Poor Credit Secured Loans

Posted by admin on October 31st, 2009 at 12:00am

Question:
Do most small bank branches offer poor credit secured loans for little items?
Do all bank branches offer secured loans with items such as cars? My checking account is at a small town bank composed of only three branches.
I need five thousand dollars, which is about the blue book value of my car which was paid off in 2003.
I need some cash right away for surgery not covered by insurance. I have poor credit between 595 and 645 and got turned down for all the financing and loans I have sent applications for online. No one in my family is willing to co-sign a loan, except for my mother and father who are retired. However they do not really believe in credit and thus have no credit score. They live minimally but don’t own their own property.
Would anybody know if I’m likely to obtain poor credit secured loans at a small bank with this circumstance, me with solid employment but a poor credit history and offering vehicle title as security, co-signing with a mother and father who have income but no credit history?
Will I be less likely or more likely to get one if I go to a larger bank like Wells Fargo or perhaps Chase?
Also, I’m already working towards repairing my credit rating but it will take quite some time.

Answers:
If you do not have the money to pay for the plastic surgeries, you should not have went for them.
Save money first, then purchase things.

You may find a bank that will give you poor credit secured loans on a vehicle title but will not allow your parents to co-sign.
If they are not going to loan you money without a co-signer, then perhaps wait until you have money for the surgery. If you will get sicker if you wait, the hospital will go through with it on credit and you can pay them back in payments.
Do not allow your parents to co-sign for anything because it is very damaging to them. It may even ruin your relationship with them.

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