Mome reads Mommy, My daughter's way to spell it when she was younger... It stuck. My son calls me Mome... just like it looks. I now sign all my notes to them "Love, Mome". It's our inside secret and makes them smile. I always want them to smile.

Thursday, October 2, 2008

Personal Loan vs. Car Loan

With all the work we need done with the house (more pics to come on that) we were trying to determine where to get the money. I'd love to say we just had some extra laying around, but no, we don't. We thought about a loan from our credit union, or borrowing from the in-laws, and hubby even mentioned a Payday Loan , which I think was a joke, because were not talking about a couple hundred here, were talking thousands, and if we don't have it today, we aren't going to have it on payday either.
It got me thinking about obtaining a loan online and why I think it would be a good or bad idea. My first thought is that with the way the economy is, why anyone would still want to be in the "lending" business is beyond me, but I guess they know more about it than I. As far as a Personal Loan goes, for some reason my gut instinct tells me I wouldn't do it online, but I can't come up with a good reason why, other than it just doesn't feel right. Then I thought, what if I needed a Car Loan? Surely that would be okay. I do everything else online, banking, shopping, stuff for the kid's school, bought my car insurance, so why not a car loan? So I did a little more research and here's the little I found out, without actually completing an application. You can obtain almost any kind of loan online, and with, you simply give your info (which includes social security #, and that always freaks me out to give online, but I've done it for credit card apps.) and they submit your info to different lenders to come up with the best quote for your situation. The individual lenders than contact you directly. The problem I have with letting the lenders contact you is, are they all going to contact me? (Lord knows I get enough phone and e-mail solicitations as it is, so this would not make me happy) or do only the "best offer" lenders get your info? In that case, it may be worth visiting one site and having the lenders call you rather than having to make calls and visits to banks to get the best rate.
Just my thoughts and ramblings. Have you received a loan from an online source? Was it beneficial and time saving? I need to know.

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