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  1. #1
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    Default Loan advice - please help!

    So DP and I have found ourselves in a situation where we need a large ($10 -15000) amount of money to help out DPs sister in a MASSIVE emergency.
    Now, we dont have that much, but are more than willing to take out a personal loan.
    Problem #1 - Due to a stupid childish mistake I have a terrible credit rating. Not something i can fix in a hurry. i earn good money and can pay it back easily, but I dont think any financial institution would give me that amount.

    Obviously that leaves DP. However -
    Problem #2 - DP has an absolutely flawless credit rating. Pays every bill on time, always pays her gocard before the interest hits etc. So I think she has a good chance of being approved. However we are in the process of applying for a homeloan atm in her name, and I dont think applying for a personal loan of that size will help.

    So if DP applies for the loan, the bank we're applying for a homeloan through will see that and think well, huh? And say no.
    The other option is to try and find a financial institutuon that will loan to people with bad credit, but i think that option is nonexistant.

    So what would you do?
    1.Apply everywhere and anywhere in the hopes that someone approves me, and quickly?
    2. Apply in DPs name and i dont know, cross my fingers that the bank doesn't notice?

    P.S I honestly have no choice. DPs nephew was born at 28 weeks last week, and obviously needs extra medical care, and DPs sister needs accommodation etc plus rent and everything paid while she is interstate. i know there are charities that could help, but that takes time, and he needs this care and specialists etc now.

    I just want to cry. In a hole.
    We are supposed to be excited about our nephew. Now we have to figure out a way to keep him and his mother alive. This isnt how its supposed to be.

  2. #2
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    Sorry to hear this is happening.

    Medicare will be covering all hospital bills and extra specialist care.

    I think your best bet is contacting the hospitals welfare co-ordinator - public hospitals have counsellors etc in place who can send you in the right direction for emergencies such as this and put you in contact with various organisations for accommodation such as red cross.

    I think a personal loan for this will take too long and there are measures in place with welfare organisations to assist people in these types of situations.

    Good luck!

  3. The Following 3 Users Say Thank You to babyla For This Useful Post:

    HugsBunny  (30-07-2012),Misschief  (30-07-2012),SeymourTheBear  (30-07-2012)

  4. #3
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    How quickly will the home loan be approved and are you in a position to increase it by $10-15k?

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    You could probably get a loan from a bank that does do people with bad credit ratings but they usually charge an extreme amount of interest. If you could pay it back extremely quickly it might not matter though...

    You could talk to the bank.. they might be willing to give you a little extra as part of your home loan.. the other thing you can do is apply for a credit card (there are banks that will give you a 10000 credit card).

    I guess the other thing you could do is put off buying your home and get a 15000 personal loan instead and wait until you've paid that off before you go for the home loan.

  6. #5
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    It should be finalized by saturday...I didn't know you could add to home loans for another purposes

  7. #6
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    Quote Originally Posted by Renesme View Post
    You could probably get a loan from a bank that does do people with bad credit ratings but they usually charge an extreme amount of interest. If you could pay it back extremely quickly it might not matter

    I guess the other thing you could do is put off buying your home and get a 15000 personal loan instead and wait until you've paid that off before you go for the home loan.
    I think these two might be my only options.
    Breathe in breathe out

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    Quote Originally Posted by Want2TTC View Post
    It should be finalized by saturday...I didn't know you could add to home loans for another purposes
    You can't, really. But it depends on how much you want to borrow in relation to the value of the house, but if it was less than (say) 80% you could always just tell the bank you want to borrow 80% to set yourself up with furniture etc, and pass on the extra amount you borrowed.

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    Of course if you do it through the home loan you'll need to work out the present value of the principal plus interest you'll be paying over 30 yrs (or whatever) and this is what you need to be repaid by your DP's sister

  10. #9
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    So your nephew is in a NICU I assume? Most hospitals that have NICU's, also have accommodations like Ronald McDonald houses or other hospital run lodges/hostels.
    Your nephew's care is covered by Medicare. So that means it would be $15000 to put your sister in a motel (if the hospital doesn't have suitable accommodation).
    That's a lot of money and I agree with loans taking too long to apply for and that she needs something right here, right now

    I too, would advice to call the hospital welfare coordinator, as she might not be the first parent to have find themselves in a situation like this.

    Goodluck hun, I hope you find a suitable solution soon

  11. #10
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    Of course his medical care in the NICU will be covered... But I don't want my SIL stressing about money when she needs to be focused on her son right now.
    And even when he leaves the hospital, there will be bills and medication etc and I don't want my SIL to have to rush out to work a 40 hour week when she needs to be with her son.
    And I'm not even a little bit concerned about her repaying it. She would do the same for us in a heartbeat.
    I'm just... Lost.
    I'll call the hospital and see if they can help. Thank you all so much

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