Need a small loan with bad credit

[aarondogg33]

I apologize if this isnt the place to discuss this. I am in a tough situation. My whole life has been in chaos for awhile, but i do see things improveing down the road. My issue right now is I need about $2,000 to catch up on some bills. I had to take fmla when my father got sick so I had no income coming in for 6 months and basically drained my savings. I go back to work on Monday, but by the time I get some income coming to me im gonna be in trouble. My credit has taken a big hit the last couple of months falling behind on bills. My question is do anyone know where I can get a small loan despite bad credit. I don't want a payday loan...those things are scum. I doubt my local bank would give me one...they hardly give loans out unless you have a 780 credit score. Any advice or suggestions would really be appreciated.

[sblatner]

Maybe but not sure how long it takes to get the money.

[bjl584]

$2000 isn't that much money. I'd rather see you take on a part time job than take out more debt.

[disneysteve]

The peer-to-peer lenders might be worth a shot. Check out Prosper.com or LendingClub.com.

[aarondogg33]

still need advice

Thanks guys for the info. Anyone else got any advice?

[Redraidernurse]

I agree with disneysteve that those websites like prosper.com might be your best bet.

[aarondogg33]

I treied prosper.com, but they don't lend in Maine.

[aarondogg33]

any others with advice?

[BMEPhDinCO]

Take out a loan on your car? Take a long out of your whole life insurance (if you have)? Borrow from your father if he has (since you took time out for him)?

You may be able to get a cash advance on your credit card as well...

Honestly, it's not a good idea, so if there's anyway to avoid it, do so. If you can't, try those options for the smallest amount possible. Once you've been working for a few weeks, you may also be able to get a pay advance from HR. So if you can put some stuff off, that may help as well.

[cascade11]

Try taking a loan out of your 401(k) plan if your company allows it. Often companies will allow you to buy up to 50k max or 50% of your 401(k) retirement plan depending on which one is less. They charge a much loaner interest rate than banks do! Try that

Bad, bad idea. You will get hit with a 10% tax penalty from the IRS. Will anyone in your family lend you the money? $2,000 is a small amount of money.

[kv968]

Bad, bad idea. You will get hit with a 10% tax penalty from the IRS. Will anyone in your family lend you the money? $2,000 is a small amount of money.

You don't pay a 10% penalty on a 401k loan.

If however you're let go or leave the company while the loan is still active and you don't pay it back in it's entirety (usually within 60 days) then it'll be counted as a distribution and will taxed as income and the 10% penalty will apply.

Still overall not a good idea to do it.

[Tharagleb]

I have heard that the best thing to do in your situation is to call your creditors and explain to them that you are working and want to pay them back but that you need to work out a payment schedule with them. I don't know if this will work but it is at least worth a try. Good luck.

[cheryl101]

10% penalty?

Bad, bad idea. You will get hit with a 10% tax penalty from the IRS. Will anyone in your family lend you the money? $2,000 is a small amount of money.

You get hit with the 10% penalty if you take out a withdrawl hardship loan, you don't get hit on the regular loan in your 401k because you are paying that back.

[Jerry91]

With a bad credit, it will be difficult for you to qualify for any kind of loan. Even if you qualify for a personal loan, the interest rates will be extremely high.

[kielson]

Hm.. if you need quick loan then take it but keep in mind that quick credits got high percentage of interest.