topic Re: Personal Loan for score in 500's in Rebuilding Your Credit

Personal Loan for score in 500's

Anonymous — Thu, 20 Aug 2015 21:09:07 GMT

Hello,

Has anyone ever been approved for a personal loan of $3k, with a credit score of 520-540?

If so, do you mind sharing the name of the bank, or any recommendations on banks that would approval for a loan request of $3k with that score..

TiA

Re: Personal Loan for score in 500's

SLO805 — Thu, 20 Aug 2015 21:27:29 GMT

i just closed/paid in full a cashcall 5k loan and 2.6k risecredit loan.

Id do neither and avoid both if possible lol. paid 3k to cashcall over 5months and zero went to principal, and then paid 5300 payoff to close it out. again it was a 5k loan lol

the rise i paid 2 payments of 260-270, they bill bi-weekly aka take from ur paychecks, none went to my principal and payoff was 274x.xx

be careful lol

Re: Personal Loan for score in 500's

ORllyNao — Fri, 21 Aug 2015 00:07:39 GMT

If it's at all possible, I would work on getting those scores up a bit higher before trying to get a loan. Any place that will lend to you with those scores is going to seriously gouge you with interest and fees up the wazoo.

My scores are similar to yours, and I also looked into loans hoping I could get enough to just pay off the collections and charge-offs on my report to help move my score up. All the research I did, however, just ended in shady loan places with insane interest rates and fees that would probably end up killing me finanically.

is there any way you can wait it out a bit until your scores improve?

Re: Personal Loan for score in 500's

juniornj23 — Fri, 21 Aug 2015 04:37:42 GMT

Well who ever going to approve you will kill you on the rate. So let me make myself clear if you take 3k what they will do is calculated how your payment has to be so they can get 2x what you own then example
You take 3k they will get you at 27 to 29% and a small payment so when you pay off you will ended up pay temperature 6k like one main financial

Re: Personal Loan for score in 500's

juniornj23 — Fri, 21 Aug 2015 04:38:51 GMT

I don't know your situation but try to get that money from your job, family members friends or you 41k

Re: Personal Loan for score in 500's

Anonymous — Fri, 21 Aug 2015 12:18:36 GMT

@ORllyNao wrote:
If it's at all possible, I would work on getting those scores up a bit higher before trying to get a loan. Any place that will lend to you with those scores is going to seriously gouge you with interest and fees up the wazoo.

My scores are similar to yours, and I also looked into loans hoping I could get enough to just pay off the collections and charge-offs on my report to help move my score up. All the research I did, however, just ended in shady loan places with insane interest rates and fees that would probably end up killing me finanically.

is there any way you can wait it out a bit until your scores improve?

I can definitely wait it out. My plan was to do the same thing you wanted to do, get enough of a loan to pay off collections, and charge-offs. I should stop rushing, and being so obessed with my credit score, and just take it one day at a time, and do what I can. I know for sure if I were to get a loan at this point, I'd pay a lot more than what my loan actually is from one of those BS lenders.

Thanks for the advice

Re: Personal Loan for score in 500's

ORllyNao — Fri, 21 Aug 2015 16:15:06 GMT

Hah, I hear you. It's hard not to obsess over getting scores up! I do it all the time!

Good luck!

Re: Personal Loan for score in 500's

Anonymous — Fri, 21 Aug 2015 17:14:36 GMT

Hey that is totally understandable. My scores don't even qualify me for secured cards....and every day I check and obsess and rack my mind thinking about how to get them up faster. It will happen slowly but it's much better than putting yourself in overwhelming debt. My car loan is at 20% and I'm looking forward to the day I can refinance.