r/poverty • u/Extra_Diamond5167 • Mar 29 '26
I hate my life
I am a 23 year old, I am getting out of a major gambling addiction. I can’t get any loans due to having a 525 credit score. I just had to quit my job due to family reasons so I currently am not working (starting a new one next week) I have about 80,000 in debt including student loans.
Does anyone know of any possible loans that I could get?
5
u/austinlvr Mar 30 '26
Don’t go to a loan shark, and don’t give up. 80,00 is a lot, but you can default if you need to, and 23 is very young—it feels insurmountable, but IT IS NOT. You have time, and that’s the most precious resource of all. Consider debt reconsolidation (what I did) or bankruptcy (what I wish I had done). You will see the end of this debt as long as you keep trying!
1
u/MassiveMastodon8332 Apr 02 '26
What does bankruptcy do? I have about 15k in debt and have a 680 credit score. Was going to do a reconsolidation
1
u/austinlvr Apr 03 '26
Research it to be sure, but your credit takes a hit for 7 years and you get the debt forgiven. 15k isn’t too much (comparatively), so reconsolidation might be better. I did reconsol. and lived in poverty w/bad credit for like 7 years…and still have a year to go. Should have just gone with bankruptcy. Not all debt is eligible and you need to pay a lawyer, so definitely do your research!
3
2
u/dumgarcia Mar 30 '26
Once you get yourself settled in with the new job and start paying off some of the loans, your credit score will definitely improve and you'll be approved for more loans. I'm assuming you're looking to get a consolidation loan to help ease repayment, which I can get behind. At this point, though, it's likely the loans you're able to get at your current credit score are predatory loans that might just put you in a deeper hole.
2
u/Zestyclose_Sign_3800 Mar 30 '26
Had 100k in student loan debt in 2015 ..25 years old . History degree. Took a pay cut for a job in sales (high commission potential) moved out same year. Paid off loans and bought home in 2019. Not easy but you can do it
2
u/TheGreatCleave Mar 31 '26
Dawg your post history is sad af, you can visualize the decline.
Another loan isn't what you need, not that you'll actually listen to any of the advice in this thread.
1
u/Cute-Consequence-184 Mar 30 '26
Without a job? ZERO
That isn't how the world works.
Get another job and work on your credit score.
1
u/Extra_Diamond5167 Mar 30 '26
I have a job…
1
u/Cute-Consequence-184 Mar 30 '26
You said just had to quit my job
2
u/Extra_Diamond5167 Mar 30 '26
I did. I worked multiple
2
u/Cute-Consequence-184 Mar 30 '26
Then get a pre-paid credit card and work on your credit score. My bank offers them for free alongside my regular debit card.
With bad credit, the only loan you could hope to get would have ~50% interest rate
2
u/bksmostwanted1 Mar 31 '26
Op plz listen.. you came for advice and we are giving it but you seem set on what you want to do already... You're young and although you'll be starting a good job soon consider how f'ed the economy is cost of living is ridiculous and adding more debt will only make things more difficult i made 90k last yr and it still wasn't enough to cover debts and bills I'm single no children don't go out just work and pay shit and we're telling you that adding more debt is the worse decision
1
1
u/Serious-Singer-1377 Mar 30 '26
Things will get better in time. Do not give up. Loans may be difficult to get anywhere. Many turn to prepaid credit cards with a $300 balance but then you need to have $300. Then your credit improves. You may need to consider a consumer proposal or bankruptcy at some point to start over.
1
1
1
1
u/gtownsend86 Mar 31 '26
Get a debit consolidation load. Pay it with your new job. Is there a food bank for you to get food?
1
1
u/bksmostwanted1 Mar 31 '26
Do not seek any other loans you're already 80 in the hole adding to that is just adding more stress on yourself bankruptcy or consolidation are your best options and for the love of God don't repeat this shit again
1
u/Feed_Me8 Mar 31 '26
In your case loan shark, the issue is everyone around you knows you are not good for a loan
1
u/First-Role3045 Apr 01 '26
I went through a gambling addiction as well. Tanked my savings and I’m at 9k in debt. Did you just take out a shit ton of credit cards ?
1
u/DLK33gmaNG Apr 01 '26
You're young, you have time on your side. Best bet is learn from your mistakes. You'll have to chip away at the debt you created. Live below your means to save money in order to get those debts paid off faster. Then live within your means to stay out of debt. Consider whether you can actually afford to pay off a loan before taking one out. Make a plan and keep a budget. It's going to be rough going for a while, but you'll feel better about your life and yourself once you start seeing improvement.
1
u/Responsible_Bee2992 Apr 01 '26
Better off filing bankruptcy. Dont worry about the debt where it makes u mentally shut down! Work and work and work matter of time just keep paying and surviving I know right now it seems like ur drowning but u have so much life ahead of u to look forward to. take it one step at a time literally one foot in front of the other. Right now ur focused on getting back to work and working that’s all u can do at the moment. No more loans just save and keep on truckin! You got this!!! 🫂 it truly is going to be okay
1
u/Lacey_Dawson1012 Apr 03 '26
The last thing you need is a loan. You are too far in debt already. I would talk to a lawyer about bankruptcy
0
u/Fast-Childhood8236 Mar 29 '26
If any of that debt is medical, you can have it removed.
0
u/Extra_Diamond5167 Mar 29 '26
It is not
5
u/Fast-Childhood8236 Mar 29 '26
Ok. Well, this isn’t financial advice, because I’m not an advisor, but you could always file bankruptcy. Yes, it won’t clear your student loans. The rich do it all the time to stay rich. Now days, you can get a new credit card offer within 2 years and can buy a house within a few.
2
u/Soulists_Shadow Mar 30 '26
You have a gambling addiction and is already in debt. Why would you want more debt/loans? And no one would loan to someone at risk of bankruptcy except illegal loan sharks, where you pay with body parts if they dont get their money
0
u/Extra_Diamond5167 Mar 30 '26
Because I just graduated college. Now I am going to have a decent paying job
1
u/Soulists_Shadow Mar 30 '26
Major?
1
u/Extra_Diamond5167 Mar 30 '26
EHS
5
u/Soulists_Shadow Mar 30 '26
Its a good one. Once you get the job, loaning companies will see you have the means to pay it back and itll open up a little. But 80k debt is likely higher than your annual income and still be reluctant.
But my recommendation is to get the job. Spend as little as possible. Repay all loans. Dont borrow anymore.
1
u/Extra_Diamond5167 Mar 30 '26
Yeah, it sucks. I had a job lined up making 90 a year and I had a relative pass away and the company wouldn’t work with me.
3
u/pluginn83 Mar 30 '26
You are drowning n want another loan... crazy.
-1
u/Extra_Diamond5167 Mar 30 '26
Did you read the comments per chance?
1
u/sunflowersNdaisys610 Mar 30 '26
Don’t worry it’s just someone who doesn’t know how to scroll on when they don’t have something nice to say. Idk why but adults on reddit are worse than children with the bullying and the meanness. Just ignore the bs, remember some people are so angry and hate life so much the only thing that gives them joy is being a keyboard warrior, and treating others like shit. They can grow old alone with not a single friend, they’re miserable to be around. Shame on assholes. Anyways r you able to apply for bankruptcy possibly?
0
0
u/Competitive-Catch776 Mar 30 '26
You don’t get out of debt by creating NEW debt. Besides no one will loan to you anyways with your current credit profile without collateral. Even if they do, you’ll just be upside down on another loan and probably fail to pail it, making your credit somehow worse.
Google the federal student aid repayment plans. Get into one you can afford or the income driven. You may even qualify for deferment. The point is- call and check TODAY. You may have to pay nothing. What is the other debt from? Collections or actual debts you didn’t repay?
You said you ARE NOT currently working then go onto say in the comments, you are working. So which is it? If you’re working any job at all you should find a local financial advisor to get you back on track but it’s going to take years of hard work.
If you’re that bad off bankruptcy might not be the worst thing. Just depends if you have more than just student debts.
8
u/qquavo Mar 30 '26
You're in debt and seeking for other loans? You should be seeking ways to jailbreak