So far from our site, the only lenders who will approve loans purely based on a borrower’s income, and those lenders have always been private lenders.
The only rub with these kinds of loans is the APR – in most cases if the borrower’s FICO score is below 400 they are going to be facing a high interest on the note. They make more money because they are technically taking a very big risk on customers who have really bad credit scores.
As it played out, he had been using all of his credit cards to pay basic bills and get groceries for the family – and he didn’t have a way to pay them off at the end of each month.
It’s embarrassing when your credit card is declined for one carton of milk.
Unfortunately, we get applications on this site every day from people who have let their credit card balances get out of hand – this has to be avoided of course, but we will spare you the lectures – you know what you have to do right?
The point being that you ARE NOT ALONE here on this one.
I need to lump all my credit card debt together into one decently sized payment each month, and I can pay it off for you some how.
I don’t have any collateral though, so this is purely a cash loan.
BUT, we count on our users to let us know if there is a lender that all of a sudden decides to start behaving like a predatory lender.
Credit cards, while convenient, make it easy to get into and stay in debt.
If you have debt across multiple credit cards that you’re repaying, you may be able to reduce the interest and fees you’re paying by consolidating them into one account.
I needed a loan for around 45000 to sort out my finances, and I never got it. Anyway, this is your story, and the applicant’s story from below – he got approved based on income only.
His credit score certainly wasn’t good at the time of the application either.