Expert: Joe Montgomery - 6/7/2007

Question
My husband and I have to come up with $5,000 for attorney fees before the end of the summer . We don't have that kind of cash and are thinking about getting a personal loan. Our credit is decent between 540-600(his is better than mine). We rent, and have two car payments. We are on time with all of our payments but have been told in the past that our revolving credit(mostly mine)is the reason for lower scores. Do you think we have a chance at getting a personal loan, or are there options we should be looking into? My husband is here with a work visa and is able to get car loans,would he also be eligible for a personal loan. ANy advice would be greatly appreciated.

Answer
If your husband can qualify for a car loan, he can most likely qualify for a personal loan.  A credit score below 600 is going to make it difficult to get a personal loan, so if the two of you can look into this together, that may help.  Additionally, I'm not sure what type of situation you are in regarding the attorney, but there are some groups that may be able to provide assistance depending on the situation.  I would check with the court clerks in your area for information. Good luck!