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parolee needs loan? advice please!?

ok, my uncle got out of prison about a year ago. he was doing great! he has a job and an apartment. unfortunately my grandmother stole his credit card information and took some of his money so when it came time to pay bills he was screwed, and he will be for a while. he refused to take her to court becuase he said that he wouldn't get his money anyway, and she promised to pay him back, yea ill believe it when i see it.

so now he is trying to get a loan to consolidate all of his bills together but the banks wont give it to him because he has to co-signer and no collateral. does anyone know of something he could do? if not he is going to be eating ramen noodles for the rest of the month, and not alot of them one package a day for a month! i feels so bad for him i figured id ask and see what yall thought.

thanks for the help!

3 Answers

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  • 1 decade ago
    Favorite Answer

    Good for him for getting his life back on track.

    I am not sure what area you are in so I cannot give specifics, but I work with non-profits and there are a LOT of non-profits around (search for non-profits in your area) that many people do not know about yet that do and help people in very specific things and ways. I'm sure there are non-profits right around your area that can help your uncle out with a variety of things, from free tax and legal preparation to food banks (please realize food banks do not exist only for homeless - many military members who support families and other down-and-out people make use of them. These organizations are here for YOU). May I also suggest substituting rice and beans for the ramen - it's much healthier for you, very cheap, and combined they contain all 12 of the essential amino acids needed for maintaining a healthy body.

    Finally: Loans. I am very sorry that this news is not the best, but with what sounds like a poor credit record, particularly considering his prison time, he does not have many options. He can either find a co-signer, which you already know about, or look for a higher-interest loan.

    Before you read further, I want to stress that I do not advise this unless your uncle is about to come into some money or a higher paying job, and only needs to make do for a couple of months.

    There are many loans available (search for "bad credit loans") out there that you can use as a last resort. These companies will give out $1000-$5000 loans without even looking at your credit record. The catch? Your payments will amount to a much higher number than that - where you received $1000-$5000, you will be paying the bank or loan company $1500-$8000 back, depending on the terms of your agreement. So many people go into these agreements without thinking father ahead than a month or two, and it can put you MORE in debt than you are now.

    If there is any way he can make his money stretch until he gets back onto his feet, or borrow from a family member or a friend, or seek out a non-profit organization designed to assist people in times of need, any of these would be a much, much better idea than getting a high-interest loan for a temporary situation.

  • Anonymous
    1 decade ago

    Ramen noodles are on sale right now!

    Your uncle is pretty much screwed thanks to the wonderful theiving grandmother.

    Someone needs to put dear old granny in check!

  • 1 decade ago

    Why don't you buy him a case of noodles?

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