Lots of consumers need emergency loans for $5000, $6000, $7000, $8000 or other amounts from time to time for a wide variety of reasons. In this case we have a potential client who is dealing with a medical emergency and has received a hospital bill for $8000. They are still in the midst of negotiating the final bill, but he wants to be prepared to able pay this bill once they have come to an agreement.
They also realized that they should have been setting aside an emergency fund for expenses just like this one. Instead their strategy was to place all extra cash on their mortgage which is saving them a great deal of money in terms of reduced interest charges and will allow them to pay off the mortgage much more quickly. However it left them short when something unplanned came along and needs to be dealt with financially.
They are also checking with their health benefits from work to confirm just how much will be covered by their health plan if any. This customer is a very responsible consumer and we are confident that he will be able to borrow the money he needs once he is able to actually confirm what he needs. It may be a few days yet before he knows the amount. In the mean time, initial processing of the loan application can be started. There will be more discussion with this client prior to the loan being finalized.
DEFAULT LOAN APPLICATION FOR BORROWER’S INFORMATION
Emergency Loan Amount :: $8,000
Emergency Loan Application and Processing Speed (when do you need the funds):: this week would be good. at the very latest the beginning of next week. I can hold off paying my medical bills until the middle of the week.
Do you currently have a mortgage? :: yes
Bank Name and Branch :: Provident Bank
What City/Town, State and County do you live in? :: Riverside County, California
Zip :: 92508
Employment Position :: Manager
When are you paid? (monthly/weekly/biweekly):: biweekly
Your credit rating to be – excellent, fair, or bad? :: fair
How did you find us? :: searching for emergency loans for people with good credit
How are you paid? (direct deposit/paper check):: direct deposit to my checking account
Gross Amount Per Paycheck ::$1,440
Do you agree to have this information published online, without your PRIVATE information of course? :: sure no problem, just keep my SIN number private
Extra information here please (some detail):: my wife recently had an accident at home and needed to be rushed to the hospital and have a cast put on her leg. With the combination of the ambulance fees, the xrays and the doctor bills along with what the hospital is charging we owe almost $8000 in medical bills which they are demanding that we pay. Many of our friends and neighbors have told us to negotiate with them to obtain a lower price and we are trying to do that, but in the mean time we are also trying to find the money we will need to pay the medical bills which will be a maximum of $8000.
We will not know what the final number will be until the beginning of next week, and if it is lower than we would like to borrow less than we are indicating at this time. The costs sure add up in a hurry, and it is coming as a total shock to us. Both her falling off a step ladder, breaking her leg and then an $8000 medical bill! We have not planned for any emergencies like this at all.
Note to Lender :: we do not have any savings that we can apply to this medical bill. We both know that we should be setting aside some money for emergencies and this sure is a good example of one. We decided to put all of our spare cash towards paying down our mortgage which helps to reduce the interest that we pay, but obviously leaves us short when something like this comes along. I also have to check with the place where I work to find out what medical coverage we have if any. I only started at this franchise a couple of weeks ago and have not had a chance to check if we have medical coverage.
I was just so happy to have a job. I was laid off my old job on a Friday and walked into this one on the Monday morning, so I was pretty happy about that. I am the manager at this franchise and have known the owner for a few years. When he heard I was out of work, he wanted me to start the very next day. He was so happy because he has been struggling himself to find good people to work for him.
Can you let us know what our options are? Can we get approved for this loan? Do we have to stick with the original amount or can we change the value of the loan once we know how much we are going to owe?
|Category: Emergency Loan||APR 5%||APR 7%||APR 8%|
|Length of Term||3||4||5|
|Amount to be paid||$8,616.55||$9,143.12||$9,626.36|
|Total interest paid||$616.55||$1,143.12||$1,626.36|
|Paid per installment||$236.07||$187.87||$158.24|
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