I need a small consolidation loan but i have bad credit. I do not have anyone to co-sign for me does anyone know a place i could get a loan without a co-signer?
2007-09-01 06:54:39 · 7 answers · asked by bobbo02213 1 in Business & Finance ➔ Credit
Shifting your existing debt to another loan isn't the answer. With a bad credit history, you are going to be the target of every loan scam -- not just high interest but up front fees.
Take a close look at your spending habits and figure out how to cut expenses and increase income. Get a second job -- pizza delivery seems to be pretty flexible.
Make a strict budget. Elimnate the extras -- cell phone, eating out, new clothes, premium cable and internet. Squeeze every penny out of that budget and slap it on your highest interest debt, while paying minimum on the rest. When the highest interest rate debt is paid, move to the next till they are all paid off.
It will take 2 or 3 years but you will building a good credit history and won't have to resort to high interest consolidation loans.
2007-09-01 08:25:47 · answer #1 · answered by bdancer222 7 · 1⤊ 0⤋
Debt consolidation is an option, and you should look into it. Just be careful about WHAT you're getting into. Some plans, because of their higher APR rates get you into more trouble than you were.
Also, some lenders look poorly upon it later on. Some institutions believe that it really is a black mark. It will depend upon the types of deals that your particular company or lender work out, and of course, your own individual circumstance. For some with absolutely NO way out, debt consolidation is a welcome option.
Take a good hard look at all the options and plans offered, and don't let a single company pressure you into something you just can't do. Make sure that you're comfortable with the plan offered before you commit to it.
In any case, it doesn't hurt to investigate debt consolidation as an option. It doesn't cost you anything to find out more information about it.
If you want a place to start your investigating, there's information and listings for debt consolidation providers on the page listed below. You'll probably find something of use there:
http://axalda.info/debt-consolidation.html
2007-09-02 03:03:34 · answer #2 · answered by Anonymous · 0⤊ 1⤋
Opt for a debt consolidation loan: The easiest method of getting a debt consolidation loan is to utilize the equity of your home. Equity of your home is calculated and determined by the difference in the amount you have paid and the amount you owe. If the amount you have paid is more than the amount due, you can use it as collateral. This allows you to borrow money on lower interest rates. Besides, you also get tax benefit on this type of loan. Consult your tax advisor before opting for this loan.
http://debt-trap.com/category/Debt-Consolidation-Basics.html
2007-09-03 01:38:15 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Hey there, my name is marcus alexander, and i know exactly how you feel. Bad credit is always frowned upon? its like they dont give us a second chance!! youre gonna have to trust me, and im going to foward you to sources that literally changed my life. They helped me bring my credit score over 200 points-so that i can get just about any credit card, loan, or auto-finance without a bunch of hassle.
I cant stand when i recieved pre-approved cards that i knew i couldnt qualify for. Not only will i show you the sources for credit repair, there are companies that help you get back on your feet and give you a bad credit loan up to $25,000!!
what would you do with that? hopefully youll pay off all of that debt you owed!! and then you could start a business-the possibilites are unlimited when there are kind people out there like this to help. God bless them, and i hope that you believe that anything is impossible in this one life that you are given. Good luck, and heres the link.
http://marcus3434.niesong.hop.clickbank....
2007-09-02 06:49:37 · answer #4 · answered by Anonymous · 0⤊ 0⤋
If you are a member of a credit union, try them. They generally are always willing to help especially in terms of home loans, consolidation loans, etc. If not I'm sure they would give you their best lead possible.
2007-09-01 07:04:04 · answer #5 · answered by Ron J 2 · 0⤊ 0⤋
you can try prosper.com
>Beware of Advance fee Loan scams.
LOAN SCAM - Do Not Pay UpFront Fees.
Do not send money UpFront via Western Union or MoneyGram to any person or business in the UK, Nigeria or Canada in hopes of getting a loan. If you do you will learn a hard lesson & never see any Loan money.
2007-09-01 08:40:48 · answer #6 · answered by Anonymous · 0⤊ 0⤋
do a consumer proposal.the end result is you lower the payments on your credit cards,loans,etc,and the harrassing phone calls stop.the only downside is,it takes longer to pay your crap off.
2007-09-01 07:12:22 · answer #7 · answered by freddelorme35 3 · 0⤊ 0⤋
Then you need to talk with each creditor and try and work out a payment plan. As my mother has preached to me for years! "You make your bed, now you lie in it".
2007-09-01 07:09:00 · answer #8 · answered by Anonymous · 0⤊ 0⤋