PostHeaderIcon I need a loan for debt consolidation, are there 1 year loans based on salary?

I have some significant debt to eiliminate, the problem is interest payments. I make around 50K a year, and if i had that in a lump sum payment i could eliminate all of my debt in one year and keep my current lifestyle. My question is, do any financial establishments offer a one year loan? If not are there any other options out there for me? I’m totally open for suggestions.

6 Responses to “I need a loan for debt consolidation, are there 1 year loans based on salary?”

  • technical difficulties says:

    eeek! debt consolidation.. soon you’ll find out it is not a solution and probably yet another company that doesn’t know what they are doing.. or it’s a scam like most are.

    call a local bankruptcy lawyer and talk to them about this. (going to a bankruptcy lawyer doesn’t mean you HAVE to file for chapt 7.) the lawyer will give you the run down on your rights, options and why in most cases consolidation is fruitless.


    why i say this.. because i went through the same stuff.

    i’m happier now.. knowing what my options were. mine was chapt 7. and now i’m back in gear only 3 years later.. with a c+ credit rating.


  • Dreby says:

    Its highly unlikely that you’ll get a debt consolidation loan with a decent interest rate without putting up some collateral. Its not the greatest alternative, but maybe try to apply for one of those 0% interest cards (Citi bank offers 0% for a year on transferred balances on a good number for their card for new customers). Call and apply for the card and tell them that you are trying to consolidate debt and wanted to take advantage of their offer. Just don’t use that card to purchase untill you pay it off (ideally, just use cash to buy things and create a budget).

    Citi Cards –
    Chase –


    listen to me, i do this for a living, are you a homeowner?
    refinance your home and pay off the debt that way, you can proboly save a couple hundred bucks a month doing that.
    there are all sorts of programs, not just a 30 year fixed. fixed rate are at an all time high anyways. depending on your credit
    there are Interest-only programs, negetive amm loans, ARMs,
    and all sorts of other mortgages that will allow you to get back on track. now there are 40 & 50 year mortgages, with these programs, i have been able to lower peoples monthly expenses
    by 200-600 DOLLERS A month, they’re awsome and the way the market is trending, these are the things to do.
    please feel free to email me
    or message me on Y!A or even call toll free1-866-242-6689 ext
    5002, ill give you a free quote

  • Amazonian says:

    First of all, focus on the solution, not the procedure.

    In other words, you need money for paying off debt. That’s the solution. You’ve chosen the procedure of borrowing it, and I’ll go along with you, since that IS one way to accomplish this.

    However, your procedures of requiring that it be a) 1 year and b) based on salary are totally artificial. In other words, they have no direct bearing on solving the problem of paying off debt. (“Borrowing” doesn’t focus on the solution either, but as I said, I can indulge this because it’s a question in and of itself.)

    Back to what Jenster asked (my nephew calls me The Linster!) , Do you own your home?

    It seems you feel confident you could liquidate the debt in one year. That is optimistic enough to qualify you (in my opinion — the banks are far more lenient) to borrow against your home.

    There is a way to use a home equity line of credit to pay off mortgage debt quickly, or, as in your case, to pay off any other kind of debt…(drum roll please) without making extra payments.

    Of course, there are too many secrets here to directly advise you. But if you own your home, or part of it, inquire about a no cost HELOC.

    Now, if you’re worse off, that is you have all this debt and do not own your home, I’d hitchhike on an idea by another poster with a modification. She recommended 0% credit cards. If you save all the offers that come to you, as I do, you’ll have one when you need it.

    My variation? Don’t focus on 0%. Why? Because these often require a 3% of $75 maximum transfer fee PER DEBT that you’re paying off. Sometimes that’s more in fees than a 4.99% card with no transfer fee would be. It’s almost always more than a 1.9% with no transfer fee would be. Look for a 1.9% card or two with no transfer fees.

  • ken_voss12345 says:

    well, I don’t promise anything but
    people in debt often seem to find some help here :
    and here
    good luck!

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