Wednesday, January 7, 2009

Three Interesting $5,000 Signature Loan Scenarios

By Mark Matthews

It snows a lot where I live, and if it snows too heavily for too long, you might find yourself with a collapsed (or at least seriously damaged) roof. If you're roof starts to fall apart, and it's the middle of winter, a fast $5,000 signature loan might be the only thing that saves your tail.

What other choice might you have - keeping a damaged roof and going through the whole winter freezing and wet? But if you don't have the necessary money for getting the roof back in order, a quick loan could be the only way you'll be warm and dry this January.

Or how about this - it's the week before the Super Bowl, and you're hosting the neighborhood party. All your friends are counting on you to throw the party of the year, and you have everything in place except the big screen TV. You obviously can't have all your buddies sitting around your pathetic four year old 32" low def right?

Your current TV is a party killer for sure, and there's only one solution. You need to have that new high def monster glowing in your living room before the day of the game arrives. If you don't have the money for the TV in your bank account - you're going to need to borrow it.

Neither of those scenarios are really life and death - one is physically uncomfortable and the other socially important - but survivable. What if it's the holiday season, there's a death in the family, and you have to travel across the country for a funeral on a moment's notice.

Those plane tickets are going to cost an arm and a leg - unless you get a bereavement ticket - which you probably won't. You could be staring down the barrel of $1,000 to $3,000 in airfare depending on the size of your family. In these economic times, most people don't have that kind of money sitting in their checking account.

Any wise person will avoid taking on unnecessary debt - and heaven forbid you're faced with any of the above situations. I would especially discourage you from buying that big screen if you have to borrow money at high rates to get it; your friends will live if they have to watch the big game on a smaller television.

At the end of the day you might have to take a little borrowed money from a bank, and you ought to be well educated about the different types of signature loans available to you. Manage your money well and you'll be out of debt almost as fast as you got into it. - 16752

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