Are there unsecured personal loans out there for people with bad credit?
Dec 23, 2009 in
Personal Finance
Deidre J
I am tryingto pay off my truck. I only owe 10,000 on it. What I want to know is if there are loans out there for people with bad credit?
I am tryingto pay off my truck. I only owe 10,000 on it. What I want to know is if there are loans out there for people with bad credit?
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5 comments
Ian M on December 23, 2009 at 7:31 pm
Yes there are, but expect to pay a higher interest rate.
Google will find them or check your local newspapers.
Ian M
Tufty M on December 26, 2009 at 8:49 pm
Truck? You’re in the US?
Well, if you look around, but the interest rates will be high and there are likely to be early repayment charges if you can/attempt to clear it sooner.
If it’s not urgent to pay the money off, you may be better off negotiating with the vehicle lenders. If things are too bad for that – there may be a consumer credit advice org that could negotiate on your behalf.
In the UK there is for example, the Consumer Credit Counselling Service – -for more info.
Steve O on December 30, 2009 at 5:36 am
It is up to the loaning establishment if they want to give you a loan or not. It helps to have good credit, because you rate of interest is lower. You will pay a higher interest rate when you have bad credit. You say you owe $10,000 on your truck, you don’t mention what kind of work you do and what you rate of pay is. These are two big question that need to be answered before anyone would lend you a cent. Another would be how long you have worked with this company.
Shop around…check out your bank, try a credit union, but watch what you sign.
Hope this helps!
bestonnet_00 on December 30, 2009 at 5:05 pm
You don’t get out of a hole by digging further down so why would you try to borrow your way out of debt?
You need to fix your spending problems, not make them worse, those who are in debt and having trouble with the debt do not need another loan, they need to pay off the loans they already have.
There are loans out there for people with bad credit but you shouldn’t be getting any. Once you’ve got spending under control then it might be worthwhile to transfer some debt into a new loan but if you haven’t got control of it adding a new loan is just going to be opening up your old lines of credit which you’ll then max out giving you new debt to pay off and making the problem even worse.
mister ed on January 2, 2010 at 12:42 pm
sure at interest rates out of this world!!!