Will anyone gimme a personal loan?

equity272 · #1 (**permalink**) 01-04-2008, 04:53 PM

I have a about 580 score, have a business but it has been struggling due to the recent economy and now I need money pretty bad. I have a car bluebooked at about $35,000 as collateral thats mine(no liens, nothing). What kind of loan could I get(if any), what is the best company to go thru if any. I need about $25,000.

Mynion · #2 (**permalink**) 01-04-2008, 05:13 PM

Talk to your bank or credit union about getting a secured loan.

Also, you could check out Prosper.com, but your credit score might not be good enough.

Remember, a loan is based on income (ability to repay), and if your business is struggling you may not have the income to be able to justify the loan.

You could always sell the car and buy a $5k-$10k car to replace it, netting you the money you need.

vanman2099 · #3 (**permalink**) 01-05-2008, 12:32 AM

I don't know of any banks that will give you a loan with a 580 credit score even if you secure it with a car. Your best bet is to find local banks in your area and go in and talk to someone who makes the decisions. Does your business have a good credit history? Maybe you can take out a loan in the business name?

You could also try to sell your car if that's an option but for that price it must be something you really like

Sanabanana · #4 (**permalink**) 01-10-2008, 12:48 AM

put up your house as corratral. um dunno how you spell that..

Hermes · #5 (**permalink**) 01-11-2008, 08:04 AM

I would not use your home as a collateral. Don't attempt to you your home as an ATM or to secure more liabilitites with.

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