need a loan and have bad credit

[tlfroelich]

Help!!!! Does anyone know of a bank that deals with people with bad credit for loan purposes? I am in need of a 3,000.00 loan. I did apply with two different banks (one being a credit union) and was turned down. I tried applying for a secured loan. I have a truck that is worth at least 5,000 (this was looked up at the bank) that can be used as collateral. I do have 634.00 left on the truck but was told by both banks that if approved they would refinance the truck and transfer the truck to them. The 634.00 would then come out of the 3,000 loan. It seems crazy that since I have this collateral no bank will lend to me. My credit score is like 534, which I know is bad but it is due to a hard time my family went through a couple of years back. Doesn't anyone give a second chance to someone? Please let me know if anyone knows of a bank that helps people out with bad credit. I live in North Dakota but I know some banks work with people nation wide. Thank you for any input.

[15shamrock]

Prosper.com lends to people with all types of credit ratings

[aaron]

You're an actual lender or a mortgage broker (http://www.expertlaw.com/library/finance/mortgage_broker.html)?

[tlfroelich]

I would like to be a borrower!!!! :)

[aaron]

I was speaking to 15shamrock - sorry for any confusion.

What the banks are suggesting makes sense - they'll loan you up to 60% of the value of the truck (such that if they have to repossess and sell at auction they aren't likely to take a loss), but want to pay off the balance of your note with the proceeds of the loan, leaving you with $2,366.

Maybe the best thing to do is take that loan from the bank, and try to get a personal loan from friends or family, or an advance on your paycheck, to cover the difference.