When you have a debt agreement or a debt management plan, a debt management company or credit counseling agency helps you gain control, negotiates with your creditors and doles out your money every month. From money that you pay to the company or agency, it pays your creditors. If an unexpected financial challenge arises, you may need to obtain a loan to get you through.
Evaluate your savings accounts and assets. A loan is easier to obtain if you have a down payment or collateral such as a vehicle. This type of secured credit lowers the risk the bank is undertaking, increasing your chance to obtain a loan.
Contact your personal bank to discuss obtaining a loan for your specific need -- a personal loan, for example or an auto loan. Explain your circumstances to the loan counselor and fill out any paperwork or applications you need.
Contact alternative lenders such as credit unions to see if they will assist you if your bank will not. Limit the amount of credit applications you fill out. Each inquiry affects your credit score.
Consider short-term financial options. Payday loans help you get through to your next paycheck when unexpected financial emergencies arise. These short-term lenders issue you a small amount -- typically under $1,000 -- and in return you pay a set amount upon repayment. Payday loans are only for short-term emergencies and should never be used on a regular basis due to their high interest rates.
- Depending on the debt management plan, you may have to agree to not take on any additional credit while under the debt management plan. Read the fine print in your debt agreement before you sign any new credit paperwork.
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