My wife needs some dental work done immediately and I am about $400 short. So I wanted to ask how easy would be to a $400 loan from a bank or credit union. I know there are instant options available out there in the internet. But I have read up on most of those, and most want to be paid back with your next paycheck. I can not really afford to do that. I am looking for a short term loan for only six months to a one year to repay. Any way I can actually do this?
As there is no collateral involved, it might be difficult to get the money from a bank. If your credit rating is good, you might be able to get a personal line of credit from the bank which allows you to borrow any amount you need when you need it at a better rate than most credit cards. You pay it off monthly. For a smaller amount of money like you are talking about, this is what I would recommend. The line of credit should cost you nothing if it is paid off in full so it makes for a handy emergency fund. Don't neglect a credit card either. While interest rates can be high, they are usually a lot lower than going to the cash advance places.
If you really need the money but don't want credit card rates, you could open a home equity line of credit. The rates can be much better than for credit cards, and you can deduct the interest payments on your taxes. Even though it is only a few hundred dollars, most banks will open one, and even the smallest helocs should do. But, just remember not to use any more than necessary. Helocs use your equity in your house as collateral, so make sure not to take out more than necessary. Even if you get a 30K heloc, just draw 400, no more. Plus, the period on payback should be no problem if you're only drawing a few hundred. But please, I only know so much, so if you can get some professional advice, please do so.
I would suggest stirring away from loans and look into some quick freelance work that pays upon completion. I did a quick writing gig for a week straight and earned the $250 I needed for a bill. It was a rather fun quick writing gig because I could write about anything I wanted. I interestingly talked about my candle and coupon hobbies. I gathered alot of interests and in turn got alot of views.
A credit union or small personal finance company will definitely help you with that, assuming you have the credit to support it. It's a small amount and they're unlikely to even request you put something up for collateral. Just check around on the rates and try to get the best deal. And a credit card is still an option you might want to consider. Many of them have a 0% interest rate for the first year, so you could use it and pay it off when you need to without any interest being tacked on at all, so long as you finish within the first year.
If is just $400 you can do it at the bank or those companies that lend money, I would ask several of them to see which one offers the best deal, meaning the lowest interests. Also, I could ask do the doctor who is doing the dental on her if he would allow for you not to pay all upfront? Maybe he can be understanding?
I would say, apply for a credit care. For $400 the minimum payment will be about $10-$12 or so. Pay the minimum payment until you can afford to pay it off in full. You can also apply for a credit card online through capital one. But they might only start you out at $300 like they did to me long ago. Or you can just punch your wife in the mouth until she no longer has teeth. That would save you a lot of money. Or is was that joke too much?
I would highly recommend just working with the dentist's office. Its not uncommon to setup billing with the office itself. You won't owe interest and you will be able to set your own terms. Paying 30 bucks a month for 12 months with a final payment to close the account for example. Whatever, works, but its worth a shot to talk to them.
