How can I get a personal loan to pay of some other debts?

Answer by  patti (29325)

It is difficult. Most lenders feel that more indebtedness is not the answer to indebtedness. Lenders are reluctant to risk the bank's assets unless the borrower has excellent credit and suitable collateral to secure the loan.

Answer by  Dean (4035)

Lenders have strict requirements about loaning money to pay other debts. A borrower who carries a lot of debt is not a good risk, so each case must be carefully considered.

Answer by  patti (29325)

Personal loans or unsecured loans are made based on credit scores. A would-be borrower who has a lot of debt (credit cards, installment loans, mortgage, etc.) is likely to be a less-than-attractive candidate. Taking on debt to pay debt is never a good idea. Check out Dave Ramsey's "Financial Peace" for a common sense, practical approach to living debt-free.

Answer by  sangee (135)

You should go to a bank or credit union and apply for a personal loan or you could ask a relative for a loan if possible. Maybe you should call your credit card like Discover to get one.

Answer by  Jojoblue (468)

Do you have a credit card? Maybe you should call your credit card like Discover to get one. We got one from Discover.

Answer by  MarkWatrous (729)

Wait a minute, you want to get a loan - which is debt, to pay off other debts? You need to create a "debt snowball" (check that term with Dave Ramsey on Google). Do not borrow money to pay off debt, because you will *STILL HAVE THE SAME DEBT*!

Answer by  brian7754 (243)

Use a Credit Union if possible. Avoid Finance places like American General. Banks/CUs will likely ask you to close the accounts and then make the payments themselves.

Answer by  MelindaS (1694)

You will probably want to go through a bank to get that kind of loan, unless you have some very wealthy family members who would lend you some money that you could repay over time. Go in and talk to the person in charge of loans at your local bank. They can help you with the application process.

Answer by  Lexie (115)

You can apply for a loan of personal credit through a bank or lending agency, but beware because these loans tend to have high interest rates.

Answer by  Fritz (608)

You should go to a bank or credit union and apply for a personal loan or you could ask a relative for a loan if possible.