Large Loans for bad credit

Experts almost unanimously recommend finding an asset that can be used to secure the loan, such as a car. $200 or $300 a month to pay off the debt is at least one year to pay off. Unsecured loans are typically more expensive due to the higher interest charged. Experts also suggested selling off whatever is necessary to avoid the severe repercussions of failure. As stated, failure is not a viable option. This puts the debtor into a rather disturbing situation. A person who is becoming very desperate, as a person in this situation very likely is, is also becoming increasingly vulnerable. Some people suggested setting up an account with a reputable lending bank where the debtor’s check is automatically deposited, and at each deposit, a specific amount is withdrawn by the bank against the loan. In this way, only the loss of the debtor’s job is the risk for the bank. The account cannot be closed by the debtor until the debt is full paid, if the debtor cancels the automatic deposit, the bank is allowed to garnish wages. Perhaps that is an even better way. Upfront, allow the bank to garnish the periodic (monthly or twice a month) loan amount from the debtor’s paycheck. The company offended sees a robust accountability to correct a wrong, and the bank has only the loss of the job to fear. Of course, the debtor’s company could simply be awaiting the payoff before sacking the debtor.

One thing that the debtor who is in this situation cannot do, must not do, is to rush into a solution, especially with an entity that is a total stranger. Unless it is a well-known, reputable institution, or registered legally, one must stay away. The vulnerability from desperation sets the debtor up for fraud, or near usury, despite the debtor’s diligence. Registered loan sharks, actual loan sharks that will charge extremely high rates, exist legally. Of course, the un-registered, “illegal” loan sharks are also out there, but they will definitely hurt you if you are late paying. Some people recommend a credit union, especially one tied to the debtor’s company, that may be able, and willing, to assist. Certainly very true friends, or family, legal assistance groups, credit counseling groups are all potential sources. There is even a California-based ‘fast, secure, personal loan” search and assistance groups willing to assist. One example found is a $10, 000 loan, 3 year period; pay monthly $156, ended up paying $12, 226 total for the principal and interest, at 14 percent. Not bad. It was all done online. California loan find group were the ones helping. It looks as if there are a very large number of options available, with many touting “next day cash in hand” type service. It is still somewhat unnerving to consider that there are individuals who are in such difficult financial shape that they will have to consider this path to resolution. It is rather frightening. Yet, it was one poor decision followed by another, then another that got the debtor to this situation.

Interesting facts

• A zombie bank is a financial institution that has an economic net worth less than zero but continues to operate because its ability to repay its debts is shored up by implicit or explicit government credit support. The term was first used by Edward Kane in 1987 to explain the dangers of tolerating a large number of insolvent savings and loan...
• Mortgage refinance and home loan modification programs have gained a lot of popularity recently with a large number of homeowners badly hit by the economic slump. This is largely due to “Making Home Affordable”, a mortgage bailout program devised by President Obama and his advisors. This $75 billion stimulus program for the housing sector has...