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Can I get a loan with a bad credit?

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    Can I get a loan with a bad credit?

    Can I get a loan with a bad credit?

    #2
    Originally posted by perfectionj View Post
    Can I get a loan with a bad credit?
    Maybe. But, why do you need a loan? Can you provide more detail as to your specific situation?
    Brian

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      #3
      Bad credit will mean that a lender will see you as a bad risk. You could tell them until you are blue in the face that you are a good credit risk, but that will not matter. The bad credit history says more.

      So that being sad, you could certainly get debt with a bad credit history, however you should be prepared to pay a higher rate of interst. The higher interest rate is set up to compensate the lender for giving you credit.

      bjl584 has it right to ask why you need a loan. That is much more important of a question.
      Check out my new website at www.payczech.com !

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        #4
        If you are already having problems managing your money why not try to improve your money management skills before you dive into bigger problems with a nearly impossible to pay back loan. I suggest you post your income and a list of fixed expenses and variable spending. This forum tries to make helpful suggestions.

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          #5
          I'm sure you can unfortunately, but beware. The interest rate will be astronomical and you could end up in a very bad situation. Now, you might be aware of all I'm saying below, but I'll use my own experience as an example:

          When I was much younger, I didn't understand credit. My ex-husband and I financed vehicles based on the monthly payment we could afford. So regardless of interest rate, we might have a small payment for 5 or 6 years. But of course those cars didn't last that long anyway. Then, when we (or myself, later) would trade-in for a newer car, we/I didn't realize that if the dealer didn't 'pay off' the previous loan, the balance would be tacked on to the new loan. So...fast forward some years and a few car loans later, I'm stuck with a POS car worth about $2500 (or less if you consider it was about to die), that I owed about $9000 for. I think the interest rate on that one was about 18%.

          Once someone explained to me what had happened, I was in a situation where no dealership would even take the car as a trade-in in an attempt to get a better car at a lower interest rate. (I had little money at the time for down payments and could just barely make the payment on the about-to-die car).

          So, I ended up letting the car go, ie. repossessed. Well, that didn't fix it either. Not only did it screw up my credit even worse than it was, but I still had to pay the balance remaining on the loan after the finance company sold the car at auction. Then, they sold the debt to a collection company, one of those that can squeeze water from a rock. I think that interest was 21%, plus they added fees. So I ended up paying them about 11,000.

          Anyway, it was a hard lesson. And it all started with getting a car loan with bad credit to begin with.

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            #6
            I believe you can still get a loan even if you have bad credit since you can ask some of your relative to be your co-maker. You can also take some of your property to your collateral. In such way you can have a loan. On the other hand, you need to look for a firm or a bank that would accept for a loan.

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              #7
              Just like what others have answered, I think you can still get a loan despite of the bad credit, however the problem would be the rate of interest. That could just give you more burden in case you try to avail that loan.

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                #8
                Depending on your credit and your employment details, you can probably get a payday loan or a traditional loan from a bad credit lender. However, make sure you have a plan to repay the loan because it is insanely high interest rate...

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                  #9
                  Yes you can. A payday loan is your best option if you need a small amount. If you need a larger amount you might have a tough time. Lenders see people with bad credit as liabilities and don't always want to risk the loss. First, see if you 'really' need a loan. If you do, then check the amount, maybe you can get by with less. If that's the case, then go in for a payday loan.

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                    #10
                    Originally posted by VanReb View Post
                    Yes you can. A payday loan is your best option if you need a small amount. If you need a larger amount you might have a tough time. Lenders see people with bad credit as liabilities and don't always want to risk the loss. First, see if you 'really' need a loan. If you do, then check the amount, maybe you can get by with less. If that's the case, then go in for a payday loan.
                    I have to disagree. Unless you are trying to keep from being homeless or starving to death, don't take a paydown loan. There's no reason to be paying 300-750% APR for a loan. Someone out there will take a risk on you for less than that.

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                      #11
                      Originally posted by reedda View Post
                      Anyway, it was a hard lesson. And it all started with getting a car loan with bad credit to begin with.
                      This.

                      Why would you (OP) want to flirt with credit again when yours is already bad? You could be setting yourself up for even more failure.

                      If you tell us what you're trying to buy and your financial situation, we can probably offer advice that doesn't involve getting a loan.

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                        #12
                        As others have said, trying to borrow yourself out of debt is not a solution, however...

                        If you are doing something like borrowing to get a car so that you can get a job or a better job then that might be desirable. You basically need to show that borrowing will somehow put you in a better financial position long-term. Can you explain a bit more?
                        Last edited by Tharagleb; 03-15-2013, 10:22 AM. Reason: typos

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                          #13
                          Normally bad credits are not eligible for bank loans. They goes for payday loan often and had to pay high interest rate. But sometimes they are life savers. All I must say that if you are using it to make up for bad credit then its good and if you are using it in bad credit, beware!

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                            #14
                            Usually you don't. But you my if you manage any one else who may en-risk his asset to guaranty you.

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                              #15
                              Yes, you can obtain a loan with bad credit. The biggest consideration is at what cost? With bad credit the loan officer will see you as high risk (as mentioned above). High risk equals high probability of failure to repay loan. A higher loan rate will be required to compensate the loan officer for taking the risk of not being repaid.

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