How to get financial help?

[kittyhazelton]

I have an incredibly bad credit score at the moment (Ex BF, yes I was stupid and co-sighned on a loan that never got paid off followed by a reposession)
And I am in desperate need of a loan right now.
I have a car sitting at the shop with $5,000 worth of repairs being done on it., that unfortunately is also still being payed off under a loan by the bank, otherwise I would have said junk it, and I still owe more than repair costs.
I have roughly $500-$700 a month left over after all my bills and food and everything else that doesn't get touched. Even if I put away $500 a month to go toward the repairs that still means I am without a car for nearly 10 months.
How does one with incredibly poor credit score get a loan? I do not own my home, so I can't take out anything on that. I have no co-sighner willing to cosighn with me. (I've tried all friends and family possible) My personal bank will not give me a loan because of the poor credit score. I've tried dozens of places online and have gotten denied. I've kept the same job for 3 years now, so I do have a reliable source of income.
HOW do people with very bad credit get a loan!?

 

[santoury]

Good question. I am trying to figure out how to get a startup loan for my store-to-be. Would love to hear about your responses.

 

[cichlaguapote]

Well I think you find yourself between a rock and a hard place. There simply gets to a point where once you've exhausted all your options you've well exhausted all of your options.

Unfortunately there is no bank/lender that will say "You have bad credit but we don't want you to take 10mths to pay your repair bills so here's a loan" Unforunately banks/lenders don't factor compassion into loan decisions.

IMO, the only thing I would know to do is figure out a way through overtime/second job to make the money, sell anything you have of value on ebay/locally and try to get close to the amount that you owe. There are "cash advance" places online that will lend you a small amount and some won't factor in your credit score only your monthly earnings/time at job. But they don't lend near 5k I don't think, and they're charges are astronomical usually and they let you extend the loan but all in all you have to have the total amount lent + finance charges with 2 months or so usually.

To answer your last question.. people with very bad credit don't usually get loans..

 

[cichlaguapote]

Good question. I am trying to figure out how to get a startup loan for my store-to-be. Would love to hear about your responses.

Any business that needs a loan from a bank with need first and foremost a great business plan. You'll need to aquire a book on writing a business/starting a small business plan and write one and sell it to the bank i.e. who is your demographic/projected earnings/etc.

There are usually also local small business groups that can give small grants to select business' that need startup cash but I'm talking a couple thousand at the most. And I don't think it's the norm that everyone who calls them gets a grant and I don't know the qualifying factors.

 

[santoury]

Hi
Very helpful info, Cichlaquapote. Thanks

 

[shookONES]

Have you ever seen the show, Weeds, on Showtime?

 

[santoury]

Tainted - nope

 

[shookONES]

Tainted - nope

It wasn't a terribly serious response, but the show's premise is a middle aged woman that loses her job. Immediately following that, things fall apart. She turns to selling marijuana to get back on her feet. Its probably my favorite show on TV. I actually have both seasons on DVD haha.

 

[cichlaguapote]

Hi
Very helpful info, Cichlaquapote. Thanks

yep.. just look for that local chapter small business association, get a business liscense, etc and you're well on your way. I personally would rather finance my own ventures though.

 

[Miguel]

Try to sell the car to the garage shop and to renegotiate your lona with the financing entity. Sart from there. You're young, I hope healthy, life is in front of youm and you can be sure life is not going to end. Things will improove.

Just cut a long loss short and let go of the things that are costing you money.

You have a job, you pay your food, you don't sleep out in the open.You have nothing to tyour name but it means that there is nothing that can be taken away from you.

Again, let go of the damn car, refinance the debt and start all over!! And remember , always, that everything, but everything, except death, has a solution. Think positive and go get them!!