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Question By
Ibanez1990

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Are there any places that give small (like $800) personal loans to people with poor credit?
I just need to make a large purchase for a birthday gift.

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Top Contributor
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Hint: if you cannot afford it, don't do it. Get your credit back up to snuff, then you'll have not only the means, but the discipline and financial education to get something reasonable. Seriously - that $800 you get from some fly-by-night lender (because no one reputable lends unsecured loans with rotten credit) will balloon to thousands of bucks by the time all the interest is applied.

Top Contributor
19 Contributions
46 People Helped

NOT A GOOD PLAN!

If you have bad credit to begin with, then focus on your financial behavior and lifestyle to improve it. Otherwise, whether you get through this loan with the least damage or not, you'll be back in the same position next time -- maybe worse? Learn how to manage your finances. Don't live above your means or try to impress those who don't pay your bills, except for truly respectable family members?

Why would you want to get a loan from any financial place and allow them to punish you with ridiculous fees and high interest rates? I don't care what advertised rate or payment plan they boast, once you're in this system it's very hard to get out without paying them a hefty fee at the end. Let's say you are approved by some company. You borrow the $800. Got the gift. Then later to find out you have paid back $1000 or $1200, with whatever fees or payment plan you have signed for. And if you don't fulfill your contract? Your credit score gets worse since they'll be in your history. I don't see any win at all in this scenario. 

Buy something cheaper you could afford or borrow from friends or family members? NEVER NEVER NEVER let the payday loan or quick loan companies rape you. Do your research. Learn more about personal finance to prevent yourself from borrowing money or getting into debt. Debt usually breeds stress...

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