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Need Loan to Pay Bills
A CreditFederal visitor requests advice regarding personal finance situation.
The visitor writes: "I hope I'm not wasting anyone's time, but we are in a desperate situation and I'm hoping your company may be able to help us. I was sick for over 3 years and being self employed and not able to have medical insurance, it completely destroyed our finances and credit. Along with doctors appointments and numerous tests, I was paying over $1400.00 a month for prescription medicine. It certainly doesn't take long to find yourself in a mess when paying that much a month! We are trying to find a company that will loan us money and we will use 2 of our vehicles as collateral. We hold the title to both of them and would only ask for a fraction of what they are worth in a loan. That way the company that takes a risk with us isn't taking a big risk. For example, if one of the vehicles is worth $8000 we would only ask for a loan of $1500-$2000. The 2 vehicles I'm referring to are:
2002 Mazda Tribute SE with 41,000 miles - loaded with all of the extras
2003 Toyota Tundra with 35,000 miles
Both of them are in beautiful condition.
"Five years ago, we had perfect credit with a score of over 750. My husband and I never dreamed we'd be in this financial position after working so hard all of our adult lives. Prior to getting sick, I my business was growing and becoming quite successful. I now have to start rebuilding what I worked so hard for.
"Thank you for your time. I do hope that you can find a way to consider us for a loan."
CreditFederal responds: "We sympathize with your situation, and we hope our suggestions help. As for CreditFederal extending a loan to you, we are not a lender. We provide consumer credit information to the American public as well as provide resources (advertisements) of lenders.
"You had mentioned that you have two vehicles with equity. Our first suggestion is to ask your local bank for a loan, using the vehicles as collateral to secure the loan. If your local bank rejects you due to your credit score and income situation, you may be able to locate national lenders online who will approve you. The reason for variations in approval is mainly due to the volume of risk a lender is willing to accept to obtain customers. A resource that specializes in auto refinance may best help you locate such lenders.
"Our next suggestion is a warning. Be wary of "Auto Title Loans" which may not offer you the same rates and terms as a traditional auto refinance loan. Since you are having income problems, you'll need a loan that will give you some breathing room in regards to the payback period. Hence, we suggest a loan that has at least a 3 year term and will spread the monthly payments equally over the term period.
"Another option is to seek a Person-to-Person loan. A Person-to-Person loan is when an ordinary person; not a bank, extends a loan to another person, typically a stranger. For liability reasons we cannot identify a resource by name nor any particular website. However, you can perform an online search for Person-to-Person private lenders. Once you have located an online Person-to-Person loan resource, you place your request for a personal loan, and private lenders consider loaning you funds at the rate(s) they establish. You may negotiate with a lender(s) before accepting a loan agreement.
"We thank you dearly for visiting us, and we sincerely hope our suggestions provide guidance to you.
"Our best wishes to you for your physical and financial recovery."
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