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Getting an Installment Loan

I am in need of a $1,000 loan. I have a disabled parent and we desperately need to move to a more compatible residence. My credit is currently poor. I need an installment loan. Who can help? I am willing to go as far as making a weekly deduction arrangement for repayment. The loan will also help to boost my score. Who can I talk to? I have sought out several companies. This situation is critical.


If your credit rating is poor already, your cost of borrowing will be higher and collateral may be required. It may be that you are deemed too high a credit risk and you will be unable to borrow. This depends on your history and what risk a lender is willing to make.

Start saving money. You indicate that you can make a weekly payment. Your creditor expects any loan to be repaid, so start by paying yourself. Deposit money every week into a savings account. When you have as much as you need, take it out or ask the bank for a loan on that money. They have no risk; your cost will be low and you will begin reestablishing your credit. Seek out government assistance for a barrier-free residence. There are programs that will assist with transportation, ramps, and other modifications for the disabled.

Published on BankingQuestions.com 9/17/09