You need to fix your roof, because it is leaking water and causing damage to your house. You have a fair credit score and a car you rarely drive. The roof repair costs $ 1 , 500 $1,500dollar sign, 1, comma, 500, and you can pay it off in 12 1212 months. Which loan would be the best choice?
A a mortgage (Choice B) a title loan B a title loan (Choice C) a peer-to-peer loan C a peer-to-peer loan
3 answers
Based on the given information, a peer-to-peer loan would be the best choice. With a fair credit score, it may be difficult to obtain a mortgage loan. A title loan would require using your car as collateral, which may not be necessary or beneficial in this situation. However, a peer-to-peer loan can be a suitable option as it allows individuals to borrow from other individuals or groups, often at competitive interest rates. This would allow you to secure the funds needed to fix your roof without the need for collateral.
Pick one option
Based on the given information, the best loan choice would be a peer-to-peer loan (Option C). Peer-to-peer loans typically have competitive interest rates, flexible repayment terms, and consider alternative factors beyond credit history, which can be beneficial for someone with a fair credit score. It would allow you to secure the necessary funds for your roof repair without putting your car at risk or going through the complexities and costs associated with a mortgage loan.