Financial Hardship Installment Loan. – Tracy

“Dear Steve,

I became disabled in 1993, and opened a bank account, purchased lfe insurance with Union Fidelity and 17 years later, with an immaculate payment record, and 750 credit record, the process for an unauthwith Unionorized draft on my bank, has crippled me, as I have not been able to work, and for two months my direct deposit did not happen (procedure for identity theft) but the bills came. The worst being a credit card ‘line of credit’ for 15000 which disapeared literally from the computer, and when the branch manager said not to worry, it reufaced with a 1000/min payment in collection and no life insurance, NSF hell. Filed with the OCC, spent a year tring to get someont to understand that I only needed around 2000 to get back to where I was financially, so I can pay off the 5 payday loan companies I juggled for a year to survive (gold and platinum) member and my 340 over flow on my checking that I always pay and reuse to stay afloat. So I’m sure I would not fail in making a payment of around 200-250/monthly like I

used to. I can’t get the help though., of course debt to income ratio and 605 (just got unlocked and in process of cleaning due to some form of identity theft of my ss#and the unauthorized draft) Am I stuck forever juggling and sweating bullets every month, or is there optional installment loan for persons like myself to get a second chance due to a financial hardship


Dear Tracy,

The short answer is there is not such a loan product. Even the unsecured lenders out there like LendingClub.com and Prosper.com that are more lenient have an approval process that is credit score based.

I know it might be water under the bridge but when you discovered the unauthorized withdrawal did you happen to notify your bank quickly? There are protections from liability for such discoveries. Read What to Do About Unauthorized Withdrawals from a Bank Account.

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So am I right in assuming that your only income is disability related income and that you have little in the way of assets?

There are other ways of dealing with this situation other than yet another loan. You may want to use the free How to Get Out of Debt Calculator to review your options.

Please post your responses and follow-up messages to me on this in the comments section below.


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Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
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