What type of loan? [until funds received from estate settlement]

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jetsmell
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What type of loan? [until funds received from estate settlement]

Post by jetsmell » Fri Apr 06, 2018 11:26 am

I need a $5,000. short term loan to hold me off until a will is finalized sometime in May. I'm a beneficiary and will be getting around $80,000. I'm looking for a loan where I can show them the will if needed to make it happen. Hopefully not needing to pay them a high interest rate. I live in Cincinnati, Ohio if that matters. Thank you in advance.

smitcat
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Re: What type of loan?

Post by smitcat » Fri Apr 06, 2018 11:32 am

jetsmell wrote:
Fri Apr 06, 2018 11:26 am
I need a $5,000. short term loan to hold me off until a will is finalized sometime in May. I'm a beneficiary and will be getting around $80,000. I'm looking for a loan where I can show them the will if needed to make it happen. Hopefully not needing to pay them a high interest rate. I live in Cincinnati, Ohio if that matters. Thank you in advance.
You do not indicate many details but here are some options for 'short term'....HELOC, a credit union where you bank, any advances you take against CC or the like should be very short term (like in days not weeks) as the interest rate will be onerous.

soccerrules
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Re: What type of loan?

Post by soccerrules » Fri Apr 06, 2018 11:52 am

Jet-
Sorry about your loss.
I would use my EF for something short term in nature.
Smitcat has good suggestions as well.

The "I need $5000 to hold me off" statement has me worried about your greater overall financial picture.
Don't let your outflow exceed your income or your upkeep will be your downfall.

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N1CKV
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Re: What type of loan?

Post by N1CKV » Fri Apr 06, 2018 12:00 pm

Can you get the Executor of the Estate to give you an advance on the inheritance in the amount needed?
Or perhaps they can give you a low interest loan through the estate?

Another idea: if you have a vehicle with title in hand you can get a title loan.
0% Introductory APR on a credit card the charge the expenses?
I have met a lot of people that claim to love money, but they also seem to be the same people that are in the biggest hurry to get rid of it.

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dm200
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Re: What type of loan?

Post by dm200 » Fri Apr 06, 2018 12:03 pm

No, don't ask for this type/purpose loan.

Instead, go to a credit union and apply for a personal $5,000 loan for, say, three years. The monthly payments wull be about $165/month. There will be no prepayment penalty - so you can pay it all off when you get the money. Say it is for some reasonable purpose, such as debt consolidation or a vacation or "home improvement" - whatever you want to do.
The "I need $5000 to hold me off" statement has me worried about your greater overall financial picture.
Saying this when you apply for a loan is a red flag and turn off to the credit union.

Jack FFR1846
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Re: What type of loan?

Post by Jack FFR1846 » Fri Apr 06, 2018 1:04 pm

Digital Credit Union does "second chance car loans" at the same percentage as new car loans. Currently under 2.5%. Go there and refi your car loan up to the equity you have in the car.
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dm200
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Re: What type of loan?

Post by dm200 » Fri Apr 06, 2018 1:14 pm

Jack FFR1846 wrote:
Fri Apr 06, 2018 1:04 pm
Digital Credit Union does "second chance car loans" at the same percentage as new car loans. Currently under 2.5%. Go there and refi your car loan up to the equity you have in the car.
yes - this is common for most credit unions. If you have such "equity" in a car - this can be a very low rate.

delamer
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Re: What type of loan?

Post by delamer » Fri Apr 06, 2018 2:17 pm

May is 3 weeks away.

Take a cash advance on a credit card and pay it off as soon as you get the inheritance money.

The interest will be minimal.

jetsmell
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Re: What type of loan?

Post by jetsmell » Sun Apr 22, 2018 10:18 pm

We lease the car. The credit cards are maxed out ( the will money will pay those off ).

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Watty
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Re: What type of loan?

Post by Watty » Sun Apr 22, 2018 10:35 pm

I suspect that it will not work but just for brainstorming;

A couple of options I have not seen mentioned that might work if you have happen to have any of these assets;

1) A 401k loan.

2) A margin loan on any taxable stock accounts you own.

I would also be very cautious about depending on the expected date when the money will be available since there could be some last minute delay.
N1CKV wrote:
Fri Apr 06, 2018 12:00 pm
Can you get the Executor of the Estate to give you an advance on the inheritance in the amount needed?
Or perhaps they can give you a low interest loan through the estate?
That was my first thought.

quantAndHold
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Re: What type of loan?

Post by quantAndHold » Mon Apr 23, 2018 12:03 am

So you have a plan for how not to get into this situation again once you’ve blown all the money from the estate, right?

You might think about credit counseling.

jminv
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Re: What type of loan?

Post by jminv » Mon Apr 23, 2018 12:04 am

Get a peer to peer loan. The interest rate is in your favor and there's crazy demand despite any credit risks, which results in a low interest rate.

If you can pay whatever you need the money for with a credit card and assuming your credit is decent, you could also go for a 0% credit card special, given that it's only until May.

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whodidntante
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Re: What type of loan?

Post by whodidntante » Mon Apr 23, 2018 12:29 am

Having maxed out cards is harmful to your credit score and is a heavily weighted factor. You might not qualify for more unsecured credit, but you could try. You want a "signature loan" from a bank or you could try a P2P lender. You could also try a new credit card. You haven't mentioned any assets that could be posted as collateral to a bank. If you have valuable personal effects you could pawn them or sell them. You could also ask family and friends to loan you the money.

Also, some credit cards will allow you to exceed your "credit limit" without charging you a fee. My AmEx card is like that. I do not know if all AmEx cards are like that.

Nate79
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Re: What type of loan?

Post by Nate79 » Mon Apr 23, 2018 12:41 am

I would be very careful to not dig yourself into a hole on the hope that money comes along within a certain amount of time considering the problems that you have already posted about the disagreements with the executor of the estate.

Perhaps look more towards the income, expenses, etc side. Sell stuff, get a second (and third) job, cut expenses to the bone, etc instead of taking on even more debt than you already have.

Maxed out credit cards and a car lease is already bad news.

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LadyGeek
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Re: What type of loan?

Post by LadyGeek » Mon Apr 23, 2018 4:00 pm

The OP has a related question here: How long does a will last? [Time to settle the estate]

I also retitled the thread for clarity.
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2cents2
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Re: What type of loan? [until funds received from estate settlement]

Post by 2cents2 » Tue Apr 24, 2018 3:52 pm

jetsmell wrote:
Fri Apr 06, 2018 11:26 am
I need a $5,000. short term loan to hold me off until a will is finalized sometime in May. I'm a beneficiary and will be getting around $80,000. I'm looking for a loan where I can show them the will if needed to make it happen. Hopefully not needing to pay them a high interest rate. I live in Cincinnati, Ohio if that matters. Thank you in advance.
I'm confused. In the other thread you said,"My girl friend will be part of a will settlement. According to the inventory she should be receiving about eighty thousand dollars."

Anyway, why don't you just make the normal payments you would do if you? (or your girlfriend?) did not have any inheritance?

Gill
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Re: What type of loan? [until funds received from estate settlement]

Post by Gill » Tue Apr 24, 2018 4:22 pm

jetsmell wrote:
Fri Apr 06, 2018 11:26 am
I need a $5,000. short term loan to hold me off until a will is finalized sometime in May. I'm a beneficiary and will be getting around $80,000. I'm looking for a loan where I can show them the will if needed to make it happen. Hopefully not needing to pay them a high interest rate. I live in Cincinnati, Ohio if that matters. Thank you in advance.
Is it for you or your girl friend as stated in your other thread? In any case, showing a lender the will won't mean a hill of beans as far as getting a loan. You need to pursue other alternatives as suggested above.

In 2015 you were inquiring about a reverse mortgage. How did that work out?
Gill

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