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Help!!! Need a personal loan but have bad credit!! Trying to rebuild

New Member

Help!!! Need a personal loan but have bad credit!! Trying to rebuild

i'm in desperate need of help!  I really need a personal loan of 20,000 - I just want to pay off everything I owe and have one monthly payment.  I've been trying to rebuild my credit, but my score is really low (533 - I know really bad), but I'm trying.  I can't get approved for a loan, and I've been reading some post as to where some had a worst  score then me and got a loan.  Does anyone know of any places where I can apply and they take people like me?  Should I consider getting a co-signer would that help?

 

Please help!! I cry everyday!! having bad credit is the worst!!!! 

 

Message 1 of 12
11 REPLIES
Established Contributor

Re: Help!!! Need a personal loan but have bad credit!! Trying to rebuild

I don't think a 20K loan would be feasible. Have you considered a debt management program?

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Message 2 of 12
New Member

Re: Help!!! Need a personal loan but have bad credit!! Trying to rebuild

Hi!  Yes I have, but that's not the route I want to go.  I don't think they can help me anyway.  I don't have any credit cards except one which is only 600.  I have other debt, like IRS, State taxes that I owe, car, and other that a debt management company would not be able to help me with. Its so frustrating!

Message 3 of 12
New Member

Re: Help!!! Need a personal loan but have bad credit!! Trying to rebuild

Has anyone ever heard of Acorn Solution Tree?  Its supposly a lending company and they called me today stating that I was approved for a loan of 25,000.  They said that the term is 84 months with 8% interest rate, which makes my payments 321.00 a month....But said since my credit is bad, they would need two payments up front of 642.00 and this goes towards my loan,  and I won't start repaying the loan until Aug then.  Does this sound right, is this company for real????

Message 4 of 12
Established Contributor

Re: Help!!! Need a personal loan but have bad credit!! Trying to rebuild

Honestly, it is highly, highly unlikely that you'll be approved for a $20K personal loan given your current circumstances. If you are able to find a co-signed with stellar credit, then maybe, but that puts them in a really tough spot.

 

While I realize that one payment is easier, it's not essential to accomplish what you want. First, create a budget so you know exactly what your income and obligations are. Then, you need to create a debt pay-off plan where you pay the minimums on everything except one debt and on the one debt, put all of your extra $ toward it to pay it off. From a financial perspective, it's best to start by paying off your debts with the highest interest rates first because you'll save on interest over the long run. However, for some people (like me!), the psychological boost they get from paying off individual accounts faster is better, so they start with the smaller balances first. Either way, it totally works if you're dedicated.

 

Good luck!

Mid-2010 Starting Scores: FAKO EQ 476 FAKO EX 506 FICO TU98 575
July 2017 Current Scores: Approx 710 (waiting for official updates)
Message 5 of 12
Valued Member

Re: Help!!! Need a personal loan but have bad credit!! Trying to rebuild

The domain name for the company was registered LESS THAN A WEEK AGO.

 

http://whois.domaintools.com/acornsolutiontree.com

 

Searching for "Acorn Solution Tree" (WITH quotes) brings back their website and the one I link to.

 

Good luck.


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Message 6 of 12
Contributor

Re: Help!!! Need a personal loan but have bad credit!! Trying to rebuild

I would be very weary of that company that is offering you that loan....domain established 2 weeks ago and out of Canada....there are a lot of shady things going on up there....more then likely what is going to happen is that they will have you pay your 2 payments upfront and you will never hear from them...if it sounds too good to be true then it probably is..

 

I agree with the previous poster - although having everything in one payment is nice, it is not a necessity....do a budget, stick to it and pay off your debt, I have a huntch that you are running very tight and unfortunately the new loan probably would not go to payoff everything else....the banks are not giving personal loans to folks with even good credit given the market right now.

07/23/12 - EQ - 733

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Message 7 of 12
New Visitor

BEWARE OF ACORN SOLUTION TREE (www.acornsolutiontree.com) http://acornsolutiontree.com/

BEWARE OF ACORN SOLUTION TREE [Edited to remove a hyperlink]

 

Acorn Solution Tree is a Scam. They do not loan money! They will take your cash. They are in Canada not New Jersey.

...Do not do like I did and send them any money, I was promised a loan from them, was issued Loan Docs, and then was told to go to Western Union and wire $750, like an idiot I did this, I then did as I was told , I contacted [Edited to remove personal information] the loan officer to tell him, he said that she would do a rush on the loan and have the funds in my account by 9am the next day, I said ok and we hung up.

 

The next day and no funds , so I called them back and after several attempts I finally spoke to [Edited to remove personal information], who told me that now I would have to pay $750 more because the lender request that I take out insurance lol , what a joke I should have seen it coming, Paul told me that they would pay half of the fee and that I would have to pay the other half , I told him I just wanted the money back and her first words were that I would have to talk to customer service.

No Loan, I am out the cash and cannot reach them at all.

 

 Some of the names used are:
[Edited to remove personal information],

 

Fake address is:
527 Washington BL suite 320 Jersey City, NJ

[Edited to remove a personal email address]

! DO NOT SEND THEM ANY CASH !

 

If you need more proof, see that they are not a business recorded with NJ State and not with the BBB either. Believe me, THEY TOOK MY CASH!!!

I have filed police reports with Canada and US so hopefully they are going to jail soon!


Please don't post any kind of personal information either about yourself or someone else.

 

Marinevietvet, myFICO moderator

Message 8 of 12
New Visitor

Re: Help!!! Need a personal loan but have bad credit!! Trying to rebuild

Please help research  a good site that will help me

Message 9 of 12
Established Contributor

Re: Help!!! Need a personal loan but have bad credit!! Trying to rebuild

frontrange, this thread is 2 years old.

 

What help are you specifically seeking?



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Message 10 of 12