Anonymous
Anonymous asked in Business & FinancePersonal Finance · 1 decade ago

can i get a personal loan with bad credit?

my credit score

equifax 551

experian 616

transunion 574

i have 2 items in collections

and 2 late payments

6 Answers

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  • Anonymous
    1 decade ago
    Favorite Answer

    Be very careful. With today's tight credit market, legitimate lenders are being very cautious about making unsecured loans to borrowers with much better credit profiles than yours.

    The danger is that most who are offering unsecured loans to people with "bad credit" are more likely to be scams, preying upon those who are desperate and can't obtain loans from legitimate lenders.

    Be very VERY cautious about the terms and conditions of any loans that you are offered. You may find some lenders willing to loan you money, but at interest rates (or with "default" provisions) that will lead you straight into bankruptcy court, faster than you even know what happened.

    In today's credit market - in all honesty - your best source of a loan is probably a family member WHO CAN AFFORD IT (not somebody who has to borrow it themself, in order to lend it to you). Offer to do this as a strictly business proposition: write up the terms of the loan and the repayment period, make up a payment coupon book, offer to pay your family member a reasonable interest rate (say, 5% APR ... its better than what they would be getting from their bank if they just kept the money in a savings account) and then be absolutely meticulous about making those payments on time to the family member who lent you the money.

    There is a risk of course -- terrible family disputes have grown out of loans-gone-bad between family members. But if you do it strictly as a business deal, and are ABSOUTELY SURE that you will be able to repay it as agreed, and absolutely meticulous about doing so, its probably less of a risk than it would be to borrow this money from a loan shark (which is basically the only kind of business that would probably offer you a loan at this point).

    One thing you really should ask yourself first: can you REALLY afford to take on another debt? With 2 items in collections and late payments on other loans, how will you be able to afford even more debt?

    Of course there are some circumstances where this makes sense: for example, if you just obtained a much higher paying job and have carefully reviewed your budget and are SURE you can afford the payments -- or if you are attempting to consolidate several existing debts, perhaps with a loan at a lower interest rate, etc, etc.

    But it is always wise to keep this in mind: You can't borrow your way out of debt.

    If you are trying to borrow money in order to put off dealing with the fact that you have more debt than you can actually repay -- maybe you should rethink this strategy.

  • 3 years ago

    1

    Source(s): Low Rate Personal Loans - http://PersonalLoans.ohfos.com/?PSd
  • 1 decade ago

    The fastest ones can deposit money into an account and be accessible within the hour. Other unsecured personal loans offer accessibility within 24 hours. The size of your loan will depend in large part on your monthly income history and application. If you have zero credit and many marks on your record, don't expect to be able to take out a thousand dollars or more without paying incredibly hefty fees.While companies in the business of providing bad credit personal loans can charge service fees, particularly for rollover payments, they may be limited by state and federal law as to how they may claim funds and under what conditions they may lend out to borrowers.

  • Anonymous
    5 years ago

    Almost sure that you must find many financial clarification at: loanhome.info-

    RE Can i get a personal loan with bad credit?

    my credit score

    equifax 551

    experian 616

    transunion 574

    i have 2 items in collections

    and 2 late payments

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  • Anonymous
    4 years ago

    I would like to say thank you to Destiny kings Loan finance for all the things they have helped me with. I have a large family, and every time we have had a crisis Destiny kings Loan finance has helped us out. I thank God for the help they have provided to me and my family,email them today at{destinykingsfinance@yahoo.com

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  • 1 decade ago

    countless Americans nowadays are battling bad credit. if you are battling credit problems, you have to obtain assistance soon. here's a helpful website: http://credityes.notlong.com

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