umm....I need some Loan advice

[crisp82]

Like where to get one if I have a bad credit rating....

Nothing major, bout 2000 over a yr to considate my debts? Already asked for advive at my bank, they said not at the moment, have to wait 3 months, but I really can't.

Advice?

 

[dabuddha]

You might want to get your parents to cosign a loan with you or someone that trusts you.

 

[bunker]

If your credit sucks and you don't have collateral for the loan you're more than likely going to need a cosigner.

 

[conjur]

CreditNet.com forum

MSN Money Central: Your Money: Credit Problems

 

[crisp82]

What is co-signing exactly and will it make myt credit score worse?

 

[conjur]

co-signing is getting someone else to apply for the loan in addition to yourself (they fill in the co-signer section of the application). Typically, someone with a better credit score or credit history that would be liable for the balance of the loan should you default on it.

 

[crisp82]

Can this be anyone, like my bro, or does it have top be someone specific?

 

[kranky]

It can be anyone whose credit history is acceptable to the lender. The loan goes on the cosigner's credit history also. If you make late payments on the loan, it also goes on the cosigner's credit history, so the cosigner needs to be prepared to pay off the loan to protect their own credit record just in case.

 

[crisp82]

just got off the phone to the bank, they don't allow personal guarentors . any ideas except begging the bank manager?

 

[conjur]

See if you're eligible to join a Credit Union. And, try those links I posted above. There are threads that cover your situation if you poke around.

Or, one option, contact your creditor and work out lowered payments for a few months until you can get caught up and get ahead a bit. Would be best to call them and then follow up with a letter stating your situation and what can they do for you.

 

[crisp82]

these are personal debts, and the money is needed ASAP as it is REAL tight for them at the moment. This isn't a leg breaking type of personal debt either

 

[kranky]

If your bank won't allow cosigners, just borrow the money from whoever would have cosigned for you.

 

[crisp82]

Can't do that either are there any ways of getting a loan if it's not from my bank then. There are 100's of other ones.?