I had a bad moment and now bad credit. I need a loan so bad, how do I get one?

Question

I had a bad moment and now bad credit. I need a loan so bad, how do I get one?

Answer 1

I work as a money advisor for the Citizens Advice Buerau and see this situation quite often. Whatever you do, don't apply for a loan from a lender who lends regardless of bad credit. They always charge higher (sometimes extortionate) rates of interest and you could find yourself paying back the loan for years to come.



Heres how to clear up your bad credit. Get a copy of your credit file from a credit reference agency (Experian or Equifax are the most popular) to find out which creditor placed a "black mark" on your credit file. If the debt has now been paid back, you can contact the creditor and ask them to remove the "black mark" from your credit file. You can also request a "certificate of satisfaction" and send this to one of the credit reference agencies.



I notice that you say you "need a loan badly", you should avoid taking out a loan for the purpose of paying off other debts, this only increases the overall amount that you owe. Pay a visit to your local Citizens Advice Bureau for advice on other ways to sort out your debts if you are having problems.

Answer 2

I have no problem advising people to take out consolidation loans.....IF!



They have to get a grip on their credit spending. Over the past few years, banks and credit card companies have really pushed consolidation loans and rolling over credit to new cards.



What then happens is the debtor turns right around and runs up their now-clean credit card. Now they are double in debt.



Thousands of people have have filed for bankruptcy for this very reason.



Consolidating debt is often a good idea. Turn those 21% credit cards into a 8% Home equity loan...now your have lower payments and spend less in interest (which is now deductable on your taxes). On paper it makes sense, but if you don't control yourself it's the start of a disaster.



If you take out such a loan, you MUST stop credit purchasing.

Answer 3

Well it maybe hard to get a loan. Just be patient and try to repair it. and build your credit back up. It depends on what you need the loan for becuase it maybe ways around to gettting the loan. I have bad credit but i find ways to get what I want.

Answer 4

That would be like saying:

I had a bad moment and now my car spends a lot of gasoline. I need a Hummer so bad, how do I get one?

Answer 5

title loans

Answer 6

You probally will have to save money and put down a big down payment. Or get a co-signer.

Answer 7

with a co-signer