No matter how you scrimp and save, you always seem to have more month than money. Whether you’ve suffered a job loss, serious illness or just overspent on credit cards, your finances are out of control. Many consumers take loans for bills to clear up their financial obligations and re-establish financial security. It’s not a bad strategy – if you take the right loan. In many cases, the right loan is a personal loan from LoanNow.
Bank Loans
Banks regularly issue loans for bills in the form of consolidation loans. With a consolidation loan, you can pay off several high interest credit card balances and have a single place to pay, along with lower interest rates in most cases. However, you must refrain from running up new charges to replace the charges you just paid off.
If you have good credit, you’ll probably qualify for an unsecured loan with a lower interest rate than you were paying on your cards. But if your credit is marginal, you may be required to provide a credit worthy co-signer or collateral to obtain approval. In the latter case, your unsecured credit card debt will be converted to secured debt, which is something you should seriously consider.
Peer-to-Peer Loans
Requesting loans for bills to consolidate debt on a peer-to-peer website can be hit or miss. If your request is for cash to cover your child’s hospital bills, you may very well find sympathetic lenders willing to fund your project. Asking for help because you maxed out your credit cards on shopping sprees might leave prospective lenders cold. Of course, if your FICO score is below the mid-600 range, you’ll never be able to post a profile at all – because you’ll be bounced by the pre-screening process.
Loan Brokers
Obtaining loans for bills through lending brokers can be a hit-or-miss proposition. A popular loan broker service urges consumers to let banks come to them to make multiple loan offers. If you have great credit, you will almost certainly be able to pick and choose among several desirable loan offers. If your credit is marginal, you may only receive a single loan offer or none at all.
LoanNow
LoanNow is the ideal source to obtain personal loans for bills, a once-in-a-lifetime trip or to splash out on a new kitchen. Even if your credit isn’t perfect, you may still qualify. We say yes to many borrowers when banks say no. Savvy borrowers make LoanNow their first choice for personal loans!
