I have tried to get a consolidation loan from everywhere, but no one will help me. I have established credit being paid as agreed yet creditors won't give me a loan that I want. Any advice for a person with fair credit on getting a loan? I am current with all my creditors and have no harassing phone calls but no one will give me the loan that I want.
Unfortunately, you have probably chosen the worst time in recent years to try to obtain a loan. As you have probably heard on the news recently, the credit markets in the United States and abroad have pretty much dried up due to problems in the mortgage and banking sectors, so it has become difficult for anyone except those for exceptional credit to obtain loans. Even for those consumers with excellent credit, finding a loan has become difficult; since you say you have “fair” credit, you may not be able to find a loan for some time, at least until economic conditions improve. I am certainly not telling you to give up on looking for a loan, as you may be lucky and find a bank willing to give you the loan you need. To read more about debt consolidation loans, I encourage you to visit the Bills.com debt consolidation resources page. In addition, if you submit your contact information in the Bills.com Savings Center (for a debt consolidation loan), we can have potential lenders contact you to discuss the loan options available to you.
Given the current market conditions, you may find it easier to obtain a debt consolidation loan if you are willing to use your home or other real property as collateral for the debt. In fact, most “debt consolidation loans” are home equity loans secured on the borrower’s property, similar to a second mortgage. If you own your home or any other real estate, I would encourage you to explore a secured loan as an option to obtain the credit you need. Bills.com offers a wealth of information about home equity loans, available on the mortgage section of our website. Before you take out a home equity loan, I would advise you to make sure that the loan terms being offered are affordable and that you will be able to make those payments in the future. Unlike an unsecured loan, if you fail to make your payments on a home equity loan, the lender could foreclose on your property. However, if you find a secured loan which if affordable, this type of loan may benefit you by consolidating all of your debts into a single account, lowering your interest rates, and reducing your payments on your debt.
Unfortunately, I am not particularly optimistic about your prospects of finding a loan given the current economic conditions. Despite this fact, I encourage you to continue looking for a loan, as you may find a lender willing to offer a loan that suits your needs. Even if you are unable to find a loan to consolidate your debts, there are various other options available to consumers who are struggling with their debts, including credit counseling and debt negotiation programs. If you would like to read more about various debt relief options, I invite you to visit the Bills.com debt help page.
I wish you the best of luck in finding an option that fits your needs, and hope that the information I have provided helps you Find. Learn. Save.