Question by libra1128: Bad credit, no income verification LOAN question?
Here is my situation: I don’t have good credit….it’s not that bad, but not good. I also don’t make that much money a month (hence the no income verification I need). I need to take out a loan for about $ 50,000 to pay off my debt. I want to do this to have one monthly payment and I want a loan under 10% interest……I am paying 18-20% interest on my debt (credit cards) right now….so a loan at a lower rate would be better.
Does anyone know of a reliable, reputable company that does no income verification loans with not so great credit. I understand that this would probably mean a high interest rate, but as long as it’s lower than my credit cards….its okay.
Any ideas of a company or place or any ideas at all?
I would be borrowing this money to pay off my current debt though. So I would not be getting myself further in debt by borrowing more money because the loan would go right to my credit cards and I’d still be $ 50,000 in debt. The main reason is to consolidate it all to one monthly payment at HOPEFULLY a lower interest rate. Thanks for the answers so far.
I just don’t understand debt consolidation. They say to get a loan to pay off your current bills and have one monthly payment…BUT no one wants to give a loan to someone so far in debt with not so great credit…..it’s like a lose lose situation.
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