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16 Month Private Loan Of $98000 With A Bad FICO Credit Score Of 497

When you are searching for a debt consolidation loan from a bad credit direct lender, there a number of items that you will need to consider. The definition of bad credit varies by the lender. Some banks consider a 650 credit score bad or poor credit, while some online direct lenders will loan up to $50,000 with a 620 credit score. We have listed direct lenders that accept applications from any credit score. Another major consideration is the amount of money you are trying to consolidate with a bad credit score. We have provided information for consolidating payday loans totaling up to $5,000 as well as options to consolidate over $100,000 with bad credit. We have provided information on student loan debt consolidation and business loan providers that will offer debt consolidation with a 500 credit score. America loan Service has outlined numerous direct lenders that will help people with bad credit for any dollar amount. See below the Personal Loan Match Form for a debt consolidation provider that suits your needs

Free Credit Score Repair 

It is always better to apply with a higher credit score. America loan Service has partnered with Novita to provide free credit repair services. Improve your credit score first if you have the time to wait. 

Bad Credit Debt Consolidation Loan: $500 to $5,000

This lender will accept a loan application regardless of your credit score. They have over 100 lenders that review your application and if any are interested, they will send you an offer. Read the offer carefully and make sure you are satisfied with all of the terms and conditions. Some offers may have high-interest rates and may not be worth accepting. 

Payday Bad Credit Debt Consolidation Loan: $500 to $5,000

Consolidating payday loans with 400% to 1500% interest rates is very difficult to accomplish. OppLoans specializes in paying off payday loans. They offer an installment loan which provides equal payments over a set period of time.  

Personal Loan

An unsecured personal loan is a great solution if your credit score meets the criteria of the lender. The primary goal of debt consolidation with a personal loan is to lower the interest rate expense on credit cards or other high-interest loans. A personal loan for debt consolidation may not be suitable if the interest rates are as high as your credit card interest unless you do not trust yourself to pay off the credit cards. We have listed personal loan providers with credit scores starting at 620. This group of lenders ranges from $5,000 to $100,000. 

Auto Refinance

Auto refinance can be a great way to get capital out of an asset and use this money for debt consolidation. This provider can refinance your vehicle and get your capital back to work.

Co-Signing or Joint Signing

We have listed a lender that specialized in co-signing with funds up to $40,000. If you are looking at a co-signer, we have a link that talks about the pros and cons of co-signing. 

Student Loan Refinancing

We have listed the best student loan refinancing providers in the USA that will work with co-signing. Most students have not had the time to establish their credit score. This is considered no credit history vs. calling it bad credit. The results are the same for the person applying, the lenders will not consider offering you a loan. 

Home Equity Loan or Home Equity Line of Credit (HELOC)

A home equity loan or home equity line of credit (HELOC) can be a good way to consolidate debt even with bad credit. When you have good credit and the bank looks to provide a home equity loan or HELOC, they will normally finance the property up to 80-90% of the loan to value. The loan to value is the difference between the size of the mortgage and what you will get if you sold the property. With bad or fair credit, the loan to value may drop to as low as 60 to 70% and the interest rates may be higher. This will mean that the amount they are willing to lend will be lower.  

Cash Out Refinancing

Cash-out refinancing can offer two benefits to debt consolidation, it can improve the terms of an existing mortgage and delivers additional funds at a lower interest rate. Homeowners who are looking for debt consolidation capital may want to look at cash-out refinancing. The main purpose of cash-out refinancing is to put cash in your pocket from the equity that you've built up in your home and keep only one payment. This capital could be used for debt consolidation and just is another way to access cash without adding a home equity loan or line of credit. The issue with all home refinancing programs will be your credit score. With a lower credit score, you may be forced to find a co-signer to get the interest rate you're looking for. 

Pros and cons of Cash Out Financing

The new mortgage will offer one loan payment instead of adding the home equity loan or credit line monthly fees. Your success will depend on your current equity.   

Like any mortgage, you will have legal fees, home inspections, and appraisal fees. If you review the costs from your first mortgage, expect the same charges all over again. Depending on the terms of your first mortgage, you may also be subject to prepayment penalties. Review your existing mortgage and check for early repayment fees.

  

Mortgage Offers

Mortgage Refinancing Options

Reverse Mortgage

A reverse mortgage is another way to access the capital for debt consolidation from your home or property. This product is best suited for retired people that want to start taking equity from their property. Before you take this step, LendingTree will provide you information on the steps. 

Reverse Mortgage Options

Business Loan for Debt Consolidation 

We have added a number of business loan providers that will look at a debt consolidation loan with credit scores starting at 500. Some conditions apply like time on business and gross annual revenues.

Research your Credit Score and Credit History

If you have not completed this already, it is a good idea to check your credit score and credit history. Look through the items and make sure you agree with everything listed on the report. If you disagree with the information on the report, contact the credit bureau and let them know that there is an error. 

America loan Service was contacted by Walker looking for a direct loan for debt consolidation with bad credit. We responded to Walker and tried to help with his request. 

Walker has a debt consolidation loan from a direct lender of $36,000 from courtesy of Florida Bank of Volusia County from 10 years ago

Starting Interest Rate (APR)Remaining principleLender nameLender cityLender StateLoan Obtained
11.0% APR $32917.95 outstanding NCNB National Bank of Florida Live Oak Florida
8.7% APR $25059.31 outstanding Southeast Bank of Madison County, National Association Madison Florida
9.3% APR $31907.1 outstanding Southeast Bank of Wildwood Wildwood Florida
8.1% APR $29836.08 outstanding Atlantic Bank of Jacksonville Jacksonville Florida


Debt consolidation private loan for $98000 - Miami, Florida

Seeking loans frequently impacts clients credit scores. When approved, clients experience changes to their credit. Walker underwent many variations to their credit over the course of the acceptance of this $98000 private loan. Walker had an initial credit score of 497.

  • Equifax initial credit score of 497
  • Transunion initial rating of 525
  • Experian initial credit score of 545

Details on the lender named Ocean Bank from Miami, Florida which gave the $98000 private debt consolidation loan

  • Ocean Bank
  • Street Address: 780 N.W. 42nd Avenue
  • Branch city: Miami
  • Branch state: Florida
  • Branch zip code: 33126
  • Branch County: Miami-Dade

A standardized, in-depth view of Ocean Bank, Florida

Ocean Bank we believe to be a loan provider which can be found in Miami, Florida. This bank has approximately 21 offices currently, which is a large number of offices. Usually, banks with such a large number of locations like Ocean Bank will lend to worse credit people preferentially versus other, more standard loan providers. This is partly because they can afford to take risks with their money. Most banks have all-in asset ranges of approximately $490 million while Ocean Bank has $3,236,784,000 total assets, making them an excellent choice for individuals who have good credit ratings.
At the time of this writing, Ocean Bank is active; that means that you currently can procure financing from this lender. While we can not totally be absolutely positive, our data at present are up to date with the FDIC's (Federal Deposit Insurance Corporation). Active lenders similar to Ocean Bank may or may not still be offering loans currently.

Comment from Walker after visiting the Ocean Bank at 780 N.W. 42nd Avenue: I was able to receive a bad credit debt consolidation loan under two conditions. My partner signed as well with her 680 credit score and we used our home as collateral to get the $98000 loan. We decided on a home equity line of credit for now and hope to do a cash-out mortgage to roll everything into one payment. Still working on the details to see if it's worth our while. 

Original inquiry for a debt consolidation loan from Walker

Hi There, My name is Walker and we are looking for a $98000 loan to pay off credit cards and fix up our house a little. My job is stable but I've ruined my credit score when I was laid off for over a year.  My wife and I are both doing well now and want to clean up the mess we made. Can you suggest a few ideas?

Borrower Details: Walker
  • County: Miami-Dade
  • Home State: Florida
  • Current zip code: 33135
  • Current income: $65,000
  • Profession: Flooring sales 
  • Credit Card Debt: $2500 on their Carter Lumber Company Credit Card

While the situations described are true, the names and some locations have been changed to protect our readers. America Loan Service would like your comments regarding our work. Please do not give us your last name and try to keep the information in your comments quite nonspecific. It is the overall topic that everyone relates with and we appreciate your comments. When you send your comments, it will be reviewed within 24 hours and you will be notified if they are published.

Past Applications

Application from: JP**

City: Willowick
State: Ohio
Credit Rating (FICO): 650
Profession: Police Lieutenant
Amount Requested: $35000
Age: 45
Current Debt: Mortgage / car loan
Yearly Income: 95000
Zip Code: 44094

Message:

Hi JP,

We sent you a recommendation to the email address you provided. Hope it helps


Reply to: JP**


Application from: Monique

City: Toledo
State: Ohio
Credit Rating (FICO): 482
Profession: Caretaker
Amount Requested: $25000
Age: 42
Current Debt: $814
Yearly Income: Income Not Specified
Zip Code: 43620

Message:

Hi Monique,

We work with a lender that funds people with a Fico score in the 400's. You have not provided your annual income for us to forward on so we will be sending an incomplete loan request on your behalf. We will forward this on for you, good Luck. We have a very good lender that fits the amount of capital you require. America Loan Service is not a lender. America Loan Service has no influence on the lenders decisions and the financial relationship will be between you and the institution providing the loan. We will forward your information onto the lender we feel best suits your requirements. They will contact you directly via email if they are able to help you based on the criteria you have provided. Wishing you success in finding what you are looking for. Best wishes America Loan Service team


Reply to: Monique


Application from: Richard

City: Horsham
State: PA
Credit Rating (FICO): 497
Profession: Profession not given
Amount Requested: $2500.00
Age: Age not given
Current Debt: 15000
Yearly Income: 45000
Zip Code: 19044

Message:

Hi Richard,

We do have a lender that will provide loans for people with Fico scores in the 400's. Your income is solid and with debt at $15,000.00 you may consider a debt consolidation loan depending on the interest rate with a 497 credit rating.
We will forward your information onto the lender we feel best suits your requirements. They will contact you directly via email if they are able to help you based on the criteria you have provided. America Loan Service is not a lender. America Loan Service has no influence on the lenders decisions and the financial relationship will be between you and the institution providing the loan. Wishing you success in finding what you are looking for. Best wishes America Loan Service team


Reply to: Richard


Application from: Thaddeus F**

City: Elkin Grove
State: CA
Credit Rating (FICO): 497
Profession: Correctional Officer
Amount Requested: $7500
Age: 46
Current Debt: Credit cards, loan
Yearly Income: 84300
Zip Code: 95758

Message:

I would like to pay off my credit cards and a loans for 2000

Hi Thaddeus,

You have a great job with excellent income. No surprise that the issue will be your credit score of 497. We will email you a provider that may be able to help. Make sure to tell them your income and I'm hoping they may overlook your credit score or at least give you a chance. We would suggest a secured loan if you have anything that you can use for collateral as you will be offered a better interest rate.

America Loan service is not a direct lender, we provide people with companies that may be able to help them.

Good luck,

America Loan Team


Reply to: Thaddeus F**


Application from: Brigette**

City: Las Vegas
State: Nevada
Credit Rating (FICO): 497
Profession: Profession not given
Amount Requested: $500
Age: 37
Current Debt: 10,000.
Yearly Income: Income Not Specified
Zip Code: 89101

Message:

Hi Brigette,

With your 497 credit score, and $10,000.00 in debt, we will send your our recommendation. You did not fill out your annual income so we are guessing that you are not working? Hope this helps you.


Reply to: Brigette**


Application from: Elizabeth*

City: Fernley
State: NV
Credit Rating (FICO): 476
Profession: Customer Contract Manager
Amount Requested: $7500
Age: 46
Current Debt: $7700
Yearly Income: 54120
Zip Code: 89408

Message:I was looking to payoff credit cards and my car note >Hi Elizabeth, With a 476 credit rating, we do not have a company that will loan that much. We do have one lender that will look at application up to $5,000.00 We will email you a link to contact them. Regards,

Reply to: Elizabeth*


Application from: Nicole

City: Chicago
State: Illinois
Credit Rating (FICO): 497
Profession: Assistant manager
Amount Requested: $5000
Age: 32
Current Debt: Medical
Yearly Income: 23000
Zip Code: 60651

Message:I'm trying to register my business & pay some of my debt. I didn't mess my credit up...now it's taking me forever to get my credit together! I'm on the verge of being evicted from my apartment and really need some assistance. I've tried everything and don't know what else to do.

Reply to: Nicole


Application from: Nikki

City: Philadelphia
State: PA
Credit Rating (FICO): 568
Profession: Profession not given
Amount Requested: $15000
Age: Age not given
Current Debt: 12,000
Yearly Income: 58000
Zip Code: 19111

Message:Hello, I am looking to consolidate debt into one easy payment. My credit is not the greatest but my income could handle one lump sum payment and make my debt more manageable. Any help would be appreciated.

Reply to: Nikki


Application from: ERIKA L RICE

City: STARKVILLE
State: Mississippi
Credit Rating (FICO): 497
Profession: Manager
Amount Requested: $700
Age: 31
Current Debt: Student loans
Yearly Income: Income Not Specified
Zip Code: 39759

Message:

Reply to: ERIKA L RICE


Application from: Michelle S*

City: 812 el pueblo ave
State: Cal
Credit Rating (FICO): 497
Profession: Profession not given
Amount Requested: $2000
Age: 46
Current Debt: No
Yearly Income: 805655
Zip Code: 94565

Message:Hi Michelle, With your credit score at 497, check out badcreditloans.com They will take applications regardless of credit score. They offer loans from $500.00 to $5,000.00 If you have assets to use as collateral, we would suggest a secured loan through your local Credit Union. If will cost you less in interest if you can qualify. We can also recommend one company that offers debt settlement services called national debt relief if your debt is over $10,000.00 Disclaimer: America Loan Service is not a lender. America Loan Service has no influence on the lender's decisions and the financial relationship will be between you and the institution providing the loan. Wishing you success in finding what you are looking for. Cheers,

Reply to: Michelle S*


Application from: William

City: Knoxville
State: Tennessee
Credit Rating (FICO): 482
Profession: Customer Account Execitive
Amount Requested: $5000
Age: 38
Current Debt:
Yearly Income: 33000
Zip Code: 37914

Message:I just need a hand up. Please help

Reply to: William


Application from: Sean*

City: Byron
State: Georgia
Credit Rating (FICO): 574
Profession: Truck Driver
Amount Requested: $10000
Age: 44
Current Debt: 42000
Yearly Income: 158000
Zip Code: 31008

Message:Fell behind on bills and score dropped Hi Sean, The max you will get with a 574 is $5,000. unless you have security/collateral of some kind like a home or auto.

bad credit personal loan options


Reply to: Sean*


Application from: James*

City: Seaford
State: Delaware
Credit Rating (FICO): 550
Profession: Health care
Amount Requested: $10000
Age: 39
Current Debt: 8000-9000
Yearly Income: 52000
Zip Code: 19973

Message:Just want to pay off debt and get back to life Hi James, Here is a free credit repair options. You cannot qualify for a loan for $10K with a 550 credit score

bad credit score repair

Also, if you own your home, would suggest a home equity loan.

Home Equity Loan Offers Online


Reply to: James*


Application from: Melanie M*

City: 166 Captain H.M. Shreve blvd
State: La
Credit Rating (FICO): 546
Profession: Profession not given
Amount Requested: $2000
Age: 28
Current Debt:
Yearly Income: 29000
Zip Code: 71115

Message:I don’t have any bills but my cell phone really and I don’t pay rent!! I need this money!!! I will pay on time ! I promise Hi Melanie, We sent you this link to your email

Bad Credit Unsecured Personal Loan from $500 to $5,000

Any Credit Score Can Apply


Reply to: Melanie M*


Application from: James J*

City: Columbus
State: Ohio
Credit Rating (FICO): 476
Profession: Contractor
Amount Requested: $8000
Age: 36
Current Debt: 8,000
Yearly Income: 47500
Zip Code: 43204

Message:I really need this so that I can build my business. I was a lot younger and was not responsible. Hi James, Come check out of free credit repair program.

bad credit score repair

You can try this link for a loan up to $5,000.00

Bad Credit Unsecured Personal Loan from $500 to $5,000

Any Credit Score Can Apply


Reply to: James J*


Application from: James*

City: Columbus
State: Ohio
Credit Rating (FICO): 476
Profession: Contractor
Amount Requested: $8000
Age: 36
Current Debt: 8,000
Yearly Income: 47500
Zip Code: 43204

Message:I really need this so that I can start my own business. I was a lot younger then, and wasn't responsible at all. Now I have 2 kids and am really trying to get back on my feet. Hi James, We would suggest credit repair to get you back on track. Your credit score is really bad so no legitimate lender will help you.

bad credit score repair


Reply to: James*


Application from: Kennith*

City: Goose Creek
State: South Carolina
Credit Rating (FICO): 580
Profession: Government
Amount Requested: $25000
Age: Age not given
Current Debt: 12000
Yearly Income: 85000
Zip Code: 29445

Message:Hello, looking for a consolidation loan to take care of some credit card debt and free up some cash flow monthly. A divorce forced me to rack up debt after having to start from scratch and military life doesn't make it much easier. ThanksWith your credit score at 580, check out badcreditloans.com They will take applications regardless of credit score. They offer loans from $500.00 to $5,000.00

bad credit personal loan options

If you have assets to use as collateral, we would suggest a secured loan through your local Credit Union. If will cost you less in interest if you can qualify. We can also recommend one company that offers debt settlement services called national debt relief if your debt is over $7,500.00 https://americaloanservice.com/novita Novita | Reboot your credit americaloanservice.com The only personal finance system purpose built for people with bad credit Disclaimer: America Loan Service is not a lender. America Loan Service has no influence on the lender's decisions and the financial relationship will be between you and the institution providing the loan. Wishing you success in finding what you are looking for. Cheers,

Reply to: Kennith*


Application from: Johnny

City: Suwanee
State: Ga
Credit Rating (FICO): 574
Profession: Carpenter
Amount Requested: $10000
Age: 24
Current Debt: 5300
Yearly Income: 75000
Zip Code: 30024

Message:

I need gelp please


Reply to: Johnny


G
Gerald

May 26th, 2019

Hi Johnny - 

sorry to hear about your medical issues.  Unfortunately, we are unable to help due to the stringent laws in GA around lending to those with poor credit.  

I would recommend that you join Novita (a free online program to help you rebuild your credit.  Once your credit score is 600 we do have lenders that may consider your application.  

Novita Financial

Application from: Pat

City: OAK CREEK
State: WI
Credit Rating (FICO): 460
Profession: Operations Manager
Amount Requested: $15000
Age: 55
Current Debt: Credit Cards and Payday Loans
Yearly Income: 88000
Zip Code: 53154

Message:

I have equity in my home but credit score too low to tap into it. Really need some help to get back on firm ground


Reply to: Pat


L
Leyna

July 30th, 2019

Hi Pat -

Tough to be in this spot - applying for a loan with bad credit.  Your income is good and the amount you require to pay off your bills fits your income.  Your bad credit is definitely keeping you from being approved.  Equity in your home is great, but you would still require a co-signer with a credit score over 690 to help you qualify.  I am sorry that we are unable to help at this time.  I would recommend joining Novita - a free online program to help you rebuild your credit score quickly.  

As well, I would recommend the following article for more information - Bad Credit Loans

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