I want to get a secured loan for home improvements- honestly! I would be grateful if people could tell me who is a good provider with a good interest rate. thankyou p.s. ive already tried my existing mortgage lender.
2006-12-09 04:59:07 · 14 answers · asked by Anonymous in Business & Finance ➔ Credit
Help is here I'm a mortgage lender and I work with low credit 500 -620 scores. Ask yourself this question how soon do I want this money? If you can wait more then 30 days we can look at credit situation and clean it up.How much equity do I have in my home? This will help with the loan to value.About interest rate that should be the last think because the higher your score the lower the rate and no one can give you a rate with out knowing you situation.If you want my help email me at ajf.funding at gmail.com
2006-12-09 05:40:55 · answer #1 · answered by albertferrin 1 · 0⤊ 0⤋
There is not much you can do, unless you want to pay higher interest rates. One sure way you can get this done, is ... save $500.00 and stick the funds in a CD for 6 months then take out a loan for the same amount, put that in a CD for 6 months, make payments on the loan or pay it off early ... this way you can build up your credit and show someone your a good risk for more ... if that doesn't do, keep doing this ... until you become your own borrower. Then there is no interest rate.
2006-12-09 05:25:25 · answer #2 · answered by Sis 1 · 0⤊ 0⤋
Yes, you can, BUT be very very careful with going this route. There are many companies that are more than willing to loan you money, and will sell you the sun and the moon if you just finance with them. They will then charge you an enormous interest rate only to take your house if you miss a payment. I would suggest that if these improvements can wait (i.e. you're upgrading a kitchen and not fixing a leaky roof) then let them wait until you can get your credit rating better, at which time you can go with a more reputable lender.
2006-12-09 05:10:12 · answer #3 · answered by Vince 3 · 0⤊ 0⤋
There lenders specialize in providing bad credit credit cards or bad credit loans even if you have past credit problems, poor credit, slow credit, bankruptcies, repo's, etc, Some of these lenders have online credit card application, providing you with instant approval.
http://www.badcreditresources.com ~ check this site. Here you will find lenders who specialize in approving bad credit loan and credit card request. You can compare the loan providers and select the best that fits you need.
2006-12-09 08:42:49 · answer #4 · answered by aleish 2 · 0⤊ 0⤋
If you have plenty of equity you can find a lender but the rate won't be the best. Most lenders don't want to deal with people who have payment problems. The kind of lender you will get will hope you don't pay so they can foreclose and sell your property at a profit. So is the facts of life.
2006-12-09 05:40:53 · answer #5 · answered by Anonymous · 0⤊ 0⤋
each and every time you ask for a loan it pulls your rankings even decrease because of the fact or credits pull. in the experience that your credits is undesirable, you will start up producing collaterals. the terrific thank you to get a loan is sell some thing of yours.
2016-10-18 00:45:25 · answer #6 · answered by mulry 4 · 0⤊ 0⤋
Secured loans are intended for people for bad credit (otherwise you'd get an unsecured loan). I could not however recommended a firm.
2006-12-09 05:08:31 · answer #7 · answered by ? 4 · 0⤊ 0⤋
Yes but at a very high interest rate
2006-12-09 05:15:14 · answer #8 · answered by Anonymous · 0⤊ 0⤋
If your existing mortgage lender turned you down you probably won't get one anywhere!
2006-12-12 17:05:11 · answer #9 · answered by luciousgreeneyedlady 5 · 0⤊ 0⤋
Try one of the many companies that advertise on daytime tv. I'm sure they will help you out. The only one I can think of at the moment is Ocean Finance.
2006-12-09 05:01:59 · answer #10 · answered by Anonymous · 0⤊ 0⤋