How can I get a loan to pay off bad debt?

My credit score is 532 and I am about $6,000 in debt (maybe less). I want to start a business, but I know my bad credit is going to hinder me from doing that. It's not really possibly to save money because I am living paycheck to paycheck. How can I get a small loan to pay these debts off?

How can I get a loan to pay off bad debt?
Unfortunately with those stats and no savings and no collateral the odds of you getting a loan are very low. And if you get a loan, the interest rate and terms (20% minimum ... payday loan places can nail you for 100s of percent interest) will be SO BAD that you would probably go in default and have an even lower score.





I hate to discourage someone ... but ... if you can't save up money now ... and work full time and go to school full time ... how do you even hope to make the payments on a loan? Especially if the interest rate is incredibly high. Any new business usually loses money in the first year or two ... if you can't save up money .... this is a bad idea right now.





My recommendation ... get out of school and get your credit straightened out, and save up at least 75% of the money you need to get started ... and then pursue your business opportunity.





Good Luck!
Reply:You can take out a debt consolidation loan wherein you can get at a lower interest rate. The added advantage would be, it will also improve your credit score as subsequent payments are made to pay off the new loan. Thus you can pay off your debts and increase your credit score also....Hope this answers your question.





Here is the source of a debt consolidation company named http://ezconsolidation.com for your reference.
Reply:Yes, you can get Bad Credit Loan.





A bad credit history is like having contracted an infectious disease. At least this is what most lenders perceive. Any requests for personal loans by people with a bad credit history are generally declined.





But there is a way now, you can apply for Bad Credit Loan.


Here are some best lendrers in this Category.





http://bestsecuredloanrate.blogspot.com/
Reply:There's a good article at eHow on steps to take to begin tackling your debt. Take a look at it:





http://www.ehow.com/how_2326032_avoid-es...


How to Stop Escalating Debt





It includes information on companies (both non-profit and for-profit) that can help you with debt consolidation and reduction.





You can also look here for tips on earning some extra cash online:





http://www.ehow.com/how_2254361_money-in...


How to make money on the internet, scam-free





Lastly, here's an interesting alternative to conventional lending...getting a "social networking" loan from Virgin Money (from the same folks who run Virgin Airlines):





http://www.ehow.com/how_2310995_student-...


Social Loans from Virgin Money





Hope these help.
Reply:Who do you owe the $6k to.





I'd call them first and make out a payment schedule, after thats done, start your business.





As Bruce Williams would say, you have to get a 2nd or 3rd job and pay off that debt
Reply:Hey I have a recomendation this peaple are experts in debt solutions try them out.
Reply:try prosper.com: http://unusualjobs.blogspot.com/