I'm a student with bad credit. Is there anyway to get a $10,000 loan? I have 3 credit cards and they're all maxed out. What I wanna do is get a loan and pay the creditors so all I have to worry about is paying one payment a month rather than worrying about 3.
2007-10-31 15:25:18 · 5 answers · asked by Anonymous in Business & Finance ➔ Credit
So you want to consolidate your multiple loans. Debt consolidation is a better solution especially when you have more than one loan and you are unable to manage your loan payments properly, and on time. This situation some times lead us towards bad credit and if we already have gone to the situation where we do nothing to improve our poor credit history then we should go for debt consolidation without waisting our time.
2007-11-02 13:45:00 · answer #1 · answered by nRehman 4 · 0⤊ 0⤋
Bad credit debt consolidation loans are quite popular with those with poor credit history. If your loan application is rejected by a lender, bad credit debt consolidation loans are there to help. If you want to repair your credit history by repaying a loan, which has simple terms and low monthly installments, again bad credit debt consolidation loans are for you. They save you after rejection and help you regain your financial credibility, so that you can again enter the mainstream credit market.
Bad 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. Read more from: http://www.credit-card-gallery.com/article/198,Get_over_bad_credit_problems_with_bad_credit_debt_consolidation_loans
2007-11-01 05:51:33 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Getting another loan is different than consolidating your debt. Try CCCS (It's owned by the credit card companies) They may work with you to consolidate all of your debt and get out from under. Watch out for scam companies. You have to do this properly. Job applicants are now asked to agree to credit checks. Bad credit can cost you more than just high interest.
http://www.cccsstl.org
This is the legit non profit one.
2007-10-31 22:51:42 · answer #3 · answered by Avery G 2 · 0⤊ 0⤋
Don't do it.
The convenience you gain is only tiny compared to the risk you take of paying the credit cards off, then charging them all up again.
Pay the minimums on the 2 lowest interest rate cards, and pay as much as you can on the highest rate card. That will help you pay them all off sooner.
2007-11-01 00:53:29 · answer #4 · answered by Uncle Pennybags 7 · 0⤊ 0⤋
You are able to instanly obtain an online payday loan as much as $1000 by using site: http://loans.servermatrix.org I got the payday loan despite the fact that I had really awful credit history.
2014-07-18 09:01:34 · answer #5 · answered by Anonymous · 0⤊ 0⤋