PostHeaderIcon I need some recommendations of places where one can get a loan for debt consolidation and education?


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With bad credit and being unemployed I need a loan to pay off a small amount of debt and a tuition for a 6 month education course so I can put myself in a better employment situation. Where could I find such a bank or company that would help me. I’m not eligable for government help, I earned too much money last year. Please, any and all advice would be greatly appreciated.

6 Responses to “I need some recommendations of places where one can get a loan for debt consolidation and education?”

  • Trae says:

    Try Prosper.com. I have two loans with them and it’s a reputable website.

    http://www.prosper.com/

  • Mary O says:

    I am sorry but there is no such company if you are unemployed even finance companies need you to be employed to give you a loan the laws have changed and now your score needs to be good and income too. so i suggest getting a job but then you would have to be at work a while too to get a loan good luck to you.

  • Nathan J says:

    If you’re in school, you can apply for Financial Aid, and then when you’re turned down for the loan, which happens for most people, you can borrow from what’s called the Stafford loan program (through your school’s Financial Aid office), which is a federally backed loan with low admittance standards. The only standard, really, is that you have to be enrolled full-time for a degree-seeking program. The catch, of course, is that you can only borrow $2750 your first year (I think – it might have gone up since I was in school), $3500 your second year (again this might have gone up), and $5500 for each additional year after that.

    If you need more money than that, have bad credit, and are unemployed, there are what’s called “private signature loans” for education, and the sky is pretty much the limit. However, I still think that you need a co-signer. Like a parent, family member, or friend. I’m not sure if they check for assets or anything from the co-signer, but all I know is that you need one. The private signature loan companies that come to mind are Sallie Mae Servicing, College Loan Corp, and IDAPP to name a few.

    I would also try FastWeb.com, and go through the lengthy sign-up process there. They might be able to locate all kinds of sources of college money. But where you live is crucially important too, and there could be all sorts of money that FastWeb doesn’t know about, like bank scholarships (not loans). Usually these are found in your small town, one or two branch kind of banks – not your giants like LaSalle or Chase. And some of them are academically based, but alot of them aren’t.

    And, of course, contact your local congressman. They can point you to all sorts of money. Try both your state senator, and state house rep. And be sure to tell them that you want an education to “give back to the community.” Be sure to say that last part.

  • Mike Jones says:

    Trae is right…Person to person loan is the best option for debt consolidation because it offers low interest rate than bank loan so it would give you some relief.

    Banks incur significant costs by collecting deposits from the public on the one hand and extending loans or issuing credit cards on the other hand. Person to person loan eliminates most of these costs (including administrative cost) by creating a place where people can transact direct loans among themselves. Because these online loans are being funded by individuals, you can borrow money at a low interest rate—one that’s lower than what you would get from a bank.

    You can get this loan in society lending network, such as Propser ( Trae’s suggestion). Another option is Lending Club. Both are two reputable sites. Check and compare before decide where to take. Just be careful with scammers. One more thing, usually there is minimum credit score needed as safety requirement. I hope your score is enough.

    Wish you luck!

  • thomas says:

    I agree with Mary O. No company will give you loans if you are unemployed coz first what they look for is the salary proof.

  • Carolina says:

    Practically any type of loan can be wrapped into the debt consolidation process. Common types include finance charges, late fees and overdraft charges, credit cards, personal loans, utility bills, medical bills, car loans, store cards, gas cards and back taxes. A debt consolidation loanold loans are replaced with a new one that has more favorable terms. Your loan consultant will negotiate with creditors on your behalf, so you’ll no longer have to deal with harassing phone calls and daily mail.

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