Is a $9,000 loan actually worth it?

Here’s my situation: a few years back, my mom was diagnosed with breast cancer. The whole treatment process was grueling, long, and incredibly expensive.
To cover her medical bills and our basic living expenses, I had to take out two loans (we traveled to Germany for her care, which, thank God, meant she survived, but the financial fallout absolutely wrecked us).
I’ve since landed a decent job with a steady salary, but these debts are constantly hanging over my head.
A "friend" kept promising to help me out, but once her real estate deal fell through, she completely vanished—leaving me with nothing but broken promises.

My goal is to consolidate everything—one loan, credit card balances, etc.—which would require $20000. I plan to pay this back over five years at a 4% annual interest rate, totaling $24000 by the end of the term. My plan is to make monthly payments to a private lender $333 under a contract notarized by a public notary (notarization costs would be on me).

I’m 32, an economics graduate, and I'm not looking for a handout. If anyone here is interested in helping under these terms, or if you know someone who might be, please let me know.

Any advice or perspective is appreciated.

Hannah Lopez94 said:Here’s my situation: a few years back, my mom was diagnosed with breast cancer. The whole treatment process was grueling, long, and incredibly expensive.
To cover her medical bills and our basic living expenses, I had to take out two loans (we traveled to Germany for her care, which, thank God, meant she survived, but the financial fallout absolutely wrecked us).
I’ve since landed a decent job with a steady salary, but these debts are constantly hanging over my head.
A "friend" kept promising to help me out, but once her real estate deal fell through, she completely vanished—leaving me with nothing but broken promises.

My goal is to consolidate everything—one loan, credit card balances, etc.—which would require $20000. I plan to pay this back over five years at a 4% annual interest rate, totaling $24000 by the end of the term. My plan is to make monthly payments to a private lender $333 under a contract notarized by a public notary (notarization costs would be on me).

I’m 32, an economics graduate, and I'm not looking for a handout. If anyone here is interested in helping under these terms, or if you know someone who might be, please let me know.

Any advice or perspective is appreciated.

So you'd just be paying back the principal over five years. How much were you planning on paying in $4000 interest?

Doesn't it seem a bit unrealistic to expect someone to lend you money at a 4% interest rate when you can get nearly that much from a risk-free savings account at Chase😕

Noah Reed90 said:So you'd just be paying back the principal over five years. How much were you planning on paying in $4000 interest?

At the end of every year, I’d include the interest—an extra $2,500.

Charles Ramos7 said:Doesn't it seem a bit unrealistic to expect someone to lend you money at a 4% interest rate when you can get nearly that much from a risk-free savings account at Chase😕

I don't think there's much risk involved since I'll be signing everything with a notary. Maybe it's unrealistic, but I'd like to believe there are still decent people out there.

In my estimation, you can only expect to secure a loan under such specific terms from immediate family or your most intimate circle of friends. Personally, I maintain my savings in a high-yield account at Chase earning about 4.5% interest, pegged to the dollar, which grants me the absolute freedom to withdraw funds whenever the whim strikes me—and frankly, since it isn't a massive fortune, I’ve managed to snag some rather favorable terms. Furthermore, one must consider the inherent risk involved; what happens if you simply vanish, or if death takes you, or if you find yourself completely incapacitated? At that point, no legal contract or signed document becomes worth the paper it's printed on—if there are no assets left to seize, then nothing can be recovered. You would be far better served by approaching those close to you who have known your character for years and therefore hold genuine trust in you.

analogseal18 said:In my estimation, you can only expect to secure a loan under such specific terms from immediate family or your most intimate circle of friends. Personally, I maintain my savings in a high-yield account at Chase earning about 4.5% interest, pegged to the dollar, which grants me the absolute freedom to withdraw funds whenever the whim strikes me—and frankly, since it isn't a massive fortune, I’ve managed to snag some rather favorable terms. Furthermore, one must consider the inherent risk involved; what happens if you simply vanish, or if death takes you, or if you find yourself completely incapacitated? At that point, no legal contract or signed document becomes worth the paper it's printed on—if there are no assets left to seize, then nothing can be recovered. You would be far better served by approaching those close to you who have known your character for years and therefore hold genuine trust in you.

Unfortunately, none of my inner circle has that kind of cash, which is why I'm stuck trying this route😢. And if things weren't this desperate, I wouldn't even be considering it
. Life just backed me into a corner here. If I actually had decent credit, I'd just walk into a bank, grab a loan for that amount, and pay back roughly what I'm offering here... but unfortunately, my credit score won't allow it.