General Discussion - High interest - bad credit loan - Canada

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RE: High interest - bad credit loan

Postby dbaker@newstartcanada.com » Fri Feb 26, 2010 02:12:46 AM

We have been researching the marketplace to develope a product to serve people in your situation.So far our current idea is to work with a company like Richard's to help reduce your debt by offering the creditor a reduced amount based on your budget and financial situation.We would split this reduction in someway with you and provide you a no interest loan so you could pay us back over time.This would be coupled with a money coaching program so you could learn and continue to build your credit.Comments or suggestions?
Our core business is auto loans but we are quickly trying to fill this void and help people.A recent survey has indicated that Newstart customers have increased their beacon scores by 30% over the first year and 33% of our customers are now reporting over a 650 beacon score.
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RE: High interest - bad credit loan

Postby RichardC » Thu Feb 25, 2010 11:34:47 AM

Not a good idea if you want a unsecured loan, here is why: http://www.totaldebtfreedom.ca/articles/article_6.htm

There is a reason why Dave Ramsey and other financial experts calls these 35%+ interest loan a CONsolidation loan. You can't borrow you way out of debt with these expensive loans, it's just a bad idea.

By your description it sounds like you are a better candidate for a debt settlement plan.

If you have your heart set on a loan, Citifinancial does these types of loans but be forewarned, they are expensive and if you default they are brutal with their collection practices.
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RE: High interest - bad credit loan

Postby vrogan79 » Thu Feb 25, 2010 10:59:34 AM

I'd like to pay off my debt and have only 1 monthly payment. I make good money now, but I owe about $15,000 - so basically I have to pick which cards to pay this month then pay the other the next month. I'm getting nowhere.
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RE: High interest - bad credit loan

Postby RichardC » Thu Feb 25, 2010 10:23:19 AM

That depends. What do you need the loan for?
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High interest - bad credit loan

Postby vrogan79 » Thu Feb 25, 2010 09:59:55 AM

Just wondering if anyone knows of a loan company that offeres loans to people with bad, very bad credit. I know the interests will be alot higher, but I have not been able to find abyone who will lend money to some with charge offs on their credit report.

Thanks
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