Personal Loan

[CrowMuncher]

Hi I need some experienced help here:

My deal is that I am in need $5000 , which I dont quite have at the momment, what ideas do people have in terms of getting this, ie Credit Crad cash advance/ Personal Loan, i will be able to pay the amount in Mid Nov, so only about 3 months....Cheers

 

[kolchak]

A Personal loan will have a setup fee, and if you plan on paying the loan back within a year - a fee for closing the loan within a year...

I reckon 3 months...credit card cash advance...

 

[sniper77]

Credit card advance vs Personal Loan

Most credit cards add a 3% surcharge on cash withdrawals, which works out to be $150. The Establishment fee of a personal loan (eg. Westpac) is $250.

Most credit cards charge higher interest than Personal Loans (av. 16% vs 13%).

You could also look at Temporary Personal Overdraft at 15% with a $50 establishment fee.

Use this link to gain some further information.

http://www.westpac.com.au/internet/publish.nsf/Content/PBTR+Personal+Loans

 

[utility]

In the past I've just overdrawn on my credit card (cash advance), but I have no idea if it is cheaper to get a loan. One good thing about using a credit card is, assuming you already have one, you don't need to muck around with other additional paperwork, contracts etc.

 

[sniper77]

In the past I've just overdrawn on my credit card (cash advance), but I have no idea if it is cheaper to get a loan. One good thing about using a credit card is, assuming you already have one, you don't need to muck around with other additional paperwork, contracts etc.

If you haven't got a credit card, the best one available for the short term (ie. Get the card, get the $'s, pay it off and cancel the card) is this one.

http://www.citibank.com.au/cardsoffer/offers/clear_ads_J.htm

Otherwise ask one of your family members and write up a contract with say a 3% to 5% interest rate. (Not my best advice, but if all else fails....)