So, I'm thinking (it's not definite) that I'll take out a personal loan soon. I'm going to college soon and I don't think I'll have enough money to get by in the next 5 months. I also have to pay the enrollment fee, have money to get up there (it's +2 hours away from where I live), and clear up my place so I can rent it out. I have no idea how much that last part will cost, but I'm sure it's a LOT. I've been practically living on ramen for the past few months because I make $230 a week ($80 from my job, $150 from the renter next door) and when my mom died a year ago she still owed a lot of money to people ie mortgage co, electric co, etc.
I'm sure this will all change when I get to college, because if all goes as planned I'd be getting $1100 a month from renters, and I'd have $400 leftover each month, rather than losing $200 each month, because the only bill (other than my college bill) I'd have to pay is the mortgage and this potential loan. I could use that towards gas and house repairs, too.
So, I've just convinced myself that I really should do this. But, how much would the next 5-6 months cost? Should I ask for a really high amount so I could pay back in high amounts to keep my credit safe? How do I ask them not to charge me for a year or so? And lastly (I think), when should I stop using that money and start paying back? As in, how much actual income should I have saved up?
Added (1). Btw I'm almost 19 years old and have a credit score of 690-710. I plan on using this only to help with what I need to live and also to stay on track with my future. Better to try now before I start not being able to pay anything and get bad credit.
Read more: How much should I take out on a loan?
