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.
DEFAULT LOAN APPLICATION FOR BORROWER’S INFORMATION
Home/Mortgage Loan Amount : $1000
Home Loan Application and Processing Speed (when do you need the funds): I need a loan within the next 24 hours to pay parking tickets and renew my license
Do you currently have a mortgage? : no, I rent an apartment
Bank Name and Branch : Union Bank, Franklin Street
What City/Town, State and County do you live in? : Oakland, California
Zip : 94612
What is your employment field? : restaurant business
Employment Position : Short order cook
When are you paid? (monthly/weekly/biweekly): weekly
Your credit rating to be – excellent, fair, or bad? : I am not sure
How did you find us? : Looking for easy loans that are approved fast online
How are you paid? (direct deposit/paper check): direct deposit
Gross Amount Per Paycheck : $600 per week
Do you agree to have this information published online, without your PRIVATE information of course? : Sure I do not really care, I just need a quick $1000 loan so I can renew my license
Extra information here please (some detail): ok, I need an easy loan for over $500, actually the amount I need is $1125 to pay over due parking tickets. I park my car on the street and every once and a while, the parking enforcement officers come around and ticket my car. I am not sure if some one is calling them or they just show up as part of their regular routine. My car is parked on the street for extended periods and I think that is what they get upset about.
One of my neighbors might be calling the city, because the car is really not in good shape, looks bad and some people might even think that it is abandoned. I get the ticket, tear it up and move the car to a different location and the process starts all over again. I really wish the apartment building I live in had more parking.
My big mistake is that I tear up the tickets and now I need to renew my license. The city has started a new process that deals with situations like mine. Basically if you do not pay your speeding tickets or parking tickets, they will not renew your licenses until you do pay them. My license needs to be renewed by the end of the week and I need to pay the $1125 in outstanding parking tickets by Friday or my license will not be renewed. I will not even be able to drive my dilapidated car legally. I really do not need more problems right now.
I am a short order cook at a local restaurant. This is a good job for me and I have been there for 2 years now. The pay is ok and they are pretty busy so I am not worried about being laid off or anything like that. I do not have any credit cards and I pay my rent on time. As far as I know, my credit rating should be fine, however I have no idea what it is.
Can you help with this situation? An easy loan over $500 is exactly what I need to solve my immediate problems. There is no savings that I can draw on at the moment.
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