Question by pisces_02: What is the best personal loan to take out? Are there any with little to no interest?
I am thinking of taking a personal loan this year to help me with some extra expenses. Any advice? Thanks!
Answer by Cadillacman
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.
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