Is it okay to get a small loan for your first apartment payment?
Question by : Is it okay to get a small loan for your first apartment payment?
Okay I’m trying to move into my first apartment with a roommate. The place we want, wants for the two months payment up front. I waz wondering would it be a dumb idea to take out a small loan to make that first payment.
Best answer:
Answer by Judith
I think that it is always a mistake to take out a loan unless it’s for a house or car. And I think taking out a loan when you will be sharing an apartment with a roommate is a very big mistake. Unless you and the person you are sharing the apartment together with is a very, very good friend. you need to consider that living with someone for a year is a long time and I’ve known too many roommates who turned out not to get along and one leaves the other holding the apartment alone.
Save your money and only then move. Don’t do credit cards. Live within your means and save at least 10% of your take-home pay. I have always had debts until about two or three years ago and, at age 65, am finally debt-free. Because I always had credit cards and loans I was never able to save money and I have nothing to show for all the years I worked. Do not make the same mistake.
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I would not move out unless you have a full 6 months worth of living expenses in a savings or a cd.
You never know when you could lose a job, have medical expenses not covered by insurance, or have major car repairs.
You could easily find yourself in a financial mess by making a loan for this.
Also, a personal loan will be extremely hard to get without extablished credit, long standing employment with sufficient capability to pay back. In most cases, you will need collateral.
Stay home, and build up your savings, or you will live a very rough life.
Ask anyone who does not have this emergency fund put away..