4.1 Understanding Credit by Madi https://padlet.com/madison_fant/at7aoksmryoq . en-us 2017-10-05 15:01:14 UTC 2025-10-27 09:55:07 UTC hello@padlet.com What would the loan amount be and what would be the difference in the final payoff amount for the 2 lenders? madison_fant https://padlet.com/madison_fant/at7aoksmryoq/wish/194353972 I know there are only a few places that offer payday loans as high as $4,600. Also payday loans have high interest rates. “a borrower writes a $300 check, pays the $45 fee, and receives $255 in cash. The lender does not cash the check until the borrower’s next payday, up to 31 days. A 15% fee is equivalent to an annual percentage rate (APR) of 460% for a two-week loan. By comparison, a loan for a new car generally has an APR of between 4-7%. (3)."

A personal bank loan doesn't charge huge interest rates but it does effect your credit score. “Once you know your credit score, research a lender’s minimum credit requirements to see if your score will qualify you for a loan. (3)." You can't just go a get one anywhere though. It's important to get one from a trusted place. “Many online lenders offer personal loans to people who have less-than-perfect credit but not all can be trusted. Some of these websites are advance fee loan scams.(3)."

My best friend got lucky in a way. Her parents loan application was rejected and FAFSA paid for the rest. Now she's having the time of her life in beauty school but if she would have known all this information, I'm sure it would have prevented all the headaches. 
]]> 2017-10-05 15:04:20 UTC https://padlet.com/madison_fant/at7aoksmryoq/wish/194353972 Would you choose to go to a bank or a Payday lender. madison_fant https://padlet.com/madison_fant/at7aoksmryoq/wish/194355287 I would choose to go to a bank to get a loan because there's not a lot of payday lenders that will offer up to an amount as high as $4,600. I also know that neither her nor her parents would be able to come up with that money in 2 weeks. ]]> 2017-10-05 15:06:45 UTC https://padlet.com/madison_fant/at7aoksmryoq/wish/194355287 Imagine that you or someone you know personally needed to get a loan for a specific amount of money (4,600).... madison_fant https://padlet.com/madison_fant/at7aoksmryoq/wish/194355589 One of my best friends Hailee was trying to apply for Paul Mitchell Cosmetology school last August. After all her student loans and scholarships she still needed to come up with $4,600]]> 2017-10-05 15:07:23 UTC https://padlet.com/madison_fant/at7aoksmryoq/wish/194355589