Sep 09

How can I get a personal loan if I have bad credit?

bad credit loan
We got into bad debt when we refinanced by a deal that wasn’t as good as it sounded. We have several credit cards we are way behind on. We are trying to pay on them and get back to where we want to be but it will take a long time. In the meantime we do not have enough to pay our taxes all at once on our home. We would be able to make reasonable payments on a $2000 loan.

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9 comments!!!

  1. Kelly says:

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  2. ibu guru says:

    Personal (signature) loans are difficult to get in good times since you must have good credit, a well-established banking relationship, and preferably some assets or collateral. They are always more difficult to obtain than a car loan (car as collateral) or a mortgage (house as collateral). These days there’s hardly a signature loan to be had anywhere for those with excellent credit.

    You are not getting a personal loan. You have, you say, bad credit, you are in arrears on your credit cards, and you cannot even pay your taxes. Any lender will say “no” — even if they refrain from expletives at your waste of their time. As far as any lender is concerned, you are the classic example of money mismanagement — you have obviously been living well beyond your means for far too long.

    Property taxes or IRS or what “taxes”? You are best off scrimping to put together every last cent you can to pay as much as you can (eat what’s in the cupboard for the rest of the month). Otherwise, you will have to pay interest and penalties, but you can probably make payment arrangements for the balance if you talk to them and pay a goodly chunk of it.

  3. good guy says:

    for starters, ibu guru (immediate answer, above) so far is the only answer worthy of your question—all the others providing a link are nothing but come-ons, designed to take your money, much like your refinance deal that wasn’t too good. That said, i does sound like you have lived beyond your means for some time and now you need to bite the bullet, so to speak. Is a second job a possibility? If not, do you have an extra bedroom you can rent out? True, you would be sacrificing some privacy, but the goal here is to get out of debt, and rental income is a good way to achieve this goal, and would not be permanent. Selling unwanted/unnecessary items (ebay, craigslist or a garage sale) is another way of raising capital. Bottom line: the best place to find a helping hand is at the end of your own arm. Whether you seize control of your life or not remains entirely up to you. Good luck.

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