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Short term loan

xryanx 59 23 February 25, 2016 at 04:47 PM
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I'm looking at purchasing some land for recreational activity. I have a good chunk of cash on hand, but will probably need $10k or so. I plan on repaying this over 6-8 months. Whats my best option? I own my home outright. Should I go the home equity route, or is there a better option for short time periods such as this. Credit score is around 780.

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Joined Jul 2008
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#2
A home equity loan or home equity line-of-credit would probably offer the lowest rate.
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Joined Jun 2005
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#3
credit card no interest for 12 months is how i would go I get offers and checks all the time
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#4
lending club?
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Joined Dec 2005
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#5
Heloc
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E finita la cuccagna

Liberals want you to think like them, Conservatives just want you to think!
#6
Quote from xryanx View Post :
I'm looking at purchasing some land for recreational activity. I have a good chunk of cash on hand, but will probably need $10k or so. I plan on repaying this over 6-8 months. Whats my best option? I own my home outright. Should I go the home equity route, or is there a better option for short time periods such as this. Credit score is around 780.

A quick signature loan would be good or try and borrow against your car. Will be quicker than a home equity loan and if you're just going to pay it off in a few months, the interest won't be an issue.
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#7
I looked online and noticed something sort of strange. The best rates for unsecured persona loans are for $15K+. Assuming no prepayment penalty, is there any reason I can't get the $15K loan and payback the first $5K right away?
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#8
Quote from xryanx View Post :
I looked online and noticed something sort of strange. The best rates for unsecured persona loans are for $15K+. Assuming no prepayment penalty, is there any reason I can't get the $15K loan and payback the first $5K right away?
Personal loans do not care what you do with the money. But if you are depleting your cash reserves, I suggest you keep the $5k as a buffer. And this is not strange at all. You are not borrowing money from your sister and have to pay it back on Friday. They want you to borrow money, a lot of money, and take as long as possible to pay it back. This is how they make their income.
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#9
I would consider lending club.
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They are never laughing with you.
#10
Credit Karma has an interesting personal loans pre-approval tool. When I went to the personal loans page after logging in, it offered to check pre-approval with Avant, LendingClub, Best Egg, and Payoff. I wanted to get a loan, but sadly I was turned down with a soft pull
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#11
Quote from komondor View Post :
credit card no interest for 12 months is how i would go I get offers and checks all the time
+1. If you can't use the CC for the actual purchase, you can roll MetaBank GCs into MOs and use rewards to cover the fees. We borrowed $5K last year this way using a 5% CB card; we actually made a small profit (~$85) by borrowing funds this way. Just make sure you pay it off before the interest hits.
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As the username says ...
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#12
In addition to what has already been said a loan against your 401k may be an option. Usually the rates are low and you can set your repayment schedule and prepay if you want. They're also usually very cheap to take out.
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#13
Quote from LivninSC View Post :
In addition to what has already been said a loan against your 401k may be an option. Usually the rates are low and you can set your repayment schedule and prepay if you want. They're also usually very cheap to take out.
Don't you have to repay the full balance immediately if you lose your job? Seems to me HELOC is the obvious answer here. I know it's slickdeals, but I wouldn't mess around with credit cards and buying a bunch of giftcards, or lending club, or a loan against a car or 401k. Is the paperwork for a small HELOC really that onerous?
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#14
Quote from dukeblue219 View Post :
Don't you have to repay the full balance immediately if you lose your job? Seems to me HELOC is the obvious answer here. I know it's slickdeals, but I wouldn't mess around with credit cards and buying a bunch of giftcards, or lending club, or a loan against a car or 401k. Is the paperwork for a small HELOC really that onerous?
Immediately, no. You usually have to repay it within 60 days. Like I said, it's just an option and a very easy and cheap option although it does have it's risks and downsides just like other options.
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