How do we get a loan with bad credit?
James L. Sumich asked:
My mom has GOOD credit score, but she has no income. Her credit score is 836.
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My mom has GOOD credit score, but she has no income. Her credit score is 836.
My dad has BAD credit score, but he brings home the money. His credit score is like 500-600 range.
My mom can’t get a loan because she has no proof of income, but my dad can’t get a loan either because he has bad credit.
Is there ANY possible, LEGAL way for my mom to get a loan (so we have low interest rate) but my dad supplies the money for my mom to pay?
October 29th, 2009 at 6:58 pm
There are always ways to get loans, despite the fact that you may have bad credit. You could put down collateral, find a cosigner, or both. Generally, it is required that the borrower have a source of income.
Has your mom tried to get a loan yet? If that doesn’t work, your dad will obviously need to work on his credit for awhile (http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre13.shtm). Very interesting scenario - usually it’s the exact opposite situation (the person with no income has poor credit)…
I’d contact a few lenders and see what terms they require before assuming that your mom cannot take out a loan. She may be able to cosign for your dad to get the loan that you guys need. Drewcifer
October 31st, 2009 at 3:21 pm
I saw your question I have decided to help people out due to the fact that I myself has been scammed four times by four lenders in my search for a loan but at last I got a reliable lender. that gave me the loan($50,000 USD) that I was in dire need of. Hence I decided that I will refer anybody I come across to this God sent lender he is reliable and his terms are fair. You can get to him via his email address:, Please tell him that I have search for a legit lender until I got him and I decided to help my fellow humans with this because there are a lot of fake lenders out there and I do not want any body to fall a prey please get to him and tell him that I referred you to him. Linda