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About Joe Montgomery
Expertise
I can answer most any question in this area, unless they are seeking legal advice.

Experience
I have worked in the lending industry for over 15 years, and worked in consumer lending, (Personal loans, and small collateral loans) as well as mortgage lending during the first 6 years of my career

Publications
Currently an all experts expert for mortgage loans.

 
   

You are here:  Experts > Shopping > Credit/Debt Management > How to Get a Personal Loan > Personal Loan with Furniture as collateral

How to Get a Personal Loan - Personal Loan with Furniture as collateral


Expert: Joe Montgomery - 5/7/2007

Question
I wanted to know if it is possible to get a personal loan for around $5000 to $8000 with sub 500 credit scores. Would I be able to get this kind of loan without checking credit and use any or all furnitures in the house as collateral? If so, which lender does that?

Answer
The answer is most likely no.  I know there are some companies out there that offer $5,000 to $10,000 dollar loans, but I still believe they check your credit, and I think they charge anywhere from 24-90% interest.  I am not familiar with the companies as, in my opinion, that is very similar to a "loan shark" mentality.

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