PostHeaderIcon What direction should I take to get approved for a Personal/Consolidation Loan for $25k without owning a home?


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Hello All,
I’m trying to roll up my outstanding unsecured debt (about $25k) into 1 payment per month at a lower interest rate than what my current avg. interest rate is (19%). I gross about $6k a month as an analyst with a utility company and get paid monthly. I have a credit score around 630, I rent an apt. and I’m financing my car. I’m paying close to $1,500 a month towards my unsecured debt, a small % is going towards the actual principals. The payments are due on various dates each month (which I’ve already moved some bill cycle dates) which has caused me to be late or miss payments altogether. Ultimately my goals are to have 1 payment (close to my pay date), have a larger % of the payments go towards the principal at a better interest rate, lower my payment to around the $650-$800 range per month & improve my credit score. I think the only hope I have is to try & get a loan with a co-applicant/ co-signer.
With that being said, does anyone have any suggestions on a route to take?

One Response to “What direction should I take to get approved for a Personal/Consolidation Loan for $25k without owning a home?”

  • Vadalia says:

    Honestly, with a credit score that low, debt that high, and no collateral, it’s very unlikely you’ll be able to get the kind of loan that you want.

    It’s hard to explore all your options because you did not state how much your monthly expenses are (could you afford to pay more than just the minimums?) However, you may want to try calling your credit card companies and see if you can get your due dates rolled onto the same date (they may not be able to have them all on exactly the same date but they should be able to get it in the same week, if you automatically schedule all your payments through a bill pay service the week before they’re due, it’ll effectively be “one payment”) As for the high interest rates- see if you can get a low-or-0% introductory credit card and roll the money over to that (it’s easier to get a card than a no-collateral loan) You have to pay very close attention to the date your low-or-0% rate offer ends, but if you continue to pay your $1500/month towards it for about 17 months at 0%, you’ll have it all paid off.

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