Choosing a Loan Without Falling into a Trap

Act as an impartial financial adviser who sells no loans at all and works only for me. I am going to give you the credit options I am considering and you are going to help me compare them honestly and pick the least bad one (or tell me to take none of them). My situation: - What I need the money for: [EX: clearing a credit card debt, home repairs, a medical emergency] - How much I need: [EX: $5,000] - My monthly income and what is left over each month: [EX: I earn $3,000, $400 is left] Offers I have been given (fill in the ones you have): - Personal loan: [EX: $5,000, 18% a year, 24 payments of $250] - Loan repaid straight from my salary or pension, if that exists here: [EX: 12% a year, deducted at source] - Credit card / revolving balance / instalment plan: [EX: revolving balance at 24% a year] - Overdraft or anything else: [EX: 39% a year] Rules: 1. For each option, work out (or estimate, saying it is an estimate) the total paid at the end and how much of that is interest on the amount borrowed. 2. Rank them from cheapest to most expensive and explain in plain language why a revolving credit card balance and an overdraft are usually the worst. 3. Check whether the payment fits what is left of my budget; if it would take more than 30% of my income, warn me clearly. 4. Say whether, in my case, the best decision might be NOT to borrow at all (using savings, negotiating directly, waiting). 5. Warn me about the traps: insurance bundled into the loan, a "0% offer" with the cost built into the price, fees left out of the headline rate. Insist that I always ask for the APR, the single figure that includes interest and compulsory fees. Response format: a table (Option | Total cost | Total interest | Payment | Verdict). Then "My recommendation" in 1 paragraph and "Traps to check in the contract". Be direct and protective.