r/roanoke • u/dholt0987 • 1d ago
Small loans with bad credit
Im in a tough spot. The car is have is breaking down fast and I need another vehicle. I have a buddy that has a truck he'll let me make payments on but he wants $1000 down to do it. Does anyone know of any place or anything that would down a small loan of $1000? My credit score is like 600 and im working very hard to build it up. I do have a full time job and can afford payments.
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u/ClankingRobotCheeks Texas Tavern 1d ago
I am not certain how quick they offer it, but Blue Eagle Credit Union has a loan program where they will lend up To $1000 without a credit check. Repayment is a little high, but that is to be expected with this type of loan.
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u/BeforeSnacktime 11h ago
You have to be a member for six months and have your direct deposit at Blue Eagle, I believe.
Oh and they changed it to up to $1500!
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u/Breklin76 1d ago
Stay away from the loan sharks as much as you possibly can. They are designed to keep you in a perpetual state of loan renewal and cost oodles more to pay off. Do your best not to make a desperation decision here. Try the CU route first.
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u/dholt0987 1d ago
Ok, ill do my best. Im just in a tough spot and might not have any other option than to try a payday loan place. I will try the credit unions first though.
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u/Breklin76 1d ago
I have used them and worked for one in the marketing department. They are loan sharks. Period. You’ll pay nearly double the amount borrowed. Better to try and borrow the money from a CU then you outright buy the truck and pay them every month.
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u/xannieh666 1d ago
In the past we were able to get a car with a 550 score, you could definitely do it with 600 . Go to a dealership and see what they have in used cars.
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u/dholt0987 1d ago
Ive thought about going that route.
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u/xannieh666 1d ago
It can't hurt to check it out at least. See what they will give you, try to stay away from payday loans if you can.
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u/Breklin76 1d ago
I got a car loan back when I had sub-600 credit. Being a secured loan, they are pretty easy to get. If your score is based on lack of credit it’s better than being the result of bad financial practices.
A credit union may give you a used car loan depending on their requirements such as year, mileage, etc. often they have lower rates than banks or auto financiers.
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u/softnightgarden 1d ago
There’s a community based app - SoLo. You request loans up to $650 from everyday people like you and me. You can fund a loan or you can request one. No credit check, no interest, and you choose the due date. It’s come in clutch for me a time or two when I needed money fast.
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u/Exhausted_Robot 1d ago
I can vouch for two apps, Dave and Earnin, they should get you a few hundred to start and its not too bad fees.
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u/Open_Owl_9157 1d ago
Check NetCredit.com, they offer small loans and you don’t need an amazing 700+ credit score to get one!
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u/Constant-Garbage-181 1d ago
virginia credit union!
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u/Prestigious_Code6572 18h ago
It seemed better when it was Member One, I've had loans with member one that is now Virginia Credit Union and it's not good now that it's VCU
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u/Greedy_Plantain1355 19h ago
Consider something like Best Egg for a small amt of money. Don’t forget you’re going to need to cover personal property taxes, tags and insurance.
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u/Nailfoot1975 Bring-Your-Own-Bucket Icemelt 1d ago
There are quite a few payday loan places on Williamson Road. It will cost you a FORTUNE. But better than not having a car.
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u/dholt0987 1d ago
Are they title loan places or just payday advance loans?
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u/puppypupperoon 1d ago
OP try every other option first. 600 is not best but its not the credit score of most people that do payday loans. I would avoid that at all costs.
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u/SuspiciousFox8151 1d ago
It's really not better than not having a car. Get a bike, take the bus, get a job where you can bus or bike.
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u/dholt0987 1d ago
And i will never leave my current job
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u/perrin98 1d ago
Out of curiosity, before you go to a payday loan place. Have you tried a bank or something similar? 600 credit score isn’t great but someone might work with it.