Where can you get a peer-to-peer loan immediately after a discharge?

[debtmonster]

I've been looking all over places like Prosper.com and lendingclub.com and they all want high credit scores of at least 620-640 to get a peer-to-peer loan.

Problem is, I need a car immediately after the discharge and after the car makers take both my cars. I can't wait a year or two to get good credit again.

How can I get a peer-to-peer loan with a FICO of like 490 and pay 15% interest instead of taking it in the rear at 24% with U.S. Bank who process the redemption loans?

I don't mind paying higher interest... just not 20-24%. That is highway ROBBERY.

Fresh after a bankruptcy, I don't see why these peer-to-peer places won't lend to you since you can't file BK on them being that you just filed. Not to mention that your debt-to-income ratio is not excellent being that you just dropped all that debt.

[blankslate]

I don't know if I'd do one of those. Seems like a great alternative to a bank but at the same time how forgiving would they be if something happened and you needed a month deferment?

I've resigned myself to the fact that I'm going to have to deal with a high interest rate for at least for 6 months out of bk. Each payment made on time is a step closer to a refinance for a lower interest rate. My FICO right now is 520. I just wonder if I can really get funded through that US Bank program even though they are in my bk. The dealer did say they have other lenders though. Ah again I dare to dream of cruising in a PT and not getting soaked through closed windows when it rains.

[debtmonster]

I don't know if I'd do one of those. Seems like a great alternative to a bank but at the same time how forgiving would they be if something happened and you needed a month deferment?

I've resigned myself to the fact that I'm going to have to deal with a high interest rate for at least for 6 months out of bk. Each payment made on time is a step closer to a refinance for a lower interest rate. My FICO right now is 520. I just wonder if I can really get funded through that US Bank program even though they are in my bk. The dealer did say they have other lenders though. Ah again I dare to dream of cruising in a PT and not getting soaked through closed windows when it rains.

There are a ton of other cars. My friend found a 2003 Geo Tracker with 60,xxx miles on it for $2500, non-smoker, no accidents. Checked with KBB and the private sale of it was like $5,000+. Maybe the people didn't check the value of the vehicle.

If I can't get funding, my only chance to save cash for a car is to stay here rent-free in this house for a long time until my foreclosure finishes and the sheriff sale comes.

There's a lot of those peer-to-peep lending companies. I just want to know which one of them out there is flexible after a bankruptcy. I want one that will approve you right after discharge. My credit score will propably dip in the low 400's before it ever gets over 520. Mine was in the 700's until the BK lawyer told me to stop paying everything. Now I have 27 credit alerts on my credit report and growing.

[B65]

3 days after

discharge capital one approved my hubby on line for 12% that is the highest rate they can charge in my state, his car broke down so we will just keep the blank check if he needs it, just paid $650 to get his car fixed and we hope it runs another year......... so we will not get another one unless we have to..... but it is nice to know that if we did ....it is at 12%..... so the longer we can go without needing it the rate will lower I hope.
I also got 2 small credit cards to build credit and pay a bill with every month then pay off in full a week later, i will never keep a balance again ever, my goal is to save as much as i can, build credit for a house later on and never make mistakes again.

Good luck!

[debtmonster]

discharge capital one approved my hubby on line for 12% that is the highest rate they can charge in my state, his car broke down so we will just keep the blank check if he needs it, just paid $650 to get his car fixed and we hope it runs another year......... so we will not get another one unless we have to..... but it is nice to know that if we did ....it is at 12%..... so the longer we can go without needing it the rate will lower I hope.
I also got 2 small credit cards to build credit and pay a bill with every month then pay off in full a week later, i will never keep a balance again ever, my goal is to save as much as i can, build credit for a house later on and never make mistakes again.

Good luck!

Do you have a web site for Discharge Capital? I can't find a web site for them by doing a Google search nor by trying dischargecapital.com.

What state are you in? In FL they rape you at 24%. You're VERY LUCKY to get 12%.

[Trixie007]

I think B65 said "3 days after discharge, Capital One approved DH"

[B65]

yes Dh went Bankrupt with me

he got the car loan, I got the credit card, State is CT. just the regular capital one site. no special site.

[WorkingItOut]

If you can't get a decent rate, just take the high rate, pay on time for 6 months, then refinance. In 6 months or so, your score should come up enough to be able to get a better rate, as long as you don't do anything stupid.

[debtmonster]

If you can't get a decent rate, just take the high rate, pay on time for 6 months, then refinance. In 6 months or so, your score should come up enough to be able to get a better rate, as long as you don't do anything stupid.

I can't afford a $500-650/mo. car payment in the beginning at 24%.

[blankslate]

If you're getting a car under $10k even at 24% (which is worst care scenario) even with no trade in and only $500 down you would have a $400 payment.

This is a great finance calculator: http://autos.yahoo.com/finance/loan-calc/

I'm putting $500 plus my trade in which will probably get $500 as well though the kbb trade in value is $1000 considering all the problems it has I'm not counting on the full amount. I told the dealer the payments need to be $300 a month or less. Period.

It sounds like you're trying to get out from under your current vehicle so you won't have trade in value. Since you're not going to be paying rent/mortgage just take one month's worth of that as your down payment.

[B65]

florida is 18%

not 24% under 500k ursury is 18%

[hereforinfo]

DM, you're just going to have to buy a cheaper car. You really don't have a choice.

[StartingOver08]

DM, you're just going to have to buy a cheaper car. You really don't have a choice.

Someone finally said it!

[relief13035]

Someone finally said it!

Ohhh but so many of us have been thinking it.

[debtmonster]

That's why I am looking at a $15,000 Jeep Patriot instead of $24,000 Saturn Outlooks or $40,000 Acura RDX's or $43,000 BMW X3's and numerous other $25k-30k SUV's.

That Yahoo calculator looked pretty good. It would be nice if whatever that calculator says matched with what the finance company says. I guess I won't know the real deals until I cross that bridge. I'm hoping to put down $1-2k by not paying mortgage payments for 2 months. I want to start saving money right after I file. Hopefully I'll be able to keep my vehicle for 60 days... but I will need it AFTER the discharge because I can't finance the vehicle without the discharge papers in my hand. I am hoping to keep my sedan for $309/mo... and then dump it after I raise enough for a decent payment.

If not a Jeep Patriot, then maybe a Jeep Liberty. I hate Chrysler products... like it was said above, "I need to buy a cheaper car", so I am picking this thing instead of expensive SUV's. We put a TON of miles on our cars. At least the new Jeeps have a lifetime drivetrain warranty.