[carriecoats]

Help Please!
I have been trying to get a personal loan for about two months now. I have terrible credit. I have gotten myself in that black hole of debt that so many people get into. Payday Loans, Pawn Loans and Credit Cards. I just want to get out of this. Pay days are supposed to be days to look forward to. I dread them. I just need someone to take a chance on me and give me a loan. I don't care about the interest rates. I just need help. I just want to get financially back on track and get out of this hell. I am willing to go through private lenders or have any interest rates. Someone please help me! I don't know where else to turn. I need about $10,000 - $15,000. If I can pay some stuff off. I can finally go back to school and get me degree. Someone please help me!

[CaptainForest]

You say you don't care what interest rate you get? The credit cards give you a 21% interest rate.

So I am guessing you do care what interest rate you get (that is, less than 21%).

Here's the thing:

Interest Rates are tied into risk.

The higher the risk of investment, the higher expected return an investor wants.

Example:
1) I invest my money into Government GICs (Bonds). That is a pretty LOW risk, since I am 99.9% sure that the Federal Government will reimburse me when the bonds mature. Therefore, I am willing to take a lower rate of return, perhaps charge them only 4% interest.
2) I loan money to a business who has a risky business plan. They might go bankrupt and I would lose my entire investment. Therefore, if I choose to invest, I am going to want a higher rate of return since I am taking a higher risk.


My point is:
If banks are turning you down, then they feel you are too high of a risk. That is going to make it much more difficult for you.

Some options:
Go to a debt settlement company that will help you get your finances in order. However, if this company advises you to stop paying all you bills, don't listen and find yourself another one.

[Fr_Chuck]

You are NEVER, NEVER going to borrow yourself into being paid off. Of couirse no one beside a loan shark that will break your legs if you don't pay will loan you money, esp 10,000 or more, If you own a house, you may get a second mortgage.

Best bet, is to look at some debt settlement companies, or bankruptcy.
Or just pay on payday what you have to, rent, food and so on. Don't pay anything else, for a few checks. After that try and set up payment plans with the people you owe, the worst they can do is sue you, and garnish about 25 percent of your pay.

[talaniman]

Getting a loan is the last thing you need right now.You'll only be deeper in debt for a whole lot longer.Google debt relief and do your homework!