I need a loan but I have very poor credit????

Question

I co-sign for a loan and a car for a friend of mine and they didn't pay it back now my credit is messed up. I really need a loan to purchase a new car because I am about to have a baby.

Answer 1

Poor credit usually indicates bad with money. So a person that's bad with money wants to borrow more money and probably doens't know how to use it or understand the consequences. I have an idea... pay off your existing debt. Save up for whatever it is you need to buy with this loan and stop wasting your money paying someone elses bills (the lender) in interest payments. Sooner or later you're going to pay of the item and then some. Educate yourself. Listen to the nationally syndicated radio talk show host named Dave Ramsey and shoot me an e-mail if you'd honestly like more help.

Answer 2

You should provide more info such as HOW bad your credit is, FICO score if possible, loan amount and purpose. If it's a small time loan up to $1000 you could use a payday advance loan, but only if you're really up the creek. A payday loan, or pay advcance loan, is a small loan which requires no credit or collateral. You have to give them personal info including your bank account so they can direct deposit it and then debit your account for the payback. These are usually intended to last only a couple of weeks which is why they are called payday loans, as in floating you a loan until payday. There are thousands of lenders out there, and they are all pretty much the same. But be warned, these loans are offered only at interest rates that could best described as immoral, like 35%. I would saty away from this option if you don't really need money immediately.

There is also a website called Prosper.com which may be a good option. This site is like an Ebay of of online lending and borrowing. You don't deal with a bank, you deal only with indiviuals who are interested in lending. You have to reveal your life story pretty much to solicit interest in your cause and your credit rating will also be displayed. But it isn't impossible to get a loan that way. Might be worth looking into.

Answer 3

If you need a loan and have poor credit, it is possible a loan would be bad for you. You have not learned to save, that is the first thing a person must learn to do.

Once you learn to save, then you learn to pay bills. This mean paying on time the proper amount while you continue to save.

If you need to know why you need to save, you are lost and there is no hope if you don't save just "BECAUSE". This is what is needed to be done, if you do it, you will reap benefits that can not be predicted.

If you need a loan and that loan will permit you the opportunity to make the money and pay it back then you can get a co-signer.

Answer 4

Be very careful where you go. Some places will give anyone a loan, but they will charge ridiculously high interest rates, that will only drive you deeper into debt and drive your credit score lower.
The best place is a bank, but with poor credit you probably won't be able to get credit.

Do you have anything that you can sell? Stamp collection, jewelry, heirloom? That might be your best bet at this point.

Good luck.

Answer 5

You might be able to get one but it will more than likely be at a higher interest rate. I'd go first to the bank that you've had an account with the longest, or have had loans and paid them back as they might be a little more forgiving of you co-signing for someone who then left you holding the bag.

Answer 6

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Answer 7

Then be prepared to pay very high interest rates.