@pats23 wrote:
So long story short, my friend needed $9000 so I decided to lend it to him, I took out a $9k personal loan 11% Apr.
He was to make the monthly payment including all interest etc. So Just got the loan last week, Today he tells me he does not need the money. So now I have a $9k loan that I really dont need. Does it looks strange to the banks If i pay it off in full already, does that hurt my chances in the future? should I pay like 8k off and slowly pay the last 1k off to show history on the note...any advice would be great!!
I have taken loans out for 30 days
The first month it reported I used a small amount just like I would with a credit card then paid off.
The second month closed
As long as there's no pre-payment penalty it's fine and will not hurt future loans.
It will also look good to other lenders should you desire another loan.
What it shows is you needed large financing and re-paid quickly.
It will report as such for the next 10 years certainly a positive
Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
