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Our latest writer lives on a fixed disability income. Both he and his wife are disabled military veterans. They live in a trailer and have been able to set things up so they are comfortable and are able to support themselves. This was a challenge for both of them due to their disabilities. In the process, they spent approximately $15,000 spread over several credit cards and a small loan. Now they would like to consolidate the debt into one low interest loan which they will make monthly payments on.

The problem for them is that they do not have any collateral to offer to secure the loan. They do not own their trailer home. They rent it from an acquaintance of theirs who has helped them out. They have little in the way of assets and savings. If they did have collateral, they would be able to obtain a secured loan at a lower interest rate which would not only save them money, but also lower their monthly payments. Instead they must find a lender who will make them a personal loan that is also unsecured. Lenders perceive this kind of loan as a higher risk loan and charge correspondingly higher interest rates.

Both he and his wife feel that they can meet the existing payments even with the higher interest rate. If they cannot save any money with a new personal loan, they might as well stick with what they have. Consumers like this couple often make excellent borrowers and have a good track record of repaying their loans and meeting their commitments. Lenders may be more wiling to lend this couple the money they are looking for. While this is not an easy no collateral loan, they should be able to reduce their overall costs due to lower interest rates compared to credit card rates. Credit card rates can be as high as 19 to 29% depending on the card. Most personal loans carry rates at much lower levels even if their is no collateral.

This consumers credit rating is actually fairly good. He has some credit card debt and a personal loan. He has never missed a payment on the credit cards, the personal loan, the rent or the utilities. This is a huge factor in his favor in terms of being approved for a personal loan. Once a few more details are provided to the lender and reviewed, this consumer will likely find a loan that should meet their needs. One word of caution regarding his credit cards.

Once the debt is refinanced, he will need to be careful not to use the credit cards. He would not want to put himself in the situation of having the personal loan and new credit card debt. Refinancing could be even more difficult based on his limited income.


Home/Mortgage Loan Amount :: $15,000

Home Loan Application and Processing Speed (when do you need the funds):: I would really like to resolve my issues quickly to reduce the total amount of interest I am paying and also consolidate my monthly payments into one easy payment

Do you currently have a mortgage? :: no, we rent a trailer home

Bank Name and Branch :: Bank of Stockton, J Street

What City/Town, State and County do you live in? :: Modesto, California

Zip :: 95354

What is your employment field? :: My wife and I are both disabled

Employment Position :: Disabled and living on a disability pension

When are you paid? (monthly/weekly/biweekly):: Monthly

Your credit rating to be – excellent, fair, or bad? :: Who knows at this point, probably fair

How did you find us? :: Searching online for easy no collateral loans

How are you paid? (direct deposit/paper check):: direct deposit

Gross Amount Per Paycheck :: $ 2000 combined

Do you agree to have this information published online, without your PRIVATE information of course? :: sure, maybe someone will see our situation and be able to help us deal with our disability and the loans we have

Extra information here please (some detail):: Both my wife and I are disabled as a result of being wounded while serving in the military. We both receive a military pension and are unable to work to earn additional income. I am in a wheel chair and my wife needs crutches to get around. We are not complaining, we are proud to have served our country and they are looking after us with a long term disability pension.

We obviously do not have collateral to provide to support the application for a loan. As a result I have been searching for easy no collateral loans with no success. If you cannot provide some sort of collateral for a personal loan, the lenders either do not want to consider your application or they charge high interest rates and fees. We might as well stick with our present arrangement.

Note to Lender :: We owe a total of $15,000 spread over several credit cards and a small personal loan that we were approved for several years ago. Now we are trying to consolidate these debts into one monthly payment and hopefully lower interest rates as well. The interest rate on a credit card is pretty high if you carry a monthly balance. For this to work for us we have to be able to reduce our costs in terms of interest rates and fees, otherwise there is no sense in consolidating.

Our income is very stable. We are on disability as mentioned and it looks like we will be receiving payments for the rest of our lives. We are also applying for supplemental income support, but have not heard anything yet. It is a long shot.

We got into this situation by spending money on some furnishings for our home to make it more comfortable and easy for us to use. As you might appreciate, when you have a disability, changes to a home are required to make things like showers, bathrooms, tables etc fit our needs. We manage our budget very tightly and have allocated enough funds to meet all of our monthly costs including these debts. We just want to make our money go further by paying less interest. Anything you can do to help us would be much appreciated.