Is it possible to get a debt consolidation loan based on salary?
I have a significant amount of debt that I need to eliminate. The real problem I have is the high interest rates. I make around 50K a year but my credit isn’t very good because I have so much debt. If I could get a one-year loan for about 10-15K I could eliminate all of my debt in one year and keep my current lifestyle. So my question is, do any financial institutions offer a one year loan that is only based on my income? I would consider direct deposit with the payment withdrawn automatically each month if that would help me get the loan. If these conditions are not possible, are there any other options available for me? I’m totally open for any suggestions.
I can’t promise anything but people in debt often seem to find some help from this site:
http://credit.ebookorama.com
Good luck!
Thank you Ken, I will have a look at them and let you know if they are any good. And the other oaks on this blog of course.
Be careful with debt consolidation! You may find out that it is not a good solution and the company you deal with either doesn’t know what they are doing or it’s a scam like many are.
Contact a local bankruptcy lawyer and discuss your situation with them. Talking with a bankruptcy lawyer doesn’t mean you HAVE to file for bankruptcy. A bankruptcy lawyer will let you about your rights, your options and why consolidation may not be your best choice.
I’m saying this because I went through the same thing. For me, chapter 7 was my best choice and everything turned out well. After only three years, I am back on track with a C+ credit rating and I’m much happier now.
Basically, do as much research as possible before you decide on one course of action.
Hi,
I’m in the same boat but hadn’t even considered a bankruptcy lawyer before. Any idea how much they charge for such a service?
I really need a consolidation loan. A bankruptcy lawyer is not a bad idea. thanks for the tip
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In order to get a Loan you NEED a Good Credit History – I Know.
Start with getting a Walmart Credit Card and paying it off every month, your credit score will go up 50 points in a matter of months.
This is important if you need a Car or Home Loan.
I think you need a proper legal advice for this one. If you really want to eliminate your debt, you must talk to a lawyer whose expertise is on this field.
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I was in the same boat a few years back. I was buried in debt. I chose the route of debt consolidation and today I only owe on the house I purchased. With that said you need to be very careful about choosing a debt consolidation company. The one I choose had very high fees and have since gone out of business. I does work, but it takes a lot of time to eliminate a large amount of debt. AND you need to be aware that you really need to pay off the debt or at least make sure you make the payments on time and consistently or your credit will not improve. It is not all roses, but is a help for some people.
I don’t know about the personal loan; it’s worth a shot.
One trick that’s worked for me is to call the credit card companies and ask for a better interest rate. They won’t always lower it, but the worst they can do is say no. I was able to get our rates down to 6 and 7%.
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Credit can be such a headache. Thank you for taking the time to give us some tips!
Credit is so difficult. There are no lenders that will help you consolidate your loans unless it is with high interest loan. That can get anyone into worse debt. The best way is to negotiate with your creditors and see if it is effective.
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Debt consolidation based on salary is only for student loans. You cannot do it for credit card, personal and mortgage loans
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Have you considered applying at one of those group-lending sites/organizations, like Prosper or Kiva (just an example of this type of loan-finance institution; I believe Kiva only lends to individuals abroad)? In this type of financial arrangement, funds are gathered from many regular people, and pooled for loan disbursement…
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Don’t get me wrong but for me the best thing you should do is to have a self discipline when it comes to your expenses. I am saying this, because if you go beyond with your problem, the root of it is your too much expenditures. And even if you got loan or money to pay for that debt and credits that you have, it doesn’t mean that you solve your problems. The fact, that you will LOAN again.
Hmmm, I’m really sorry, but I doubt that you will be able to keep your current lifestyle no matter what you choose to do. Just face it: your debt is huge, your credit history is bad and the attorney doesn’t come for free too. So some changes (and probably big ones) you will need to make, not only for the time being, but in future too.
A couple of years ago, I was so fond of shopping using my credit card even if some of the things that I bought were of less importance to me. I just limit myself in using my credit card when my debts became so high that I can no longer pay it on time and the interest even gets higher. I borrowed some money from a friend because I’m not that to familiar with debt consolidation companies. I manage to lower my debts and I really discipline myself when it comes to using my credit card.
I don’t have enough knowledge regarding this issue but I think the comment of mugshot is right. You just need to have self-discipline in this case.
Credit is good, however if it is too much and exceeds to the limit, then it is dangerous. For me, you need to get a legal advice from concern authorities on what the best thing you should do. However, sad to say that you need to pay for it also. But, atleast they can guide you on what’s the best move to do.
I guess the best thing that you can do is to seek advice from credit counselor or attorney to help you determine if debt consolidation is right for you.
Good thing about debt consolidation is that has low interest payment compare to other kind of loans. This kind of loan help you to repair your credit rating. Debt consolidation loan is just an option. I think if you already tried several loan to cover up your other debt but you failed then debt consolidation loan is the last resort.
In everything here on earth, there should be a limitation. This will serve as a post for you to know when to stop. Loans are good, but too much of it can cause you sleepless nights. In this case, I think you need someone, an expert for that matter, to guide you on what’s the best thing to do in this situation.
You don’t need legal advice to solve this problem. Banks will not loan you this money due to how much you owe and your credit standing. Find someone to personally loan you this money. The interest rates that banks are paying now days is so low that it shouldn’t be too hard to find someone who will loan you the money if you’re willing to pay a fair interest.
There are some useful info posted here, thank you
If the banks won’t lend you the money to consolidate and pay down your credit debts, there are other financial institutions like finance companies and credit unions. If the industry that you are working in has a credit union, perhaps they may be worth talking to? if all else fails, and you know an accountant in your town, perhaps they may have a client who is looking for an investment that pays a higher rate of interest on money loaned? All is not lost if you simply persevere to find what you are looking for. Good Luck!
If you only take a loan over a 1 year period wont the repayments per month be huge and unaffordable ?
If you look at taking it over a slightly longer period of time you will achieve your goals better I think.
The one year loan is a good idea. The faster you can pay a loan consolidation off the better. Stretching out debt only makes for more debt and delays your opportunity to build your wealth.
I have a little idea about debt consolidation loan.. but the only loan I know that doesn’t necessarily need good credits is hard money loans.
I am thinking to avoid bank loans no matter what happens. Literally I am suffering from some sort of load phobia after recession in which I almost loose everything just because of loans
The unfortunate truth is that there are just not that many viable options for personal loans. Especially with the banks not currently loaning a lot. As far a as no debt consolidation option this is dependant on what stage your debts are in. You can negotiate directly with the credit card companies if you are deliquent. Also look into leveraging some equity if you have a expensive vehicle maybe downgrade to something more reasonable. If you buy luch out at work everyday maybe bring something from home. With a lot of grains of sand you can make a mole hill. Cheers and good luck
most of the time debt consolidation loan charge high interest, so still its important to pay your bills on the right time for you to avoid being buried in debt.
You have a bad credit history. I advise you to cut costs and try to improve credit history ..
Loans are not bad if it not too much. You have to consider the fact that too much of everything is dangerous. It can even cause you sleepless nights and worry you too much. In this case, the very best thing that you must do is to seek advice\ legal advice from experts who knows so much about this concern. Moreover, self-discipline is one of the initial step that you must practice.
With regards to this issue, asking advice from legal advice from experts is the best option that will really help you in your worry. It is also advisable to pay your loans as early as possible to prevent having this concern. After all it is you who will suffer the consequences that it might bring in the end.
Let’s be honest here. Any lender that would lend to individuals without collateral and bad credit is going to be highly suspect. You’re asking to get screwed here. Is your credit score above 640? If so there are some unsecured peer-to-peer lending networks that will do consolidation loans for 3-5 years.
I guess the best thing that you can do is to seek advice from credit counselor. I don’t have enough knowledge regarding this issue. There are some useful info posted here, thank you
I had also facing the same question.
One of my friend recommended me http://www.bvf.com.au/ site and i got my answer with the expert opinion.
Would like to recommend for the users the same site. Hope it will help you too.
Thanks
I think so. I have not full knowledge regarding this matter but yeah I think so. Seeking advice to an expert is the best way to solve it.
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Credit is good but if you are exceed those limits and it’s difficult for you to pay.
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For this type of query you need to take advice from the professional so that you will not face any problem in future.
Thanks for sharing your views with us.
So better to go to the lawyer and get some advice regarding on this issue.
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Before going into debt consolidation, it is important first to ask advice to those who are familiar with the legal matters in this field. Take your time by asking questions to lawyers first. Surely it will be a big help.
There is no better idea on how to acquire complete information about this than consulting a lawyer. With their legal help, definitely it will paid off.
Right! With legal help and knowledge that every lawyer possess, definitely you will be on the right track. Asking questions first makes you an intelligent person.
I think it is possible but I agree with some comments here that we need to ask for legal help from lawyers before jumping into a decision which is crucial.
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In order to get a Loan you NEED a Good Credit History – I Know.
Start with getting a Walmart Credit Card and paying it off every month, your credit score will go up 50 points in a matter of months.
This is important if you need a Car or Home Loan.
A good idea if you can stretch out the term of each payment from one lender rather than owing several all with varying loan length terms. Good luck.
Most lenders want to know, what can this person use as security, how stable is this persons job, and how much disposable income do they have. You seem to earn a decent income and that in the current climate is not much debt. I think you would be a potential customer to a lender no bother.
I don’t think any institution gives one year loan on your salary, yeah but this concept is very nice that if you take loan on your income means salary then you will never in more debt with high interest.
you need to have a good credit before you loan, they need the information about you.
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