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About getting a collateral loan...?
Ok, so my husband and I need money. We have a debt to pay off to our old bank. Our account was closed because of an overdraft we were unaware of. Our debt with the bank is about $70. The other reason we need money is because my husband's car needs some work done. About $1,000 worth of work.
My husband currently has a job. Business is finally starting to pick up again, so soon he'll be making a few hundred dollars a week. I will soon begin working as well, so soon we'll have two incomes.
I was wondering, would we be able to go to another bank and ask for a collateral loan on his car to pay off these debts?
If we could wait a month or two until I start working, we wouldn't have to worry about getting a loan... but I think the car's going to explode if we don't get it fixed now. We've aleady been driving it in this condition for a couple weeks, and it just keeps losing power. If the car dies, then we're totally screwed because we won't be able to get to work to make money.
2 Answers
- PooPooLaTrashLv 71 decade agoFavorite Answer
It depends on your credit score. If you have a score of 720 or over, you probably won't have trouble getting a loan from a bank or credit union that doesn't use ChexSystems (your old bank probably reported the overdraft to them or to TeleCheck).
If you have a poor credit score, personal loans, whether secured or unsecured, are very difficult to get...those with reasonable APRs anyway. If no bank or credit union will loan to you, try a finance company. But stay away from lenders with those super high APRs. You will wind up paying back thousands (and in some cases, tens of thousands) more than you originally borrowed. And definitely don't respond to the Nigerian 419 scammers who are going to see "loan" in your question title and post offers of wonderful loans that are too good to be true. All they are interested in is divesting you of your money without giving anything in return.
