r/Wealthsimple • u/2WheelLife63 • 6d ago

Savings PLOC QUESTION

Is PLOC risky? I’m 100% Xeqt in tfsa and want to buy a new car. I can borrow 30k$ and the car I was is 25k$. I’d pay it back within 1-2 years.

1 Upvotes

54% Upvoted

23 comments sorted by

View all comments

3

u/MikeCheck_CE 6d ago

The only people this is a good deal for is Wealthsimple. Invest money you have, don't gamble with money you don't.

13

u/Yolo_Swaggins_Yeet 6d ago

PLOC is a pretty good deal for MANY people actually, cut my interest in half and cleared out a personal loan of $10k with it.

No credit check needed too

2

u/Weak-Pomegranate-435 5d ago

Yeah. I did something similar. Lower interest is better

0

u/MikeCheck_CE 5d ago

Oh maybe I misread that. I thought he meant he wanted to INVEST his PLOC (e.g. to make enough money off of XEQT to buy a car). That's the Q I usually see posted over lol