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Old 12-30-2009, 09:37 AM
 
91 posts, read 228,766 times
Reputation: 53
Default Need Loan Advice

Okay, my credit has taken a hit this year.

I have about 28 acres that I own in another state, that I don't want to sell because of family reasons. I own the land free and clear.

I went into a bank yesterday with the deed for one lot that is worth about 8k, thinking I would be able to use it as collateral on a small personal loan. They told me they could only use tangible items as collateral.

Is there a way I could use the deed to get a small (2-3k) loan, with bad credit?

Any help is appreciated.
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Old 12-30-2009, 10:21 AM
 
20,793 posts, read 32,619,683 times
Reputation: 9964
Banks do not want raw land, but maybe someone else might. That said it is not profitable for even a neighboring farmer or something to mess with a private mortgage on something that is so inexpensive. I would but aside the idea of using the land in this way.

How bad is your credit and how badly do you need to borrow $2000? How quick do you need this? I know that the Credit Unions near me have pretty liberal policies toward small loans -- if you have a motorcycle, boat or other easy to sell asset they will make a "title loan" at a fraction of the cost of the "big advertising" type lenders. They will also help rebuild your credit with a "savings secured" loan. If you are not already a member of such an organization it might be wise to check out local options. With several months of solid payment history on a secured loan they will probably allow you a "unsecured personal line of credit" for $2000 or so as long as you have any solid income at all.
Personal Loans (http://usaonecu.com/en/products/loans/personal-loans.html - broken link)

Good Luck!
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Old 12-30-2009, 10:22 AM
 
Location: East Valley, AZ
3,752 posts, read 4,664,360 times
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I don't think ANYONE is lending to people with bad credit these days....you might be out of luck. Credit unions are easier to get loans at, but they're still not lending to high-risk borrowers.
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Old 12-30-2009, 10:31 AM
 
20,793 posts, read 32,619,683 times
Reputation: 9964
With a "savings secured" loan they are basically just giving you your own money -- zero risk to them as if you miss a payment they take it from the money in your savings. It is "training wheels" for the debt challenged. You pay the thing back over the term agreed to and they generally let you take out a loan for a much large amount unsecured. A bit of a gimmick, but from what I understand it "rehabilitates" most borrowers in under a year.
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