G’day! I am a new arrival- been here only 11 months. I was in a bit of a financial predicament recently, so I borrowed 4.5 grand from a finance company at 3.95% per month, which comes to ~$350 in interest every month. On top of that, my stupidity outdid itself and I signed up to another secured loan which is going to “repair my credit by up to 100 point in the next few months”, for which I’ll be paying $101 a month. I don’t get a penny on the secured loan, which has a 30 month term. They’ll pay me $1560 at the end of the term.

I have begun to realize that I have got myself into a pretty fucking bad deal. The loan came through two days ago, and The first bill (~$450) is due on the 10th of this month. I haven’t touched the money that has been deposited into my account. I was told that there was no penalty on early payment of $4.5K. Not sure about the other “credit building” loan.

Is it possible to cancel both loans before the 10th without it incurring any financial damage or a hit on my already nonexistent credit (at 599- recently got a secured credit card to kickstart my credit history)? Help please!