HACKER Q&A
📣 mike503

Have access to an EIDL loan, what should I do with it?


I finally got [pre?]approved for the EIDL program - I originally applied nearly 2 months ago, more interested in the "free" grant portion of it, which was immediately exhausted and I haven't seen a peep about it since.

Anyway, I am approved for $18k at 3.5% for 30 years ($88/month payment) with first payment due after the first 12 months (it looks like the first year nothing is due.)

I'm curious what ideas people would have for how I could use this? I am just a freelancer with a day job, so I don't need a loan to survive, but if there was something worthwhile that I should be looking into, I am all ears. Using it to bootstrap a new business, or purchase an existing business/idea, etc?


  👤 codingdave Accepted Answer ✓
Honestly, why take the loan if you don't need it and don't know what to do with it. Even at 3.5%, you'd pay an extra $11,000 over the course of the loan. (Less if you pay it off early.)

But unless you have a compelling reason to take on debt... why would you?