This consumer has a very good question about how to consolidate debt. His total debt is $28 thousand consisting mainly of credit card debt at high interest rates. He does not have any equity to speak of other than the small amount of equity he has in his car. He currently rents and does not own any property for personal use or investments. He is looking for assistance in finding a debt consolidation loan. He has also asked us to keep this application general so that no one can link him back to his employer.
Many consumers find it difficult to consolidate their debt in these situations due to the fact that they are considered higher risk borrowers. They typically are only eligible for non secured personal loans at interest rates that depend on their credit rating. Consumers with excellent credit ratings can often qualify for personal loans with competitive interest rates. If your credit rating is not in the excellent category, these consumers will pay a higher interest rate on a personal loan due to the perceived higher risk associated with their lower credit ratings.
Consumers in this category, particularly with low credit ratings may often not qualify for personal loans at traditional lenders. As a result they often turn to payday loan lenders who charge very high interest rates and fees associated with processing the loan. Consumers would be better off just continuing to pay their monthly payments and avoid payday loans of this type. The cost of borrowing is just too high.
Debt consolidation loans in general are usually a smart approach to take, however as with most things in life, the devil is in the details. We urge consumers to do the math and compare their current costs with those of the debt consolidation solution. Don’t forget to include any fees that may be needed when you make the comparison. Once consumers have compared their debt consolidation solution, the monthly payments and the cost of borrowing a debt consolidation loan, consumers can make the right decision for their particular solution.
As a final note, regardless of what solution is settled on, consumers are encouraged to meet all of the terms of their loans to maintain and / or improve their credit rating and ability to borrow funds in the future.
DEFAULT LOAN APPLICATION FOR BORROWER’S INFORMATION
Home/Mortgage Loan Amount :: $50,000
Home Loan Application and Processing Speed (when do you need the funds)::I would like to decide what I should do in the next couple of weeks
Do you currently have a mortgage? ::no, I currently rent an apartment
Bank Name and Branch :: Merchants National Bank, 7th Street
What City/Town, State and County do you live in? :: Sacramento, California
What is your employment field? :: Government Employee
Employment Position :: Middle Management
When are you paid? (monthly/weekly/biweekly):: biweekly
Your credit rating to be – excellent, fair, or bad? :: Fair to excellent
How did you find us? :: looking online for information about how to consolidate debt
How are you paid? (direct deposit/paper check):: Direct deposit to my checking account
Gross Amount Per Paycheck ::$1923
Do you agree to have this information published online, without your PRIVATE information of course? ::not really, but keep it generic as much as possible
Extra information here please (some detail):: I am really looking for the best approach to consolidate debt on several credit cards, a car loan and a small personal loan that is almost fully paid. Combined I really need approximately $28 thousand to consolidate my debt. My friends have told me that my monthly payments would be much less and that I would also pay a lot less interest as well if I were to consolidate everything into one low interest loan.
I rent an apartment and other than my car, I really do not have any equity. I would like the best interest rate I can find and if I had some equity I would have been able to qualify for a secured loan and better interest rates. So an unsecured loan with low interest rates is probably the best I can do, unless you can come up with a better solution.
Note to Lender :: I work for the state government in Sacramento California. I have a well paid job and actually not that much debt, compared to many of my friends. I would like to reduce my costs as much as possible to improve my overall cash flow. This application should be considered a generic application and none of my personal information should be released on this web site. I have a really good job and do not want anyone to be able to figure out who it is applying for this debt consolidation loan.
I have been with the government for quite a few years, have a middle management position and great benefits. My credit rating should be fair to excellent given that I have never missed a payment on anything and although it is credit card debt it is really not that much money.
Please make suggestions regarding what the best approach would be to consolidate my debt into a low interest loan of some kind.
|Category: Home Mortgage Loan||APR 4%||APR 5%||APR 6%|
|Length of Term||5||5||20|
|Amount to be paid||$55,082.38||$56,352.97||$80,123.40|
|Total interest paid||$5,082.38||$6,352.97||$30,123.40|
|Paid per installment||$905.46||$926.35||$329.27|
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