7 Responses for "How can a person with very bad credit and no collateral get a loan?"

1. 2kool4u July 22nd, 2008 at 6:58 am 1

   You could save with a credit union and after a while you should be able to build up enough credit with them to get a loan.

2. Trinity July 22nd, 2008 at 7:01 pm 2

   Eddie the loan shark…

   get a secured credit card, then join a credit union and deposit your payroll check there, soon the CU will consider you for a loan.

3. kta kta July 25th, 2008 at 6:11 pm 3

   You’re going to have to get a co-signer that has good credit or have a large % of cash down and a stable job/good income for an auto loan. For mortgage loan you’re probably out of luck.

4. Steveo July 26th, 2008 at 12:27 pm 4

   Gail,

   I also suggest the credit union, but depending on region, nationality and other affiliations, you might qualify for some kind of loan base on those affiliations. I was able to get one with the Hebrew free loan association of San Francisco. I would suggest that type of loan. Oh and yes, it was free of interest and I paid it back in just under 3 years.

5. J P July 29th, 2008 at 2:11 am 5

   If you really need a loan…i would recomend american general..or citi financial…most likely you need colateral or a cosigner w good credit…the intrests will be higher than normal but your score determines your interest rate…
   ..also get a copy of your credit report…see what is counting against you and fix asap…
   try to get all 3 credit reports..experian,transunion,and equifax..good luck..

6. Older and Wiser July 29th, 2008 at 10:34 pm 6

   Welcome to my world! For those who don’t know, no collateral means it is not an auto loan or mortgage, it is a signature loan. In today’s society, your “signature” so to speak has a price tag on it according to your credit rating. First of all, it depends on what you want the loan for. The best option is to call it a debt consolidation loan because more lenders respect that with bad credit consumers. I can name a few companies you can try: CitiFinancial is good with bad credit loans as well as HSBC or Beneficial. I would check these companies out, but I’ll warn you, you’re going to pay for your credit in interest. Oh, and a mortgage is actually the easiest loan to get… period, so you might consider getting pre-approved for a home so you can enjoy homeowner status.

7. Martin August 2nd, 2008 at 9:20 am 7

   Bad Credit Does Not Mean You Cannot Get A Loan.One of the most popular resources for researching bad credit loans is the internet. Almost all lenders have web sites that provide guidelines and information about their bad credit loan programs, and some even offer onlinemake your credit rating worse, so make sure you learn as much as possible about each lender’s program before deciding whether or not to complete an application. You can also work with an independent loan broker to help determine which lenders have programs that fit your individual circumstances.