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Question: Where is the best place to take out a personal loan for both debt consolidation and some personal items?

(Posted by: Slappy W on 2010-05-19 20:37:52)

I want to take out a loan to consolidate my debts and to invest in some things to spruce up my home. What is a good place to do this? I have heard Wells Fargo is good. Are they? Any other suggestions? I'm looking for like the $10, 000- 20, 000 range.

Posted by: CatDad on 2010-05-19, 20:52:05

Go through a local bank that you know and trust. Stay away from online firms. You need to have good credit to get this type of loan. Many people who get debt consolidation loans quickly find themselves in twice as much debt as when they started....because it's simply too tempting to start using all that newly available credit that was paid by the consolidation loan. Most people do not have the discipline to stop using credit....so if you get this type of loan, contact your credit card companies after the debt has been paid off by the loan and request voluntary credit limit reductions to under $500 to avoid the temptation of using all that newly available credit again.

Posted by: MadMan on 2010-05-19, 20:52:12

Honestly, I do not think that you will be able to. I do not think a bank will lend you money to be used for consumption if you have bad debt, as you indicate that You might get a loan to pay off your debt but you should concentrate on paying off this debt, not running up more debt.

Posted by: charles t on 2010-05-19, 21:12:15

Usually credit union banks have the lowest rates. Problem is that if you have outstanding loans you will be considered a risk. Why not try mini loans and pay off your highest rate debts, with a lower loan rate. After that is paid work down switch to the other highest rate loans. You will stand a better chance at small loans to reestablish your credit. This way your debts are paid from the highest first, and the money saved from the switch can be diverted to paying your loans off more quickly.

Posted by: Monash on 2010-05-20, 00:57:02

Bad credit personal loans are a type of loan product that is written just for those borrowers who have damaged credit. These borrowers are often not fully to blame for the situations in life that brought them to the place they are in now; but the lenders of these types of loans do not care why your credit is bad. They only work with bad credit borrowers and offer them a chance to rebuild their credit. theloansonline.blogspot.com/ Before applying for your bad credit personal loan, you should be aware that the loan will cost you a bit more than the same loan would cost a borrower with a good credit rating. This cost is to be expected and should be considered as an investment in improving your credit rating. Many borrowers are happy to learn that steady and dependable payments can help them to qualify for better terms on future loans, making the loan that they take out a stepping stone to bigger amounts and more reasonable rates of interest in the future.

Posted by: ZZZ on 2010-05-20, 02:11:57

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