CLF loans
CLF loan menu

My Credit Is Terrible and I Need a Loan – Help!

Divorce or separation is always painful for the parties involved. Some couples seem to be able to handle separation in a mature manner, dividing up assets evenly and getting on with their lives. While others play dirty and end up costing themselves and their spouses a lot of extra legal fees and expenses.

This consumer found out after his wife had moved out. She paid all of the bills and decided that she would take the money instead of paying the utilities and credit card expenses. As a result our applicant was left with a big surprise. Not only did he lose his wife, he found that he owed a lot of money and his credit rating has tanked. Regardless of how you feel about your spouse, both parties are hurt financially when one of them takes this sort of approach.

She will be facing the same issues in terms of credit rating decline since the utilities and credit cards are usually joint. When they are not paid on time both parties take a hit on their credit rating.

He hopes to recover some of the money she owes him, however expects that most of what he recovers will go to pay legal fees. He used his savings to catch up on the overdue bills, but is coming up short and needs a $3000 loan to get everything paid off. He can then focus on repaying the loan and get his life under control again.

He has a stable job and is working additional hours to make extra money to use in reducing his debt. The $3000 loan will be used to catch up on all of his debts and make everything current. He will then have one low interest loan to pay each month.

This consumer is in a unique situation that was created by his spouse. He appears to have a good credit rating prior to the events of the last few months. While he is still deemed to be a high risk from a lenders perspective he should be able to obtain a loan. Since he is higher risk than normal and he does have a bad credit rating, he will pay a higher interest rate on his loan balance. It will be less than the interest rate he pays on his credit card debt which is a bonus.

It is anticipated that his loan will be approved. He may be required to send in copies of his pay stub or something that confirms his income and employment.

(Continued)


$8000 Dollar Installment Loan For Bad Credit – Boise ID

This writer lives in Boise ID and is looking for an $8000 dollar installment loan for a bad credit situation. He was quite up front about his bad credit and how he ended up with bad credit. There is nothing wrong with this approach since the lenders would find this out anyway without the benefit of the history of how they ended up in this situation.

They both fell sick, were off work for awhile and had to set priorities with regards to what bills they paid. Their credit rating sank and now they are having difficulty being approved for an installment loan. The debt is credit card debt and the interest rate they are being charged on the over due balance is 21%. It takes a long time to repay a loan with interest rates at this level.

He is hoping to be able to be approved for an installment loan with lower interest rate. He knows that he will still need to pay a higher rate than more credit worthy customers. Even if the rate is 15%, it is still 6% below what he is currently paying. The money he saves will be used to repay the loan more quickly. They are anxious to repay the loan and also show that they are actually good credit risks.

It will take a few years to demonstrate that they are a good credit risk. They need to show that they can pay their loan payments on time without any late or missed payments. It is easy to lose your credit rating and much more difficult to regain a decent rating. Lenders are always very cautious when it comes to lending money to bad credit customers.

This potential installment loan customer also needs to supply some additional information to support his application. Never the less, he should be approved for an $8000 dollar installment loan at an interest rate that will be better than the rate he is currently paying. If he does what he plans to do and uses the savings to repay the loan more quickly,  he should have an easier time with his next loan application.

Consumers experience various emergencies all of the time. This client demonstrates why it is so important to always have an emergency fund available to pay for emergency repairs, out of work situations and other surprises that life throws at us from time to time. In addition to repaying the loan more quickly, he should also consider building up an emergency fund that is equivalent to at least 6 months of income. If he can do this, he will be able to sustain his family and pay all of the bills for 6 months while he looks for a job or deals with some other major problem.

Once he provides some additional financial information, his application will be reviewed by lenders for potential approval.

(Continued)


Credit Union Loan for $5000 in Fresno California

The current writer is looking for a credit union loan for $5000 and lives in Fresno California. He and his wife both work and they believe they have fair to good credit rating. They have no other loans or debt at this time. They rent a town home and are just making enough to live a comfortable life. Unfortunately they have not been able to save any money towards emergency expenses.

Their second car has broken down and they need over $5000 in repairs to the car. Fortunately he works at a car dealership which gives him access to discounted car parts and the repair bays to do some of his own work. Even with these savings the cost of the parts for his car is gong to come to over $5000. Right now they are sharing the other car to commute to work.

They have a good to fair credit rating since they do not have any loans at the moment and they have never missed any payments on utilities, credit cards or past loans.  This situation gives them a good credit rating, however at the income level they are at, cash flow is a bit of a problem. They make sufficient income to pay all of their monthly bills, with little left over at the end of the month. There are no savings for emergencies like this one.

Based on this information, they may have difficulty qualifying for a loan. Their rent and utilities is a large portion of their monthly income. However both intend to ask for additional hours at work and hope to be able to repay the loan, if it is approved, more quickly. As soon as the car is repaired they plan to work more hours.

With only one car, the commuting time is just too much to also try to work extra hours as well and coordinate pick ups and drop offs at each others place of work.  They also have credit cards which have a zero balance at the moment. They do not want to use their credit cards due to the high interest rates on unpaid balances. Even with overtime it will take them several months to repay the loan in full.

This consumer will be asked to provide additional information to help with the decision to approve the loan. Once the loan is approved, the money can usually be in his account within twenty four hours. He will need to pay for the parts before he can begin to work on the repairs to his car. It may take him a few days to get his car back on the road and then begin working added hours.

(Continued)


Need A Loan For $6000 Dollars Today

The situation this consumer has found himself in actually happens a lot more often than many people would think. One of the spouses will incur a lot of debt just before they break up with their spouse or significant other. In many cases, the debt is actually registered in both names and both people are liable for the debt regardless of who incurred it. Both parties risk their credit rating taking a hit unless the debt is dealt with in a timely agreeable manner. There can still be a great deal of difficulty in resolving these situations. Ultimately one spouse must take the lead and deal with the debt.

This consumer has a different problem. The credit cards are in his name only. Even though his girl friend has initiated all of the charges on his cards, he is responsible for the debt she incurred. He has no option. He must repay this debt or risk additional cost from high interest charges on his credit cards. Although he did not mention what the interest rate will be on his debt associated with his credit cards, most cards charge 18% or higher.  Interest can add up quickly unless the full debt is paid off.

In addition if he misses a payment, his credit rating will be impacted. At the very least he must meet the minimum monthly payment to avoid an immediate negative impact on his credit rating.

Many lenders specialize in lending money quickly. They can deal with situations like this. They are able to approve a loan quickly and advance the funds to their customers bank accounts within twenty four hours. In this case, the client may need to provide some additional information. Based on an initial assessment he may qualify for the loan, however once a full application is completed his loan will be reassessed.

This loan will also be in his name only. If he is able to retrieve some of the goods from his girlfriend and return them he may be able to repay his loan more quickly. For the moment it will be assumed that he is liable for the full amount and will need to repay it over whatever term is agreed to. Not all vendors may be willing to accept returns. If the items being returned are used or damaged in anyway, vendors may not accept them.

Most readers will acknowledge that this consumer should have protected himself more. Avoid disclosing credit card numbers to anyone that might abuse them. If a new relationship is being considered, debt should be taken on very carefully and with full protection. Both parties should sign for it and be jointly liable. If your relationship is on the rocks, pay attention to unusual charges and activity on your accounts. Finally most people find that it is better to avoid debt altogether, however in many cases this is easier said than done. We wish this consumer good fortune in the future.

(Continued)


Non-Profit Debt Consolidation For Bad Credit

This consumer has experienced what most people do sometime over their lifetime. Financial emergencies driven by major repairs, health issues or loss of income usually translate into debt situations. If they are unprepared for this sort of thing, they usually end up in some sort of debt situation. They often turn to debt consolidation companies or as in this case a non-profit debt consolidation for bad credt specialist company.

He incurred large repairs bills for his car and also medical bills for a health situation he recently experienced. These were unplanned and of course there was no choice. He needed help immediately and worried about the cost later. He also does not have or did not have an emergency fund available to help him through this financial crisis. Instead like many consumers, he had to rely on credit cards to pay for these expenses.

Now the credit card statements are in and high levels of interest charges will accrue if he cannot repay the debt by the statement due date. He needs a debt consolidation loan which will have regular monthly payments based on lower interest rates and longer term amortization. With lower payments he will be able to have some spare cash to pay his debt down more quickly and get out of this situation.

Non-profit debt consolidation companies will help consumers figure out the best solution based on their circumstances. Credit counseling and credit solutions can be discussed with a non-profit debt consolidation company at no charge in most cases. Consumers can receive excellent advice regarding the best approach for them to resolve their debt situation and improve their bad credit rating. There is usually no charge for this service.

Many do charge a fee for enrollment in a debt management program and a monthly fee for managing debt payments. They do need to recover some of their costs for ongoing assistance and support. The counseling and the solutions they will discuss with you is free, however to make them work the customer really must embrace the recommendations. They must follow through and implement the suggestions that are being made.

Every persons debt consolidation program will be different. But they all will require monthly payments to pay off their debt. They will require setting up an emergency fund to deal with future financial emergencies. These emergencies happen on a regular basis to all of us and you know they will happen to you as well.

It takes discipline as well to stick with the program. If consumers in the program generate more debt or spend money over and above the debt management program that they have discussed with the debt counselor,  it usually means trouble. They will end up further in debt and unable to manage their monthly payments. We suggest that consumers with bad credit looking for debt counseling pay attention to the recommendations and try to stick with them as best they can to be successful over the long term.

(Continued)


I Need An Easy Loan For $1000

This consumer would really benefit from having an emergency savings account, but we will come back to that later. He needs $1000 to pay for repairs for his car and does not have the ready cash to pay for the repairs. He also does not have a credit card so that is not an option. The good news is that he also does not owe any credit card debt or any other debt for that matter. This is good news for him since it helps his credit rating to some degree.

He borrowed money to originally purchase the car and paid it off on time with no late payments. This all actually points in the direction of a good credit rating. It would be better if he actually did have a credit card which he used from time to time and paid the balance in full each month. This type of activity demonstrates that he is actually a good credit risk.

He works as a short order cook at a local restaurant and must be at work by 5am in the morning. His neighbors are unhappy with him due to the noise his car makes. He needs a new muffler.

All of this information points to a high likelihood that he will be approved for an easy $1000 loan and will be able to access the funds in the next day at the latest. He has asked that he be able to pay off the loan over several paychecks. Normally for a loan of this size, lenders would like to see the loan repaid using funds from your next pay check. Since he is paid weekly and also has access to tips that average $120 per week, lenders may extend repayment over a two week period. If he fails to meet this requirement for some reason, he could be subject to additional interest, penalty fees and processing expenses. In addition, a report would go to credit agencies which would lower his credit rating. He needs to be sure that he can repay this loan on time.

At the beginning of this loan application review we mentioned that this client would benefit from having an emergency savings account. Obviously he does not have any savings or he would not need to apply for a loan of this size. Financial advisors unanimously suggest that their clients have some savings set aside for emergencies. Car repairs, house repairs, health related expenses are just a few of the normal kinds of emergencies that occur from time to time. Having an emergency savings account provides peace of mind and saves money at the same time. A $1000 loan comes with a cost, interest and processing fees. He can avoid all of this by establishing an emergency savings account.

In the mean time, the lenders can process this loan application and hopefully he will be able to arrange for his car to be repaired in the next few days.

(Continued)


Easy Loans For Over $500

Our latest writer is a short order cook for a restaurant in Oakland California. He has had this job for the past two years at this busy local establishment. While the pay is not great, it is consistent and he is paid on a weekly basis. He does not have any credit cards and no savings to draw on for emergency requirements. He does have an older model vehicle which is fully paid for. He pays his rent on his apartment on a regular basis and does not have any late payment charges against him.

This consumer has made several fundamental mistakes. First he parks in areas where he is regularly receiving parking tickets. Parking tickets are expensive and add up over time especially when you do not pay them, which is his second mistake. Apparently he has $1125 in overdue parking tickets. His license is up for renewal and the city will not issue a new license to him until he pays his overdue tickets plus interest. He cannot afford to be caught driving without a license. He needs his car to get back and forth to work.

The good news is that he does not have any other debt. He does not have any credit cards and he does not owe anything on his older model vehicle. While this is enviable, it also means he really does not have a credit rating. Credit ratings are established by borrowing money and repaying the funds as per the terms of the agreement. This can be loans, credit card debt or mortgages. Since he has non of these things, he does not have a credit rating. He does pay his rent and utilities on time which is in his favor.

He needs an easy loan of $1125 by the end of the week so that he can pay his parking tickets and also renew his license. Since there are no savings, he needs a loan. The loan likely will be approved, however under the circumstances, the cost of the loan will be high compared to someone who had a good to excellent credit rating. While the cost will be high, he really has no choice.

He may have to work extra hours or find a second job to help pay this loan off quickly. If he can repay the loan quickly, his interest costs will be lower and he will have started to acquire a good credit rating which may come in useful in the future. We suggest that he also apply for one credit card and use it sparingly. Keep the spending limit low so that he is not tempted to spend money he does not have. This step will also assist in establishing a better credit rating. Most importantly, he must pay all of his monthly payments on time each month and never miss a payment. His credit rating would tank if he were to allow this sort of thing to occur.

(Continued)