I need a loan and have a low score

beckyrojas · Joined: 18 Sep 2009 Posts: 2 1.94 Dollars($)

I am a single mom and even thought I have a low credit score I pay all my bills on time. I have a sister that suffered an storke and is under my care I had the help of my father that is an engineer but has been out f work for ovwr 6 months and it's all getting kind of tight I have to teenagers and they are as well my primary focus. I need a bill consolidation loan to pay EVERYTHING and I can use the vehicles as colaterals and have only ONE payment. This will help me out. If I can only find a person to take a chance and they WILL NECER regret it because I am loyal and my payments will be on time. Just need a little help in these times of trouble!!!!!

gmakerley · Posted: Fri Sep 18, 2009 11:39 am Post subject:

becky without knowing just how low your score is, it's hard to give you much of an answer. i suggest you try local finance companies, credit unions or community-based banks, if they exist. you also haven't noted how much money you require to do what you wish to do. that's going to have a bearing on anyone's decision, also.

i'm afraid you may end up paying a very high interest rate, but it might be worth it if it eliminates your debt - you'll still have a lower payment than with all the others combined, it would seem safe to say.

beckyrojas · Joined: 18 Sep 2009 Posts: 2 1.94 Dollars($)

Yes I have tried and even thought some of the items like my vehicle loan itself with Capital one has an interest rate of 22% they think I have to much credit , but what I feel that they do not take in comsideration is that I make my payments and I am just looking for a better interest rate as well as one payment. I have 25,000 total in debts that I would like to pay.

gmakerley · Posted: Fri Sep 18, 2009 11:57 am Post subject:

i have to say that if you're paying 22% on your car loan, then capital one considered you a severe credit risk. unfortunately, that would pretty much peg you as a severe risk for others who you approach for the consolidation loan you seek. that's not good news, i'm afraid.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1737 36.13 Dollars($)

22% ona car loan?

How can any one pay off this loan at that interest rate

gmakerley · Posted: Mon Sep 21, 2009 8:42 am Post subject:

sunny, we've seen these for years. when someone with extremely poor credit walks into some of the "storefront" or "independent" car dealers' lots (usually operating out of a garage, for instance), they easily fall prey to this sort of interest rate.

traditional financing alternatives won't work for them (gmac, toyota financial, and the like), but dealers know that the worst case scenario is "if you don't pay, i come get the car" and people need cars, so they end up in the 20+ per cent category. the repossession companies stay in business this way.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1737 36.13 Dollars($)

That is really sad

I wish our public transporation system was really good, not need of car and we woudl nto be paying so much money for Gas

Less demand menas lower price

gmakerley · Posted: Tue Sep 22, 2009 7:21 am Post subject:

good thought, but i'm not sure that's accurate. less demand often seems to have no effect, and taxes chew up a lot of our dollars at the gas pump as well.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1737 36.13 Dollars($)

two thigns you can not avoid taxes and death

gmakerley · Posted: Tue Sep 22, 2009 9:07 am Post subject:

yeah...please don't light up a cigaret or use your cell phone at the gas pump.

kim090807 · Joined: 20 Sep 2009 Posts: 52 0.00 Dollars($)

what is your credit score?

gmakerley · Posted: Tue Sep 22, 2009 9:14 am Post subject:

mine? dunno offhand

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1737 36.13 Dollars($)

Hahahah

Not checked recently

thewretched02 · Joined: 23 Jun 2009 Posts: 115 23.90 Dollars($)

becky, there are plenty of debt consolidation places out there that can probably help you. How much are you in debt at present?

also you mentioned you have bad credit but pay all your bills on time - how did your credit become so bad?

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1737 36.13 Dollars($)

Looks like her situation caused this

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