Please spare me the harsh judgement, but if you have a personal loan, is it possible to be approved for a second loan either at the same institution, or at another one?
If you want my situation, keep reading:
Long story short, I was a bad kid, racked up debt. I have gone 180 by getting a 6k loan for a car. Im now at the cusp of no debt, but i damaged the car bad. The car is my only means of survival. I figured the payment on the loan is so low i barely feel it. In fact i could take a second one for more, fix car, and probably with the rest knock off the last card or take a chunk out of the first loan. Does this seem like a reasonable plan? My only alternative is to jack the car repair on a card again, or borrow from the little savings and sell the car which is not worth much in its state
personal unsecured loans usually carry insanely high interest rates. id lean on your emergency fund and sell the car. buy a beater and start over