Credit Union/Bank that will give a personal loan to someone w/bad credit?

My credit score right now is 481. I have about 12k in unsecured loan that I want to consolidate in one and pay off as soon as possible. It just seems it will never happen since I have 6 places to pay a month. One of the places I will be paying off will be my car. Can I put that as collateral? ...I dont want to keep applying to different places cause I know that affects banks that look at my credit. I am stressed and broke all the time! Any info will be helpful. Thanks!!!

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  • Anonymous
    1 decade ago
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    Consider yourself lucky you got 12k in unsecured loans with a credit score like that . We turn people down with 600 for unsecured credit . Yes you may use your car as collateral but they will only give you the value of the car at the end of the loan . If you take a loan out for 4 years they will project how much its value will be then and use 1/2 the value as a collateral chattel .

    Source(s): VP NAT CITES BANK - CONSUMER LOANS
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  • 3 years ago

    1

    Source(s): Instant Approval Personal Loans - http://PersonalLoans.ohfos.com/?HkC
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  • 1 decade ago

    I'm in the same situation. I'm lucky that the place where I work has a credit union that was willing to work with me. My credit is so bad, that I still needed a co-signer for them to approve the loan. I'm blessed to have good friends & co-worker(s) that co-signed.

    Good luck to you, and don't go the payday loans route. That's what messed me up. Credit Counseling doesn't work with payday loan places.

    I'll pray for you.

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