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Posted in Paying Your Bills
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Question By
whitey15

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How do I get a loan to pay off $20,000.00

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So you need to get a loan to pay off a loan???? I will just say it is highly unlikely unless you have some rich relatives.  I would work with the current lender and try to come up with some form of payment schedual that both parties agree to.

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You can get a personal loan at your local bank (LendingTree, BestEgg, etc.) and just more than the monthly breakdown to pay it off quicker.  You'll save in the end and just only have one payment to look forward to every month.

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Reply by
Nomadre

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He can try, but you failed to inform him of all of the negatives to his credit to do that.  The hard inquiry/ies the average age of credit are just two factors in this. You are assuming that it is to pay off high interest rate credit cards by your statement that it will save him money. What if this is for a car loan that he has at 5% when he had good credit?  Now he gets a refi with a personal loan at 9% or more when he has had late payments and credit is not so good.... does he still save money?  Maybe it is to pay of loans to a loan shark, well he might save his life and not any money, fact is you do not know.

When you assume things and give out advice, based on those assumptions, you may end up hurting the other person a lot more.......

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