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Where would be the best place to go for a loan?

I need to borrow $5000. And would like to do so over 3 years. I can afford up to 15% interest. But I have very low credit (614) and my DH has never been issues a credit score because he has paid in cash only for all his life.

As of right now we are earning about $1700 a month before taxes and our rent is only $250/mo including our water, sewage, gas and electric... (only bills are $250 rent, $70 car insurance & $60 cable/phone/internet & about $100/wk on food)

Where would we have the best shot at a loan?

Answer Question
 
Anonymous

Asked by Anonymous at 3:30 PM on Sep. 25, 2009 in Money & Work

Answers (1)
  • Your credit score will affect your interest rate, and right now it can affect whether you can even get a loan. If you have a credit union, I would go there. They'll give you the best interest rate they can on a fair loan. If the loan is for a car, it may be a little easier to get the loan because they will have the car as collateral. Be careful, don't borrow money unless you know it's a reputable financial organization.

    Good luck.
    ohwrite

    Answer by ohwrite at 3:54 PM on Sep. 25, 2009

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