Debt to Income Ratio
Debt to income looks at the amount you make every month and the amount you spend. They call this a debt to income ratio and we have inserted a debt to income calculator below to see if you are below 50%. Many lenders will not even look at a loan application with bad credit while others will look at your equity and maybe request a larger lien on the property.
Home Equity Loans
When a lender looks at your home for a home equity loan, they are looking at placing a second mortgage on your home. When you have good credit and the bank looks to provide a home equity loan, they will finance the property up to 80-90% of the loan to value. The loan to value is the difference between the size of the mortgage and what you will get if you sold the property. With bad credit, the loan to value may drop to 60 to 70%.
We have included a provider that works with over 1,000 mortgage providers and we believe will give you the best chance of finding a bad credit loan. you can also apply for a personal loan but with a 495 credit score, you will not be approved for more than $1,000 and the rates will be very high.
Cash - Out Refinance
A simple definition for cash-out refinance is paying off your existing mortgage with a new mortgage then adding cash to the new mortgage. You can contact a mortgage provider and apply for cash-out refinancing. When you have bad credit this can be very difficult. Here are a few steps that you need to check into before taking this step.
- Look at your existing mortgage and see if there any penalties for paying off the mortgage early. These fees can be very high and you need to calculate this first
- You would go to a new mortgage provider and negotiate a new mortgage to pay off the mortgage that you have now.
- You would add the additional capital you require to the new mortgage your applying for.
- You will need to explain why your credit score and if you are paying off debt with the new loan amount. If the money is for debt consolidation, the mortgage provider will complete the debt to income ratio with the debt you're paying off removed from your debt to income ratio.
Joint Loan or Finding a Co-signer
When you go to the lender to apply for a loan, you will see in the loan application where you can apply jointly.
Improve Your Credit Score
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Bad Credit Loan Providers
America loan Service was Contacted by Madgy looking for a $30,000 loan with a 495 credit score. This was how they worked through financing their debt.
Magdy is an aircraft assembler from San Francisco, California who needs $30,000 to pay off credit card debt. They were going through a divorce and his partner took a cash advance on the credit card and left her with the bill. The debt was over $30,000, and Magdy only made $73,000 per year after tax. She is in trouble now, and a personal or debt consolidation loan would really help. Going through this separation has taken both of us off managing our finances and has ruined my credit score.
Magdy made an effort to get a private loan for $98,000.00 and was not acceptedPrinciple of LoanLength of Term (Years)Interest Rate (APR)Monthly Installment PaymentLending Institution
|$98190.00||6||11.8%||$1909.44||Southern California First National Bank|
|$98160.00||5||8.2%||$1999.74||First Trust Bank|
|$97510.00||4||7.6%||$2362.24||Community First National Bank|
Magdy has a private loan from 5 years before of $31,000 lent by The First National Bank of Orange CountyStarting Interest Rate (APR)Remaining principleLender nameLender cityLender StateLoan Obtained
|10.1% APR||$21210.21 outstanding||Santa Monica Bank||Santa Monica||California|
|11.1% APR||$18839.92 outstanding||Farmers and Merchants Bank of Long Beach||Long Beach||California|
|11.7% APR||$28945.33 outstanding||First Interstate Bank of California||Los Angeles||California|
|10.4% APR||$28677.72 outstanding||Union Bank||Los Angeles||California|
|6.2% APR||$23691.2 outstanding||Citizens Commercial Trust and Savings Bank of Pasadena||Pasadena||California|
Magdy got accepted by Citizens Savings and Loan Association with their bad credit rating. Here is their relevant information after the co-signer.
- Citizens Savings and Loan Association
- Street Address: 700 Market Street
- Branch city: San Francisco
- Branch state: California
- Branch zip code: 94102
With the Fico scale, Magdy has a bad credit rating of 495
On the Transunion scale, Magdy has a bad credit score of 482. This rating alters how lenders will view them, and thus, the APR on their loan
On the Experian scale, Magdy has a bad credit score of 509, which may have impacted their loan interest
Magdy Was Interested In A Private Loan For No More Than $30000
I'm Magdy, I live in San Francisco, California. My stupid husband tried to stick me with $30,000 in credit card debt and I need a loan to pay it off. Can you give me some help with a loan?
- County: San Francisco
- Home State: California
- Current zip code: 94105
- Current income: undisclosed
- Profession: aircraft assembler
- Credit Card Debt: $7000 on their The NASA Federal Visa Platinum with CashRewards
Debt Consolidation With 5.78% Apr, A Brilliant Idea
A debt consolidation loan is an excellent way to pay off credit card debt is you have good to excellent credit. With a good to excellent credit score, you will be offered a debt consolidation loan with an interest rate ranging from 5% to 8% to pay off 20% interest credit cards. the rate offered will depend on your credit history and credit score.
While the situations described are accurate, the names and some locations have been changed to protect our readers. America Loan Service would like your input regarding our work. Please do not give America Loan Service your last name and try to keep the information in your comments quite general. It is the overall topic that people relate with and we appreciate your comments. When you send your story, they will be reviewed within 24 hours and you will be notified if they are used.
Application from: Bow
hi have tried this before. my husband and me have made some bad purchases we have 3 credit cards and maxed our spending to the total amount each cards allowed us. we used all cards to buy furniture for our house. all we can pay the minimum payment and are so far behind. we need to only have 1. My credit is ok: 667. I are hoping to get around $28,000.00
Reply to: Bow
Application from: Darryle
I am attenting Howard University in Tremont Pennsylvania. I was able to get a student loan backed by the Federal Government. it does not cover all of my expenses. I require another loan to cover my rent & groceries. I am wanting somewhere between $12,000.00 I need a co-signer and have good creidt. I am 21 years old.
Reply to: Darryle
Application from: Carmita
i am needing a lone I live in San Antonio Texas and work in San Antonio. our van is written off and we need money to buy it. our credit is low. we already have credit cards and aren't behind on monthly paymnt. I went to First State Bank of Matador and Brownfield State Bank & Trust Co. but they said they can't help us. do you help us.
Reply to: Carmita
Application from: Sally J
America Loan Service has a lender that starts at $500.00 to $35,000.00 and will pass your request along. With your Fico score of 509, we will forward this on for you, good Luck. We have a very good lender that fits the amount of capital you require. America Loan Service is not a lender. America Loan Service has no influence on the lenders decisions and the financial relationship will be between you and the institution providing the loan. We will forward your information onto the lender we feel best suits your requirements. They will contact you directly via email if they are able to help you based on the criteria you have provided. Wishing you success in finding what you are looking for. Best wishes America Loan Service team
Reply to: Sally J
Application from: Gurwinder
I am attenting Georgia Institute of Cosmetology in Joaquin Texas. I was able to get a student loan backed by the Federal Government. it does not cover all of my expenses. I require another loan to pay for my rent & groceries. I am need somewhere between $13,000.00 I need a co-signer and have good creidt. I am 18 years old.
Reply to: Gurwinder
Application from: Claire
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Application from: Raquel L
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Application from: brandon*
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Application from: Kirby*
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September 30th, 2021
Application from: Lakahia Dixon
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Application from: Janie*
bad credit score repair
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Application from: HEATHER*
Home Equity Loan
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Application from: John
About to lose car need help
Reply to: John
Application from: Jerry
I need a ram in a bush.. a serious miracle.
Reply to: Jerry
Application from: Mohammed
I need help to get my life together. I don't know if that's possible. Idk if I can get more the 1000.
Reply to: Mohammed
Application from: James
I am looking for a loan to cover some expenses after moving
Reply to: James
Application from: Kim
I recently got divorced, the divorce has caused me great financial difficulties my FICO score and credit score are ruined. My ex-husband still makes inquiries about my credit making my credit score even lower. I have tried to remove the stuff from my credit report, was involved with credit repair debt solutions and still nothing. I am in need of a loan I have tried everywhere on the internet to find some kind of loan and unable to please help
Reply to: Kim
Application from: Jessie
Newly Single mom, needing a little help getting my car fixed.
Reply to: Jessie
Application from: Saundra
I need to consolidate all bills into one monthly payment and purchase an economical used vehicle to use for work. I spend a lot of money of Lyft and Uber each month to get to the places I have to go to. That money could be better spent on my monthly bills and repaying this loan. Thank you for taking the time to consider my request.
Reply to: Saundra