@Anonymous wrote:
i dont know anything about the SSL thing ill have to read up on it.. i dont want to get into something we cant pay
The first three posts of the SSL thread contain the important details. After that, I'd read the last few pages to see what's going on currently, and use that topic to ask any questions that you might have.
The summarized version is that you pay $10 to join Alliant Credit Union, open a $500 savings account, and use the savings account to back a five-year $500 loan. At that point, Alliant lends you $500, and you can put the money back where it came from. Then you use the savings account to make two payments to bring your balance down to $44. The thread will tell you how and when to make those payments. Part of it involves canceling auto-pay between those payments. After that, you spend the rest of the five years paying off the $44. I think the suggestion is to make a small payment every six months to keep the savings account and loan active, but I can't be sure of that.
The part that you'd have to "afford" is to be able part with $500 for maybe a couple of weeks while everything's being set up. Otherwise, you're permanently parting with $10 to join the credit union and about $9 in interest. You'd be paying off $44 over the course of five years.
As a bonus, I hear that this is a very nice savings account with decent interest. You might want to use it for that purpose in addition to using it to fund your BF's loan.
