I'm fortunate enough to have good credit and I qualify for a decent apr for a personal loan.

It would help give me breathing room for some time and help me make a career change. Are there any obvious traps to look out for?

Edit - Thanks for the advice, everyone! I'm not planning on taking out a loan anytime soon. I'm just under stress and hate my job. I just wanted to know if getting a loan would be a viable option to buy some time/recharge for a little bit without immediate bills on my ass.

  • RonaldMcReagan [he/him]
    ·
    2 years ago

    This is not legal advise, just obvious things, but still worth mentioning.

    Always check terms for:

    • what methods the lender can use to calculate an increase in interest rate.
    • when the lender can exercise the right to increase.
    • how and when the lender is required to serve notice of those increases and when are you deemed to have 'received' notice.
    • penalty provisions for defaulting.
    • rights reserved for you and the lender to terminate the loan agreement.
    • consequences of termination.

    I guess basically just plan for the worst case scenario and consider if you could absorb the cost of default/termination.