i need a 15,000 loan no equity in home?

Question

i want a loan to pay off all my credit cards. i dont have any equity, i am in good standing with creditors, no late payments no phone calls ect. is there anything i can do? i dont want credit counseling because we are in good standing. are we SOL?

Answer 1

Just go to your local bank and try to get a consolidation loan. You don't have to have equity in your home for that, and if you have good credit, you have a better chance of getting it.

While there, also ask about their business lines of credit. Do you have to a dba for a specific amount of time to qualify for a loan at that bank? If not, you can get a dba (doing business as) business name for about $50, then get as much as $50K in a business line of credit very easily. It's a great way to get a lot of credit for a basic score.

Hope this helps.

Answer 2

Please don't respond to any of the people who are offering you loans as part of their answers to your question. If you are in good standing with your creditors and have a good credit score, you should talk with someone at your bank or a reputable finance company in your community. If your local bank can't help you, you can try CitiFinance or American General or you can try a mortgage broker who may be able to get you a 125% second mortgage. This last option can be a tricky thing, so you need to make sure you're going to be in your house for a while AND that homes in your area are definitely appreciating in value. The downside to these loans are that they put you upside-down as far as your equity goes. The interest rates are also quite high, but may still be lower than the APR on your credit cards. Sit down with someone who can give you good, sound advice and stay away from those loan companies who promise you the world. Usually if it sounds too good to be true, it probably is. I have been in mortgage lending for 15 years and have seen people make some big mistakes. I am not offering you my services, just my educated opinion. Please stay with the reputable companies if you can. Good luck to you.

Answer 3

If you have no equity I assume you financed 100% hopefully not with an adjustable. In today's market one the opportunity of 125% financing has pretty much gone out the window, second most likely dependent upon which market you are in (very few appreciating) you most likely are already over your worth, and if in CA, FL, NV, MI, OH, TX,you might have already surpassed the 125% mark as property values have dropped at least that much and are expected to drop even further. In other parts of the states for the most part expect housing values to drop around 4-8% in the next year, again not a good sign for the availability of over mortgaging your property. Also remember each time you ask for a loan your credit score goes down, which makes it even harder to get the loan. In today's market sorry to say but yes thing you are SOL

Answer 4

No, I don't think you're SOL. You have two advantages, viz. you're a home owner and you're in good standing with creditors. With these, you should have a good chance of getting an unsecured personal loan without getting your home involved.

Personal loans are cheaper than credit card debts, and therefore it makes sense to pay off your credit card debts with a personal loan. You can opt for a fixed interest rate and pay off the personal loan in equal monthly installments. This will help you manage your cash flows.

There's a very good article that covers various issues of personal loans. You can read it here to understand personal loans better:

http://homeequityloananswer.com/category/personal-loans/

Answer 5

Irwin Home Equity will allow you to get a 2nd mortgage up to 125% of the value of your home. Might provide you a way to get out of most of your credit card debt.

Answer 6

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RE I need a 15,000 loan no equity in home?

i want a loan to pay off all my credit cards. i dont have any equity, i am in good standing with creditors, no late payments no phone calls ect. is there anything i can do? i dont want credit counseling because we are in good standing. are we SOL?

Answer 7

i does no longer use your properties fairness to pay off charges. The smart issue to do is to apply that money to make advancements on your place....it somewhat is retaining your investments and increasing the fee. you have a house with that lots fairness and that low of a fee....and you have no longer have been given the money to pay off scientific charges Do you no longer have insurance? and you do no longer ought to pay the comprehensive issue off, they'll set you up on a billing plan that matches into your budget.