resident needs loan ASAP

[PM&Radam]

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HI

i am a first year resident with about 80K in med school debt, have been getting along fine so far, but now i am looking to actually borrow about 5K more now to cover some new one time expenses. Where should I look to borrow from? I need to get the money fairly quickly. thanks

adam

 

[mpp]

Some suggestions:

1) home equity loan if you own your own home
2) personal loan; either collateralized or not - ask your bank -- you'll need good credit
3) credit card - you should have no problem getting a card with a $5000 limit and credit card rates are still pretty good.

 

[PM&Radam]

Some suggestions:

1) home equity loan if you own your own home
2) personal loan; either collateralized or not - ask your bank -- you'll need good credit
3) credit card - you should have no problem getting a card with a $5000 limit and credit card rates are still pretty good.

anybody every borrow from this program before?

http://www.nari-assn.com/loans.html

I need about 5K. 10% APR. no penalty for prepayment which i hope to pay down quickly.

adam

 

[mpp]

10% seems kind of high to me unless you have bad credit.

If you can pay it back quickly, you should be able to do much much better than 10% with a credit card right now. Go to www.bankrate.com and look at the credit card offers. There are some fixed rate cards at less than 8% and no annual fee. And you can often get the first 6 months or more with a much lower rate (possibly 0% for the first 6 months or so). Shop around.