Personal Loan For Fair Credit Reddit: Navigating Options


Personal Loan For Fair Credit Reddit: Navigating Options – Go to debtfree r/debtfree r/debtfree Community for people working to get out of debt. Online Membership • EatableWoodcock ADMIN MOD


Tldr: I have about $36,000 in debt between credit cards and loans. I’m considering a personal loan from SoFi to eliminate some or all of my credit card debt, but I don’t know if it’s the best move for my situation.




Personal Loan For Fair Credit Reddit: Navigating Options

Personal Loan For Fair Credit Reddit: Navigating Options

Sorry it’s so long, I tried to include everything that might be relevant first. Any advice is really helpful, I want to get out of this hole and not make things worse.

Credit If I Get A Personal Loan Can I Get The Loan And Pay It Off Immediately?

$20,000 debt from Chase (24.49%) and Discover (25.24%), more than half of the debt was from college and immediately after (c. 2011-2017). The break was added in 2023 after a series of personal/family crises wiped out my savings.

Opened a Citi card in 2022 and got a 0% balance transfer on $5,000 in new credit for home purchases and moving. I paid up to $1000, then totaled my car in October and put stupid medical bills on the card, now 26.99% total interest and $4000 left.

The take home pay is $2,500/month. Expenses are $1,440 per month before the loan and $2,390 per month with. Nothing to break the budget – no receipt, no subscription, no cable, cheapest phone/internet available, utilities included in HOA fees, so thermostat adjustment I’m not even saving money… I’m getting a small inheritance and some friends want rent a room once, but for two months when they come.

I have been pre-approved by SoFi for a loan of up to $30,000, I am thinking of asking for $25,000 to eliminate all cc debt and leave me with one payment (+ the car title). If I chose a longer term with a slightly higher interest rate, but lower payments, it would give me room in my budget to immediately build my emergency fund and start the car.

What Credit Score Do You Need For A Personal Loan?

Or I can take out a $20,000 loan and put the extra money from my Citi credit card to pay it off, but I can’t do anything about the emergency fund and the car loan.

I’ve also thought about trying to transfer the balance from Citi to the new 0% APR card, but I’m not sure I’ll be approved after applying for a personal loan. I’m also afraid that I’ll end up in that place again where the emergency won’t stop me from paying off the balance and collecting interest along the way.

I feel safer if I can completely eliminate the CC debt without leaving a balance anywhere, but I don’t know if a $25,000 loan is really the best thing to do in my situation. I’m hesitant to ask about the card hardship option because Chase and Discover are the oldest lines of credit with huge margins and I really don’t want the account to be closed.

Personal Loan For Fair Credit Reddit: Navigating Options

(FWIW I certainly won’t be reloading the card once I’ve built up another emergency fund. I haven’t added anything since the car accident in October and my stupidity is before 2023. Progress. very good at paying everything off. It’s hard to move forward now come the floor is so high and I have no savings.)Go to poverty finance r/povertyfinance. a guide for people with financial problems. No judgement, just advice! Online Member • Unknown_Sunshine ADMIN MOD

Finally Paid Off The Personal Loan I Should’ve Never Got

I have 2 predatory loans, one has 3999% interest and my monthly payment of $258 is only about $39 in principal. The loan was $6650 when I took it out in April 2022, I still have $5827. The term is 60 months and about 39 months left. According to my calculations, I need to spend another $11,200 to pay it off of the $6,000 I have already paid, including interest. I wasn’t smart enough to take it out and consider the fatal benefits, but I really needed the money at the time and I’m glad I got out of my situation. However, this situation stresses me out every month. I have no way of paying that much and I simply cannot afford to pay more than I already pay. I wonder if there is a way to reduce the interest rate at this time? I’ve heard of places like Credit Canada that can pay the bills by making monthly payments in one lump sum, although I don’t know if that will help as the interest payments take up most of my salary. The 2nd loan has an interest rate of 3.50% per month and 42% per year. I know they’re both bad, but this one is $2,000 and it’s due in 2025. I’d like to talk about both, but the first one worries me the most. I just think if I can save the interest instead of paying it, I will have a good savings by then. I also owe $3100 on a 3 day loan. One was very late and they offered if I paid half the account it could be closed so I had to add it to the end. Please, if anyone has any suggestions on how to lower the interest rate, please let me know. to know

Car insurance: $210 Cell phone bill: $146 Extracurricular activities for my kids: $161 Loan 1 (Magic Credit): $170 Loan 2 (Fairstone – loan in question): $258 LOC: $108 Payment: $200 Sales: $600 * Variable Rent (roughly) ): $800 = $2653

With $528 for gas, savings and other necessities, with 3 kids it always runs out fast for clothes, food, etc.

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