hELLO there. This is my first post.
I recently switched jobs and am about 3 weeks out from my first paycheck. I just moved a month ago so I am paying rent, pro rated rent, and deposits still. NOT GOOD!
My FICO on here is 631, experian 666, TU 615.
I tried every Credit Union around me and I bank at B of A and they couldnt help.
I needed a personal loan BAD!!
i got denied at every credit union, even ones that werent local such as PEN FED and DCU. Yes i tried prosper and lending club. instant denial
I have a disputed collection from 2006 and a 120 day late payment from 2010 and more than 10 inquires in the last two years. ( i didnt know inquires were bad two years ago) wow ive learned a lot...
anyways, I am absolutely out of options. This led me to 1800 LOan Mart ,. They offer car title loans and a signature unsecured loan.
I didnt want to give up my vehicle in worst case scenario so i went for signature loan. They ran experian which i had 666. The loan is $2600. no more, no less. I was approved for this. the loan has a 124% APR which makes my payments $290/month for a max of 27 months meaning i borrow 2600 and pay back over 7000. The first payments go mostly to interest and not to principle. It is absolutely awful!!! They also said they wouldnt call my references...they did.
I havent signed it yet, but I am really screwed here. I just wanted to let people know this experience. if anyone has ANY other option, please let me know. I appreciate the info. Also, im going to try the GOODWILL letters to try to get the negative items i mentioned.
THANKS 
@dddfresh wrote:hELLO there. This is my first post.
I recently switched jobs and am about 3 weeks out from my first paycheck. I just moved a month ago so I am paying rent, pro rated rent, and deposits still. NOT GOOD!
My FICO on here is 631, experian 666, TU 615.
I tried every Credit Union around me and I bank at B of A and they couldnt help.
I needed a personal loan BAD!!
i got denied at every credit union, even ones that werent local such as PEN FED and DCU. Yes i tried prosper and lending club. instant denial
I have a disputed collection from 2006 and a 120 day late payment from 2010 and more than 10 inquires in the last two years. ( i didnt know inquires were bad two years ago) wow ive learned a lot...
anyways, I am absolutely out of options. This led me to 1800 LOan Mart ,. They offer car title loans and a signature unsecured loan.
I didnt want to give up my vehicle in worst case scenario so i went for signature loan. They ran experian which i had 666. The loan is $2600. no more, no less. I was approved for this. the loan has a 124% APR which makes my payments $290/month for a max of 27 months meaning i borrow 2600 and pay back over 7000. The first payments go mostly to interest and not to principle. It is absolutely awful!!! They also said they wouldnt call my references...they did.
I havent signed it yet, but I am really screwed here. I just wanted to let people know this experience. if anyone has ANY other option, please let me know. I appreciate the info. Also, im going to try the GOODWILL letters to try to get the negative items i mentioned.
THANKS
Do.NOT. Sign that loan!
oh my god....
Can you work more hours? more jobs? ANYTHING other than signing a 124% loan!!!!
Odd advice, but I will give it a shot.
Take the loan, then report it to the attorney general. I am sure that violates your state laws.
Family, friends, anybody that can give you a loan at a better rate?
I agree DO NOT SIGN !!!!!! Do you have a family member or a friend that can help you out??
+1 do not sign! That's horrible! Is there anyway you can get an advance? Pawn some jewelry/computers?
@09Lexie wrote:+1 do not sign! That's horrible! Is there anyway you can get an advance? Pawn some jewelry/computers?
+1 pawn shop is a great idea
If it is actually an indian reservation, then yes it is legal. They are not governed by the same state or federal laws.
wow thank you for the responses. i dont have any family or friends who can help me. This happened because I had the professional courtesy to give my current employer my two weeks notice so gave the future employer a start date that couldnt be changed. then my current employer decided they didnt want my notice and asked me to leave the next day. Thats why there is the lapse. I took a promotion with a competitor company so I assume thats why they were childish and screwed me a little.
Loan Mart It is not an indian reservation. Theyre a registered business and licensed in California. legal, SOMEHOW!
There are no prepayment penalties, but like i previously said, your first payments are almost ALL INTEREST so when you can pay it off, youre basically at the beginning Principle again.
I also didnt mention, I have about 10% credit used v avail. 1000 debt to 10000 cl.
make about 40k per year.
i pawned my guns, jewerly, and put everything else on Craigslist..its helping, but not enough...oh its also my girlfriends birthday!