Personal Finance presentation, loan options by expense level, prepare to get financially fit by practicing personal finance. In prior presentations, we took a look at different institutions that people might go to in order to look for a loan or financing. This time, we want to think about buy cost, where you might go or what the thought process might be, if you’re looking for a loan or looking for financing, just in general, in terms of the least expensive to the most expensive.
So if we’re looking for a loan or financing by the cost of the loan, the first thing that would typically come to mind would be going to family members, or parents taking out a loan with them, which could even if we’re paying back the loan with interest could at least save on the processing time, the time to be setting up the loan, and then the setup costs for loan at a formal institution, obviously, then if we’re going to a formal institution, most people would then next think of the bank that they have it savings alone Association,
or if their credit union member, possibly a credit union, although there’s differences between these institutions, as we talked about in prior presentations, those they have similar kind of options, generally, for this medium price range. And clearly in this area, they would be possibly assessing the credit worthiness of the applicant depending on or what would be appropriate to the loan types that would be available.
Now if we didn’t have the access to the mid priced areas, that’s when you would go to the more expensive areas in order to get the financing, which could be the finance and check cashing companies, the retailers like car and appliance dealers. So remember, when you’re talking about getting financing at at a dealer or retailer, then you want to you want to be careful with the with the financing options there and possibly think about if you have other types of financing options, or at least be able to be comparing and contrasting your financing options with them to other to other possibilities as well.
And then we got the big credit cards and cash advances. So remember, if you’re even with the credit cards, you might be using the credit card often but if you’re doing long term financing, and you’re you have outstanding balances out for a longer period of time, you might want to consider generally the cheaper options up top which could include, say a standard loan or consolidating your financing at that point in some way.