Debt Problems

How can I get a loan?/ To consolidate debts?

I have a school loan for like 10 thousand, then I also owe the hospital like 15 thousand, but my credit is not very strong its around 563, I would appreciate it so much if anyone knows what I can do also I'm young does age matter to qualify for those type of loans? Im 21 years old. Im trying to get another job.

Public Comments

1. The odds are your school loan is at a very low interest rate so don't even think about consolidating on a higher interest rate loan unless you are planning to file bankruptcy because those school loans cannot be discharged. You are better off making arrangements with those hospital bills to take what you can afford to pay and then honor those agreements as you promise. It makes no sense to get a loan for your situation. Rather than get a loan to pay money you already owe, get a budget and plan together to pay every dime as quickly as possible before taking on any new debt. Keep your need for credit limited to automobile or home and stay away from loans and credit cards for consumer purchases that will only add interest, late fees and over limit fees. Try to brainstorm ways to reduce your existing debts and/or increase your income and get a savings plan started even if you only put away $10 a week that you don't touch.
2. Well you can look into debt consilidation. That is basically a place you pay to contact your debtors and get your balance lowered, and you pay them a set amount each month, they then split that up between all the debtors you have and pays them off little by little depending on your monthly payments. That actually makes you look good too. www.debtconsolidation.com is a good place to start of just do a yahoo search for debt consolidation. Good luck, and learn as much as you can about finances it is an important part about being an adult and I learned the hard way :)
3. 1.Consolidating loans will not lower your total debts. However, it will help you have lower monthly payments. Depending on your income, choose a long term ( your total debt will be spread over a longer period, thus allowing you to pay less monthly.) 2. Use a loan consolidation calculator. You can find one at http://mortgage.yeyeyup.com/calculators.html 3. Shop around to compare rates. Compare at least 5 lenders in your area on the same interest rate basis. 4. You may want to get more views by asking a question here: http://mortgage.yeyeyup.com/ask_a_mortgage_question.html
4. try credit repair first, with a higher score it will be easier
5. Try my profile under debt. You should find a resource there.
6. Opt for a debt consolidation loan: The easiest method of getting a debt consolidation loan is to utilize the equity of your home. Equity of your home is calculated and determined by the difference in the amount you have paid and the amount you owe. If the amount you have paid is more than the amount due, you can use it as collateral. This allows you to borrow money on lower interest rates. Besides, you also get tax benefit on this type of loan. Consult your tax advisor before opting for this loan. Use unsecured loans: If the equity in your home is not adequate or you do not own a home, go for an unsecured personal loan. These loans are more difficult to get, but once you are approved, you will benefit from the lower rate of interest with this type of consolidation loan.