How do personal loans work?

Melissa asked:


I’m looking to get a personal loan but I’m not sure how they work. I have some credit I need to pay off and a birthday for my daughter.
Anyone know anything about personal loans – what I would need and what not?
I have to pay back to money either way, Its not that I wont have the money – I just want it (need it) now.

3 Responses to How do personal loans work?
  1. Lil' E.
    May 4, 2009 | 7:18 am


    don’t borrow money for a b-day or bills, u just change who u write the check to each month and creating more bills

  2. elizabeth h
    May 4, 2009 | 9:37 am


    its soo easy, you can fill out application on the internet i suggest commonwealth bank,
    you need a job,
    income
    proof of your income
    birth cert/ passport
    you need to have an account with that bank
    you tell them how much you want to borrow and how long you want the repayments to take i borrowed $10.000 to pay back over 6 years
    $115 every fortnight and because it is a variable loan i can change the amount i pay and how often.

  3. kate
    May 5, 2009 | 10:49 pm


    Personal loans are just that , cash without collateral .
    So expect to pay a lot of $$$$$$$$ in interest charges .
    If you really love your daughter , do a basic birthday instead of throwing $$$$$$ in the toilet with a personal loan .

    Personal loans are retarded peoples fast track to permanent poverty and living out of your car .
    What kind of a life for your daughter is living in your car ?

    >

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