Category: Let's talk
Hey everyone,
I wonder if anyone here has ever gotten a personal loan where credit history doesn't matter. I've heard they're out there, but I imagine they're not abundant. I urgently need a loan, and I'm sick of being punished for mistakes I made with my credit when I was young and stupid. I'm going to Google it, but I wanted to check here also. And, how will I know whether or not the ones I find with Google are scams. The only way I can think of to find out is to look them up on the Better Business Bureau's site. Are there any other ways?
Thanks,
Becky
If your thinking of a payday loan they're damn near empossible to get out from under them. That's the only kind of loan I can think of that doesn't look at credit history, but their interest is horindus...
you'll alasy get credit checked. though if anything is wrong, also put that right with the credit agenceis.
How much are you looking to borrow?
Ideally, I'd like to get $1800, but I could work with $1000, which is a bit more than I can get with a pay-day loan.
Pay day loans, Cash for Titles and other similar loans are, as someone said, extremely high interest. You'll have to be on a budget where you know you can pay. I would advise talking to your local bank about a line of credit, because if you've been a good customer of theirs you may get one without a perfect credit score. Just be really really careful and read all the fine print. It's really easy to get taken in by these things when you're financially desperate. And make no mistake about it, these supposedly easy loans know this very well.
Basically the reason a traditional loan checks your credit is that a loan is a risk. Consequently they can only offer an interest rate compatible with what your score shows you can pay. Several factors go into your score, not just past mistakes or calamities. If you have an unlisted phone number (bill collectors can't find you) that's an automatic few points off the Fair Isaac score, for one thing.
So should you opt for a no-credit loan, they are assuming more risk with less to fall back on. These are rarely FDIC insured loans, so what they try and do is make as much as they can on the intrest you will pay, because many people who take these loans will default (that means not pay).
Remember also that interest compounds principal, meaning that if you owe $100 at 10%, if you fail to pay for a month, you now owe $110 at 10%. This may sound obvious but it took me getting into management to learn how many adults in their forties and up simply did not know this.
I know I'm ramblin' as usual and hopefully someone on here who's better at distilling can cut it down for ya but beware.
Hope some of this makes sense.
And lest I sound unsympathetic, I know some of what you're dealing with, having dealt once with a credit mistake from a company, and currently dealing with the financial situation that is a result of some business and economic failures I've written about on other boards. Doesn't matter how it happened, whether as you say it was a mistake on your part, or a calamity of business failure, the way up and out is generally one of applying oneself and being diligent.
I'd not go googleing this subject, because some are not good. You can fix your credit. As suggested as a bank as well for a line of Credit. Right now credit is difficult due to the economy, and 1800 is to high an amount to get without credit the right way. As posted the interest will kill you. You can start with a small amount say a Orchard Bank card, and their are some others. It takes time to rebuild, but these companies will allow you to start small, and if you pay will, and pay off the balance before reborrowing your limits go up. Their are some others, but you'll pay say $200 to get the card, and it's only worth $250, so you pay the $200 off first, then you have credit, so you are only getting $50. It's a way to restart, but you must be able to pay fast to keep the interest off you. Some banks will loan you money on your money called a secure lone. Example you deposit $200 then borrow it. Okay so that seem silly, but when you pay it back, and some interest you have now started guilding credit. You can go to the Consumer credit agency and they'll help you repair your credit as well, buy getting your lenders to reduce interest and such things. Google credit repair and you'll find them. More to it, but the main thing is it takes time. Hope some of this helps you.
I did some googling after I posted yesterday, and my findings confirmed what everyone has been saying on here about the sky-high interest rates. The thing is, I have a financial emergency. I am prepared to deal with the interest rates, and I don't have time to fix my credit before my deadline to come up with the money I need. After this situation is taken care of, I'll be able to make the loan payments and hopefully start paying on some old debts again. Believe me, I don't want to take out another loan, but I have to do what is necessary.
Thanks for the advice.
Becky
If it's a utility or rent/morgage issue I'd really suggest other options...I'm not prying, and of course you'll decide on your own, but there are places to help if it's that kinda emergency.
I don't know if you have anything to sell or some other way to raise cash, but this would be by far your best option.
Loans are so hard to dig your way out from under. I encourage you to look at all ways of bringing money in as opposed to borrowing it.
Yes pawn stuff if need be. You'll dig a hole otherwise. If possible post the type of thing you need help with and maybe someone here can give you alturnitives.
Pawn shops are just that: I've used them plenty. They can be useful, but don't plan on getting it back. If you can redeem it, great. However, pawn it off as though you're selling it to your buddy. Had to do it with some of my gear when we had the baby but that's precisely what I did: went to the hawk shop and dumped it. It sucked but it worked. Maybe I'm being sexist, but I think it's easier for guys to ... just do it, without all the complicating factors.
Depending on what you need the money for, you may not need as much as you believe you do. If its bills, you can call or go in person and explain your situation to to your creditors and they may work with you. If you go, take a written copy of your budget and show them where your money is going and that you are not just trying to get out of your responsibility of paying, but that its humanly not possible.
Even if they don't work with you, what's the worst they can do? Trash your credit and call you and harass you! You can't get blood out of a turnip, if the money's not there, then its not there.
Sorry to see you struggle, hope some of this helps.