I was recently hit with a large personal debt, something that can't go against my credit score, but might if it ever went to court/collections. However, it came unexpectedly, and I am now looking for a way to finance it because it is due in the next month or so.
The sum I would need to borrow is approximately ~$5,000. I have little credit, and about $1,000 in cash, and two months to look for a way to be approved.
I make approximately $2,200 a month through a new job, so paying what I'd expect $200-300 (over 2-3 years) a month in credit bills to be very-reasonable, but I have little to no credit history in which to back my name. I only recently opened a secured credit card.
I have attempted to open a line of credit in a few locations within the last 24 hours (trying not to hurt my credit/chances/APR by consolidating the period of time in which I request).
However, at the places I have applied for, have all refused me for having little to no credit history.
Can anyone refer me to a method or way to get this kind of emergency money? If at all possible, with interest rates lower than 30%? (I live in WA state btw if it matters).
At this point, I'm freaking out about ready to give up, and I'm not entirely sure if it possible, and I'm really sorry if I'm wasting your time. I'm just panicking...
Any help would be very much appreciated.
I have tried to finance this through a P2P lending system, however the sites reject me for having lack of pertinent credit history. I had thought they would be able to verify my credit score, and identity, and then raise my interest accordingly, but apparently a bad credit history is better than no credit history.
A local credit union told me that they would be willing to give me a loan with a 1:1 secured-to-loan ratio to build up trust through that credit union, Which is essentially useless to me, otherwise I would just pay off the debt anyway. This makes me fear that it might be the same elsewhere, but I'm not entirely sure. If a magical method of liquidity raising could raise out from the heavens, I'd love it, I have just yet to find it. My problem is not my ability to pay back the loan, it is the history (or lack there of) associated with my name.