Repair Credit Score

Question: Question on Loan to repair credit?

my Credit Score is 580. I've been slowly repairing my credit. I'm 24 and messed it up when I was younger and didn't know any better then left it alone becuz I lost my job and couldn't handle the collection agnencies, etc. Anyway I was a kid then and now i'm trying to get it repaired. What I want to do is a debt consolitdation loan, so i can just make one payment instead of small various loans, my debt is split up with various collectors/debts but equal a bit less than 10k. It's just tough dealing with collectors, becuz i don't always have the money upfront and they want it all and it's hard to trust them. Anyway is there a place to get a loan? i've tried some banks, and credit unions but keep getting denied becuz my Credit Score is so low and the debts are on there and have been there for a few years; i just feel like i'm trapped between a rock and a hard place in order to get this fixed.

Answer: I suggest you check out www.prosper.com Prosper is an on-line micro-lending community. You just register and Prosper assigns you a credit risk. Then you put out a request for funds. Let’s say you want $5K for medical bills at 15%. Individuals will then typically pledge between $50-500 at the interest rate of their choice. You get to decide if you want to pay that amount. If your loan is fully funded Prosper gives you the money and acts as a loan servicer. You pay Prosper, Prosper takes a small cut and divides up the rest to the other lenders. Take a look.

I sugggest that you offer a high rate on a few grand. Start with 20% and go up if needed. Pay on it for a while then pay it off.

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