I have terrible credit and have judgements and many payments I fell behind on when my fiancé and I both lost our jobs, we just lost a house in may on a foreclosure and I need a loan for about 5000-1000 to get credit straightend out.

You probably will not be able to get a loan unless it is from Guido with the broken nose who will want $6 for $5 every week, or from a family member who likes you a lot. You are putting the cart before the horse. You must fix your credit first; then you can get a loan. If you wish to re-establish some good credit, a secured credit card should work.

I think rather than getting a loan you may be better off getting some debt management.

Taking out MORE debt when you already can't manage your money is not the best way to go. And you probably won't be able to do it.

Dave Ramsey (Money Management, NoMoreDebt) suggests selling everything you absolutely don't need to survive with on eBay or at a garage sale. Use that money to pay off one debt, then use the money from that debt to help pay down another bill and so on until you have NoMoreDebt and are paying cash for everything. He also suggests working two or three jobs until you get the debt into a more manageable level.

But taking on more debt---never a good idea.

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Originally Posted by mjwchevy

i have terrible credit and have judgements and many payments i fell behind on when my fiance and i both lost our jobs, we just lost a house in may on a forclosure and i need a loan for about 5000-1000 to get credit straightend out.

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I know that you feel a deep panic right now. If you do get a loan, most likely it will be from someone who is going to cheat you and make it worse. They'll charge you an unreasonable rate, they'll slap hidden fees on, etc.

UNLESS - you qualify for some sort of "Credit Union" where you can be guaranteed a fair rate.

Assuming that none of this is possible, I think you should try your best to go for other options. If you can sell anything, like they suggested, on E-Bay, or even at your own garage sale, do so.

If you can do any kind of free-lance extra income work - mow a lawn, hang flags, etc. Send what little you can. Even if it is a TINY amount, it shows you are trying.

Look for the tiny things in your life you can cut and miss little. You'd be AMAZED how much they add up. I cut my newspaper years ago, and thought it would kill me. Then realized that I can borrow one from my neighbor every evening, go to the library or read it on line. I threatened to kill the kids if they made a single long-distance phone call. I insisted on turning off electrical items not in use, every time. Before long I was saving $100 a month.

If all else fails, and you usually get a big IRS refund, see if these people will take a promise to give them your next IRS refund. (As in promise in writing.)

PS. TALK TO THE CREDITORS.
Let them know that you have lost your job.

When I got divorced my mortgage was a BIG issue. Washington Mutual was nasty the first time I fell behind, then I mentioned divorce. They instantly sent me refinance work to lower the payment.

Borrowing money to help get out of debt does not work, what you need is another job ( second job each) negotiage the payments even a chapter 13 to pay them off under a controlled plan. Getting further into debt is about the LAST thing you need to do.

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Originally Posted by Fr_Chuck

Borrowing money to help get out of debt does not work, what you need is another job ( second job each) negotiage the payments even a chapter 13 to pay them off under a controled plan. Geting further into debt is about the LAST thing you need to do.

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I do agree with most of this. (Chapter 13 is not a great idea. Chapter 7 is. I don't think either of these will erase judgements though). Getting further into debt is a terrible idea. I only suggest the credit union as a way of saying, "If you insist on getting deeper in debt, make sure you deal with someone who is going to be an honest lender."