I don't know where to turn. I have a good steady income, but very bad credit, from a previous relationship that destroyed my credit rating to below 520. Noe I'm married and have two kids and my situation is so bad, that I've fallen 3 weeks behind on my rent, I have payday loans out the yin yang that dig deep into my paycheck and I cannot get a personal loan. Period. I don;t know what to do, but quite my job, so I can cash in my 401k and then find another job. I don;t know what else to do. All I want is someone to beleive me that If I get a loan for like $6000 I will pay it back. Consolodation is not going to do it. I can't do that anyway because moost places I talk to want you to have $5000 or more credit card debt. I need to catch up on my houshold bills. Rent, electric, car payment, things like that. With m a $6000 loan I can do that, plus repair some of my damaged credit. I need help and I need it now or I am going to do something drastic.

Please let me know if you find out any valuable information. Your situation sounds just like mine.

Well. I just got off the phone with my landlord. I am late on this month's rent and she did let me pay it in two parts. But, I wanted to see if I could pay the rest of what I owe for this month and slide on next month's and pay her back in increments the following months. She's not a bank she says so she can't help us. So, on top of everything else, we are going to get thrown out, if I can't come up with some cash like RIGHT NOW!!! I have 6 payday loans to pay off. If I did that I'd get out of that rut. I have no family members who could lend me any substancial amount of money. I can't get a lender to talk to me. I have people trying to SCAM ME OUT OF WHAT LITTLE MONEY I DO HAVE!!! I can't take a hardship withdrawal from my 401K, because I have a loan out with that, which I am paying on straight out of my pay. I really don't know what to do. IS THERE ANY LEGITIMATE FINANCIAL INSTITUTION OUT THERE THAT WILL GIVE A GUY WITH VERY VERY BAD CREDIT A LOAN FOR ABOUT $5000 OR SO. SO, THAT I MAY GET OUT OF THIS PAYDAY LOAN RUT THAT I"M IN!!! CAN ANYBODY HELP!!! I NEED CASH NOT CONSOLODATION!!! NOT ANOTHER PAYDAY LOAN!!! SOMETHING TO HELP ME!! I WILL PAY IT BACK!!! I'M PAYING $1000 A MONTH TO THES PAYDAY LOAN PEOPLE I CAN PAY $500 A MONTH FOR A LOAN TO PAY THEM OFF!!!! PLEASE HELP!!!!

Well, it looks like maybe we will get some help from my Mother-In-Law. She is going to try to take out a loan for us with a co-signer (my wife's cousin's husband). We will be paying her to pay it off. Her credit is not very good either, so I don't know if she will get approved, but I hope she does. I am still activly looking for a personal loan, though.

Sorry to hear about your situation, jmule, and terribly sorry you didn't get a reply earlier.

As for your situation - honestly, if you're having difficulty paying your basic living expenses, then I think there's a deeper problem, because it's not having bad credit that's causing you problems - it's the inability to pay off basic living costs, so I'm not sure how adding further costs such as a loan repayment is going to help.

You mentioned looking into debt consolidation - I'm presuming by that you do have debts currently being paid, or require being paid?

In which case, it's definitely worth looking at:

1. Your income after tax
2. Your living expenses
3. Your debt expense payments

for a typical month, factoring in *everything*, to get an idea of how much income you could free up, if you were to look at a consolidation loan to repay other debts (presuming I've understood that).

I know my brother has done similar before - but definitely worth looking at ways to free up expenditure to bring down the debt pressures on your monthly finances, IMO, in order to get things moving.

2c.

I am sorry to hear it... also been in poor cash situations in the past (not due to credit though).

I think Brian has suggested the single best way to sort out the situation. Your mother-in-laws assistance might provide immediate relief but from what you have said, you will be in the same situation again unless things change.

Really not getting credit can't lead to these situations... as it just means you are not earning enough to cover your spending. Look at your earnings, can they be increased in any way? And look at your expenses... it's likely there are ways you can cut your spending also... just make sure you are in a position where your earnings in the hand are greater than your spending and you will be on track to sorting it out.

I agree 100%. You need to change one of two things, your income or your spending. Continuing to pull more loans will only dig you deeper in the rut. I understand, I have been there. Pulling yourself out hurts, sometimes bad. For immediate results, consider selling personal property. You mention that you have car loans, sell the car and downgrade to something MUCH less expensive. This will clear the debt, monthly payment, and potentially provide liquid assets to start to get current with other things. Look around your home and look at everything that you own. Ask yourself if it is something that you would buy today in your present situation, if not sell it. These things will start the process. Look at what expenses you have that do not keep you alive (Cable TV, Internet Service, Cell Phones, etc). If it does not keep you warm at night, your body clean, and food in your mouth; it is not needed.

You income can also be increased by working a part-time job. Again, I have been there. I worked nearly 80hrs a week to get things caught up, daily finances back on track, emergency savings, and debt paid down. It sucks but it works.

From there start looking at the real problems. Take an honest look at your income and spending. As a family, do a budget every month and stick to it. Keep a record of every penny that you spend and where it is going. As you do this you need to make an oath to yourself that you will stop borrowing money. By your own admission in your post, borrowing money is what got you into this mess. Payday loans NEVER make sense.

I truely wish you luck.

So any updates? My two cents would be to look for a new job and watch the spending.

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Small Business Cash Advance / Wall Street Journal Online

Maybe you should consider filing personal bankruptcy.