Bad Credit Loan Please Help

[Anonymous]

Hello! I am a single mother looking for some immediate help! My credit scores are as follows:
 
TransUnion - 521
EquiFax - 534
Experian - 565
 
I really want to get a loan to consolidate my debt! I made the mistake of getting some payday loans to help me with some costs that came up and now I am drowning in the payments. To clear the payday loans would be at minimum $3500, but I was would like to get a loan of $10,000 to pay off my car and clear up some medical expenses. My income is great, and I would be able to may a decent monthly payment if I didn't have these payday loan payments coming out of my check every week! I have tried several places and EVERYONE is telling me no because of my bad credit score. Now I am working on that well and have actually raised my score 35 points with Experian over the past 2 months, I just need to get out this stupid hole I put myself in. Is there anyone who can help me??

[ChessChik47]

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@Anonymous wrote:
Hello! I am a single mother looking for some immediate help! My credit scores are as follows:
 
TransUnion - 521
EquiFax - 534
Experian - 565
 
I really want to get a loan to consolidate my debt! I made the mistake of getting some payday loans to help me with some costs that came up and now I am drowning in the payments. To clear the payday loans would be at minimum $3500, but I was would like to get a loan of $10,000 to pay off my car and clear up some medical expenses. My income is great, and I would be able to may a decent monthly payment if I didn't have these payday loan payments coming out of my check every week! I have tried several places and EVERYONE is telling me no because of my bad credit score. Now I am working on that well and have actually raised my score 35 points with Experian over the past 2 months, I just need to get out this stupid hole I put myself in. Is there anyone who can help me??

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Sorry to hear you're in this financial situation, OP.  Pay day loans are the work of the devil!  I think your scores are going to hold you back from getting a loan from a bank.  If your income is great and you can't borrow from a family member or friend, then keep working on paying down the debt and see where your score is in 6 months.  Once you've gotten over 650, then try to get a personal loan from SOFI or Best Egg or any of the other loan consolidation companies.  I know that waiting is costing you more money due to the interest, etc., but credit scores need time to grow.  Keep your head up; keep plugging away and this will soon be a memory.  Good luck to you!

[srloring13]

How many payday loans do you have, what is the interest rate,  and what are the amounts? How often are you paid?  Are you extending the due dates of the loans?  Are you paying them off and taking another loan just to stay afloat?

[Anonymous]

I’m afraid you’re going to have to find another way out of this - by rebudgeting, lowering expenses, and boosting your income.

I was stuck in the payday loan trap for nearly two years. Each time you pay a loan off and need to take another one, do it for a smaller amount and eventually you work your way out.

Once you get a handle on your budget and this immediate crisis you can get to work on rebuilding your credit.

[Anonymous]

Unfortunately it will be difficult to get out of your situation, but it is still manageable. Try coming up with a plan. If you are renewing your payday loan on each due date, reduce it by a certain amount. You can even use a part of that money saved to go towards other expenses, whether that be personal, or other loans. Eventually you'll get out - take for example you take out a payday loan of $600. A typical fee for a two week payday loan is about $15 per every $100 borrowed. So you would owe about $690. If you renew, try to take out less every time you renew. You will slowly but surely get out. Try to boost your income, and modify your budget to best suit your needs.

[Anonymous]

How many payday loans do you have? I have 4.
What is the interest rate? The interest was outrageous, I am not sure what each one is. I would have to go back through my paperwork to look.
What are the amounts? Since creating this post I have done some more research and found that it would not take $3500 to pay them off!!
#1 is $992 and I have gotten behind on this one, so that amount is the payoff balance.
#2 is 13 payments of $56-loan was for $350.
#3 is 17 payments of $60- loan was for $400.
#4 is 19 payments of $45- loan was for $300
All payments are current except for the first one. Every time I make a payment a tiny bit comes off of my balance. I would say that I owe total payoff of about $1750
How often are you paid?  I am paid weekly, I make weekly payments on the 3 current ones, the first one was a bi-weekly payment and I am behind by 2 payments.
Are you extending the due dates of the loans? No, the loand are not being extended.
Are you paying them off and taking another loan just to stay afloat? No, I took all of these out around the same time and have not taken any others out, nor do I plan to! Once I get out of the payday loan mess it will be my goal to start and maintain an emergency fund so that I hope to never have to get another one again.

[SouthJamaica]

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@Anonymous wrote:
Hello! I am a single mother looking for some immediate help! My credit scores are as follows:
 
TransUnion - 521
EquiFax - 534
Experian - 565
 
I really want to get a loan to consolidate my debt! I made the mistake of getting some payday loans to help me with some costs that came up and now I am drowning in the payments. To clear the payday loans would be at minimum $3500, but I was would like to get a loan of $10,000 to pay off my car and clear up some medical expenses. My income is great, and I would be able to may a decent monthly payment if I didn't have these payday loan payments coming out of my check every week! I have tried several places and EVERYONE is telling me no because of my bad credit score. Now I am working on that well and have actually raised my score 35 points with Experian over the past 2 months, I just need to get out this stupid hole I put myself in. Is there anyone who can help me??

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You won't be able to borrow to get rid of it. You just need to pay it off as fast as you can.

[srloring13]

Do you have any extra funds to throw at each loan? Try obtaining payoffs for each of the loans and throwing as much extra funds to the smallest balance first and begin snowballing your payments? Are there any prepayment penalties? These don't operate as normal payday loans.

[Anonymous]

Pay day loans are rat poison 

I agree with others, budget, save and pay down with income. Hard to borrow ones way out of debt 

[Anonymous]

Like everyone else said, it will very difficult to get a loan. Even if you did it would be at a horrible interest rate. If you have any retirment benefits from your employer such as 401k, you could get a loan from yourself. Paying yourself back at a much better interest rate than you could otherwise.