Welcome to Personal Loans Guide
Sallie Mae Personal Loans Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
Personal Bad Credit Loans: An Alternative to Bankruptcy
from:Personal bad credit loans may be a viable alternative to bankruptcy for some debtors. It is important to understand both the terms of a personal loan which you might qualify for with a bad credit rating and the reasons that you are in financial trouble in order to decide if personal loan might help you prevent bankruptcy.
Examine Why You Are Considering Bankruptcy
If you are interested in personal bad credit loans as an alternative to bankruptcy then the first thing that you should do is examine the reasons that you are facing bankruptcy. Did you have trouble paying your bills because of an unexpected job loss? Did you incur debt during that time and have trouble making your monthly payments? Are you now gainfully employed and in a position to repay your debts? If so, then a personal loan can help you get back on your financial feet by consolidating your debt and giving you one monthly payment to pay. However, if your income has not changed and you do not think that you can pay the monthly personal loan payment then a personal bad credit loan is not right for you. It will only add to your overall debt and not solve the problems of your existing debt.
Examine the Types of Personal Loans Available
Not all personal bad credit loans are the same. If you are a property owner then some lenders may offer you a secured loan in the form of a second mortgage on your property. The benefit of this type of loan is that they often have lower interest rates because the loan is guaranteed by the property. However, if you are in financial trouble and you are a property owner then it is unlikely that you have enough equity in your home to guarantee a loan.
Other personal bad credit loans include unsecured personal loans. These loans typically have a higher interest rate because they are not secured with collateral. These types of loans can help you avoid bankruptcy if you understand and can commit to the repayment terms. You need to make sure that you can afford the loan’s monthly payments and that the total loan is large enough to relieve you of your other debt. If both of those things are true, then a personal loan is a good idea. Not only will you pay off other debts but you will also help restore your bad credit rating.
So, before filing for bankruptcy be sure to fully investigate all of your options, including personal bad credit loans.
Sallie Mae Personal Loans News
Problem Solver: Customer flunks Sallie Mae on student loan - Chicago Tribune
Problem Solver: Customer flunks Sallie Mae on student loan Chicago Tribune On Dec. 9, 2009, Sallie Mae sent McDaniel a letter that said: "Congratulations! You have been released from further obligation as the co-signer for the private student loan(s) starred below." Listed below was the loan for which he had co-signed. |
Fitch: Fixed Rate-Private Student Loans Could Spur Growth - MarketWatch (press release)
Fitch: Fixed Rate-Private Student Loans Could Spur Growth MarketWatch (press release) Two of the largest private student loan lenders have begun offering fixed-rate student loans in addition to their traditional variable-rate products. On May 7, 2012, SLM Corp. (Sallie Mae) unveiled its fixed-rate loan product, with interest rates ... |
TEXT-S&P takes var rtg actions on 12 Sallie Mae prvte st ln ABS dls - Reuters
 U.S. News & World Report | TEXT-S&P takes var rtg actions on 12 Sallie Mae prvte st ln ABS dls Reuters 63 Ratings Lowered On 12 Sallie Mae Private Student Loan ABS Transactions; Six Ratings Affirmed, published May 26, 2010. -- Standard & Poor's To Explicitly Recognize Credit Stability As An Important Rating Factor, published Oct. 15, 2008. Student loan price war: Banks vs. feds ECONOMY: Five proposals to solve $1 trillion college loan crisis |
Sixty-Three Percent of Sallie Mae Private Loan Customers Save Money by Making ... - MarketWatch (press release)
Sixty-Three Percent of Sallie Mae Private Loan Customers Save Money by Making ... MarketWatch (press release) NEWARK, Del., May 17, 2012 (BUSINESS WIRE) -- A majority of Sallie Mae private education loan customers in college in academic year 2011-12 saved money by making payments while in school, said Sallie Mae, the nation's No. 1 financial services company ... |
Sallie Mae Competes with Feds for Fixed-Rate Student Loan - BusinessWeek
 Business Insider | Sallie Mae Competes with Feds for Fixed-Rate Student Loan BusinessWeek (SLM) (SLM), the student lender known as Sallie Mae, plans to offer its first fixed-rate private loans this month to compete with government-backed loans, which have more protection for borrowers. Interest rates on the loans will range from 5.8 percent ... Sallie Mae Introduces Fixed-Rate Private Education Loan Sallie Mae Will Offer Fixed-Rate Private Student Loans Sallie Mae's New Fixed-Rate Student Loan Option Should Freak Congress Out |