When you have bad credit, you know you need help, and you need it fast! You’re at your wit’s end because your phone rings from early in the morning till late evening, seven days a week with calls from bill collectors and collection agencies. You may have had huge medical bills, or late credit card payments. Perhaps you lost your job or something happened to increase your monthly expenses. No matter what the cause, all of your debt is starting to get the best of you, and you just can’t see a way out of this mess you’ve found yourself in.
You know you need a loan, but what kind? You have several options in this department. If you own your own home, you can look into home refinancing, or home equity loans and lines of credit. If you own other property, you can get a loan using it as collateral, or you can get what is called a signature loan, which needs no collateral at all. All of these options can be considered debt consolidation loans, although home refinancing can be and is used for other purposes.
When used for debt consolidation, home refinancing should be your last option, as it means that it will take that much longer for you to completely pay off your mortgage. Also known as a second mortgage, this kind of loan can give you up to 125% of the value of your home. This rate can vary widely according to the housing market.
Home equity loans will be based on how much your home is worth and your financial picture, as is a home equity line of credit. You can get the same type of loan with these as you can with home refinancing, but these loans have a different repayment period. You may choose the length of the term for repayment, generally anywhere from 1 to 180 months. The home equity loan payment is a fixed amount. The home equity line of credit is rather like a credit card. Up to 90% of your home’s value is used, and after the balance on your mortgage is subtracted, the remaining amount can be yours to use for your debts.
A signature or unsecured loan will allow you to consolidate your credit up to the amount that you are allowed to borrow. It can be rather tricky to get one of these if your credit is bad. Still, there are lenders that will work with you, but the interest rates that you will be paying are going to be very high.
You’ll need to know exactly how much money you owe so that you have some idea of how much money you need to borrow. Then, you can begin to search for a company that will help you to get the type of loan you have chosen to suit your needs.
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In the past, back in the island of Guam, a lot of basd things has happened to me. From getting too into deep with drugs, being raised up in a poor manner, an a lot from peer pressure, when there is no where else to turn because the island was too far from any other mass of land, prevented me to explore other options. But through a lot of prayers, and dedication to my church, the LORD has given me another chance on the road to recovery by having me employed with Military Sealift Command as a merchant civilian mariner. I have progressed with my life and never looking back. Yet i have been trying to pay off, or consolidate my debts through many institutions in guam, but got turned away all the time. Now that i have a great career with a lot of earning potential, i have promised myself that if someone out there can here me, and can put their trust in me, i will never, never, relive the moment form my past experiences. My mom is really suffering deeply, and it kills me that i can’t provide for her bills, medications, and personal needs. Please help me out.
Very Resspectfully,
Mr. Marvin Q. Aguon