cause even though I now have a degree I can't seem to do anything with it, at least not the way I want to (sigh).
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Old 09-07-2006, 04:22 AM
parrotbay parrotbay is offline
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Default Re: What was your loan for?

I have taken out quitea few personal loans. All of which were in the the thousands. I have vowed never to do it again though because the interest rate is astronomical. Once I get the one I have now paid off, that will be it for me and personal loans forver!!
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Old 09-07-2006, 08:54 PM
DJDizzy1 DJDizzy1 is offline
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Default Re: What was your loan for?

We took out a loan with the small business administration after a really bad hurricane caused a lot of damage. Its very reasonable no complaints, we still have not paid it off but its only 5 percent interst.
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  #11  
Old 09-08-2006, 09:21 AM
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kelkat kelkat is offline
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Default Re: What was your loan for?

Great interest rate DJDizzy1! At that rate you could almost make money by borrowing and then sitting on it for awhile (although I know that's not what the loan is about or for). The only way we do "personal loans" is if we get a certain period interest fee AND there are no prepayment penalties. Then you use their money while yours sits in an account drawing interest and after the free period is over you just pay it off. This works on cars, furniture, computersm etc.
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Old 10-20-2006, 11:17 AM
gsnarayanan gsnarayanan is offline
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Default Re: What was your loan for?

I took my first loan from my employer for investing in a house! I repaid the loan in 20 Years. Now the value of the property has gone up manyfold...!If I had simply saved that money I fear that the value of money that I could have saved, cannot match the present property value....! Hence, taking loan for investing in to a property is the best..!
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Old 11-29-2006, 04:47 AM
burfi burfi is offline
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Default Re: What was your loan for?

I will soon be taking a biggest loan of my life as i am planning to buy a house for myself
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  #14  
Old 03-12-2007, 11:18 AM
fiscalphil fiscalphil is offline
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Default Re: What was your loan for?

weve taken out two loans, one was for home improvements and the other was for a car which was needed for work, i could never justify taking out a loan for a holiday as that is just unecessary debt
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