Need loan bad but have horrible credit what do I do?

Question

Heres my situation When i turned 18 I made the mistake of getting a credit card. A bigger mistake , I got a Best Buy credit card. An even bigger one, I got a a capital one credit card. all there maxed out. I owe about $4,100 altogether. I owe about $11,000 in student loans. Now that I have a baby i realize what credit is really worth. My car recently borke down and now I have no way to get to work. I dont make much at all. My girlfriend is threating me that she will leave me if i dont shape up soon. Now I have no way to get to work and rent is $800 + Util. I think I've appiled everywhere for a loan and I get deined understandably because my credit score is 463 (very poor). I'm going crazy . Its hurting everything I love.I have no money saved. Is there anything out there that would help me? I'm just trying to start my life over and be a man.

My family would help me but they cant afford a loan right now because they have loans already.!

Answer 1

There are plenty of places that offer loans for people with bad credit with no-hassle applications and easy requirements.

Some of these lenders even offer 1 minute approvals, and have both secured and unsecured loans, depending on your need and situation. Check the page listed below, it has information and bad credit lenders listed off and on.

http://www.axalda.info/bad-credit-loans.html

Answer 2

First don't panic. Second do an inventory of your assets and liabilities as well as an income and expense statement. When you get income and where it goes. Next consider collateral or asset based lending. THis is where your credit does not matter. It is based on your collateral. Do you have any nice jewelry, musical instruments, tools that a pawn broker would be interested in? Do you have money owed you? Do you have an inheritance, annuity, that is due you? If so you may be able to convert that to cash. Sell something via your local free shopper paper or ebay.

Do you have a checking and/or savings account? Speak with the bank manager. Credit unions are good places for small loans.

Try personal lending with www.prosper.com or circlelending.com. Can you make a deal with your car repair person to repair the car and the repair shop will hold the title and give you a car loan? You can get a cash advance on your paycheck.

Try www.badcreditlender.com or put bad credit loans in google and go through that information.

Good luck

Answer 3

First and foremost is stop applying for loans that decreases you credit score, esp if it is already down there and the credit that you might get will be viewed poorly. Next call the institutions that you do have credit with and explain the situation maybe you can change terms or come to an agreement. Now on the car thing some local mechanics might be able to work with you as in a payment schedule, or since your credit is already screwed pay to get the car fixed so you can keep our job and carry on from there. The number one thing that you can do to alleviate this situation is to talk to your creditors, explain the situation ask what you can do and most will be willing to work with you. As for your student loans you can ask for a for the lack of thinking about the word extension ( I applied and got a 5 moth exception for the winter because of heating costs and other financial problems) In other word work with your creditors and I am sure you can find a solution

Answer 4

It took you awhile to get into this and will take you awhile to get out. Unfortunately, some of life's best lessons are exceptionally painful. The good part is that you will never forget this one.

You have to build your credit up slowly. There are credit cards where you put money in the bank and then you can charge up to that amount. That is one way to build up a good credit record.

Since you already have credit through your cards and your utilities always pay those on time. Maybe it's time to move out of the expensive rental situation. Create some sort of long-term plan with a budget. Ohh, and cut up those Best Buy and Capital One cards. You don't need the temptation.

Building credit is a slow process. It took me a long time but now I can walk into a bank and get a loan if I need it. You will take much pride in that day when it comes.

Answer 5

Today the lenders have started offering nearly all varieties of loans for people with poor credit record.They are also introducing many new loan products meant for this group. Now people with poor credit can get the same choices as those with the good or mediocre credit. Today you can use bad credit personal loans for many purposes like car purchase, vacation or even debt consolidation.