I am desperate for some advice. I have looked everywhere. I'm 24 years old and have made some terrible decisions when it comes to money. I currently have a credit score of 607. I am in need of a loan that I can use to repair my car and pay my tuition. A student loan is not an option since I already have money out in student loans. I am a full time student and I work part time. I do not have a co-signer and I am looking for a loan of about $12,000.00. I know that I can expect a high interest rate since my credit is so poor. I have nothing in my name (vehicle, home, etc.) so I'm pretty sure I need to find an unsecured loan? The problem is, I cannot find a lender that is willing to lend to me. Does anyone have any advice at all that they might be able to give me? Please help!!! Thank you so much.
You might like what you find at the Lendingclub.com or Prosper.com. First, you'll need to work on getting your FICO score up into the 640-660 range. There are plenty of people here who will be more than willing to help you figure out how to do just that.
I hope the OP finds what he or she needs but I'm not sure that's another loan. To be honest, this has "impending disaster" written all over it. From the sound of it, they need to do some lifestyle reevaluation before they get any more credit. After that, take a few semesters off from school to pay some bills and put some money in the bank. To continue borrowing from one semester to the next is going to put them right back here in a couple of years complaining about how they've graduated from college and all their student loans are overdue because they couldn't get a job. I'm sorry to sound judgmental, but I've been there and I've seen others there as well. The point to remember is that it's as hard (or harder) to get out of as it was easy to get in. Borrowing on top of borrowing just puts you in a deeper hole. I just hope you're getting a degree in something that has good employment prospects with high starting salaries. This reminds me of a caller on the Suze Orman show who graduated from cooking school with over $100,000 in student loan debt and could only find a $9/hr job in her field. The sadder part is that often the schools are complicit in this deal.
Good point...I agree with ccbob that you really shouldn't be thinking about getting another loan right now. I doubt you would find any reputable lender willing in this current market anyway, given your current credit score. Focus instead on improving your credit score and paying off any outstanding debts. When you're in a better financial position, the sites I mentioned are great alternatives for the types of loans you inquired about.
