Long story short, I'm employed full time and get paid $15.55/hr, I found out I've been approved for a loan, my job pays for my rent, groceries and internet bills but nothing else, now my question is, since I've been approved for a loan, minimum $2,000, maximum $7,500 (my credit score was able to bump the max of 5,000 to 7,500) is the bank gonna pull a fast one and raise the monthly fee?
>>1008304
>15.55/h
>fulltime
>covers rent, internet, groceries and nothing else
How
Why
>>1008306
You'd be surprised, I know I was
>>1008304
Are you saying your job pays for those things for you or that your wages do and nothing more?
Also, why the loan and what fees are you curious about? Like a maintenance fee on the account shouldn't go up because you have good credit. If they do that, tell your bank to fuck itself and go somewhere else. If you mean loan payments, yes. Payments on a $7,500 loan are higher than payments on a $5,000 loan if ask other terms stay equal.
>>1008304
protip- you don't have to take every loan they throw at you
I dont want to start a thread for this, sorry if it derails OPs
I have a annuity mortgage, and i have a significant amount of money, but not enough to repay whole whole thing. Is it better to wait until i can repay the full amount or do partial repayment now?
I dont know how to calculate the figures to find out if its worth or not.
>>1008311
What is the big money drain? I can live 3-4 months on your monthly wage.
>>1008304
>nothing else
So, are you asking if you can afford something you can't afford? Cmon kohai, what do you think?
A bank won't change its terms on you, but the terms may say that the interest can get hiked up if you miss a payment. The bank didn't screw you, you screwed yourself
>>1008332
If you put that money into the mortgage you'd pay less interest over time. Most places won't change your scheduled payments until you renew. It's good in the sense you pay less interest, but there's no instant gratification if that's what you're after.
&OP
Nobody knows what you're trying to say. If you need a loan to live day to day you're fucked. If you don't then why do you want the loan in the first place. Ask your bank what maintenance fees apply if any.
>>1008332
More information needed:
Mortgage rate %
Annuity period
Gross value
Your current money
Is there an early payment penalty? If so, how much?
>>1008467
3.77%
190
3 600 000
1 800 000
I think i recall 1% repayment fee but cant find it right now
>>1008479
Check again for that fee. 1% of what?
Is your money currently earning you anything? Interest, investment, etc.
>>1008488
1% of the repayed amount
It is not earning nearly the amount of the mortgage rate, something like 1.2%
>>1008383
OP here, just got back from the bank, got my loan, it turns out I also took my tax free savings account ($150.00 was saved up, I had it on a bi-weekly payments of $30 since October) and put it into an aggressive mutual fund portfolio, I'll lose money, I'll gain money, I'll sit on it for 10 or years, see what happens, all in all, im their whore now
>>1008346
I recently moved out to a one bedroom, $700 a month, I also need to pay my own electricity, to add insult to injury it's winter and my heating is also electric, and I'll need proper winter clothes for work and those aren't cheap. At least I don't own a car
>>1008535
Consider to do like the normal peoples, simply do your bed with warmer sheets, and wear a pijamas, if you have to turn your heating, do for an hour before going to sleep, then turn it off.
>>1008543
Yes I have been doing that, I only use the heating for an hour in the room I'm currently in, the rest are kept off, and thank god for my full time job, I'm never home during the day,8am thru 6pm, except for my days off like today
>>1008530
how much % interest do you pay on that loan and how much % do you expect to gain in that fund?
>>1008561
Around 2% interest, about fiddy bones. Give or take
