Where can I get a loan with bad credit?

[Golden Krust]

Where can I shop around for loans if I have bed credit? I'm doing my best to avoid a payday loan. However, I need to find an alternative.

[ArchonInitiative]

Someone recently approached me with some options they wanted me to check out. All of them were awful.

 

Do you have things around the house you could sell? Yes, that is better than getting in bed with payday or those other loans.

[Golden Krust]

I have nothing of value to sell...

[Bobbydebt]

You need to define "bad credit." Sometimes people have no idea what their real credit score is, or even what accounts are on their credit report.

[Golden Krust]

I have a ton of revolving debt and my credit score is in the mid 500s.

[minionelle]

Depends on how much money you're looking for. Some credit unions in my area (Ohio) do a payday loan alternative at much lower rates than the payday loan sharks, and if I remember correctly there is no credit check involved. Local CU's in other states may do them as well.

 

For larger amounts, Springleaf Financial (used to be American General) or OneMain Financial (used to be Citifinancial) might be able to help. They're not the easiest people to deal with (especially if you're late with a payment) but they might be able to get you through a tough spot.

[wdwslr85]

I have had wonderful success with plain green loans. They have extremely high interest of course, but if it's just to get you out of a jam, it can be worth it. It doesnt check or report to your credit and you can work from like 700 up to 2500. I think I'm at 2200 right now if needed. Again, you have to have the income to support the payments, but it's meant as a long term loan with ridiculous interest, so the idea is to pay it down as soon as you can.

 

There's also springleaf financial. They do a credit check(EX in my case) and will start with 1500, I think a 2 year loan at 30% APR. Again kinda high, not as bad as plain green, and they do report to credit bureaus. They are another lender where you can build credit with them specifically and get more money as time goes on and they are not quite as predatory as plain green.

[rohan]

How bad is your credit?

 

You should check your credit first. go to annualcreditreport.com if you haven't already.

[Mr. Media]

Just be careful that you don't get sucked into something you cannot afford. Only thing worse than bad credit is bad-bad credit.

 

Stay far far away from Springleaf Financial. That's my only other advise.

 

Hope you get what you're looking for.

[Golden Krust]

LOL^^^^^.

 

Thanks for the advice, every one.

[PatriciaFields]

Do you need a bill paid or cash? Bill float pays bills...

[selfmadetool]

Your credit won't matter if you borrow from your 401(k).

 

 

[sedric1]

you could get lucky with a prosper loan. first time i tried it with really bad credit; i didnt get a loan. i then tried it 2 years ago (just paid off that loan completely) and i had a ton of responses of people lending money. the rate isnt the best (and is usually based on your credit), but it is better than payday loans for sure

[SportsNut]

I have a ton of revolving debt and my credit score is in the mid 500s.

 

Define a "ton of revolving debt"? 1K, 5K, 50K??? Versus your income and realistic prospects of paying of this debt in the next 5 to 10 yrs? Should you be considering another option besides a short term loan? You sound insolvent to me; is there any reason why you are not considering a Ch 7 Bk to wipe out the debt and start over again?

[Golden Krust]

Do you need a bill paid or cash? Bill float pays bills...

 

I tried to sign up for bill float a few weeks ago and the site said that they were not accepting new customners until June. I'll look into it again. Thanks.

[Golden Krust]

Your credit won't matter if you borrow from your 401(k).

 

I'm ineligible until next year, unfortunately.

[Golden Krust]

you could get lucky with a prosper loan. first time i tried it with really bad credit; i didnt get a loan. i then tried it 2 years ago (just paid off that loan completely) and i had a ton of responses of people lending money. the rate isnt the best (and is usually based on your credit), but it is better than payday loans for sure

 

Thank you for the info! I looked into it and my credit score is below the minimum required for consideration.

[Golden Krust]

I have a ton of revolving debt and my credit score is in the mid 500s.

 

Define a "ton of revolving debt"? 1K, 5K, 50K??? Versus your income and realistic prospects of paying of this debt in the next 5 to 10 yrs? Should you be considering another option besides a short term loan? You sound insolvent to me; is there any reason why you are not considering a Ch 7 Bk to wipe out the debt and start over again?

 

I have student loan debt, which, for the purposes of bankruptcy, I won't include in this calculation.

 

I have revolving credit lines (department stores) that have been maxed out and closed. I have one that I believe is not closed, but I have to double check. This debt is under 20K.

 

Should I really consider filing for bankruptcy?

[SportsNut]

I have revolving credit lines (department stores) that have been maxed out and closed. I have one that I believe is not closed, but I have to double check. This debt is under 20K.

 

Should I really consider filing for bankruptcy?

 

Depends. 20K in revolving debt is different to folks in different situations of income and other fixed and family expenses. I would say to look at how things will likely go for you over the next yr or two is you don't file and continue the way you are now; (payday loans, etc.) along with the headaches and trailing problems of lawsuits, garnishment, etc that go along with defaulted and c/o debts. Compare that to where you will be if you file and disch the 20K in revolving debt, and get a fresh start. Of course you will continue to have to service the student loan debt since it is non-disch in bk.

[PatriciaFields]

I just did Bill Float last week.

[Golden Krust]

I just did Bill Float last week.

 

Was it your first float? When I checked it said it wasn't accepting any new clients at the moment. I will look into it again this week.

[artofarronk]

you could get lucky with a prosper loan. first time i tried it with really bad credit; i didnt get a loan. i then tried it 2 years ago (just paid off that loan completely) and i had a ton of responses of people lending money. the rate isnt the best (and is usually based on your credit), but it is better than payday loans for sure

 

 

Define in detail Prosper Loan!

[gothamist]

The Prosper Loan deal is interesting. I wasn't aware that those were for personal loans - I was under the assumption that that service was for "investment" loans or something w/ more payback potential.

 

As a follow-up, I'd avoid borrowing from your 401k as best as you can. If you're already doing that this early in the retirement game, I'd pass on opening it up at all to avoid the fees/penalties associated with that.

 

[kewlrobert]

In the faq on Bill Float's website, it says you provide your online banking login and password so they can verify your identity/income etc. Too creepy for me