I wish to get a loan from a bank and use my equity on my car. I am now paying 9.99% interest on it and for me to get $3,000 interest will be 19%. Please advise. I really need cash to pay some small bills plus I have a baby on the way.

ANSWER

The BIDaWIZ Team's Answer:

I do not advise your proposed course of action. A 19% interest rate is usury;

especially given the fact that a maternity leave is pending. I suggest that you refrain

from securing any additional debt, until after the baby is born, and you resume employment;

even then, an interest rate, of 19%, should not be accepted.