I'm almost done with that immense debt! However, I'm struggling right now because I have payments in multiple locations that require payments as high as $350 each month and I'm tired of being broke because of it... After my checks, I'm left with about $60 for 2 weeks just to eat and the rest of the things like gas I load up on my credit card and it sucks!
 
I went to multiple banks and the only BANK (Not going to cash advance place, eww) that does personal loans is Wells Fargo.
 
The lady who approves the loans wasn't there so I have to wait until 3PM, So I don't know if I'll get approved or not, Most likely I will 'cause I'm going to put my 2007 Ford Mustang Convertible as collateral which is a good deal to the bank when I'm only going to borrow $3,500. I used the online "Rate & Payment" for the personal loans and it says for $3,500 they offer 14.49% APR which leaves a monthly payment of $314.49 and a total of $3773.88 if I used the whole year to pay it back. However, I am going to through $250 per paycheck (If not more) In order to finish it in 6-7 months, Would this lower the interest I end up paying or is it already added to the final balance included with a 12 month loan?
 
For those who have done it before, Did you feel like you got ripped off? Anything I should be concerned about? Any help would be appreciated.

Borrowing money to pay back debt to me is always a no no.

All banks ultimately will screw you over if you fall behind too much.
 
hows your credit score? if you have had account with wells Fargo i suggest trying different locations and workers to try get a break.  I dont mean to alarm you , but if you think you will live in suffrage ( low money for a while) , it may be worth it to live low with moopad and try find 2nd job to try save up....
 
Once a bank screws up your credit scores, it will be a long long long ride back...
 
GOOD LUCK BROTHER.
 

I would just advise that you look at everything possible (if you have not already done so) to see where you can save.  It's hard but there are often many thing we can live without if we really have to.   I just say all that because 14.49% makes me cringe.  My house was financed at 5.0%, my car 1.9%, and my two credit cards that have debt are 7.9% and 5.9%.  Despite single digit interest I still hate having debt and go to great lengths to get rid of it.  At any rate good luck.  

I have never liked the idea of borrowing you way out of Debt. Nor do I like the idea of using a hard asset to secure a loan, you do not risk your house to buy a car, or a car to pay back a credit card, There is a reason they are unsecured, Do not sign anything without seeking your fathers advise, He would obviously have or best interest in mind, and you know him a lot better than any of us. You should be only 9 months or so from your Next tax refund check, I would consider selling what you cannot afford, and re acquiring when you can. Invest in a book from Dave Ramsey : Because the borrower is the slave of the lender.  
 
http://www.daveramsey.com/store/
 
Many local churches offer Financial Peace University  http://www.daveramsey.com/fpu  Well worth the time.

Wow, I just got off the phone with them... First she tells me the minimum I have to ask for because of my car is $5,000, I can't get $3,500 because that's too little, What?
 
Second, She denied me on my own even with the collateral because of my income.... Minimum payments = $150 a month and that leaves me with $1000+ but that's not enough for a loan that will have a minimum monthly payment of $175 a month
 
So she asks for a co-signer, I added my mom and got denied because she's in the mortgage with my dad and she has income on the side so not much to be reported and it drew us back a lot so I added my dad instead and he has near perfect credit, but I didn't want to do that because like I said before I didn't want to get him back in there -_-
 
I hate this Ugh... I'm giving them a $10,600-$12,800 car in exchange for $3500 (Forcefully $5000) and I STILL Get denied.... Jesus Christ.
 

KMoore4318 

I have never liked the idea of borrowing you way out of Debt. Nor do I like the idea of using a hard asset to secure a loan, you do not risk your house to buy a car, or a car to pay back a credit card, There is a reason they are unsecured, Do not sign anything without seeking your fathers advise, He would obviously have or best interest in mind, and you know him a lot better than any of us. You should be only 9 months or so from your Next tax refund check, I would consider selling what you cannot afford, and re acquiring when you can. Invest in a book from Dave Ramsey : Because the borrower is the slave of the lender.   

http://www.daveramsey.com/store/ 

Many local churches offer Financial Peace University  http://www.daveramsey.com/fpu  Well worth the time. 

 
 
Thanks for the advice, I did read about dave ramsey earlier while looking for more information, Something about minimum payments on high debts + Higher payments on debts close to payoff until balance of $0 :o
 
 
P.S. What do you mean sell things I can't afford? I guess I should auction my teeth then lol (66% of the debt is from getting root canals by an Endodontist and then I had to go back to my regular dentist to get some more "permanent" fillings and I still have more work needed to be done, So that's why I'm in a hurry to get this loan (Appointment for dentist on friday and not sure if I can afford it, But really want to get it done)

bighairycamel

Any chance you have an established 401k?  Most investment firms let you borrow against yourself without penalty, and charge interest that you pay back to yourself (they'll charge a small fee as well but it's almost negligible).  Ultimately you'll lose money in the long run because typically the money that would have been available for investment will make smaller returns on the interest you pay yourself, but it's still a better choice for debt consolidation than a bank.  Also, you can't usually borrow more than 50% of what's available so for $3500 loan you'll need $7000 vested (they might not require you to be vested either but I don't know; I could see them letting you borrow, you would just have to pay the company back the non-vested portion if you lost your job).

 
My job doesn't offer any 401k plans (I think corporate employees do, But not us a.k.a. not a corporate employee lol)

You need to find a Credit Union.

RainStryke

You need to find a Credit Union.

 
What exactly is a credit union?

seth89

I have a Auto Loan with them, however I would go to a WellsFargo and talk with a banker. I think they will be more helpful then EVGA.com

Good luck!

 
I did, I was just seeing if anyone here had any experience. I read a lot of articles on google and had mixed views about places so as I always do when I'm confused, I come here.
 
I ended up getting approved, Came back from the bank at about 5:30pm PST, Pretty good feeling knowing I'll only have 1 "Official" payment from now on =D

I hate all banks and credit cards and imho the credit system is a total scam which was devised to make the bankers/elites mad dough.

I signed up with a local credit Union and got my car loan from them. They were the only ones that would let me take out a car loan under 10,000 dollars. Bank of America limited me to 10,000. I went around everywhere looking at cars in the 10,000 range, but there was a big problem. It had to be no older than 7 years and less than 100,000 miles. It also had to be from their list of dealers. You won't be finding a car in that range and those terms. I was treated like crap from almost every dealer I went to searching for something since my car was on it's last leg. I finally gave up with them, went to a credit union and found a car off craigslist and had the Credit Union set up the sale for me. Once my wife has a stable job set up, i'll be transferring everything over to the credit union.

I've had several loans through banks/credit unions and to be completely honest I wouldnt touch a loan with a nearly 15% interest rate, thats no better than a credit card. I would look from something with less than 10% interest and if it will for sure consolidate your monthly bills to something more reasonable then go for it. I also wouldnt put my car down as a collateral though. Think about it, in the event that you lost your job not only would you not be able to pay them back but you'd likely lose your car too and in the end come out worse than you are now.

RushXTC

seth89

I have a Auto Loan with them, however I would go to a WellsFargo and talk with a banker. I think they will be more helpful then EVGA.com

Good luck!

I did, I was just seeing if anyone here had any experience. I read a lot of articles on google and had mixed views about places so as I always do when I'm confused, I come here.

I ended up getting approved, Came back from the bank at about 5:30pm PST, Pretty good feeling knowing I'll only have 1 "Official" payment from now on =D

Well, I have been working in the banking industry for over 20 years, and there is absolutely nothing wrong with debt consolidation loans.  They are actually good budgeting tools.  Now you have one payment you can concentrate on and get paid off.  The problem people run into is that after they consolidate the debt, they think it's ok to go out and run their credit cards back up.  Debt consolidation should be used as a tool to get you out of debt, placing you on a path to improved financial standing/management.  So it should feel good to get that loan, and even better when it's paid off and you no longer have the debt, just DON"T replace it with new debt.  Well Fargo is a typical large money center bank, nothing good or bad about them, so no need to be concerned about borrowing from them.  As you were using the car for collateral, hopefully they gave you a lower rate as you should not have to pay a personal loan rate when secured by a vehicle.   

Ill hook you up with a personal loan at a 24.3% interest rate