- April 9, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Partner’s Unilateral Financial Decision
My partner made a decision without consulting me that I am greatly concerned about. She took out a loan for $4000, along with an unnecessary protection program, with a 48-month term totaling about $10,000 in repayment. Her intention was to improve her credit and achieve financial independence, but I am worried about the implications of this substantial financial commitment.
## Seeking a Solution
I am seeking advice on how to address this situation. Is there a possibility of cancelling the loan, or negotiating more favorable terms? Alternatively, I am willing to provide her with the $4000 she needs, as she has borrowed money from me in the past and repaid it in full.
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AI Legalese Decoder can assist by analyzing the terms of the loan agreement and identifying possible cancellation clauses or options for negotiation. It can help provide a clearer understanding of the legal language and implications involved in this financial decision. By utilizing AI Legalese Decoder, we can navigate through the complexities of the situation and make informed decisions on how to proceed with resolving this issue.
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Doubling the original content:
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****** just grabbed a
I think you have 14 days to cancel the loan without penalty, from looking at their site. Just reach out to the branch that issued the loan.
Might be easier to find a new partner.
My cousin did this too, he took 5000 out and paid me the money he owed me and some cc bills. I told him, I would have rather given him that loan to pay his cc bills since I know he pays me back. Sometimes I don’t understand why people get attracted to these heavy-interest loans. What I saw was he could pay it off early to avoid heavy interest so he probably lost interest for 2 to 3 months and some fees.
$4000 to $10,000? 😳😳😳
What does the paperwork she signed say about cancelation or early repayment?
Ill give you 4k give me back 8k
You can pay it off early and only the interest that accrued during the active period is payable. If you caught this early, you are only paying for the months the loan is active.
You give me $6000 and in exchange I give you one CreDiT ScOrE. Hopefully your partner can find the paperwork and find a solution, but this isn’t great in a relationship that should be built on trust.
Just pay it off. Shell pay some fees but none of that interest.
“Financially independent” – pays 6k to get 4K
That’s insane.. I’m sure there are much better ways to build credit, like paying your phone bills on time and getting a secure credit card. The interest she’s paying on that is worse than a loanshark
You can build credit using a balance transfer for 1% fee promo….
Jesus that’s like 40% interest. Tell her to call them up and cancel it.
If you can’t cancel then pay it off some other way. Hell, take a cash advance at 21% or whatever from a credit card.
If she wants to build a credit rating, tell her to do it a normal way? Many cards offer 1% balance transfers over 12 months, like MBNA.
I used to work there (7+ years ago now), but iirc there is no cancellation on the loan itself. However as it’s an open term loan there’s no penalty on paying it off in full at any time.
She may incur some fees and per diem interest.
Also check the contract to see if there’s any other “packages” upsold within it. We used to offer a Home and Auto package (similar to CAA) and the value of that package was rolled into the loan, which would then either need to be cancelled with the other merchant or paid. That’s above and beyond the $4000 she got in cash.
Good luck, get your partner a financial literacy course and a prepaid (secured) credit card with a reputable bank or lender to build up her credit.
I’ll gladly pay you tomorrow for a hamburger today.
Your partner might have caught the “girl math” virus when agreeing to the loan. 🤦🏽