Applied for a 5k personal loan for debt consolidation because I seen on CK that the odds where above excellent. My credit was about 615 since running it a bunch of times to get a car. So I was shooting for the stars with this one. So, I put in my info and they approved me in like 30 seconds. They gave me the option of two loans one 9k secures with a car title as colladaral or a 6k unsecured loan with just proof of income and residency. I submitted a pdf of my check stub and ID and was scheduled for a meeting in store the very next day. Although still skeptical, I went anyway. Before arriving I made sure I had all paper work they needed to make this transition go as smoothly as possible. They said all I needed was a checking information that had my account number and actual name on it. I don’t use checks so I asked if I could print out something from my only banking and they approved me to do so. Once I went over apr and length of term the rep gave me a few payment options. I could either receive the money in my account by the next day in full or they could sum up all the bills that I have and pay them off personally. I of course opted for the lump sum deposited into my account. I also was offered insurance on the loan. One for just Incase I lost my job and one just Incase I die. I think that was great especially for no more that $10 more on the loan. After signing the papers I was out the door and not even 24hrs later ... I had a $6k deposited with no hassle. EASY BREEZY.
-term is a long term (over 2 years)
-APR RATE is high for bad credit (over 15%)
-if you fulfill the full term you will ultimately end up paying back double of what you borrowed :-(
-Early pay offs with no penalties
-Early pay offs avoid paying double of what you borrrowed
-Early pay offs gets you cash back
-can pay to the principal and to get APR.
-get insurance on loan for any misshaps
-get money to bank account in under 24hrs
-APR rate is high but still lower than a lot of credit cards.
-reports to all 3 credit bureaus
-monthly is affordable
-monthly payment can be structured how ever you want them to.
So in the end you have to weight the pros and cons to determine if it’s worth it for you.