Question
SHORT term loan?
I realize that it will likely not help my credit, but will it hurt my credit if I take out a loan for travel expenses that I will be reimbursed for, then pay it back off within a month. I do not have great credit and my credit limit on my credit card is only $300. I know that I can get approved for a loan from some local credit agency, and that the rates are horrible, but I don't plan on long term repayments, just long enough to be reimbursed for travel expenses. (That's just how my company does it, I knew that when I took the job.) Will this show negatively on my credit report? Do I have other options? (I have tried and can't get a decent credit line on credit cards.) Thanks.
3 years ago - 1 answers
Best Answer
Chosen by Asker
You can't wait for your company to liquidate your travel claim? Wow, sorry to hear that. It is not a question of if you can do it or will it affect your credit. I am not trying to poke barbs at you, but you might need to look at your lifestyle and credit habits. There is a reason that your credit score is low, yes? Getting a loan from a local shark isn't going to help any. You might be convincing yourself that you will pay it off early (oh, the sharks charge fees for that too), but life will happen and you will not pay it off as quickly as you intended. I think your option is to look for a new job. In the end, if things work out PERFECTLY (and how often does that happen?), then you won't affect your credit negatively by taking out a loan and paying it off. I urge caution before making that choice, given the details in your question. Best of luck
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3 years ago
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Other Answers
Please go to www.prosper.com and search for my group: AffirmativeFinance I specialize in peer-to-peer lending. My group is for people with no credit, or bad credit, even high risk people. Because the group is peers lending to peers, it is one of the lowest rates around! Take a look, it might be what you're looking for...
by melomego- 3 years ago