Im looking for a consolidation loan. I dont own a home and my credit is poor. Where can I get a loan from?

Question

I have about 10,000 in debt and I have a job full time and my salary is about 2200 every month.

Answer 1

It's a bad idea. Here's why

http://www.daveramsey.com/the_truth_about/debt_consolidation_3035.html.cfm

Answer 2

do not do it. been there right after I signed the papers I was laid off and that was the beginning of the end. look at it this way explosive can dig the hole dipper or blow you up so you may not get the result that you desire. look to this site,
[e-mail]
she has some good ideas check archive, ask questions.
the companies that help you consolidate if you are paying them are not on your side and the ones that are trying to be helpful are overwhelmed right now as they are part of the new bankruptcy law. You can do it yourself first STOP using credit it digs the hole deeper. it is like any sickness and we Americans have got it bad. second write down all debt and expenses you can not do without that means car insurance not Starbucks daily. This is not suppose to be punishment it is suppose to be good money management and do not look to the government as they do do not exercise it, since FDR. Then make required payments as something gets paid off take that payment and add it to another's required payment so that is paid off. and so on there is or can be more to it but that will get you started. Borrowing is not a simple solution to debt. I been there and several years later I have no home and now again no job but I am getting slowly out of debt.

Answer 3

Well, you can buy a home through a sub-prime lender? Accredited Home Lenders is 800-690-6000
21st Century Mortgage Bankers is 630-530-4000. They do all sorts of loans. You can consolidate you debt into a mortgage. I used to work for both those companies and they literally finance ANYONE. But you can go online and look up sub-prime lenders also.
Hey, did you know that after 7 years your debt falls off the credit report anyways? I racked up credit cards when I was 18, now I am 23. I have already seen some fall off. And I only have about 2 more years till its all off. SCREW THE GOVERNMENT! THEY SCREW US!

Answer 4

If you don't own a home with equity, or have some other collateral that you can use to secure the loan, or have a cosigner with good credit, you won't get a loan.

You don't say where you live or if you are married or have children living with you, so I don't know if you qualify for Chapter 7. You may be able to do a Chapter 13. You can spend money for Ramsey's scheme, but unlikely he will refer you to people who have failed on his program. He is right about having to address the reasons you are in financial trouble, unless you were hospitalized or recently divorced, for which there are no solutions other than bankruptcy.

Bankruptcy is not terrible: it treats all unsecured creditors the same, stops all calls, letters, lawsuits, interest and debt collection activity. Ramsey doesn't tell you about that, and his scheme won't do that.

Answer 5

You should call one of those places that helps with these situations like a credit counselor or something. They aren't great for your credit but they can help you establish minimum payments, eliminate some of the fees and interest, and allow you to get your debt under control.

Without a home and poor credit your chances of a loan are unlikely, especially in the current economy. If you own your car and it is legal in your state you can try to get a loan based on the title to the car.

Answer 6

If your credit is poor, you will wind up paying an outragous interest rate. Look into the Consumer Credit Counsel. They can set up a payment plan with your creditors that can reduce the interest rates you are paying now.

You seem to have a decent income vs. debt, so they should be able to help you.

You could also go to www.oprah.com check out the Debt Diet. Lots of great info in there about budgeting and getting out of debt.

Good luck. Remember, don't go into debt to get out of debt. It doesn't work!

Answer 7

Borrowing money from Peter to pay Paul just gets Peter richer and you poorer. Instead concentrate on paying down your existing debt. Possible ways to do this is cut out unnecessary expences such as that extra cappuccino , coke, candy bar, or trip to the mall to get a "must-have" anything you think you must have, using the money saved on your debt. Within a year you could be closer to your goal of being debt free.
Whatever you do, cut up any credit cards you have, or at the very least freeze them in a jug of water at the bottom of your freezer! PLUS(a BIG plus) DON'T charge anything else!!!

Answer 8

Best thing is to go to a Credit Counseling Service. You make
1 payment a month and they disburse the funds to those
institutions you wish to pay off. Get rid of the cards except 1 after
you sign up for this program. A bankruptcy is out of the question
due to new laws in effect. good luck!

Answer 9

Talk to the organizations that you owe the money to. They would be keen on getting the money back from you...

If you owe multiple sources, most financial institutions would rather that you pay THEM first and foremost, and the easiest way to guarantee this is to make sure that THEY are the only people you pay.

You'll be surprised at how accommodating they are... besides... that's how they make money! Off the interest!

Answer 10

good luck - no place I know of and I am a loan officer . You are by banking standards over extended . If someone to give you a loan the interest rate wiould be horrific also .

Answer 11

Ok the second last resort is you go and apply for personal loan. These are expensive but if you need it then dont have any choice. Nothing comes for free. Last resort is that you take money from private lenders, they will be more expensive I believe.