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Posted: Thu Feb 16, 2006 10:56 am Subject: Need a loan on low credit score

my credit score is 450 - is there anyone that will give me a personal loan - all I need is $10,000

Posted: Thu Feb 16, 2006 1:04 pm Subject:

Patriotm, do you mind telling the purpose of taking this loan? The reason of my asking is that if you are taking this loan to pay of your past debts, then it might not be a good move. Doing this, you will be multiplying your overall expenses. You will be paying the interest twice and there is always the risk of keeping something as collateral while taking a loan.

Loans are granted based on your credit scores. So, the creditors might be charging you high interest rates if they extend you any loan.

If you really need a loan, see if you can get some help from your bank. If you have a good relationship with your bank, they might be able to offer you some financial help.

Posted: Thu Feb 16, 2006 1:42 pm Subject:

David said it well above and I would like to add from experience alot of places want at least a credit score of 550 or higher to even consider a loan, then they want some type of collaterial and/or a co signer. When we tried to get a loan through our bank, one of their credit requirements was a score of 700 or better. Now if you really need a loan, there are places that will do a loan based on payment history and they don't pull a credit score.

Posted: Fri Feb 17, 2006 3:35 pm Subject:

Patriotm,

David and brat have put valid points here. Some more words from my side-

People looking for loans with low credit score often get trapped by scammers. Some lenders might offer you some lucrative deal. My suggestion is please do some research before going further.

Check if the lender is licensed to do business in your state or not
Payday loans are very very expensive and few states have banned it also
Read the fine print carefully before signing the paper
Advanced fee loans are not good
Think twice before putting your assets as collateral

It's always recommended to build up good credit before you apply for a loan, however, if you are in an urgent need of money, find out some legitimate lender in your locality.

Posted: Fri Feb 17, 2006 3:43 pm Subject:

Hi patriotm,

Another thing to keep in mind is that the more loans and such that you apply for, the lower your score is going to drop. From what I understand, an inquiry will drop your score 5 points. Be careful applying for too many. Take care and let us know how it goes!

~Mary

Posted: Fri Feb 17, 2006 3:50 pm Subject:

Good point Mary Very Happy

Credit checks hurt your score. However all the inquiries done on the same date or within a short time are counted as one inquiry. So shopping for lenders should be done very fast.

You can verify it with credit bureaus about how inquiries hurt your score.

Posted: Sat Feb 18, 2006 9:37 pm Subject:

Posted: Mon Feb 20, 2006 4:15 pm Subject:

eugene · Posted: Mon Jul 03, 2006 2:41 pm Subject: loan

my credit score is 569 i need a loan for 3000 dollors,i have been through a divorce and my credit is poor.is there anyone that can help

Posted: Mon Jul 03, 2006 3:28 pm Subject:

Lenders want a score of 670 or better.If not you will be paired up with a a subprime lender.

I tried that "compete" for your loan business.Iwas paired up with 5 lenders.3lenders were not licensed to do business in my state,and each had a poor record with the BBB. The other 2 lenders were excited to get me deeper in debt by telling me to refi my mortgage at
8%. presently I am at 5.25 %, My credit score was at 790 not too long ago!
So don't be in any rush to take a loan,It will get better!

Actually I'm at the point of not trusting lenders,especially Credit Cards! It is never a good
thing to be a debtor!

reliablelender · Posted: Thu Aug 31, 2006 7:06 pm Subject:

Marketing post deleted - Mike

Erika · Posted: Fri Sep 01, 2006 8:13 am Subject:

Reliablelender how do we get in touch with you? What company are you with?

Posted: Fri Sep 01, 2006 9:38 am Subject:

Erika,
Make sure you shop around for lenders.
Also, be careful! Any legitimate lender will NOT ask for money up front!
Alot of scams that are around portray themselves as lenders and ask for "insurance" money up front!
That should tell you something immediately!

Posted: Sat May 12, 2007 5:24 am Subject:

Awful desperate to get a customer eh? As I have previously posted, anyone reading this, its probably a scam!

SML · Posted: Sat Jun 02, 2007 9:41 pm Subject: My mother has breast cancer

My mother has breast cancer and she cannot continue her chemo unless we come up with almosy $12000. We all have credit scores under 600 and mine has dropped almost 30 ponits from apllying with so many different lenders. Does anybody know where I can get some help (loan, grant etc.)

Posted: Sun Jun 03, 2007 9:31 pm Subject: CD Secured Loans

Hi there. This is a good way to get an instant approval on a loan, regardless of credit. This is advice I give to my clients I work with that cannot get approved for a loan.

At the bank I work for, we try to get our clients to open CD Secured loans to help them with repairing their credit.

If you have or can get someone to lend you the cash, put the funds into a certificate of deposit account. If you need $3000 in a loan, some how get $3000 into a CD and use that CD as collateral. The loan should be instantly approved. This way, you can show a new loan account on your credit report and get that score moving upward! Now, generally the way interest works out on the CD Secured Loan, is that the loan interest rate is the rate of the CD account plus 2.5% (different banks may differ). So, your CD is paying 3.5%, add in the 2.5%, your loan interest rate is 6%. Your payments will generally be interest only, BUT, make payments on the principal also. This way, you pay down the balance and release the CD as collateral and PAY BACK who ever loaned you the cash, plus you earned some interest!

If someone lends you cash and you don't go down this road of a CD secured loan...your credit score doesn't improve and you have to find some way to pay that person back the money they lent you.

I have had clients who were very happy that I gave them another option, rather than telling them they were declined for a loan and offered no other advice.

This is the best way to get that credit improved!

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