Dawn L asked:
I dont want a payday loan, but need a personal loan and have bad credit. I am actually planning on taking the money and paying off my 3 current credit cards (total is $2k) and rebuilding my credit that way. Any suggestions? And please dont say prosper cause all that did was make me keep requesting and noone ever assisted.
I dont want a payday loan, but need a personal loan and have bad credit. I am actually planning on taking the money and paying off my 3 current credit cards (total is $2k) and rebuilding my credit that way. Any suggestions? And please dont say prosper cause all that did was make me keep requesting and noone ever assisted.
Tags: Credit Cards, Current Cards, Personal Loan For People With Bad Credit, Rebuilding Credit
May 25th, 2008 at 9:20 am
I really wish there was an option for you. However, it is going to be next to impossible for you to find a financial institution that will give you a personal loan if your credit is less than good.
Since your debt amount is reasonably small maybe a temporary second job would be the answer…it would not take long to pay off 2k.
May 27th, 2008 at 7:11 am
You can get a personal loan from your bank up to $5k depending on the following factors:
1) Yearly income
2) How long you’ve been employed by your current employer
3) How long you’ve lived at your current address
Try a few different banks b/c some may deny you whereas others won’t. If no bank will grant you the loan, try to get a personal loan from your friends or family. Pay them the market value of that loan (5-6% interest) and enter into a written contract with them on payment plans and a due date.
I’ve done this with my parents when I went into credit card debt. I had a due date, a monthly minimum, and an interest rate greater than that of the CD they took the money from (about 6%). It was all in writing in case I failed to fullfill my obligation so it would stand up in small claims court.
The point is to create a win-win. You want the money at a low interest rate, but you need to give incentive for them to loan you money. And security in that you’ll pay them back.
May 28th, 2008 at 6:20 am
There are institutions who specialized in providing loans for people with bad credit:
Check this site:
May 28th, 2008 at 1:43 pm
Anybody can have a bad credit record. Mistakes do happen. But what we should do is not to repeat the mistakes.
Follow the same advice when it comes to loans. If you have a bad credit history, then go for a bad credit loan. It is a feasible loan option to let you fulfill your financial goals. A bad credit history can include arrears, defaults, bankruptcies, County Court Judgments etc.
Usually, adverse credit loans are given as …..