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Terri wrote to me and asked the following question.

“Dear Steve,

I NEED $ 8,000.00 TO GET OUT OF DEBT. I HAVE BAD CREDIT. IF I CAN GET THE MONEY, I WILL BE ABLE TO REPAY THE LOAN IN EIGHT MONTHS. THE DEBT IS NOT DUE TO CREDIT CARDS, IT’S DUE TO FALLING BEHIND ON HOUSEHOLD BILLS, SUCH AS RENT, ELECTRIC AND SO ON. NO ONE WILL EVEN CONSIDER LENDING ME THE MONEY. ANY IDEAS?

WHERE CAN I GET A LOAN FOR $ 8,000 WITH BAD CREDIT?

Terri”

Dear Terri,

Sorry to say it but you’re screwed. No legitimate lender is going to lend you money in that situation. You can shop all around for a lender that says they might but I’d bet you it will turn out to be a scam and they will ask you for money in advance to hook you up with a loan.

If you can repay an ,000 loan in eight months, just investigate a debt management program to contact your creditors on your behalf and setup a repayment plan you can afford.