My husband and I have hit an all time low. We have tried to get loans, but my husband has less then perfect credit. To be totally honest he has horrible credit. I need to know does anyone know where we can get a loan from without too much trouble? Please help, SERIOUS ANSWERS ONLY PLEASE!
2006-12-01 05:49:42 · 7 answers · asked by Barbara B 2 in Business & Finance ➔ Credit
It is always possible to get a loan, you just have to know where to look. One option might be to look online at financial marketplaces like prosper.com. Another might be to look into a credit union. You might try just getting a loan in your name to start out, that way they won't consider your husbands credit. I know a friend who did that for their house; she put the mortgage in her name until her husbands credit improved. His credit wasn't good enough to qualify but hers was.
2006-12-01 06:03:44 · answer #1 · answered by Kevin K 3 · 0⤊ 1⤋
You're probably not going to like the answer, but you asked for a serious one so I'll give you one. As someone who has walked many miles in your shoes but who now has a perfect credit record I know your pain and can tell you a few things.
1. It's not going to be an easy journey. There is NO quick fix for your situation.
2. Going deeper in debt is NOT going to solve your problems. It will only compound them. I can't stress the importance of that. There is NO loan out there that will help you!
Now, what to do:
Analyze your current financial situation.
Where does all of your income come from? Put 10% of EVERY paycheck in the bank every payday. Don't say that you can't afford that -- you can't afford NOT TO! Get a better job or another job if you have to. Swallow your pride if you have to -- just think how embarassing an eviction or sheriff's sale will be -- and sling burgers at Mickey-D's if you have to.
Where does it all go? Keep a record of EVERY PENNY that you spend. Especially the small cash expenditures -- candy bars, gum, cigs (quit!), soda, snacks, McDonalds, etc. You'll probably be shocked at how much $$$ you waste every week!
Are you up to your necks in debt now?
Wallets and purses full of maxed-out credit cards? Cut them up and toss them out RIGHT NOW! You're going CASH ONLY for the next couple of years at least. Pay the min on all of them except the one with the highest rate. Pay double the min on that one until it's paid off -- when the min drops, don't reduce your payment; keep paying the same amount until it's paid. Then move on to the next highest rate and pay double on that one.
Two or more car loans? Sell one of them if you owe less than it's worth -- preferably the one with the largest payment. Car pool, ride the bus, or just stay home if you have to to make do with one car.
Do you dine out often? If so, stop that right now! If your cooking sucks, buy a cookbook at a second hand book store.
Cable TV or Satellite TV? Cancel it TODAY!
Are you a clothes horse? If so, that stops right now! Anything in your closet with the tags still on them? Return them IMMEDIATELY! You'll be wearing Wal-Mart and Goodwill until you're back on your feet!
Turn the thermostat down to 65. Put on a jacket or sweater if you have to to keep warm. Or just cuddle under the covers. ;)
Living in a fancy apartment? Move to something cheaper and smaller. The utility bills will be lower as well.
There are many other things you can do to get back on your feet financially. None of them are easy -- but none of them are as bad as the constant string of debt collectors calling and the piles of past-due notices in the mail.
2006-12-01 14:27:51 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Have you looked into credit consolidation. there are various services that help people get out from debt, they buy people credit debt, consolidate it, and work with you to make manageable payments. We are doing that with my wifes debt right now. Managed to find a local place that dosn't charge intrest. Also try to pay off credit cards, and then get rid of them. If you must have a card, go with a debit card, it withdraws directly from your account, so you can't spend it if you don't have it, you also don't get hit with all those fees credit cards hide.
As for a loan, I would try a local bank, they will have lower rates, and arn't out to take advantage of you like the "payday loans" are.
Try to reduce your bills, and seek credit councling.
http://www.consumercredit.com/
http://www.credit.com/products/debt/Debt-Reduction-Do-It-Yourself.jsp
2006-12-01 14:09:11 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I don't know what your situation is but a loan isn't the best way to go. Isn't there someone that you can borrow money from? You can get a "payday loan" but they charge HUGE interest and you still have to pay it back.
2006-12-01 13:52:56 · answer #4 · answered by sobefobik 4 · 0⤊ 0⤋
Well, my best advice would be to work with an investor. they can help you manage your money while investing it and making it grow. go to your bank and let them know your situation and they might be able to help you out. i'm sorry that you're going thru a difficult time financially, but things will get better.
2006-12-01 13:58:16 · answer #5 · answered by Starry Eyes 5 · 0⤊ 1⤋
I would file bankruptcy and start your life over again.
Coach
2006-12-01 13:57:19 · answer #6 · answered by Thanks for the Yahoo Jacket 7 · 0⤊ 0⤋
www.creditadvisors.com Worked for me.
2006-12-01 13:57:45 · answer #7 · answered by musemessmer 6 · 0⤊ 0⤋