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Your own plan is sketchy! Why borrow money at 12% or more and deposit into an account that pays less than 1/2% interest? You'd do better by using what money you have to pay your bills and put anything left over into savings. That $450/$70 loan sounds like a payday loan or some high interest loan arrangement. Yes, your payments will be higher because of the high interest rate you'll get. Since they don't do credit checks, that makes it a very risky loan for the lender. They have to compensate for that risk by charging high interest rates - like any other lender would do based upon the credit score of the lender.
Take a look at what you are spending you money on. If you are dining out a lot, eat in. If you are eating steaks, switch to hamburger. If you are drinking wine, switch to beer. If you are drinking beer, switch to water. You get the idea. Cut needless expenses until you can get your finances in order.
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