What is the best personal loan to take out? Are there any with little to no interest?

pisces220 asked:


I am thinking of taking a personal loan this year to help me with some extra expenses. Any advice? Thanks!

Stella

Tags: Advice, Extra, Personal Loan

This entry was posted on Wednesday, May 20th, 2009 at 8:51 pm and is filed under Personal Finance. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

One Response to “What is the best personal loan to take out? Are there any with little to no interest?”

1. Cadillacman Says:
   May 21st, 2009 at 3:28 am

   Alexander

   My advice is: If you possibly can get by without borrowing, don’t borrow. The problem with borrowing is that you have to pay it back, and that often gets burdensome. Probably the best place to borrow with little or no interest if from a relative. (Good luck. - I won’t loan to my relatives who don’t try to save.) Next best would be to borrow against a savings account or a life insurance policy with cash value. It may be too late for you now, but I think it’s so much better if you take the money you would be paying on a loan and deposit that money (or more if you can) into a savings account so you will have some money available for unexpected expenses, and even for expected expenses that you’ll now be able to pay in cash. No interest to pay. No burdensome monthly payments.