Question about Personal Loans, how to begin????

[tinkerbell1967]

O.K., my disboard buddies, I need some advise! My sister who is going through a hard time right now would like to try to get a personal loan for around $3,000. She is having a hard time because she is going through a divorce and her credit is not to good. I have been trying to help her all I can. Does anyone know anywhere that might approve her. She has tried a few places and has been turned down. There is no one to borrow the money from so that is out of the question. She has some big car repairs, etc. Help!!!

 

[Pugdog007]

Does she have a major credit card she could put the repairs on?

 

[pat fan]

Does she work? If so, most areas have credit unions that offer loans for anyone who is employed in thier community. What about if you or someone else with a good credit rating co-signed the loan for her? I know that is a leap and only a good option if you're sure you won't get burned. Even then I'd get the details in writing. Does she have some kind of retirement savings set up where she works? You can usualy borrow against that and the interest is paid back to you instead of a bank. Good luck.

 

[Lynn CC]

I've seen a commercial on T.V. that says "Need a Loan, When Banks say no Champion says YES" so maybe she could try Champion. I can't remember the phone number jingle 1-800 something, something, maybe someone else remembers the number.
{HUGS} to your sister

 

[Toby'sFriend]

What kind of car and how much is it worth? $3,000 is a huge repair bill.

Is it possible for her to sell the car and buy something cheaper to drive until she is back on her feet?

 

[Robmom]

I went through a similar problem years ago and took out a loan from my 401(k) at work. I finally finished paying it off.

 

[Pooh_Friend#1]

My boyfriend is also having this problem. He needs to borrow about $2,000 to get caught up. Bad part is a year ago he declared bankruptcy and he doesn't have any collateral to put down. He keeps going to the Fast money places or check into cash and it is putting him farther and farther behind. He doesn't have any savings and no one could lend him any money. I told him to check into www.lendingtree.com, but that is the only thing I can come up with. Any more help would be gratefully appreciated.

 

[tinkerbell1967]

Thank you all so much, I appreciate it!

I don't think she needs all the $3,000 for her vehicle, she has a KIA Sportage, I believe the year is around a 2000 model. I know whatever is wrong with it is going to be well over $1,000 and she said she has inspection coming up and needs tires, etc. I know she has some utilities, etc that she wants to get caught up and other items.

I will have to ask her about the retireplan, if she has one, I never would have thought of that!

 

[EsmeraldaX]

Borrowing from a 401K should really be a last resort. I know a lot of people who have done it and told me they wished they had not.

Tell her to check places like lendingtree.com that have loan programs for people with bad credit. She may end up having to pay a very high interest rate though.

She may also be able to get a co-signer on a loan from a credit union or a bank.

My credit was really bad from a divorce. It's not great now (better but still not good), years later, but I was actually able to get a very low interest car loan this year on a new car because I had a co-signer with perfect credit. Haven't missed a payment yet.

Tell your friend to cancel any old credit cards she has. There may be things on her credit report she does not even know about (I know there were MANY on mine I had no idea about) and the sooner she cancels them the better.

It may look bad in the short term, but in the long run, the less open credit she has will look better.

 

[denisenh]

Sometimes getting a loan when one is "down and out" seems like the answer but unfortunately it tends to bury one further.
If a person can't afford to save, and many are in that boat, I know, then a loan generally won't help. It will be another bill that can't be paid and will further add to the stress of it all.
Is there any possibility of working some extra hours or taking an additional job for a while?
Maybe using public transportation temporarily would work.
Has your sister checked into public assistance for her utilities?
If a loan is what she wants to try for, maybe Beneficial finance or one of those type of companies would work for her.
The interest is sky high and without a real plan to dig herself out, she will be in more of a mess than she is now.
I wish her the best. She is lucky to have a sis like you.

Beneficial

 

[tinkerbell1967]

DeniseH and EsmereladX,

You both are so kind!

It is such a hard time for her and I feel so bad. I try to help her as much as I can but there is only so much a person can do.

I told her not to borrow against her 401K unless absolutely necessary. The info about assistance for utilities is a wonderful idea. I don't think you even consider this type of help when you are down and out, you are just so overwhelmed, I know I never even thought about it.

I know everything will work out in the long run. Believe me, I have been there also but somehow it all works out!

 

[thelittlemermaid]

What ever you do make sure your sister doesn't do any business with Beneficial finance or Household, they are the same company.

DH and I did last year thinking that they could help us, but they are nothing but sharks and have really hurt us.

So stay away from them. They have had alot of problems in the past {class action settlement}. I wish DH and I knew about before going with them. They are now in another class action settlement, one that does involve us, for not changing the way they do business.

They are very good at preditory {?} lending.

Sorry if anyone here works for them and doesn't like this post, but our local branch has been nothing but problems and doesn't care about their customers. They will tell you one thing to your face and then it's another thing over the phone.

STAY AWAY!!!

 

[mommytotwo]

Has she tried borrowing money from a credit union instead of a bank? Credit unions think and cater to people and their needs compared to banks where they lend out money to get back alot from the interest.