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 5 months ago ( permalink )
JtotheA was invited by Yedda to answer this question.

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There are financial companies that provides

personal loans even with bad credit.

Posted 5 months ago ( permalink )
imarketing4s was invited by Yedda to answer this question.

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If you pay your bills on time, i think they might give you. but they will not there are other resources that will give you

bad credit loans

Posted 4 months ago ( permalink )
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yes


Posted 2 months ago ( permalink )
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It depends which lender you apply to, the interest rate you get will depend on your credit rating.


Posted 2 months ago ( permalink )
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