where can iget a consolidation loan? my credit score(around 670), not behind on payments;need 20,000 loan@12%

Question

my interest rates on my credit cards is about 21%. i am paying about 900 monthly but wont get out for about 4 years ..would like consolidate and pay off in 2 years

Answer 1

First....go to your current place where you bank. If you have been doing business at your current bank for awhile you might be able to get a personal loan. Most places offer this. If this doesnt work, you can search on places like citi bank and other large corporations like that. They all offer personal loans but they are sometime high interest rates also.

but your best bet is to really done one thing if you cannot get a consolidation loan.

draw up a action plan, make a list on a spread sheet showing your balances, and the interest rate on all of them.....

work on the highest interest rate ccard. what I mean by this is pay extra every month on that card. Pay the minimum on the other cards or things that you are paying off. Every single time you get paid... and you have to discipline yourself, but you need to commit an extra $75 per paycheck if you can to your ccard payment..

pay off that ccard, then after

you pay that one off.... move to the next ccard or bill that has the next highest interest rate, and the money you used for the first card that you paid off, now start to use those payments and move to the next bill, but add the minimum you were paying on the second card to the extra payments you were making to the first card and start to pay that on the second card. Hopefully that makes sense.

Ccard= You are paying $120/month then you pay it off
2nd Ccard= you were paying the minimum, say it was $25/month


After you pay off the first card, start paying $120 +$25, on the second card, now you are paying $145/ month on the second card. By that time if you discipline yourself, you will be used to paying that much extra every month so you wont miss it....then continue you on and on down the line until you pay off all your bills.

Having such a high consolidation loan is not good. Good credit scores and banks like and want you to have a balance on a bill that is half of what the loan is... if you have a loan balance of $20,000 plus, the interest will be high and getting down to less than half will take you awhile. But you will need to make that decision. Pay off each one by one, but pay extra on the highest interest ccard first. Every single time you get a lil extra $$$ pay that towards your ccard, Everything that helps bring it down will help you get out of debt faster.

While you are paying down debt, Dont forget to save also.

even if you are saving just $25 a paycheck..........

after you work out your spreadsheet... go to

www.ing.com locate the us site of the website and sign up for a ing direct savings account and a checking account, your savings account will earn a nice lil interest higher than what you are getting from your bank...while you are paying down high interest.....

hopefully this helps..

Answer 2

I searched across the net and discovered a lot of scams. Anyhow this webpage did it for me: financial-care.info-

RE Where can iget a consolidation loan? my credit score(around 670), not behind on payments;need 20,000 loan@12%

my interest rates on my credit cards is about 21%. i am paying about 900 monthly but wont get out for about 4 years ..would like consolidate and pay off in 2 years

Answer 3

ad credit debt consolidation loans are of two types:

1. Secured bad credit debt consolidation loans:

These types of bad credit debt consolidation loans are secured by a collateral usually some property or a guarantor. Since, the lenders find something to bank upon in case you default on payments, the interest rates on secured bad credit debt consolidation loans are cheaper, the lending amounts are higher and the repayment period can be long.

2. Unsecured bad credit debt consolidation loans:

Persons who do not have anything to offer as the collateral or security, can take unsecured bad credit debt consolidation loans. The lenders find themselves at increasing level of risk while giving such loans. The existing bad credit situation and lack of a collateral, make them charge high interest rates and offer low loan amounts to offset the risk involved. But, a person who has a bad credit and cannot provide a collateral has little choice, but to take these high interest loans. At least by repaying these the borrower can rebuild his credit history.

Deciding which bad credit debt consolidation loan is right for you can be a daunting task. Many companies offer free debt consolidation help to those who are cash strapped. It is good to take such advice because the professional expertise of such companies can help you decide better. Again, it's you who will have to be very cautious about the interest rates, repayment period, late payment penalties and other fine prints that come with the bad credit debt consolidation loans. Following the repayment schedule can help you write off the bad credit ratings from your credit history. Read more about it at: http://www.credit-card-gallery.com/credit_card_debt_consolidation_loans.html

Answer 4

When going for a debt consolidation loan, you should consider some important factors. They are: cost of taking the loan, the annual percentage rate (APR), period of the loan, and the total amount borrowed. Ensure that the debt consolidation loan charges a lower interest rate than the rate for your current loans. Interest rates are usually decided by factors like loan amount, loan terms, and personal details.

Answer 5

Neglecting to respond to creditors is one way to find your name on a bill collector's list. So contact all of those to whom you owe money, tell them the circumstances and get three part time jobs , if necessary. You need funds, not excuses, not consolidation loans, not " pay you when I get money". If you are not honest about your finances, will you ever be seen as " honest" ?

Answer 6

try a non-profit agency that deals with consumer paying off their cards.

Answer 7

you can get the loan