Which Banks Will Give Me a Debt Consolidation Loan With Bad Credit? – Rita

“Dear Steve,

I was downsized from a job, & had to go back to college. We had to file for Chapter 7 nine years ago while I finished school. That’s where our credit began to fall apart. Just when we thought our little family was getting back on our feet, our home was foreclosed on 2 years ago, and we had to downsize.

Needless to say, our credit is low. Mine is 559 and his is 525. I’ve worked 2 jobs for many years trying to get back on track. We are both employed full time but are spread thin with different loan payments, often times getting behind. It’s like we have to choose each month what account to pay on, and what account to wait on. This is frustrating and leaves very little in the budget for basic necessities. We don’t drink, smoke, or gamble, so we don’t spend money frivolously.We’re just working class people trying to make a living with our kids. I’ve tried the Lending Club but didn’t qualify.

Are there any banks that will help people with low credit scores to get a loan to pay off my debt so I can repair our credit? We’re both fully employed and would be able to handle the monthly payment once everything was paid off. This would free up money to put in a savings account, making it possible for us to pay this note off quicker.


Dear Rita,

Sorry, none that I am aware of.

Frankly, depending on how much debt you have you might be better off declaring bankruptcy and following my credit rebuilding guide, How to Easily Rebuild and Repair Your Credit After Bankruptcy, Foreclosure, or Reposession. There is no reason why your credit should languish in the pits for so long after bankruptcy if you file bankruptcy with a plan of rebuilding your credit.

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


You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.
Damon Day - Pro Debt Coach

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Steve Rhode

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