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Sunday, January 4, 2009

Three Interesting $5,000 Signature Loan Scenarios

By Mark Matthews

The winters in my state are especially heavy, and if it snows too much for too long, your roof can fall victim and either cave in or at least suffer serious damage. People whose roofs can't stand the pressure may end up needing expensive repairs - and expensive repairs may mean seeking a quick $5,000 loan.

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?

No - you can't. And in this kind of emergency the only real option for making sure your neighborhood reputation stays intact is to get some kind of short term loan and buy the kind of TV that will make your friends proud.

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.

Can you imagine the cost of the airfare? We could be talking about thousands of dollars worth of plane tickets. Either the money is sitting in your bank account or it isn't, and if it's not there then you're going to have to borrow the money.

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.

But the reality is you might need to take a banker's money to get by in life, and if that's the case then you want to do it intelligently. If you're smart about how you borrow your one week loan won't need to last three years.

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