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Does Anyone Know Where I can Consolidate a Private and a Federal Loan?

I need to get a personal loan or consolidate about 10k in debt, but my credit is awful, how do I do it?

  • I have about $10,000 in debt. I need to consolidate the loan, as my financial situation is now getting stable. It's not stable enough for me to pay the collection companies a lump sum yet though. My credit is bad enough to where a personal loan is not likely. I would like to consolidate it so I can have manageable payments and get on with my life and credit rebuilding. I don't think I have anyone I know who can cosign for me on a loan either. Any suggestions?

  • Answer:

    Instead of a loan, have you considered a credit counseling agency? They can get the creditors to stop calling you and put all your bills into one monthly payment that you pay directly to the credit counseling agency. They often can reduce your interest rates and/or get late or over limit fees taken off, so the total amount you owe is reduced.Taking this route DOES NOT affect your credit negatively. They also can provide you with some very solid advice and tools so that once your debt is erased, and you're on your way to rebuilding your credit, you won't fall into the same traps that got you where you're at today.

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you could try something like care one, but the only thing is it can really affect your credit.......negatively.

tissad_2002

There is a great place to go with this. I was in a very similar situation. This is getting help from real people without the use of banks or credit card companies. Good Luck! http://www.prosper.com/join/lzc5wh

kel.scot

You have 10k in debt and poor credit., What you need to do is STOP BORROWING MONEY and start working more. Work 2 or 3 jobs and pay off your debt. Then, when you pay off your debt, your payments will be VERY manageable.

snwbm

People with poor credit feel that it is difficult to get personal loans. However, there are many financial companies and banks that provide loans to bad credit applicants. Bad credit personal loans are generally sought<!--by persons who want to consolidate their loans.Some banks prefer to provide loans in an incremental order. First time customers are given loans ranging from $200 to $500, depending on their net income. You can get more about personal loans here, http://badcredits.awardspace.com/personalloans.htm These customers can later apply for loans up to $1,500. Loans of greater amounts can be fetched through secured personal loans. These loans are passed by taking your property or home as collateral-->The interest rates on secured loans are lower than unsecured loans. However, there is always the risk of losing your house or property if the loan is not repaid.

Helen m

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