Do banks give small loans on things besides cars?

[cpals]

We're currently in a home that's on a well and were just notified by our City that pretty soon we will be getting water run to our area. Downside is that it's going to cost either $4,800 upfront if we pay all at once or $9,100 if we add it to our annual taxes for 10 years.

We certainly don't have the cash laying around so was wondering if banks typically would borrow for something like this.

Edit:
What about doing a credit card balance transfer? One one of my cards I have an offer for 2.99% until 12/2010. It would at least get me paid off and then I should be able to pay it off in 17 months or so.

Thanks.

 

[DeviousTrap]

You can get a personal loan, depending on your credit history. But, since personal loans are unsecured loans (there's no property they can repo, should you fail to pay) they will generally have relatively high interest rates.

The other option (and likely better of the two) would be to research equity lines of credit. That assumes that your current mortgage is for an amount that's significantly less than the market value of your house, which may not be in the case with the current housing market.

 

[theflyingpig]

Banks do indeed give out small loans. I purchased a $9000 PSG1 rifle back in the day, and I had to take out a loan. The bank manager eyed me suspiciously when I told him what the money was going to be used for. He asked me why I would need such a rifle. I tossed a picture of some Rawandans on his desk. He picked it up and held the photo at arms length. He nodded satisfactorily, then approved my loan.

 

[cpals]

Originally posted by: DeviousTrap
You can get a personal loan, depending on your credit history. But, since personal loans are unsecured loans (there's no property they can repo, should you fail to pay) they will generally have relatively high interest rates.

The other option (and likely better of the two) would be to research equity lines of credit. That assumes that your current mortgage is for an amount that's significantly less than the market value of your house, which may not be in the case with the current housing market.

Unfortunately, I live in FL and my house is worth about $30k less than what I currently owe on it...

 

[cpals]

What about doing a credit card balance transfer? One one of my cards I have an offer for 2.99% until 12/2010. It would at least get me paid off and then I should be able to pay it off in 17 months or so.

 

[wiredspider]

So what would be the interest rate if you paying over 10 years for a total of $9,100? Will you even be living there for 10years+?

 

[SonnyDaze]

Originally posted by: theflyingpig
Banks do indeed give out small loans. I purchased a $9000 PSG1 rifle back in the day, and I had to take out a loan. The bank manager eyed me suspiciously when I told him what the money was going to be used for. He asked me why I would need such a rifle. I tossed a picture of some Rawandans on his desk. He picked it up and held the photo at arms length. He nodded satisfactorily, then approved my loan.

:laugh: :laugh: :thumbsup:

 

[TurtleCrusher]

Originally posted by: SonnyDaze

Originally posted by: theflyingpig
Banks do indeed give out small loans. I purchased a $9000 PSG1 rifle back in the day, and I had to take out a loan. The bank manager eyed me suspiciously when I told him what the money was going to be used for. He asked me why I would need such a rifle. I tossed a picture of some Rawandans on his desk. He picked it up and held the photo at arms length. He nodded satisfactorily, then approved my loan.

:laugh: :laugh: :thumbsup:

I too laughed, but am guessing that might not be so true..