Personal loan

RickyBobby1

Hey guys,

I am looking for a personal loan for around 2500,just to clear my debts and Im going on holiday at the end of the month.I dont have a great rating due to missing alot of my credit card payments but my brother who would have a good credit rating and is a home owner has agreed to be my guarantor.Also I have had a full time job for the last 6 years earning roughly 350 a week.I have a credit union account but theres only 45 euros in it.What do you guys think would be my best option?

Thanks in advance.

Markdini

Hey RickyBobby1,

Getting a loan to clear other debts may seem like a good idea but once you look into it a bit more it could cost you in the long run.
Although the interest accrual on a 2.5k loan would be pretty small, it's still "robbing peter to pay paul".
Why not pay your other debts off at a rate you can afford to pay?
Also with your brother as g/tor, if anything happens to your job and for any reason you can't pay, your brother is left with the bill. In this day and age I wouldn't recommend it!

henryd65

I think your best option is not go on holidays at the end of the month and use the money towards paying your debts.

And leave you brother out of it, its not his debt.

MagicMarker

henryd65 wrote: »

I think your best option is not go on holidays at the end of the month and use the money towards paying your debts.

And leave you brother out of it, its not his debt.

+1