Me and my husband have several small loans from lo

Me and my husband have several small loans from local loan companies. We would like to get one loan and pay off everything so we would only have one payment a month. Unfortunately we can't find a lender. Our bank says our debt to income is too high. We can afford all our payments but it has us living paycheck to paycheck. Our monthly payments on loans alone total to be around $1,000. our total monthly income is around $2,300 together. We are spending half our income on loans. Do you know of a place that would give us a loan to pay off all the others?

3 Answers

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As you have a high debt to income ratio, so it may be difficult for you to get a loan. If you want to get a loan to payoff all your debts, I think a secured loan is the best option for you. The interest rate on this secured loan is lower than the unsecured loan.

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Yes, it's highly unlikely that your loan application will be approved. With such a high debt to income ratio, you may be eligible for a loan that charges a high interest rate. Apart from that you won't even be able to save anything out of such offers.

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I guess you are speaking about a debt consolidation loan. In order to qualify for a debt consolidation loan, your overall credit situation should be good and you should have a good credit score. As you have a very high debt to income ratio, none of the lenders will be ready to offer you that loan. It will be better if you could contact your friends and family members and check out if they can help you with a loan in order to pay off all your debts.

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