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| Question |
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I was off work for a week and now Im behind on all of my bills. Where can I find a low interest loan?
I need a loan that I will not have to pay on for at least a couple of months. Until I have extra cash to pay for it. I am on a strict budget right now and need some breathing room. I am so behind.
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| By
The Truth |
Posted on
05/18/06 Total Answers
3 |
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| Answers- |
| If you have something to sell or pawn you should do that.
The type of loan you are considering will make your finances worse, not better. Since it seems you are restricting your spending, you also should look at the income side and see if there is anyway that you can increase your income(overtime, side-job, promotion, job change). |
| Answer by :
VaTreasures On Date
2006-05-18 11:23:21 |
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| Start by paying your rent/mortgage + utilities (water, electricity, gas, NOT cell phone, internet, cable/satellite), food, clothing, transportation (gas, insurance, NOT loans) and emergency savings (more on this later).
If you can handle those, move on to these: life insurance (if you have dependents), cell phone, internet, cable/satellite, household expenses (stamps and such), auto expenses (oil changes, registration), home repair/maint. (if you own). Still ok? Then keep going. If not, this is where we start cutting and you have to decide where.
Finally we get to debts - auto loan, credit cards, student loans. List these in order from SMALLEST BALANCE to largest. Pay the minimum on everything except the smallest and pay as much as you can on that. If there's nothing left, you need to start making some calls. Start with the credit cards to see if they will defer payments for a couple of months. Interest will still accrue, but if you call them before they call you, most will work with you (although you may need to talk to a manager). They may ask you to make small payments. If so, YOU need to tell THEM how much you can afford - you're the only one who knows.
For student loans, try to get a hardship forebearance for 6 months. For the auto loan, if this is really only temporary, keep paying it, if you can. If you can't, you're going to have to sell it, pay off the loan and get something CHEAP with whatever is left over (if you're not upside down).
As for that emergency fund, ALWAYS have money in savings for emergencies (like being out of work for a week). Bad things WILL happen, but they are much easier to deal with if you have some money stowed away.
If you need any more help, let me know. |
| Answer by :
homeschoolmom On Date
2006-05-18 11:58:34 |
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| http://loans.mamayek.com/cash.html |
| Answer by :
monkeysac On Date
2006-05-21 11:41:39 |
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