Can someone with a debt get a loan?

pasquale · Apprentice Joined: 11 Dec 2006 Posts: 7

I have serous financial problems. I'm in debt with a loan and considering getting another. I still have three more years to repay it. What is the best way to deal with this situation? Can someone with a debt get a loan? Would I get a convenient loan offer? Thank you in advance!

barty · Apprentice Joined: 14 Nov 2004 Posts: 6

When dealing with debt you should consult a financial adviser to make the best solution for your situation. In my opinion it's the best way to make a repayment plan for debt considering all your income and costs. It's possible to get a loan while in debt, actually it's one of many reasons people get it. Loan used to work out prior debt is called consolidation debt and some lenders offer this service. Before you decide to take it, try to talk to lender of your existing loan. Maybe you could come to some new arrangements which would bring less difficulties. Another solution could be borrowing from friends or family. If nothing looks convenient then you should get a decent consolidation loan to get control of your finances. It's possible that you would get lower rate deal and with new conditions you would repay previous loan under new terms. Monthly payment could be lower then now, and it would be just one payment with one lender. That way you would eliminate late payment and it would affect your credit score in a good way, Before taking any action I strongly recommend talking to an expert to avoid paying too much overall or other difficulties.

lilies34 · Apprentice Joined: 08 Jan 2008 Posts: 6

yes, you can take out a loan to pay for your debt. you have to talk to lenders first and to weigh things out and plan on how you take on that debt.

if only it were as easy as paying off pay day loans with your next pay check but it isn't.

good luck!

Can someone with a debt get a loan?

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