I’m not sure why you would need a small loan like that with a 150K income, but my advice is to use your income to fix your credit, which is actually easier than you might think. Many times creditors and collection agencies will allow you to pay off much less than the amount owed to pay it off at once. Try to negotiate complete removal or the information will still affect your credit, because of the missed payments. Fixing just a few things on your credit report, even smaller debts may bring your credit score up enough to qualify for a personal loan in that amount.

@Nancy Ortega,

Generally, when there is the need to consolidate your credit cards it means that you cannot meet the payments required by the credit card companies. If this is the case, then I wouldn’t recommend any extra for remodeling. Instead, talk to lenders about a loan to consolidate, and get your credit cards paid down. This will not only raise your credit score a bit as you bring your accounts current or satisfy the debt, but will also improve your debt to income ratio, since your total debt will be less. Your kitchen may have to wait until you improve your credit score.

@Bishop,

A small business loan can often be approved more easily than a personal loan, especially if you have a solid business plan and customers already. It sounds as if you have the customer aspect covered. I would work with a small business consultant (many cities offer them as a free service) to develop a business plan that shows a solid profit margin and take it to your bank or finance company. You may be able to get financed on the merit of these things alone.

@Clinton Gunter,

Getting a loan for a four month period is nearly impossible unless you have a $100,000+ income and almost no debt. This is because the payments would be extremely large and most lenders aren’t willing to take a chance. Have you considered financing for a longer term, say 24 months?

Regards to all,

Maggie

Donna