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Loan questions...

Date: Sun, 04/02/2006 - 11:09

Submitted by anonymous
on Sun, 04/02/2006 - 11:09

Posts: 202330 Credits: [Donate]

Total Replies: 5


I'm trying to consolidate all of my credit card debt into one loan. I'm paying about 1800/month to credit card debt... I'd rather pay $500 a month, pay tons of interest for 5 years, but save for other things, and be able to spend on other things. Plus, I could always pay more per month.

I applied for a loan through lendingtree.com, and they said I should expect a response within a few days. I applied on Wednesday, and they're still "waiting on lender response". Should I be worried? The loan was going to be through MBNA, and it was for $20,000. I make $53,00 a year (all the debt was for school, I didnt get student loans because I make too much and put it all on credit cards).

Also, if I get denied, anyone have any recommendations on how to get a loan? Thanks so much!


I know I'll still owe, and I have no problem with that, but I want to pay less per month. I feel like I'm constantly sinking with the bills otherwise, and have no extra money.

Also - debt consolidation is bad for credit, isn't it? Calling creditors and such? I might be wrong, just asking. Thank you!


lrhall41

Submitted by anonymous on Sun, 04/02/2006 - 11:17

( Posts: 202330 | Credits: )


If you consolidate your loans, you will be offered affordably monthly installments. The payment plan will be prepared as per your ability of paying, so don't worry with that.

Jessi is correct; another loan to pay your existing debts is not a good idea. You might end up paying more and more as interest. You can consolidate all you unsecured debts under one loan amount through consolidation. Register with this site, it is free.


lrhall41

Submitted by stella on Mon, 04/03/2006 - 13:43

( Posts: 488 | Credits: )