https://padlet.com/jennimejia0619/sz19fvxkmme5 Including at least 3-4 cited references to the reading, imagine that you or someone that you know personally needed to get a loan for a specific amount of money (you determine the amount). Would you choose to go to a bank or a Payday lender? What would the loan amount be and what would be the difference in the final payoff amounts for the two lenders? Explain your decision. en-us 2017-04-28 18:16:02 UTC 2017-05-02 03:02:21 UTC hello@padlet.com jennimejia0619 https://padlet.com/jennimejia0619/sz19fvxkmme5/wish/169321134 Loan of $20,000 for a down payment to buy a house]]> 2017-05-02 02:26:43 UTC https://padlet.com/jennimejia0619/sz19fvxkmme5/wish/169321134 jennimejia0619 https://padlet.com/jennimejia0619/sz19fvxkmme5/wish/169321551 -short-term 
-high-cost loan 
-gives cash-strapped consumers the money they need until their next paycheck
“ but it is a very costly way to borrow. And because of the high fees and finance charges associated with payday loans, there’s a risk of falling into a long cycle of debt.  Payday loans are extremely expensive compared to personal loans” (Pg. 2-3).]]> 2017-05-02 02:29:31 UTC https://padlet.com/jennimejia0619/sz19fvxkmme5/wish/169321551 jennimejia0619 https://padlet.com/jennimejia0619/sz19fvxkmme5/wish/169321638 2017-05-02 02:30:11 UTC https://padlet.com/jennimejia0619/sz19fvxkmme5/wish/169321638 jennimejia0619 https://padlet.com/jennimejia0619/sz19fvxkmme5/wish/169321639 -short-term loan 
-fixed interest rate 
-fixed repayment period
“Credit unions can be good places to shop for a personal loan since they may have more lenient lending requirements and may be more willing to offer a short-term personal loan if you have less-than-stellar credit. Local banks and credit card companies are other sources of personal loans" (Pg. 3).]]> 2017-05-02 02:30:12 UTC https://padlet.com/jennimejia0619/sz19fvxkmme5/wish/169321639 jennimejia0619 https://padlet.com/jennimejia0619/sz19fvxkmme5/wish/169322821 I would choose a personal loan with my bank because it won't get me to drown in debt. I have more trust with my bank, and thier rates are more flexible and more efficient.
“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. The Federal Trade Commission lists some red flags to watch out for, among them: If a lender demands an up-front fee, and doesn’t clearly disclose and prominently display what fees apply; also, if they pressure you to wire money to them. Do your research and shop wisely" (Pg. 3)]]> 2017-05-02 02:41:54 UTC https://padlet.com/jennimejia0619/sz19fvxkmme5/wish/169322821