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My spouse and I applied for an LOC recently, mainly due to the fact that we just got a vehicle for the first time in a few years and are worried about having a situation where we need to do major repairs and not having the money. So we applied for an LOC. We were going to ask for a limit of $3000.
The bank approved us for $40,000. Our take-home pay is roughly $50,000/year.
In the past this may have excited me but now it quite frankly disgusts me. It would take us decades to pay it back if we maxed it out. People less cognizant of their financial situation probably would, too. It feels predatory.
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- 3 years ago
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