Getting a bad credit loan is difficult anytime let alone in the current financial recession we are currently in. Ohio is of course no exception. In this post we try to help you find a bad credit loan in Ohio -- meaning your FICO score is below 700 and you have some blemishes on your credit rating.

So for this case study I’m using Harry Belkmin’s story (name changed to protect the broke). Harry wrote into our sister web site World of Financing on one of their informational forms and told his story.

Here is a snippet from Harry’s submission;

“I need a loan to pay off some bad credit card debt and buy another car that is better on gas than our family gas guzzler. We (my wife and I) live in Cleveland Ohio in the Bay Village area on Wolf Road. We have 6 credit cards right now and my total owing in credit card debt is just under $50,000.

The interest is killing us and we just have to consolidate all of our debt. Unfortunately, we’ve done a debt consolidation twice already and no banks will give us one last chance to pay off this bad debt. We don’t have anyone in our family we can borrower the money from and we don’t have any assets to sell for cash. No boats, cars, jewelry -- nothing. What can we do -- help”

The above has been paraphrased to get rid of the names and personal details. The point is clear though, and here is what Harry ended up doing.

He took the WOF’s advice and went down to see Pearl Weinstein over in Painesville who runs a small financial service firm and specializes in getting people refinanced in the form of debt consolidation. She gets loans for Ohio residents only which sort of unique. Most lenders will work coast to coast. Pearl can usually arrange for funding no matter how bad your credit is but you have to a have a reliable income. I know that will send many of my readers off into web world again looking for answers, but you will at least need a steady income to get approved for a bad credit loan.

Another thing Pearl says when speaking with customers is that she can’t help you as easily if your debts are various different kinds. She asks you to consolidate your bad debt on to your major credit cards. Not your local Mom and Pop shop debts.

For instance, Harry owed a gun dealer in Akron $800 dollars in bad debt which was outstanding for 13 months at the time, with another $3500 to a body shop in Dayton, and another $5000 in medical bills he suffered in a car accident in Cincinnati (on the Fort Washington Rd. exit to be exact). There were many other debts he had too and the bill collectors were at him pretty bad by that time. Pearl got him to pay off all his debts using his credit cards until all outstanding bills were paid and he had nothing but credit debts owing. I know this sound crazy, but bear with me for a minute.

After Harry had paid everyone off except the major CC companies, Pearl negotiated a consolidation loan for him that paid the credit card companies back 25¢ on the dollar. Harry didn’t go bankrupt, but he lost all his credit cards. He had all their family debt on his credit cards, so his wife’s credit was still good. They could still manage using some credit with her name when it came to a critical cash crunch, so Harry was not affected badly. It’s a different story when you are single though. We’re always stronger in numbers right?

So even with really bad credit, and allot of it, Harry and his wife were able to get out the high CC Interest rates and got a fresh new start. This kind of debt settlement goes on all the time in Ohio and all other states as well. This kind of consolidation is very common these days, so don’t kicking yourself too hard for getting yourself and your family in your current financial predicament.

Keep in mind that Harry and his wife were married and had jobs. Harry works at the Deaconess Hospital in Cleveland, and his wife works for the Ohio State House of Representatives part time. So these are not you average crappy jobs here. Your case may different but as long you have a steady income, this is all the lenders really care about. You are not approved on status.

In closing, I’ve been there when all the financial walls came crashing down around me and I remember the horrible stress it caused. Remember that you are not your money or your job. You are a piece of god.

• Non Conforming Loans In Ohio (NCLs)

A LOAN CALCULATOR; Enter your loan amount, how many years, the interest rate, and payment frequency (14 for biweekly, 30 for monthly, 7 for weekly. Very helpful so you know exactly what the loan will cost you in interest payments and you will know the total COB (cost of borrowing).

Loan Amount:

Interest:

Years:

Days between payments:
30 for a Month, 7 for Week
and 14 for Bi-Weekly. Easy!