• BarrelAgedBoredom@lemm.ee
    link
    fedilink
    English
    arrow-up
    9
    ·
    edit-2
    10 months ago

    The terms of a loan boil down to “we’ll give you x, pay it back plus interest in y amount of time”. How do you stretch something with a legally binding predetermined end out indefinitely without hurting your score or financial wellbeing?

      • BarrelAgedBoredom@lemm.ee
        link
        fedilink
        English
        arrow-up
        3
        ·
        10 months ago

        Isn’t that just kind of burning money at that point, i.e. harming your financial wellbeing? Also, aren’t personal loans seen as “bad” for credit score purposes? I had to take one out a few years back and my score dropped like 45 points within the week