This loan application was submitted in Oxnard California for an unsecured amount ranging between $2000, to $5000 and upwards of $10,000. The applicant is a family man who has some debt piling up quickly, and his mortgage is well overdue.
So much so that the BOA is ready to foreclose on their mortgage, putting them on the street.
For reasons of pride (which is all too common of course) our borrower does not want anyone in his family to know that he is need of an unsecured loan, and he also doesn’t want anyone to know that he has destroyed his credit rating by defaulting on payments to some of his creditors. There is another reason why the applicant here is trying to avoid using a co-signer, and that is because he actually works for a bank as a loan officer, and that carries with it more shame. By his perception….not OURS!
The truth is that there are people with really bad credit who are applying for loans all over California (and the United States), who work for banks. Just because you work for a bank does NOT make you a smarter consumer, or a luckier consumer. We’re just talking about people here, and any of us can be in a situation where we spend more money than we earn.
As you will read in this short loan application, this individual did not really cause his financial situation. It was thrust upon him because of medical expenses they (his family) incurred recently. Yet, another story of insurance companies lining their pockets and stiffing their customer(s). We’re not going to get into that here though – we are just telling our readers why this applicant is in an emergency cash situation.
Like all bad credit applicants, it’s almost impossible to a get approved for an unsecured loan these days, unless of course there are some special circumstances that gives the lender confidence in getting repaid. The criteria that banks are looking for is usually never met, so the only way to get the loan approved is to secure the note with a co-borrower or co-signer. This is ultimately what happened in this applicant’s loan approval.
Below is the actual short form version of the applicant’s loan request. Their personal information was protected as per the norm here at CLF. This is an emergency personal loan to avoid a bank foreclosure. Grammar, spelling, and punctuation were repaired for your consumption – this was from an online form filled out in haste.
Fast Unsecured Loan w/ Bad Credit ($2000-$10000) – The Application Form
What kind of loan are you applying for :: unsecured personal loan with no collateral
What is amount of this unsecured loan request? :: I’m flexible to some degree, but I need $2000 dollars for sure. If I pay you back over a few years that would be ideal, and then I would consider applying for borrowing $3000, $5000, or $10000 dollars. It will all depend on your willingness to approve the loan with absolutely no collateral, no security, and no down payment – of course there would be no down payment anyway because this is a cash loan that I need. Did I mention yet that I need this loan approved quickly? I do.
How fast do you need this loan funded :: as soon as you can
What City/Town, State, and County do you live in? :: Oxnard California, Ventura County
Zip :: 93033
Are you in the military? :: No
What is your employment history? :: I have been in the financial services industry for 7 years. I was a bank teller working in Oxnard, Ca for 5 years, and for the last 2 years I have been working as a loan officer.
Current Employment Position :: Loan Officer
When are you paid (biweekly/monthly)? :: Biweekly
How are you paid (EFT, paper check, cash)? :: EFT
Gross Amount Per Paycheck :: $1317
Have you ever a paycheck go NSF with a no teletrack payday lender in the past? :: No
Don’t include ABA, bank routing, or SS #s here. Will you allow this info published online (privacy guaranteed) :: Yes
Fast Unsecured Loan w/ Bad Credit ($2000-$10000) – Applicant’s Submission
Extra info here :: I really need to expedite this loan as fast as you can because I have a personal financial emergency due to some medical problems my wife has recently had. We are in a full on emergency in that we can’t stay in our house much longer because the bank (we have our mortgage with the Bank of America) is threatening by mail and by phone to foreclose on us. We love our house and we would have no where to go if we lose it. Please consider letting us borrow this short term money in an unsecured agreement.
I’m actually really embarrassed that I work for a bank and I can’t handle my own financial matters in a better way. I have tried downgrading, and saving money every way possible. I have sold anything that we have of value in order to pay down some mounting bills, and I have even sold our car. I bought a motorcycle to get from and to work because it was cheap and now our fuel costs are next to nothing. My wife is looking for a part time job as well so that we might get our finances in proper order again.
Attached note to lender :: This applicant has been very upfront in all of his details, personal information, and provided a full disclosure of all his particulars. Quite detailed actually, which made our job a little bit easier. The problem we are having is that this borrower has a very poor credit rating due to the financial struggles they have been dealing with. We have payment defaults showing for his Visa Card and his American Express card. The credit reports coming from Experian, Transunion, and Equifax show these defaults that went over the 3 month period which has tanked his FICO score (Fair Issac Score) down to barely over a 600 FICO. With all considerations aside, we could not approve this loan unsecured, and there is no collateral for this kind of loan request. We had to help this borrower in finding a co-signer (co-borrower) that would be suitable to qualify. We were successful in doing so – his mother-in-law signed for the loan this afternoon.
This loan was approved as a small personal loan of $10,000 to be paid back over a 3 year term. You can see the payment breakdown below in the table which includes the resulting APR of the agreement over the three year term.
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