My wife and I fell into a financial hardship... we would like to take out a loan, however we don't have good credit. Is there any legit loan that my wife and I can take out to pay our debt? Please, no scams... I've been surfing the web for 4 days and that is all I come across. Any help will be appreciated, Thanks in advance.
In addition- NO B.S answers I'm only interested in helpful advice!!
D397
Favorite Answer
I understand why everyone tells you "not to pay debt by getting further into debt" but I have family members in your same situation. I do not really know where you can get a decent loan other than maybe a credit union or bank; but I do have a few alternatives for you. What I think the best options are:
A: cut down on all expenses possible
B: What is the credit score? Do you have credit cards? Are you able to raise your credit limits?
C: Can you possibly open ONE credit card, and will that cover your expenses?
D: Is it possible to contact the "companies" you owe debt to and try to get your payments lowered?
E: Can you transfer a balances to avoid high payment fees?
F: Can you sell a car if you have 2? Maybe get a roomate for a few months? Any valuables you can do without?
Anonymous
I'm confident that you must find every financial solution at: financial-care.info-
RE Legitimate loan for someone w/ bad credit?
My wife and I fell into a financial hardship... we would like to take out a loan, however we don't have good credit. Is there any legit loan that my wife and I can take out to pay our debt? Please, no scams... I've been surfing the web for 4 days and that is all I come across. Any help will be appreciated, Thanks in advance.
In addition- NO B.S answers I'm only interested in helpful advice!!
Genuine Guidance
No
And, secondly, you do not take out more debt to pay debt. That's called robbing Paul to pay Peter. If you cannot pay the debt you have, how on earth are you going to pay some new loan that consolidates all that debt? Yeah, Yeah, I know, the payment will be lower blah blah.. but you know what? 9 times out of 10 something else will happen that will muck up your plans to pay on this new debt, and if the old debt is credit cards, the chances that you close those cards after getting a new loan to pay them is pretty close to zippo and when times get rough, you will go and run those cards right back up.
The reason you are finding only scams on the net is because loans for those who have not handled credit well in the past do NOT exist with legitimate lenders. They aren't in the business of taking a risk on those who do not pay their bills.
What you and wife need to do is increase your income instead of looking for a loan. Get 2nd or 3rd jobs and put that income entirely towards this debt you want to get a loan for. If this debt is more than what you two earn in a year, you might want to talk to a bankruptcy attorney and see what your options are. If this is credit card debt only, contact a local chapter of http://www.nfcc.org. They can help you get on a payment plan that will cut the interest or stop it altogether and have your debt paid off in a reasonable amount of time. Don't bother with credit repair companies or debt consolidation companies. They WILL rip you off.
Anonymous
im sorry but if your credit is bad and you have failed or missed payments and default's on your credit report banks and credit unions will turn you down or they will want the loan secured to your home or cars or savings
even with any of the above you still might not get approved depending on the bank or credit union and if they do approve you they will or might also want you and your wife also close all of your accounts that your paying off so you don't get into debit again
and if do put up a savings account car or house of the value of this loan do not mess around they will take it as soon as you go into default
MavistheMaven
If you have income, such as from a job, you might be able to get a loan from a credit union. Check for credit unions in your area. You may need to fit certain criteria to join, such as working for a certain employer or just living in a certain area. Go in and ask them about opening an account and whether they might be able to make a loan to someone in your situation. They'll at least talk with you about different loan options, and even if they can't help, they may be able to refer you somewhere.
If you have anything of value, you may be able to get a secured loan somewhere. Another option would be using a pawn shop.