Anyone know of a lender who gives loans to people with bad credit?
Jun 24, 2009 in
Personal Finance
babyfrogdaddy
I’m trying to pay off some debts and get a better credit rating. I’ve been contacted several times by a Wilmer Financial Group who says I can get a loan if I pay them some money up front. I know they’re a scam, but to people with bad or no credit they sound like a good deal.
I’m trying to pay off some debts and get a better credit rating. I’ve been contacted several times by a Wilmer Financial Group who says I can get a loan if I pay them some money up front. I know they’re a scam, but to people with bad or no credit they sound like a good deal.
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4 comments
Oh Boy! on June 27, 2009 at 9:38 am
You know it’s a scam, yet you think it’s a good deal? Since when is a scam a good deal.
They’ll take your up-front money then decide they’re unable to get/give you a loan.
How is getting more debt going to help you solve your existing issues?
oracleofohio on June 28, 2009 at 12:53 pm
Keep paying off your debts and don’t fall for another loan that will probably have high interest and fees for even signing. Many times if you consolidate your debts it gives you a sense of having more money and you’ll rack up even more debt! Don’t fall for that trap. Call your creditors and try to have your interest rates reduced and keep plugging away at getting them paid off. Good luck
Salma on June 29, 2009 at 4:36 am
So you have bad credit, right? Doesn’t matter. You still have a possibility of getting loans. You must take utmost care before taking out bad credit loans. Otherwise, the very loan may become a repayment burden and a new debt. Therefore, it is not wise to apply for the first such loan offer that comes your waypayment defaults or CCJs in your name, your score has slumped. You should try to pay off some easier debts. Your rating will go up a bit in few months. This will help in winning the loan providers’ confidence to some extent and the approval may be easier to come.
Rachna M on July 1, 2009 at 6:21 am
If you have a bad credit history still the loan market place is full of lenders who are ever willing to offer you a fresh loan. But you should be meeting some conditions laid down by the lenders. Loans for bad credit people are in fact easier to get then they were ever before, thanks mainly to cut-throat competition amongst the lenders. Lenders are giving loans to the bad credit people who have late payments, payment defaults, arrears, county court judgments or any credit problems. These loans are available for any purpose like home improvements, purchasing a new or used car of your choice, for wedding and holiday tour, debt consolidation or for paying child’s tuition fees.
–house.blogspot.com/
Every lender in approving loans surely likes to see if the bad credit borrower has sufficient capacity to repay the loan in timely manner. If the borrower earns well, has regular bank balance, has been an employee for some years and has a convincing loan repayment plan in place, then the lenders do not usually hesitate much. So ensure that you have adequate repaying capacity before applying for a loan. Also, you should first check your credit report for any errors. If your credit score is too low then you would be charged a very high rate of interest. So it is advisable to first pay off some easy debts to improved credit score and then you should apply for loan at better rates.