I'm having trouble getting a loan, I need advice PLEASE!?
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I'm trying to get a personal loan to pay off some debt, before it affects my credit rating. My credit is decent for being 22 yrs. (640) Every bank/instition has told me this. But no one will give me a loan either because A) I only have 3 years of credit rating or B) Because I have student loans, it affect my debt to income ratio to much, even though I dont' pay on those until I get out of college. I'm trying to save my credit, but they only way it seems to get out of debt is to ruin my credit first! I even checked with places that offer loans to people with bad credit/no credit! I also don't have anyone to cosign with me. Help please!
I'm having trouble getting a loan, I need advice PLEASE!?Hi,
It sounds like you are a student burdened with expensive, short-term debt. Credit card debt?
The LAST thing you want to do is replace it with more expensive, shorter-term debt (which is exactly what you would be doing if you went to a no-credit lender).
If you can, try talking to a credit union. Unlike banks or the loan shop listed above (which operate for profit), credit unions are non-profit and member-owned. Credit union membership restrictions are much more flexible than they used to be. You may be able to get a loan with a cheaper APR and longer term/duration.
If so, take out the loan, repay your expensive debt immediately and replace it with the less expensive debt the credit union can offer.
Even if a credit union cannot help you with a loan, they can give you free credit counseling that may help you balance your budget and put you on track to repay your current debts.
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