Personal Loan after BK

[GA2ndChance]

Hello,

My wife and I filed Ch 7 and it was discharged two years ago this month. Things were going well and we've rebuilt our credit and both have score around 650. Unfortunately, she has had some health problems and hasn't been able to work since March. She is young (38) and prognosis is good. She should be able go back to work by the end of the year. We have lived on my salary and some savings that is quickly running out. I am looking for a lender that will work with someone that has a recent bk on their record. Any recommendations would be greatly appreciated.

Thank you.

[drowning123]

What do you need a loan for? Think hard. Do you really really need a loan?

[mikemike]

I was just going to make a new thread asking the same question. I know my credit union told me to get a co_signer, but i want to be on the loan alone. Im about to apply at lending tree and see how that goes.

[Amy26]

Please do not apply at Lending Tree... simply because it will put like 4+ inquiries on your credit report and then you still might have to get the lender to repull your credit IF they decide to help you. Personally I think credit unions are your best bet...

[mikemike]

phhhhwwww lucky me than lol. I went to apply before u wrote this and i put all my info and it kept saying invalid zip code, so i gave up. You right though thanx amy....I might go to my cu sometime next week and see how that goes

[chicagoed195]

Sounds to me like you may need to reevaluate your budget to see if you can temporarily reduce your expenses. If you are currently using your savings to supplement your monthly expenses, how are you going to afford an additional payment? Should be able to get back to work by December and will get back to work by December are two widely divergent scenarios. How will you cope with the additional debt if your spouse isn't employed by December? Many of us on this forum have proven the rule that you can't borrow yourself out of financial trouble.

[mikemike]

Have u heard of E-loan.com?

[Pandora]

Sounds to me like you may need to reevaluate your budget to see if you can temporarily reduce your expenses. If you are currently using your savings to supplement your monthly expenses, how are you going to afford an additional payment? Should be able to get back to work by December and will get back to work by December are two widely divergent scenarios. How will you cope with the additional debt if your spouse isn't employed by December? Many of us on this forum have proven the rule that you can't borrow yourself out of financial trouble.

agree 100%.

To the OP: First, let me say I'm sorry your wife is ill, glad to hear she will recover as long term illnesses are very hard to deal with mentally, physically and financially. I'm not sure what you require a loan for but will assume its for daily living expenses until (and if) your wife returns to work. Before you go that route - have you tried to call any of your utilities and negotiate a payment plan / reduction due to the circumstances? May be worth a try.

Look over your budget carefully and cut back on things that you can; groceries are a huge expense and can be cut back quite a bit through different means (coupons, Angel Food ministries, and food banks *as a last resort*).

Look into medical assistance programs (if she requires medication) - many companies offer discounts (example: I get one of my pain meds for free every month because the pharm. company has a card that pays up to $50 towards my script; my co-pay for this one med is $35 but the $50 card covers it all). If you search the forum (or my posts) you will find sites that I've listed and places to look for assistance. You can also ask your / her drs for samples, along that note, explain to the dr that she is out of work and could they do anything to lower the copay.

Normally I wouldnt recommend either of these, but if in a bind - you can change your ins. deductibles (temporarily of course until wife finds work) thereby giving you more $ a month in your pocket. If you are accustomed to receiving a tax refund every year, adjust your withholdings so that you break even, giving yourself more $ every paycheck vs. Uncle Sam.

[GA2ndChance]

Thank you all for your input. Unfortunately, yes we need to get the money. We have decreased our expenses already and have thought about this quite a bit. Thanks for the tip on LendingTree, the last thing I need is multiple checks to my credit report. We went ahead and tried our bank, Wells Fargo, and were instantly declined due to the BK. I will check out E-Loan.com, any other suggestions?

[drowning123]

Payday loan? That's hard to pay back, though.

[GA2ndChance]

Would rather avoid any payday loans. Is there no reputable bank that does this type of thing?

[mikemike]

Look into westernsky.com i really dont know anything about them just saw a commercial...

[mikemike]

Forget it! lol....I read on reviews and they are a ripoff...Be careful. I honestly think a C.U is best