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Some of these tool vendors make most of their money with predatory loans pushed by tools. Gotta be the young guy with a large, high interest loan for your Snap-

• prepend 3y ago
  Note the person in that article is completely off on their math. They have a 19% line of credit and seem new to understanding how interest and principal work. (The article person thinks it’s 19%/month and is shocked that they are paying more than the principal in interest). The loan described here sucks but seems similar to buying everything on a credit card and as a new tradesperson 19% is probably as good a loan as you’ll get without a credit history.
  • simfree 3y ago
    Most credit unions will give you better terms than 19% interest on a personal loan as a teenager if you have not seriously damaged your credit profile already. These tool loans certainly aren't going out to people that have already rolled the bus on a Capital One $300 credit line credit card.
    • prepend 3y ago
      My credit union will for my kids because I’m a member. But if I’m a new person with no history, they’ll give me a lower interest rate, but only for like $500-1000, so probably not enough to get tools. Certainly a good idea to shop around but it’s hard to get a $5000 loan with no credit and no collateral. What I found odd is that I rarely see these tools for sale used. I expect they’d be valuable, but I guess they just get bought up before hitting eBay or Craigslist.