Quote:
Originally Posted by Top_Prospect
That's not much in this economy.
To the other guy. What's the difference if I went to a Bank?
I have to work my butt off and pay my loan off every month, which is a lot
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How can you not think that's a lot of money? Last year I was making around 42k before taxes. That's probably around 30k after taxes, etc. This wasn't a career for me by any stretch, but it was for a lot of people I worked with. It would take them 10-20 years to earn what your brother lent you in a week.
The difference between a personal loan and a bank loan should be fairly obvious. You have personal obligation to pay your family the money they lent you but it's not like they're going to repossess your car, home, etc. if you miss a couple payments. There's a lot less risk involved for the borrower on a personal loan.