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My bank turned me down for a loan

Submitted by vincentkallis on Fri, 09/30/2005 - 08:32
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I was talking to a bank and it turned me down for a loan.

How can I get unsecured debt consolidation loans to pay some old bills? The bills amount to around 3500 and right now whatever i earn is spent and there is no money left to pay back the old bills, any help will be appreciated.

VK


[quote=vincentkallis]whatever i earn is spent and there is no money left to pay back the old bills[/quote]

If this is your financial state, I will suggest you not to go for unsecured debt consolidation loans. It may take you deeper in debts. Try to consolidate your bills. Go through the merits of debt consolidation program-
http://www.debtconsolidationcare.com/benefits.html

Once you recover your financial credibility, you become eligible for loans with low interest rates.


Submitted by 4u.bryan on Fri, 09/30/2005 - 12:40

4u.bryan

( Posts: 819 | Credits: )


Vincentkallis

Welcome to the forums.

Since you are looking for a new loan, the three digit credit score is the most important factor to analyze your financial worthiness. Based on these credit scores, loans or credit can be acquired from the creditors and other lending agencies. When the credit score is evaluated, extensive research is conducted on the following areas of your credit report.


  • Your payment history is analyzed.
  • The amount that you owe is taken into consideration.
  • Length of your credit history is determined.
  • They look out for the types of credit that you have used so far.
  • They will look into your new credit.


Since you said that the money you earn is simultaneously spent, you need to follow some good budgeting tips that will help you to keep a check on your finance. Also, even if you are granted loan, you might be adding further debt on the existing ones. This will increase your debt to income ratio and the overall expenses as you will have to pay the interest twice.

There are some types of loans that require property to be pledged against it. These are known as homeowner debt consolidation loans. If you miss any of the payments, you might be at the risk of losing your property.

Considering all the mentioned facts, consolidation program will be a better choice for you at this stage.

When you will use this program, the consultant will contact your creditors and get the interest rate and monthly payments reduced by a considerable margin so that you are able to pay it realistically. The consultant often knows the key contacts at the place of the credit companies. He works whole heartedly so that you get the best deal.

Let us take a hypothetical situation where a person is having a debt of $8000 with a major credit card company and the interest is offered at 22%. Considering the advantage of the debt consolidation program, the consultant will be able to lower the interest rate and the monthly payments significantly. A skilled consultant working in the program will be able to reduce the debt by a margin of 40% to 60% and eliminate all the financial charges and the late fees.

Thus, the consumer will not have to pay the insurmountable interest fees in such a program and the payment will be going towards what is owed.

The bonus of this program is that you won't have to write numerous checks to your various creditors. You will have to write only one check and that will be in the name of the debt consolidation company with whom you are working. Thus, all the payments are consolidated into one loan amount and the trained consultant will further deal with your creditors in the rest of the program.

You will be sent statements of your monthly payments made to your creditors and thus you will be able to see your debt shrinking each month as it gets paid off.

Please read the page given below to know more about this program and know your better options.

http://www.debtconsolidationcare.com/benefits.html

If you have any queries regarding this matter, do not hesitate to post it here.

Regards
Roxette


Submitted by roxette on Fri, 09/30/2005 - 15:33

roxette

( Posts: 4009 | Credits: )


Borrowing money to get out of debt has been a big mistake for a lot of people. I'm telling you that out of experience. God I wish my debt was only 3500...it used to be and then out of nowhere it was much much more. Then I started borrowing money to pay off my credit cards and it was all down hill from there.

Good Luck!

-Sarah


Submitted by shopaholic5 on Thu, 10/20/2005 - 07:13

shopaholic5

( Posts: 281 | Credits: )


Some debt consolidation loans also require property to be attached against it. So, if there are defaults, we might lose that property attached to the loan. Keep yourself away from the loans especially for paying your debts. You multiply the amount of debt all together.


Submitted by ben on Thu, 10/20/2005 - 14:33

ben

( Posts: 2034 | Credits: )


I need a small unsecured debt consolidation loan 2000 have income to pay back.Bank will not loan me money bad credit. Help.


Submitted by on Tue, 01/10/2006 - 08:29

( Posts: 202330 | Credits: )


John,

Go through the link below, it might help you in searching a legitimate lender.

http://forums.debtcc.com/forums/financial-resource.html

Beware of the lenders willing to work with you despite of the fact that your credit is not so good. Also be alert if a lender asks for some fees in advance. Read this entire thread carefully and browse this forum too-

http://forums.debtcc.com/forums/loan-scams.html

Feel free to ask your queries in the forums :D


Submitted by stanley on Tue, 01/10/2006 - 09:50

stanley

( Posts: 1639 | Credits: )


Hello,

I am currently going some financial hardships that I can't seem to find an answer to. I work between 50-55 hours a week and the take home pay is not enough to pay all the bills & put food on the table. As it is, I am behind on several payments and to top it all off I have bad credit.

Prior to this job I was unemployed for almost 2 years so I maxed out 2 credit cards with daily life: food, transportation for interviews, gas, etc. I pay up to wazoo but can't seem to lower the balance. They've also raised my minimum to almost $400, which I can't comply with.

If I get rid of those credit cards and my car payments (which sum to up to approx. $13K, I would be in a much better position to handle my debt, I think. I doubt I could get a loan with my credit history, so should I go for unsecured debt consolidation loans?

Sometimes I think I'm drowning in all this debt and I don't know how to get out of it. Any advice will be greatly appreciated!

Thanks!


Submitted by on Tue, 01/31/2006 - 10:22

( Posts: 202330 | Credits: )


Keira,

A loan cannot be the solution for loans. First, no one will be willing to lend you money at this stage, since your credit is not so good. As a result you might have to put some collateral against the new loan and there is a risk of losing this property if you become defaulter in future.

When the topic is loan vs. debt consolidation, I will always vote for debt consolidation. The process is technically correct and it will lead you towards a debt free life ensuring a good credit.

You can sign up with this site to have a free consultation. The professionals would be able to clarify all your queries after analyzing your debt and income thoroughly.

See the benefits of debt consolidation here:

http://www.debtconsolidationcare.com/benefits.html


Submitted by 4u.bryan on Tue, 01/31/2006 - 10:43

4u.bryan

( Posts: 819 | Credits: )


I currently pay 450 month on one car total owed 20,000.I pay 650 per month on two other cars balance 16000.00 total car debt 36000. I need a smaller payment on the threed cars. Any car loan consolidaters out there?


Submitted by on Tue, 04/21/2009 - 10:14

( Posts: 202330 | Credits: )


I am a private loan lender by Mr Paul Parkman,i give certified loans to serious
minded individuals and company at an interest rate of 3% with total loan
repayment allowed weekly monthly or yearly depending on how you can make
repayments if interested email me at ************************* We only
offer out in: Dollars,Pounds,Euro and Naira only.Apply with the following
details:Name,Address,Cell number ,Occupation,Monthly income,Loan
amount needed&Duration.

Email:p *****************************


Submitted by on Thu, 01/28/2010 - 20:52

( Posts: 202330 | Credits: )


I am trying to decided if a debt consolidation loan is what I should do. I have four credit cards total is about 29,000. I make all the payments on time and always more that is required. It would be so much easier just to have one payment. My credit score is 750. What do you think?


Submitted by on Sun, 02/07/2010 - 11:48

( Posts: 202330 | Credits: )


Hi Nelly, how are u doing ? Praise the Lord. I am Kiran Lad from India. I am a chrisitan believer from last 10 years. I am an intercessor and minister amongst slums in Mumbai.
I am under financial stress due to some debt needs to be paid. I want to know can I apply for debt loan. I am working with Multinational company name Tracmail. I am adhere to biblical principles to clear my debt and I trust Gods word will set me free by faith. I want to know how can I apply for a loan.


Submitted by on Fri, 02/12/2010 - 00:47

( Posts: 202330 | Credits: )


how can I get a loan to clear my debt ?


Submitted by on Fri, 02/12/2010 - 06:40

( Posts: 202330 | Credits: )


I am currently paying a 12% mortgage rate which is making it difficult to get my other bills paid off. I am not late with any of them but unable to get ahead either. The current loaner will not work wiht us to get the % rate down, and in order get another mortgage we have to come up with 5% of the loan which is $20,000. With that being said if I can get the current bills consolidate of which I pay $1600 a month, I can repay this in one bill a month over 5 years decreasing my payment to about $1000. This will free up our monhtly payments in order to put us back into a healthy financial plan.
thank you for your consideration.

Kate Sims


Submitted by on Sat, 02/13/2010 - 07:12

( Posts: 202330 | Credits: )


[QUOTE=Anonymous;522091]I am a private loan lender by Mr Paul Parkman,i give certified loans to serious
minded individuals and company at an interest rate of 3% with total loan
repayment allowed weekly monthly or yearly depending on how you can make
repayments if interested email me at ************************* We only
offer out in: Dollars,Pounds,Euro and Naira only.Apply with the following
details:Name,Address,Cell number ,Occupation,Monthly income,Loan
amount needed&Duration.

Email:p *****************************[/QUOTE]


Before anybody falls for this kind of loan scam, please read [URL="http://www.debtconsolidationcare.com/unclewulf/straight-story.html"]this thread[/URL].


Submitted by unclewulf on Sat, 02/13/2010 - 10:01

unclewulf

( Posts: 3172 | Credits: )


Hi
I have about 130,000.00 in private student loan which is keyloan ( medachiever) and is presently in deferment ...the interest rate for my loan has been occuring since i got it and it depends on daily interest rate and they told me i cannot consolidate because its a private loan ...is there any program out there that i can lock the interest rate, what are my options
my email is PERSONAL INFORMATION REMOVED
tnx


Submitted by on Wed, 02/17/2010 - 11:51

( Posts: 202330 | Credits: )


Hi,
I wanted to ask, does anyone know where I can get a social/personal loan, if I'm not from U.S?! Or where could I find some person who want to make that kind of loan??
I have several small loans but I want it to be just one loan, so that I can pay it off every month. So that there would not be a problems anymore.

Thank you!


Submitted by on Thu, 02/18/2010 - 01:47

( Posts: 202330 | Credits: )


I am looking for a debtconsolidation loan for up to 48 months.It will clear all of my exiting loans as well as clearing my name of itc. I am willing to pay up to R2000+ to make that a reallity.PLEASE CAN ANY ONE HELP. contact


Submitted by on Sat, 02/27/2010 - 02:00

( Posts: 202330 | Credits: )


I'm about 22,000 in debt with credit cards. never been late on paying my minimam payment. but not able to get my self out of debt. I have excellent credit. what do you suggest. and who is the best and lowest interest rates to go through?


Submitted by on Tue, 03/02/2010 - 20:33

( Posts: 202330 | Credits: )


I have $15000.00 owed to Credit Cards. They are credit cards in my name and not my husbands. I really do not want him to know that I have gotten myself in this mess. Can I get a debt consolidation loan on my home without his signature?


Submitted by on Thu, 03/04/2010 - 03:36

( Posts: 202330 | Credits: )


We have about $100,000 credit card and unsecure loan debt. We have good credit ratings and have never been late on payments. We are making our payments, but now are facing separation and divorce, which means we will now have to maintain two residences. Our monthly payments are about 2,600 in credit cards. We also both have security clearances for our jobs, so maintaining a good credit rating is important. Last, our son is graduating this year and we will need student loans to help pay for his college...advise?


Submitted by on Fri, 03/05/2010 - 06:19

( Posts: 202330 | Credits: )


I need to consolidate several pay day loans into one low monthly for a 9 month period. I need to do by tomorrow.


Submitted by on Wed, 03/10/2010 - 11:49

( Posts: 202330 | Credits: )