This consumer would really benefit from having an emergency savings account, but we will come back to that later. He needs $1000 to pay for repairs for his car and does not have the ready cash to pay for the repairs. He also does not have a credit card so that is not an option. The good news is that he also does not owe any credit card debt or any other debt for that matter. This is good news for him since it helps his credit rating to some degree.
He borrowed money to originally purchase the car and paid it off on time with no late payments. This all actually points in the direction of a good credit rating. It would be better if he actually did have a credit card which he used from time to time and paid the balance in full each month. This type of activity demonstrates that he is actually a good credit risk.
He works as a short order cook at a local restaurant and must be at work by 5am in the morning. His neighbors are unhappy with him due to the noise his car makes. He needs a new muffler.
All of this information points to a high likelihood that he will be approved for an easy $1000 loan and will be able to access the funds in the next day at the latest. He has asked that he be able to pay off the loan over several paychecks. Normally for a loan of this size, lenders would like to see the loan repaid using funds from your next pay check. Since he is paid weekly and also has access to tips that average $120 per week, lenders may extend repayment over a two week period. If he fails to meet this requirement for some reason, he could be subject to additional interest, penalty fees and processing expenses. In addition, a report would go to credit agencies which would lower his credit rating. He needs to be sure that he can repay this loan on time.
At the beginning of this loan application review we mentioned that this client would benefit from having an emergency savings account. Obviously he does not have any savings or he would not need to apply for a loan of this size. Financial advisors unanimously suggest that their clients have some savings set aside for emergencies. Car repairs, house repairs, health related expenses are just a few of the normal kinds of emergencies that occur from time to time. Having an emergency savings account provides peace of mind and saves money at the same time. A $1000 loan comes with a cost, interest and processing fees. He can avoid all of this by establishing an emergency savings account.
In the mean time, the lenders can process this loan application and hopefully he will be able to arrange for his car to be repaired in the next few days.
DEFAULT LOAN APPLICATION FOR BORROWER’S INFORMATION
Home/Mortgage Loan Amount : $1000
Home Loan Application and Processing Speed (when do you need the funds):Today or tomorrow. I have an emergency. My car needs repairs and I need it to get to work.
Do you currently have a mortgage? : no, I rent an apartment
Bank Name and Branch : Valley Republic Bank, California Ave
What City/Town, State and County do you live in? : Bakersfield California
Zip : 93309
What is your employment field? : Short order cook at a local restaurant
Employment Position : Short order cook
When are you paid? (monthly/weekly/biweekly): Weekly
Your credit rating to be – excellent, fair, or bad? : Not so great
How did you find us? : Looking online for easy loans of $1000
How are you paid? (direct deposit/paper check): combination of direct deposit and cash
Gross Amount Per Paycheck : $480 plus maybe $120 in cash per week from my share of the tips
Do you agree to have this information published online, without your PRIVATE information of course? : Sure why not, maybe I can help someone else who needs money
Extra information here please (some detail): Ok so I need $1000 today or tomorrow at the latest to pay for repairs to my car. I need to take it in to have the muffler replaced. The engine sounds like a tank at the moment and the neighbors are not impressed. I leave for work at 5 in the morning and they all have let me know that I am not popular. No surprise there.
Anyway, I do not have the ready cash to pay for the repairs and I do not have a credit card. I need to have the cash before I take the car in. They will not release the car to me if I cannot pay for the repairs. This car is very important to me. Every guy needs to have his own car. I get that, but in my case it is the only way for me to get back and forth to work. I have heard of people who walk to work or bicycle to work. This is just not me and my bike would be stolen the first day I used it.
I work at a local restaurant in the city as a short order cook. I get paid in a combination of cash and a direct deposit to my bank account. I will need to repay the loan in several payments. I can pay some of it each week, but will need several weeks to repay the loan in total. If I need to I will take a couple of extra shifts to make some more money and repay the loan faster. But right now, I really need to know if I can be approved for this loan so that I can take the car into the mechanic tomorrow and have it repaired.
Can you help find a lender for me that will make an easy $1000 loan to someone with little or no credit rating. As I mentioned I do not have a credit card and I do not have any other debts. I pay my rent on time and my utilities on time. As far as I know I have never missed a payment. I originally purchased my car with a small loan and repaid it on time with no missed payments.
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