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BK-CPA
BK-CPA, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 794
Experience:  Owner of a CPA firm
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I have bad credit, but need to borrow $4500. Can pay it back

Resolved Question:

I have bad credit, but need to borrow $4500. Can pay it back in two months. What are my options if any?
Submitted: 3 years ago.
Category: Finance
Expert:  BK-CPA replied 3 years ago.
Chat Conversation Started
BK-CPA :

Hello.

Customer :

Good morning.

BK-CPA :

Thank you for your question.

Customer :

Is there any hope for me?

BK-CPA :

I would be happy to help come up with some suggestions.

Customer :

I bring home $3600 after taxes & deductions. I am married & our rent is $1800 per month

BK-CPA :

There are many different types of creditors of course, with interest rate being your concern aside from actually getting the money itself if you are in a jam.

Customer :

I can make a paynebt of about 500 per paycheck

BK-CPA :

A payday type loan may be available, but the interest again would not be wise unless this is an absolute emergency.

BK-CPA :

Other kinds of credit would be preferable, but depending on your credit report, may not be available I agree.

Customer :

This is to put toward the downpayment for a home. This is an emergency. It's a great deal i don't want to get away

BK-CPA :

A loan through a bank (line of credit), or credit card, would be your better options. Have a family member?

BK-CPA :

Many professionals will start leaning towards saying "don't buy the house" right away when one says "I can't make the down payment with my own liquid cash."

Customer :

No. We are the go-to family member, so many owe us $$, there is noone who can assist.

BK-CPA :

I see.

Customer :

No bank or credit card . . .

BK-CPA :

There are websites like Lendingclub and Prosper, if you are aware, but you might not get your money right away if at all.

BK-CPA :

People bid on your loans (individuals 'having fun investing' as opposed to business lenders that know the stats and go by the credit reports).

Customer :

Sooo, you are saying that I just wasted another $30.00 asking for advice, and all of the common sense things that I tried didn't work, so I should give up. Right?

BK-CPA :

For a lender, investing in a 2 month loan presents a lot of risk for very little interest.

Customer :

I tried prsper 7 the lending club. No go :-(

BK-CPA :

Payday type loans are made to make it worth it to the lender.

Customer :

I know.

BK-CPA :

Wait two months is probably the best bet...

Customer :

Wait two months for what?

BK-CPA :

Not sure how sure you are of losing a property, the likes of which I'm not sure just how perfect...

BK-CPA :

You said you can pay the loan back in two months...

BK-CPA :

If that is the case, and you don't otherwise have credit available, you probably don't need a loan... Start building your credit maybe (pay off, in full, a small credit card balance that you work up each month, say with a utility bill or two).

Customer :

A house came on the market, and we looked at it yesterday. We qualify for a FHA loan, but becuase of difficult circumstances dont have the full downpayment necessary.

Customer :

We want to bid on thos home, and our income wilol support it. . .

Customer :

ok thanks anyway. have a good day.

BK-CPA :

The housing market isn't doing great right now and the tax credits that were propping it up a bit expired a few months ago.

BK-CPA :

Just wait, honestly.

BK-CPA :

I can't tell for sure, like you, what will happen if you wait, but that seems to be the surefire way of getting a house.

Customer :

I was grasping at straws and looking for a miracle.

BK-CPA :

A LOT of people buy a home when they aren't ready. You wouldn't be the first, assuming you were at all.

BK-CPA, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 794
Experience: Owner of a CPA firm
BK-CPA and other Finance Specialists are ready to help you
Expert:  BK-CPA replied 3 years ago.
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