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cna3009 · Mar 6, 2006, 01:24 PM

I have bad credit but I have been at my job for 5 years now is there any company out there that would be willing to give me a personal loan or does anyone know of any way or anyone that would be willing to finance me. Right now I really need a loan. Will someone please help me

ScottGem · Mar 6, 2006, 01:35 PM

There are lenders that deal in high risk loans. But you will pay through the nose for it. You're best bet would be to discuss the situation with the bank where you do business or with a credit counseling service.

kp2171 · Mar 6, 2006, 02:51 PM

Also, is your credit bad from behavior that is recent? Even though hits to your report can hang for several years, many lenders are interested in what you've done lately. If you've done a decent job over the past year or two you might find that you may be able to get a loan. Still you'll pay more, but you might be able to get help you assume you cannot.

fredg · Mar 8, 2006, 08:35 AM

Hi,
Do you know anyone who would co-sign a loan for you?
If so, then go to the banking facility, or other, that you will be using later, to get the loan. In that way, even though it's a co-sign loan, it will help build your credit rating.
Two different friends did this, and eventually they had good credit again.
I do wish you the best of luck.

DJ 'H' · Mar 8, 2006, 08:55 AM

I agree with scottgem, you really should discuss this with your bank manager. I don't actually have a credit rating as such, because I have never (and will never) had a credit card, an overdraft or anything like that. When I went to get a loan, my bank were more than happy to give me one. Where as other companies were not. The APR rate was slightly higher than some of the other companies I had looked at, but I was more than happy to pay it. As long as you are able to prove your income then you won't have a problem.

fredg · Mar 8, 2006, 09:33 AM

Hi,
Just for information on how a credit rating is determined, here is a link with good explanations:
http://www.investopedia.com/articles/00/091800.asp
It is not just determined in the United States by having a credit card. There are 6 primary criteria, as stated in the link.
It's based on any types of loans one may have, or have had; including bank loans. That's why a co-signer can sign for a loan with someone having a bad credit rating, and if the loan is paid off, will help with the credit rating; with transactions by the particular bank or loan organization.