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How can someone with bad credit get a personal loan?

OK - times are hard. But I've been doing some figuring - and it doesn't figure out. I just want to get ONE loan (for about 12,000) and pay off everything and be able to save some and survive on the rest. Would any credit company be crazy enough to loan to me?

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Asked by augsmom at 12:30 PM on Mar. 8, 2010 in Money & Work

Level 9 (359 Credits)
Answers (6)
  • With all the new regulations, No, you'll never get a 12k loan with bad credit.

    Answer by customcat2000 at 12:37 PM on Mar. 8, 2010

  • We managed to get a vehicle loan last year...but I just want to consolidate all the OTHER debt.

    Answer by augsmom at 12:40 PM on Mar. 8, 2010

  • No, it is not possible. And I wouldn't recommend it even if it were possible. I recommend spending about $25 total and buy Dave Ramsey's book and work book -- "The Total Money Makeover". I gurantee if you stick to the plan you will change your life and will learn how to be debt free AND save money FAST!

    Answer by RutterMama at 12:42 PM on Mar. 8, 2010

  • But the problem is is that I'm not bringing in enough $$ to cover the current debt and I need to consolidate it. I tried this Consolidation program - but they charge me $40 as a service fee and I have to report my balances to them...they're not even doing the work. That $40 a month could go to pay down other bills. Trucks need new tires...service check ups, etc...medical, too. I just thought, instead of paying 10 different companies $100 each, it would be easier (and less expensive MONTHLY) to pay one company 12000. I know in the LONG run I'll probably be paying more in interest - but right NOW - I need a fix. :(

    Answer by augsmom at 12:49 PM on Mar. 8, 2010

  • Probably not, but you could always look into it. Maybe you could get a slightly smaller loan and at least consolidate SOME of it to start.

    Answer by nicoled02 at 1:36 PM on Mar. 8, 2010

  • Can you call them and ask them to lower your interest?
    Can you pick up a 2nd part time job to help you get the debt lowered?

    The problem with debt Consolidation is that it treats the symptom of the problem and not the problem itself. Statistically speaking 9 out of 10 people will consolidate their debt and then go right back out there and max out their credit cards again. Not a good place to be in.

    Do you have a written budget yet? If you are having a hard time making ends meet it is vital that you have a written budget that you stick to. Otherwise money will "escape" and you can't afford to have that happen right now.

    I agree with a PP. Go to the library and check out Total Money Makeover. You can also listen to the show at or visit the Dave Ramsey group on Cafemom.

    I hope things work out for you!

    Answer by Anonymous at 4:54 PM on Mar. 8, 2010

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