Personal Loans

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  • Anyone know of deferred, balloon or bullet small loans?

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    Mar 23, 2019

    Hi, I am trying to find out where I can borrow a small loan (to help with medical expenses for my son) that does not require immediate monthly payments. I will have more than sufficient funds to make monthly payments about six months after I borrow this amount but unfortunately not before then so regular loans are out. I have tried looking this sort of loan up online but keep getting student related information for deferred loans,  mortgage related information for balloon loans, and small business related information for bullet loans. I just want a small personal loan. I have also tried peer to peer lending but no luck there either. Does anyone know if such loans exist, and if they are called something else altogether? I am trying to cast as wide a net as possible in the hope that someone can point me in the right direction. Thank you, any information is very much appreciated.

    Mar 23, 2019

    For a zero interest loan, try Mission Asset Fund in SF. Participants are put into lending circles. I think the max is 10,000. I have had many many clients use the fund successfully.You don’t have to be an SF resident to participate.

    Mar 27, 2019

    I would recommend going through a credit union because in my experience they seem to operate with more fairness and transparency than a bank or loan service. The type of loan you are looking for is called a Personal Loan or Signature Loan. Here's examples: https://www.patelco.org/explore-services/personal-loans-and-lines-of-cr…. Good luck.

    Mar 27, 2019

    Do you know about Care Credit? It's a credit card with no interest during a specific deferment period. Meaning, you can pay off the amount slowly while not being charged interest for a certain period of time. It is specifically for medical costs. https://www.carecredit.com

    Mar 27, 2019

    It can take a month or two for billing to catch up with your insurance. Most doctors and hospitals don't require payment until your insurance has processed the claims. Not sure of your financial situation, but most doctors will set up an interest free payment plan to work with you. Hospitals offer 24 month interest free payment plans as well. You might also qualify for some financial assistance at the hospital if you earn below a certain amount. Contact the hospital's financial services department and see what they can work out. Good luck.

    Mar 27, 2019

    Try HFLA, the Hebrew Free Loan Association. They were wonderful help for me during the Oakland Hills Firestorm in 1991 and then again a few years ago when I needed a loan for the same reason, medical expenses for my son.

    We also looked into borrowing against retirement funds.

    Hope you find something that helps.

    Mar 27, 2019

    Seems like the standard thing lately to deal with medical expenses is to set up a gofundme account and ask friends to help. You may want to try contacting the providers involved and ask for a payment plan. 

    Mar 28, 2019

    The simplest thing to do would be to apply for an amount equal to what you need for your son, plus the total of six months worth of payments. Then use the loan proceeds to make the payments until you can start making them yourself.

    I would advise going to a credit union, such as Patelco Credit Union here in Berkeley, which will have the best rates and where they are used to giving unsecured personal loans. As long as your credit rating is good, you should have no problem getting a loan.

    Mar 28, 2019