Is getting a loan a good or bad idea?

Question

Sorry if I sound stupid but this is new to me!  Desperately need to get ahead and long story short a personal loan will help me, it will be $7,500.  I will pay it off monthly after.  Will this hurt my credit ?

Answer

If you have good/decent credit and income, you can get a loan for 7500.00. It will drop your score a little bit for a little while. Once you pay if off, your score should go higher than it was prior.

Answer

Do you have a guaranteed source of income with which to make regular payments on your loan? What will your monthly payment be, and how long will it take to repay? How much will you end up spending in interest? Loans are available for a reason, but you have to make sure you can afford to pay them off in a timely manner. If you get behind on payments, you'll end up even further behind than you are now.

Answer

A personal loan of that much will ding your credit a bit. But as long as your pay it on time it could also increase your credit by the end of it.

Answer

Not if you pay the loan though I think if you don’t get approved for the loan it’ll knock a few points off.

Answer

Whenever you have a credit inquiry it can effect your score negatively but not by much. As far as the actual loan goes, as long as you make payments on time it won't hurt your credit score and actually will improve it in the long run. Just make sure you understand how much you'll be paying in interest, usually personal loans have a pretty high interest rate.

Is getting a loan a good or bad idea?

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