Post Bankruptcy Loan

[Anassa613]

I want to try to take a small loan and want to know where would I begin to start researching. I bank with Citibank and I know that they would not give me a loan any ideas. The loan would be in the range of 1600-2000, Thank you

[DisneyGirl]

Just a thought but do you have a 401K? If so, you can take a loan out against that and YOU get the interest while you're paying it back. It's not the smartest thing to do (money wise) but it'll get you the money fast and there is no hard approval process.

[FilingOnMyOwn]

I don't want to say it can't be done, but realistically you may have to wait a year before you'll be qualified for that kind of stuff.

[Roadrunner]

I'm not sure of your reasons, but you'd have better luck getting a credit card than a loan. Have no clue how much of a limit you'd get but I saw another post in this area about someone getting a $1000 card after bankruptcy.

[marializ]

Loan

We got a loan after we filed thru Heights Financial. $1000 loan. The interest rate is very high however we are planning on paying it of early. The lady said we could refianance it after 6 months if we decide to make the interest lower. We did it to rebuild are credit. They have a website www.heightsfinance.com

Good Luck, Maria

[Anassa613]

Thank you...so much (everyone). I am due for dischage on Monday....

[Callie]

We got a loan after we filed thru Heights Financial. $1000 loan. The interest rate is very high however we are planning on paying it of early. The lady said we could refianance it after 6 months if we decide to make the interest lower. We did it to rebuild are credit. They have a website www.heightsfinance.com

Good Luck, Maria

This loan application is only valid in Illinois, Indiana, Kentucky, Missouri, and Tennessee.

[cap350z]

Heights Financial Only approves if you live in thier service area

We got a loan after we filed thru Heights Financial. $1000 loan. The interest rate is very high however we are planning on paying it of early. The lady said we could refianance it after 6 months if we decide to make the interest lower. We did it to rebuild are credit. They have a website www.heightsfinance.com

Good Luck, Maria

I tried to apply for a Heights Financial loan. And they couldn't service me because I live outside their serviced area. So they aren't nationwide. Bummer.

[Brendon]

No 401k loans

I am not a financial advisor, but taking money from your 401(k) is not something anyone should do, unless you are in dire straits... This is the BEST savings vehicle available to the large majority of people. Sure, you pay yourself back with interest but you miss out on the compounding interest while the money is gone. Time value of money is too good to miss out on...

I believe you also still have to pay the tax penalty on what you take out. The purpose of the 401k is planning for retirement.

Again, I am not an advisor, just offering my opinion...

[chpxiii]

I believe you also still have to pay the tax penalty on what you take out. The purpose of the 401k is planning for retirement.

Tax penalty only comes when you actually withdraw money. A loan against a 401k does not have a tax penalty on the money.

[Brendon]

Thanks for the clarification, chpxiii. Either way. I still believe that money shouldn't be touched unless you are in the worst of circumstances.

[lrprn]

Tax penalty only comes when you actually withdraw money. A loan against a 401k does not have a tax penalty on the money.

Withdrawing retirement funds in a "loan" situation can have a sizeable tax penalty if you don't repay the borrowed money back into your retirement fund by the agreed deadline and you default on the loan. Then you can get hit with up to a 10% IRS tax levy on the difference between the amount you borrowed and the amount you paid back before the default.

I know this from personal experience. We were forced to pay the IRS 10% of a defaulted loan my husband made against his retirement because we could not put all the cash he borrowed back into his retirement fund in time.

[chpxiii]

Thanks for the clarification, chpxiii. Either way. I still believe that money shouldn't be touched unless you are in the worst of circumstances.

I completely agree with you there!

lrprn: thanks for the distinction. I was posting under the assumption that the loan would be paid back. I shouldn't have "ass-u-me"d.