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A place for Get Rich Slowly readers to ask questions
and exchange ideas
It is currently Fri Aug 22, 2014 4:35 pm




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 Post subject: Need A Loan
PostPosted: Fri Feb 01, 2013 1:58 am 

Joined: Mon Dec 17, 2012 2:23 am
Posts: 12
I need a real loan with bad credit is there any valid lenders out there?


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 Post subject: Re: Need A Loan
PostPosted: Fri Feb 01, 2013 9:21 am 

Joined: Mon Nov 01, 2010 5:15 pm
Posts: 1135
lewiskelly wrote:
I need a real loan with bad credit is there any valid lenders out there?

Unlikely. Depends on your definition of "valid" & how you stack up to the 3 C's of lending.


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 Post subject: Re: Need A Loan
PostPosted: Sat Feb 02, 2013 5:13 am 

Joined: Mon Dec 17, 2012 2:23 am
Posts: 12
If i am right then c belongs to collateral then what about 2 c's?


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 Post subject: Re: Need A Loan
PostPosted: Sat Feb 02, 2013 7:41 am 

Joined: Mon Nov 01, 2010 5:15 pm
Posts: 1135
lewiskelly wrote:
If i am right then c belongs to collateral then what about 2 c's?

3 C's of lending:
Credit - How good is your credit?
Capacity - What's your capacity to repay the debt?
Collateral - What collateral do you have to secure the loan in the event of default?


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 Post subject: Re: Need A Loan
PostPosted: Sun Feb 03, 2013 11:21 am 

Joined: Fri Jan 18, 2013 7:21 am
Posts: 95
Location: New York
lewiskelly wrote:
I need a real loan with bad credit is there any valid lenders out there?


There usually are, but depending on how bad your credit is and how much you need and how bad your credit is (and as a corollary, how well you can prove that you'd be able to pay back the loan... having some collateral to get a secured loan would help), it could get expensive.

I'm in the process of getting a big, no-fee, 0% balance transfer en route to paying off some credit card debt. This might be one option.

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Track my fiscal fitness with $0.5 million in debt: http://getrichslowly.org/forum/viewtopic.php?f=11&t=61052 Latest update: As of April 16, I've paid off $21,400 in credit card debt this year (after starting with $35k)


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