Bad Credit Debt Consolidation Loan – 4 Tips That Can Help You Get the Money You Need
If you are in need of a bad credit debt consolidation loan I have some news for you that you may not be happy to hear. If you don’t have any collateral to secure the loan with then you can pretty much forget about getting any help. Not just any collateral either, real estate or something else that substantially exceeds the amount that you are looking to borrow.
Let me ask you a question. If someone that you knew wasn’t responsible, had a bad track record paying off their debts or were just plain unlucky in business, wanted to borrow money from you, but they had absolutely nothing of value to offer you in the event the defaulted on the payments, would you take that chance and loan them the money anyway?
It has nothing to do with anyone personally and you shouldn’t take it as such if you are turned down. The truth is that, since they don’t know you personally, the only thing a debt consolidation company has to go by when considering you for a loan is your credit report. That’s it. It doesn’t matter if you’re a great guy or gal, if that report says that you have bad credit and you have nothing to put up for security, you’re not going to get the loan.
That being said, before you give up on getting a bad credit debt consolidation loan and file bankruptcy, here are a few things that may help you show some assets that you can use for security or cash in on if you need money.
#1. Do you have any jewelry that you believe could be valuable? If so, you should have it appraised in order to prove its value. Go to a jeweler, NOT a pawn shop to get this done.
#2. Do you have any money in savings? Stocks, Bonds, IRA or Keogh?
#3. Do you have a life insurance policy that has accrued a cash value that you can borrow against? It would need to be a policy that accrues a cash value, such as a Whole Life policy. If so, you can borrow against the cash value of the policy, but you must pay it back with interest.
#4. Do you have a relative that would be willing to co-sign for you? They would have to have a good credit history themselves and have the means to repay the loan in the event that you didn’t.
Also, have you considered other ways of reducing your debt? Have you spoken directly to your creditors and explained the situation to them? In many cases, some companies will be willing to work with you. They may reduce your payments or eliminate them for a short period of time so you can get things together. This is a much more desirable course of action for most companies to take rather than take the chance of losing all of their money if you go bankrupt. Pick up the phone and give it a shot. It definitely won’t hurt you. It may even help you and will likely be a lot easier than getting a bad credit debt consolidation loan without collateral. Good luck.
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December 9th, 2009 at 12:39 pm
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