I need to know if there's a place to get a low interest rate loan when you have bad credit?

Question

My credit is bad and I'm trying to find a company that will loan me money to fix my credit so that I can buy a home oneday.

Answer 1

it is a good idea to get a consolidation loan if you can but you won't get a low interest rate

Answer 2

It's a tough situation. Basically, you saying that you aren't in a good position to repay a loan (bad credit history) but you're looking for someone dumb enough to lend me money instead of somebody else with good credit.

For me, I built my credit first with a retail card, like a department store. I bought some stuff, then paid it off in full. That history told the credit reporting agencies that I could repay a debt, which made the credit cards have lower interest rates.

But if you've already got a bunch of cards that you can't afford, it's a bad situation. You borrowed money that you can't pay back. They best thing to do is see a credit counselor, and plan a real budget and stick to it.

Answer 3

It sounds like you are earnestly trying to do something about your situation and I admire that. It sometimes takes much effort to get to where you want to be and sometimes you can't do it by yourself. Unfortunately because your credit is a bit on the low side, you aren't going to find any lender that will be willing to part with their money for a low interest rate because your history says that you are a high risk. But it does seem that you are ready to make payments on your debt but just don't know how to go about it. In my opinion it may be time to contact a financial counselor at a debt management company. Debt management is sometimes the only way that you will be able to show your creditors that you are trying to turn a new leaf. I admit that I am currently on a debt management program, and it has helped me tremendously. Here's the basics on how they work:

1) You have lots of high interest debt. Perhaps you fell behind on some credit cards or private loans, and the late fees and high interest rates are making it very difficult for you to make any progress. So what can you do?
2) You call a credit couneling company. I can't speak for all companies, but at the one I worked for we were trained to counsel the clients. To show care and compassion because they were in some difficult situations. This is sometimes all someone needs. Someone to just listen to, but if the counselor finds that a debt consolidation WILL help, then they will walk you step by step through the program.
3) Okay so you qualify now what? You enroll your high interest debt into the program and the company will begin contacting your creditors to negotiate lower interest rates on most of your accounts. This is a tremendous help because interest consumes most of your monthly payment anyways. Another important thing that you have to remember is that the creditors also CLOSE your accounts. This is to further help you along in paying off your debts.
4) You stay in contact with your consolidation company and creditors. But you only make ONE payment to the consolidation company, who in turn forward it to your creditors.
5) Sit back and watch your debt slowly disappear!

In case you are interested in contacting a counselor, make sure you look for these things in a company:

1) A company who is genuinely trying to help consumers. A company who is looking for the consumer's best interests will not only counsel you, but they may take you through a budget, analyze your situation, provide free financial material, etc. In other words they don't just try to enroll you. You should never feel pressured.
2) A company who is non-profit, certified, and has a good track record with the BBB. A company who is non-profit may ask for a donation but it is purely voluntary. All your payments should go to your creditors. Also there are regulation agencies in place to weed out the "shady" companies, so you should make sure they are certified and a responsible member of the BBB.
3) A company that answers all your questions. You probably have lots of questions, but a caring counselor will walk you through step by step, and explain thoroughly every step of the process.

So if you are interested in the company I worked for, it is http://www.incharge.org . If you are interested in the company I have an account with, it is http://www.careonecredit.org/ . Both of these companies are registered with the BBB and have outstanding reputations.

There are plenty out there though, so you should find the one that best suits your needs. I hope that you get to where you want to be and don't ever give up! Patience will heal your credit. There is no quick answer. Good Luck!

Answer 4

If you have a checking account at a bank, you may want to try them, otherwise you may have to get an unsecure credit card. Typically banks you have an account with tend to help out more.

Otherwise, there is no way to get low interest rate loan. It will take time to build up your credit.
There is a link below that you may want to read to get more info. Hope it help

Answer 5

what you can do is use the link on my profile
it is a company that compiles banks and lenders for you so you will have a choice to pick the best terms for your situation
just so you know they have companies that do home loans for people with bad credit
click on my pic to get there

Answer 6

No, bad credit=high interest.

Answer 7

Have a look here

Answer 8

http://www.wesayes.com