Im thinking of taking out a personal loan to help pay off some debts and stuff like that...I need some advice.

I need to take out a persona loan of about $5000 to $7500...the catch is, I know nothing about doing that kind of thing. Can anyone tell me anything I need to know about how to get a loan and how to know if Im getting a good deal. I would also need as much time as possible to pay it back, how do I work that out. Could you recommend anyone to me or at least guide me in the right direction?Im thinking of taking out a personal loan to help pay off some debts and stuff like that...I need some advice.
your credit needs to be in decent shape. you probably wont get a good ';deal'; on this type of loan. 2 important things to consider: will this loan pay off all your debt and after doing that, can you stop doing the things that made you need a personal loan?Im thinking of taking out a personal loan to help pay off some debts and stuff like that...I need some advice.
First: you can't borrow your way out of debt. You can only delay the inevitable. If your credit is already damaged, there IS no good deal, unless family can help at no interest. A second or third job, or some other source of money is your only way.
I took out a personal loan to pay off credit cards a few years ago. I got the loan at a bank, the interest rate on the loan was about one third what I was paying on the credit card.





When you do that, DO NOT go back to carrying a debt on your credit card! If you pay off that personal loan on time as agreed, it will boost your credit rating. Good luck.
Check with other banks than yours to know their lending rates, specifying an exact amount to borrow and monthly payments. Then,go to your bank and compare how much they charge; they should have the best advice in your particular situation. I would not borrow anywhere else than at a bank because what would seem like great rates is sometimes a nightmare! Banks are regulated. Remember, there ain't no free lunch!
First, how much do you make? if your DTI (debt to income) ratio is too high and the lender sees that you cant pay this loan then forget about it. Also, how is your credit score and how much debt do you have, how old are you, how many credit request have you made in the past 6 months.





get a free copy of your credit report and credit score here: http://us.ard.yahoo.com/SIG=12j316s62/M=鈥?/a>
First off, do not go into more debt to pay other debt off. There is a great financial plan my family has used and we have gotten out of about 10,000 of debt. Go to www.daveramsey.com and get started. You can also get his books at the library. It is a simple no nonsense approach to money. I swear by it!
Try going to your bank, if you have a checking account or savings account. They can show you all the different options they have. They usually offer a discount on percentage rates if you choose to pay back the loan by automatically debiting from your account. Payback times can be 5 or 10 years.
NOOO!! First of all, you will only recieve a personal loan if you already have money in the bank. If that's the case you should just use the money you have to pay off the debt.





Second, depending on how much you make a year, $5000 to $7500 isn't that hard to pay down. Whatever you do, NEVER EVER use one of those credit counceling companies. All they do is collect money from you and not make any payments until the lenders feel that you will never pay them, then the coucelors will strike a deal with the lenders to pay anywhere from 25 to 50 cents on the dollar...BUT they will still charge you every dime of the money you had owed.





Think of it this way...if you get an extra job delivering pizza you can make around 600 bucks a month, use all that to pay off your debt in about 9 to 10 months counting interest! Don't take a loan out, instead use some restraint on how you spend your money.
Well, if you have never taken out a loan before, and if you don't have collateral to pledge for the loan (real estate, for example, or valuable personal property such as a late-model car), and if you don't have a credit history (credit cards or other revolving charge accounts), or, worse, if you have a *bad* credit history, then it's probably not going to happen.





Banks don't make personal loans without collateral (also called 'signature loans', on the premise that all you have to do is sign for them, and your name is your bond) to anyone they don't already know well, and know to be an excellent credit risk.





If you have a home or other real estate that you own outright (or at least have substantial equity in), then you can get a first or second mortgage on that (full mortgage or 'home equity loan', which works on the same principal, that the lender has a lien on the property and can foreclose if you fail to repay). But I think if you had property you wouldn't be asking the question you are.





Your best bet is to talk to the Loan Officer at a bank near you (your bank, preferably, since they already know you a bit as a customer / depositor, and they really do want your business). Be straight with them and they can often help you to qualify for the loan.





One other thing, if you have an angel (parents or other relatives who are finacially established and comfortable) who may be willing to co-sign for the loan, that can help you to short-circuit the requirements for qualifying on your own. But keep in mind that a co-signer will be on the hook for the full amount of the loan if you can't or don't pay for any reason. You may also be able to borrow from a friend or relative directly, but the loan should be fully documented, terms spelled out very clearly, a repayment schedule drawn up and adhered to, etc. You don't want family trouble over failure (or disagreement) to pay a small loan!
small loans like that most places like banks will only allow you 2 or 3 years to pay it back,,,,, other places that charge a high ( very high) interest rate will let you pay it back on longer terms you it will cost you dearly ( eg.. if you borry 5000 you will prob have to pay back close to 4000 in interest)( or around 24%)... if you do borrow the money to pay everything off,, do that . PAY IT ALL OFF and not just some of it , then dont borrow anything else just cause you only own 1 payment.
first calculate what you pay total in debts then calculate what you will pay with the loan and calculate interest fees because you can get a loan with good minimum payments but have a whole lot of interest go up and end up owing a whole lot more so just calculate things try finding all places that make loans in your area and try getting all info on a loan from each place so that you can compare them and choose one that would help you out the most. dont just go for the first loan place you find. look at many to find the best loan place.
My answer is to first be very careful. Don't borrow more than you can pay back. Keep track of what you owe. IT will help prevent having more interest.
You need to look out for loans that have the lowest APR. That is the amount of interest they charge when you pay back the instalment. Stay away from anything over 10% APR. Otherwise you'd be paying back an arm and a leg.
I'm not sure, but be careful with the extra fees
If I were you, I would try and consolidate all your loans into one payment. A personal loan is usually hard to get and generally has a VERY high interest rate. If you own a home, you can get a home equity loan. I recently had to get a loan and chose that over a personal loan because of the high interest rate.


Do some research online for a reputable company to consolidate with...