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When Taking a Personal Loan is a Dumb Idea

Personal loans can be a great way to consolidate higher-interest credit into a single payment with a better interest rate. They can also be a great way to get some money for college, or make certain kinds of purchase. There are also times when taking out a personal loan is just stupid.

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Five Reasons to Avoid Payday Loans

There is no denying that in an emergency situation – when the electricity is about to be shut off or a car tire blows out – short-term payday loans can seem like an attractive solution if funds are tight. Borrowers only need a pay stub, proof of identity and a bank account to gain instant access to cash without a credit check.

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Before You Borrow: A Second Look at Personal Loans

Some types of credit are good, and some are bad. Home loans, for example, are good. They give you a lot of money at a really low interest rate. Paying consistently on a home loan is a huge boon to your credit report and credit score, too.

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51 Posts With Dumb Reasons For Obtaining Personal Loans

To consumers borrowing money can seem to be a way of getting their hands on “easy money”; but “easy money” can soon cause difficulties when consumers have to struggle with loan repayments. They can find themselves deeper in the debt trap than they had anticipated and it can like an impossible predicament to be in.

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Top 5 Worst Reasons to Take a Personal Loan

Sometimes, you need money. You need a lot of money, and you need to be able to pay it back over the long haul. If your credit is good enough, you can go to your local bank and take out a personal loan.

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Bank of America Shuts Out Personal Loan Customers

It was announced this fall that Bank of America, one of the largest creditors in the nation, will stop offering any unsecured personal bank loans as of October 31, 2009. Bank of America has, along with several other lenders, been one of the primary sources of personal loans for people with less than stellar credit. The company has a large amount of bad loans still on the books today, and they are trying to stay solvent by dumping this bad debt practice.