I'm trying to get a personal loan to pay off some debt, before it affects my credit rating. My credit is decent for being 22 yrs. (640) Every bank/instition has told me this. But no one will give me a loan either because A) I only have 3 years of credit rating or B) Because I have student loans, it affect my debt to income ratio to much, even though I dont' pay on those until I get out of college. I'm trying to save my credit, but they only way it seems to get out of debt is to ruin my credit first! I even checked with places that offer loans to people with bad credit/no credit! I also don't have anyone to cosign with me. Help please!
2006-08-04 07:16:03 · 10 answers · asked by hatfield41 2 in Business & Finance ➔ Personal Finance
Please don't answer this if your just going to tell me to get a job, or work it off, or "your credit will be bad forever" I'm looking for advice from someone who knows what they are talking about. Please don't waste my time
2006-08-04 07:20:58 · update #1
Hi,
It sounds like you are a student burdened with expensive, short-term debt. Credit card debt?
The LAST thing you want to do is replace it with more expensive, shorter-term debt (which is exactly what you would be doing if you went to a no-credit lender).
If you can, try talking to a credit union. Unlike banks or the loan shop listed above (which operate for profit), credit unions are non-profit and member-owned. Credit union membership restrictions are much more flexible than they used to be. You may be able to get a loan with a cheaper APR and longer term/duration.
If so, take out the loan, repay your expensive debt immediately and replace it with the less expensive debt the credit union can offer.
Even if a credit union cannot help you with a loan, they can give you free credit counseling that may help you balance your budget and put you on track to repay your current debts.
This link will help you find a credit union:
http://www.ncua.gov/
Other options include talking to the student aid department at your university, family/friends or community/religious organizations.
Regardless of what you do, you must adjust your spending to meet your income or you will just be delaying the inevitable.
Here are some links to financial information for students:
http://www.fastweb.com/
http://www.finaid.org/
http://www.nslds.ed.gov/nslds_SA/
http://www.ed.gov/students/landing.jhtml?src=fp
http://money.cnn.com/pf/college/
http://www.cardratings.com/
http://www.consumerreports.org/cro/personal-finance/credit-card-offers-8-06/overview/0608_credit-cards-offers_ov.htm
Hopefully you will find a solution to your problems so you can focus on your studies.
Take care!
2006-08-04 09:21:05 · answer #1 · answered by Steve 2 · 0⤊ 0⤋
What you are trying to do is refinance your debts by taking out a new loan to pay off your other loans. The problem is that nothing is stopping you from running up more credit card debt even after you get the new loan. It is too risky to lend to you because you have over extended your credit already.
You will simply have to manage to make your payments on the existing loans. You can look for credit card deals that offer 0% or some low rate for the next 12 months and switch your dept to them. Sure, your credit may go down slightly but you can fix it once you graduate from college and get a good job.
The most hard to your credit comes if you miss a payment or do not make the minimum payment.
In the meantime, stop using credit cards and pay only with cash. Since it is summer, you could consider working 2 jobs to get ahead. Good Luck,
2006-08-04 07:19:55 · answer #2 · answered by Plasmapuppy 7 · 0⤊ 0⤋
Which institution are you going through?
Some places have hard restrictions, meaning that if you meet any of the mentioned criteria, they slam the book on you immediately, without much care to what you're saying.
Personal loans are that much tougher; most companies will loan only for a car, mortgage, etc, you get the idea.
You COULD try Capital one: http://www.capitalone.com/personalloans/index.php
They will definitely charge you a higher interest rate, but it seems like you are desperate - please read the fine print!
Call the customer service, ask as many questions as you can think of, then go through with it.
Good luck!
2006-08-04 07:23:11 · answer #3 · answered by MJ 3 · 0⤊ 0⤋
Your credit is probably bad for a reason don't take out a loan figure out another way to get the money another job, get it from a friend, loan shark or what have you. I also noticed you didn't state the purpose of the loan leaving me to think its not a very good one.
2016-03-26 23:06:42 · answer #4 · answered by ? 4 · 0⤊ 0⤋
You can borrow more from your student loans if you are in school. There is a way to do that.
If you are not, you can just pay your bills until you have more years under your belt.
The only other option is to borrow from someone but it's probably not worth it.
2006-08-04 07:19:57 · answer #5 · answered by Mama R 5 · 0⤊ 0⤋
One of your answers was to go to www.wesayes.com
DON'T DO IT!!!
They charge a fee to give you links that you can find for free online.
I fell for it, and they don't gurantee their money. I was not reinbursed.
2006-08-04 18:47:43 · answer #6 · answered by julz1993 1 · 0⤊ 0⤋
girl go shake yo' a** beleive me you won't ask for another loan til' sometin' bigger come along.
2006-08-04 07:19:42 · answer #7 · answered by selfishladyred 2 · 0⤊ 0⤋
i think checking this out will end you trouble getting a loan
http://www.wesayes.com
2006-08-04 07:59:46 · answer #8 · answered by Anonymous · 1⤊ 0⤋
this article has some great tips on debts, credits, finance and much more that will help you
2006-08-04 07:20:28 · answer #9 · answered by Anonymous · 0⤊ 0⤋
how about working it off on your back
2006-08-04 07:18:41 · answer #10 · answered by Anonymous · 0⤊ 0⤋