I’m fortunate enough to have good credit and I qualify for a decent apr for a personal loan.
It would help give me breathing room for some time and help me make a career change. Are there any obvious traps to look out for?
Edit - Thanks for the advice, everyone! I’m not planning on taking out a loan anytime soon. I’m just under stress and hate my job. I just wanted to know if getting a loan would be a viable option to buy some time/recharge for a little bit without immediate bills on my ass.
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This is not legal advise, just obvious things, but still worth mentioning.
Always check terms for:
- what methods the lender can use to calculate an increase in interest rate.
- when the lender can exercise the right to increase.
- how and when the lender is required to serve notice of those increases and when are you deemed to have ‘received’ notice.
- penalty provisions for defaulting.
- rights reserved for you and the lender to terminate the loan agreement.
- consequences of termination.
I guess basically just plan for the worst case scenario and consider if you could absorb the cost of default/termination.