I am caught in a Payday loan nightmare. My credit will not allow me to get a personal loan. I was reading about Prosper, person-to-person loan, hoping and praying that someone would help me get out of this pit called Payday loans.
2007-10-07 06:19:25 · 4 answers · asked by Sunfire03 1 in Business & Finance ➔ Personal Finance
If you have bad credit and no collaterol, why would someone else loan you money? You're trying to borrow from Peter to pay Paul. This is a never ending cycle and you'll just stay in debt forever. Figure out a way to reduce your expenses, make more money, and get rid of your Payday loans. Get an extra job, have a garage sale, babysit, clean homes, mow lawns, do whatever it takes. It will be worth it to get out of debt!
2007-10-07 06:58:40 · answer #1 · answered by Michelle 3 · 0⤊ 1⤋
Well the interest rate at Prosper will be a whole lot less than that payday loan. But you may not get a loan at Prosper either. If your credit is too bad to get a personal loan, people at Prosper may not be willing to take the risk with you.
Instead of looking for another loan, consider other ways to come up with cash. Have a garage sale, sell blood/plasma, collect alum cans, get a second job ...
2007-10-07 06:38:30 · answer #2 · answered by bdancer222 7 · 1⤊ 1⤋
I have help fund six loans at Prosper.com since May of this year. Prosper.com is real and they are located in San Fransisco, California. Prosper has been featured in national TV news casts (not infomercials) and published in several magazines such as Newsweek. They have plenty of free information for borrowers and it does not cost you any thing to join. If you credit score is at least 520, you may be able to borrow up to 25k and you will have 3 years to pay it off. If you decide to try Prosper, give as much details as you can when you list your loan request. A lot of lenders on Prosper are private individuals wanting to make some money on good loans. Lenders do not know the names and addresses of borrowers. Good Luck and here is their site:
http://www.prosper.com/join/heyhobbs
2007-10-08 01:39:13 · answer #3 · answered by Gary 5 · 0⤊ 0⤋
I'm in the same nightmare as you are with payday loans. I tried getting a loan from prosper and they wouldn't approve me because my credit score is below 500. Try this link. They have alot of helpful information that will help you out.
http://www.debtconsolidationcare.com/paydayloan/forum/index.html
2007-10-07 08:46:14 · answer #4 · answered by Trouble 1 · 1⤊ 0⤋
definite, this could do wonders to your credit. money are 35% of a credit. lenders decide to make certain how nicely you have paid. this could enhance you a ways up the latter. additionally getting a considerable credit card. in uncomplicated terms get what you will pay off in a short volume of time. Use in uncomplicated terms 30% of the quantity make money way above the minimum then paying something off and that could enhance you as much as 60 factors ;)
2016-10-10 11:44:05 · answer #5 · answered by ? 4 · 0⤊ 0⤋