Re: anyone know anything about loans?
Ya. That's barely a lone. That's like, nothing. Hell most people's normal credit card limits are $5,000 or so. That will be pretty easy.
So there are basically two ways this can work.
1) Normal loan, you make monthly payments that include interest and principle stretched out over the course of X years. Due to the interest, you end up paying back more than the actual loan amount. That's just how conventional loans work.
2) Loan with no payments for X amount of time or no interest for X amount of time. These sound really great because you don't have to pay the interest or don't have to pay anything for a year or two or whatever the promotion is. BUT... Usually, after that [1 year] with no interest, if you haven't paid the entire loan amount off, you owe the loan amount plus that entire year's worth of interest piled on top. These are great loans if you KNOW you can pay it completely off within that given time frame. You save a shit load of money by not paying interest. But if you don't pay it in that promotional period, you get totally fucked.
Can I ask what this is for?
|