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Reply to "Personal loans"

Hey @Denise L Wagoner! @JeremyM is right — you're looking at high interest rates in this situation. Usually you have to build credit a little bit at a time, so you're not going to get approved for a huge amount.

Is your goal to build credit here, or do you need a loan because you need cash? If you're trying to build credit, you may be able to get a credit builder loan through a smaller bank account or credit union. Basically you'd get a loan but the bank holds onto your money while you make payments. You build credit and you get the money at the end of the "loan." So if you got a one-year, $1,200 loan, you might pay $100 a month for 12 months and then get the $1,200 at the end. A secured credit card, where you pay a deposit and then use it as your line of credit, could also be an option.

If you need cash and it's an emergency, obviously, the situation becomes a lot tougher. I'd beg you not to consider any payday loan or anything similar (you may also see them advertised as cash advance loans, short-term loans, small-dollar loans or no credit check loans). The interest rates are often more than 300%. That makes them VERY hard to dig out of. I'd suggest doing anything to avoid them, whether that means sleeping on a friend's couch, getting groceries at a food pantry, etc. If you need emergency assistance, a good starting place is the 211 hotline (call 211, just like you would 911), which can connect you with local resources.


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