This client is an excellent example of where a fast short term loan can actually save him some money compared to just allowing his credit card debt to run a balance. Every time you do not pay the balance in full on your credit card by the statement due date, the credit card company is going to charge their customers at least 18% or higher on the unpaid balance. Short term loans cost much less than this amount and can save consumers a great deal of money.
He has a great credit rating and by the way he is well positioned financially for retirement with no debts other than this small credit card debt that he has mentioned in his application. His trouble is that he waited until it is only a few days before the due date for payment on his credit card balance. He can pay the minimum balance plus more, but cannot pay the entire amount at this time. This is why he needs a fast short term loan.
He also plans to repay the loan within a few months. He did mention that he could use some savings that he has to repay the credit card balance, however would prefer to use a loan instead. It might be cheaper to use the savings than pay interest on a loan since interest rates on savings are very low at this time. However he knows how easy it is to spend savings and how hard it was to save that money. He would prefer to apply for a fast short term loan and then repay it back quickly instead of jeopardizing his savings at this time.
Short Term Loan Application and Processing Speed (when do you need the funds)::within 5 days
Do you currently have a mortgage? ::No, just need a loan for my credit card debt
Bank Name and Branch ::One Pacific Coast Bank, Webster St
What City/Town, State and County do you live in? ::Oakland California
What is your employment field? :: Transit
Employment Position :: Transit foreman and Bus supervisor
When are you paid? (monthly/weekly/biweekly)::weekly
Your credit rating to be – excellent, fair, or bad? ::pretty good, no debts other than a $3000 crredit card debt
How did you find us? ::online search for fast short term loans in the Oakland area
How are you paid? (direct deposit/paper check):: direct deposit
Gross Amount Per Paycheck ::$1150
Do you agree to have this information published online, without your PRIVATE information of course? :: Sure, no problem
Extra information here please (some detail):: Hi, my application is for a fast short term loan for $3000 to be used to repay my credit card debt of $3000 before the end of the month to avoid the high interest charges on my credit card on any unpaid balance. I have been a bit tardy in filling in this application. I knew that I would have to pay this credit card payment at the end of the month and have left it to the last couple of days. I need to make a payment within the next 3 days otherwise the interest charges will kick in.
Please do not misunderstand my situation. I can easily make the minimum payment on my credit card and quite a bit more actually than the minimum payment, but I cannot repay the entire amount. If I do not pay the entire amount they start charging interest right away on the total amount from the day it was originally charged to my account. I would like to pay the entire amount using this short term loan with a low interest rate and save some money.
I expect to be able to repay the loan within a couple of months.
Note to Lender ::My credit rating is pretty good as far as I am aware. I have no other debts at this time and I own my own car and my own home. The mortgage is fully paid up and I have some savings which I do not want to touch at this time. If I can negotiate a fast short term loan, it will actually be less expensive for me to take this loan and repay it than it would be for me to cash in some of my savings. Besides I can repay the loan within a few months and my savings will still be intact.
I work full time for the transit authority and have been there for many years. I plan to stay working for at least 5 more years before retiring with a full pension. In the mean time I really enjoy my job and would miss work if I were to retire at this time. My plan is to be debt free when I retire and to conserve as much cash as possible.
Please review this short term loan application and if it all possible approve and send me the funds within 36 hours so that I can make a payment on my credit card in time. I should never have waited this long to take some action on this debt.
|Category: Home Mortgage Loan||APR 3.89%||APR 4.99%||APR 5.99%|
|Length of Term||2||5||7|
|Amount to be paid||$3,121.54||$3,380.42||$3,636.35|
|Total interest paid||$121.54||$380.42||$636.35|
|Paid per installment||$128.28||$55.57||$42.70|
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