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Asked about “Basics of a personal loan

Loans and credit card debt

If you have a lot of credit card debt already, will banks or credit unions still give you a personal loan?  Can you get a reasonable interest rate?


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They might be interested if it is for debt consolidation (i.e. you are moving your credit card debt and other debts to a consolidated loan they offer you).

Banks are a business that specifically manage money so they can make money.  If they believe that they can make money off of you, they will issue the loan to you.  They might ask for certain assurances though.  This might include collatoral or even cancelling your credit cards.

As for the interest rate, that is dependent on your credit rating, debts, assets, etc.  However, keep in mind that the loan would have to be a lower interest rate than your credit cards to make it of any interest to you. 

Best of luck 

Posted 2008-04-09T17:29:32Z
JtotheA was invited by Yedda to answer this question.

 
3 helpful answers

There are financial companies that provides

personal loans even with bad credit.
Posted 2008-04-10T14:10:21Z
imarketing4s was invited by Yedda to answer this question.

 

It depends which lender you apply to, the interest rate you get will depend on your credit rating.

 

If you have a lot of credit card debt already.so banks can give you personal loan easily if you are deposit your previous EMI's  on time,then banks will provide you personal loan easily and also take reasonable interest rate depends on rate of EMI's deposits.

semy

[url=http://www.mydebtconsolidation.name]Debt Consolidation[/url]

 
1 helpful answer

no, i am a realtor and the american public is being scammed by the banks and the mortgage companys.....loan modification is only if you have missed 3 payments and if you have missed 3 payments your credit is ruined and your rate will go spiraling up.....and refinancing is also a scam because you cant refinance for what you paid....so if you dont have a lot of money sitting around to make up the difference....forget that too!!!

 

Hi, I would also say that a debt consolidation would be much better than a personal loan. Here you can not only consolidate all your credit card debts into one also can owe the money you are going to borrow in form of personal loans.

Interest rates could be high but if you had any property to put as collateral, rates would come down other factors which can affect your loan are your credit history. Bad credit record leads to a high interest.

As you want reasonable interest rate so you should go either for a secured personal loan in which you have to put some property/ assets of yours a s collateral otherwise go for a debt consolidation loan .

 
1 helpful answer

They may nit give you but you can try if you have a co-debtor.

Check this site for the list of credit cards for people with bad credit

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