Loans for Bad Credit
Date: Tue, 03/06/2007 - 13:57
I have a terrible credit score (so low that I don't qualify for Prosper) and I am looking to get a personal loan to get myself back on my feet. If I can get such a loan, I can negotiate some of my debts, pay them off with it, then and won't have to file for bankruptcy, as I had originally planned.
I am an honest person and I believe that people should get what's owed them. However, I am also human. I overspent and I will admit that, and I know that I don't have money to make the monthly payments on that nor do I have the money to pay a settlement to them right now.
So, I was wondering if anyone knows of any bad credit lenders (I know this website is not a lender website, and that loans are not provided here, but I am looking for leads to lenders that deal in the bad credit industry). Thanks in advance for your support
There is always a risk of losing money when some company is will
There is always a risk of losing money when some company is willing to give loans to people with bad credit. My logic is that a good financial institution will assess a person's financial history and review his capabilities if he will be able to pay back their money. Usually, everyone is reluctant to offer money to someone whose credit is already tarnished. If someone is willing to do so, either that company is too generous or they mostly turn out to be scammers.
Why do you want to go through such risks and lose all the money you have? Go for some better options without taking a new loan. See the options in a debt management program and make a repayment plan with a counselor. He will negotiate with your creditors and arrange a reduced payment plan. You can see your debts getting paid off without taking any loan.
elarnol---Continue reading through all of the postings on here.
elarnol---Continue reading through all of the postings on here. A loan can seem like an answer to all financial worries, but it really can end up causing more problems in the future. A debt management program or consolidation program can and will work with you so you can pay your bills and meet your daily needs. Check out a few of them and speak to the debt counselor when they call you for registering on this site. Good Luck!
Thanks for your help...allw me to elaborate a bit more
I am considering filing a Chapter 13 bankruptcy, which will be a 0% plan, meaning my unsecured creditors will not receive anything. However, I have a car note that is $337/ month. My Chapter 13 payments will be $400/month. I have been looking into some debt management plan options, but none allow me to put my car note into them (since it is a secured debt). $400/month is a pretty good fit for me seeing as how it is only a little more than my car note. Many of the debt management plans I have looked into have wanted me to pay at least $400 in addtion to my car note expense. Of course that would push me way beyond my means to pay. So, my only realistic options are Chapter 13 or finding a loan to settle and consolidate my debts, since there is no way for me to pay this debt plus my car note (and of course, I need my car). Any other suggestions?
I have a great way to settle your debts: DON'T GET A LOAN! An
I have a great way to settle your debts: DON'T GET A LOAN!
Another loan will only cause trouble and right now you need to work on your credit and not have anymore harm to it. I thought that a loan was the way out of my problems but it ended up putting me in more debt and I was accumulating more debt that helping the situation. What you need to do is consider Chapter 7 depending on how much debt you have. It appears that you may have had tried consolidation and it didn't help you. You don't have to put your car as a debt on your Chapter 7 and just pay that note itself.
I really hope that you have considered all of your options and have tried all avenues before you have considered filing. I didn't want to file for bankruptcy as it is on your credit report for 10 years.
