Sarah
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We would like to get a unsecured loan to pay off credit card debt. We have steady income and can verify our income. We stay current on all our bills. We have a high debt to income ratio; however we are still able to make the monthly payments. We would agree to automatic withdrawal from our checking account for the monthly payment. Do you think there is any lender who would be willing to make us such a loan?




I don’t think it’s a good idea to take out an unsecured loan to pay off credit card debts. If you can afford, then make your payments directly to the credit card company. If possible try to set up a payment arrangement with them. Don’t give any permission of automatic withdrawal to the lender. Close down your old bank account and open a new one for security. Always make your payments via money order, it’s less risky.


Sub: #1 posted on Wed, 07/31/2013 - 12:32

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You are not likely to get a loan...lenders are just not lending much more than $5000 unsecured.


Sub: #2 posted on Wed, 07/31/2013 - 17:12

SOAPLADY SOAPLADY
Moderators Cum Industry Expert
(Posts: 17209 | Credits: 4746.15)

you need outstanding to near perfect credit.if you don't.it's not gonna happen.


Sub: #3 posted on Wed, 07/31/2013 - 18:03

paulmergel paulmergel
Moderators Cum Industry Expert
(Posts: 15506 | Credits: 1356.56)

In many cases, in order to get a large loan--anything above several thousand dollars--you will need to apply for a secure loan. These loans have some type of collateral backing the loan. Your home, car, or other high value possession can be used. If you do not have a secured loan, you will need a good credit score or most banks are going to be reluctant to loan you large amounts of money because unsecured personal loans are risky for lenders.

Sub: #4 posted on Fri, 09/13/2013 - 11:16

joymali joymali

(Posts: 2 | Credits: 3.18)

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