Why do you need a loan?: I have included all my bills and expenses so will see that I’m being honest about what I owe to these bill collectors. I need 120,000 dollars in a loan to pay off all the companies and lenders as listed. Please consider my loan application seriously because I can afford to make all my payments in full. I would like to pay back the loan with one low interest payment at the end of every month. My husband and I are both responsible people and we will be good borrowers, even though we don’t have any collateral to secure this loan.
If for Business, tell us a little about your business: No – this is a consolidation loan to pay off all of our bills.
How Much Do You Want To Borrow?: Between $100K – $150K
Length of Employment: Over 2 Years
Time at Address: Between 18 – 24 Months
Age: Over 25
Anything else that would help us get your loan approved: We really need to get our bills paid off and get our finances under control. Please consider approving our loan as we are desperate to pay off all of the bill collectors. We’re really tired of answering the phone and talking to bill collectors. It’s really stressful these days because of the bill collectors being so mean on the phone and sending all of their final notice letters.
Marital Status: Married
Ever Claimed Bankrupcty?: No – never
What Country is Your Primary Address: United States
What City and State is your primary address in?:Las Vegas, Nevada
Checked your credit report lately?: Yes
Would you consider your credit rating to be?: Poor
Down Payment?: No
Do you a have co-signer or co-borrower?: Yes
Employment Industry:I work at the Flamingo in Las Vegas as a blackjack dealer and my husband has his own company and installs customer kitchen counter tops. We have always been gainfully employed and will be able to make our monthly payments no problem.
No Collateral Bill Consolidation Loan – The Data
We did something a little bit different here today with this bill consolidation loan. We started the post with the actual application form as presented by the applicants. The application for bill consolidation was made by the lady of the household, but really it’s a joint application. They need over $120K to pay down all of their outstanding debt(s).
You can see be the raw data here that these consumers are REALLY consuming, and are spending far more money each month as compared to what they are earning. In the table below you can see how out of hand it has gotten for these folks. We have created a table from their attached bill data. Their submission was quite messy and unorganized – this is much better now.
We are going to show four parameters of their outstanding bills;
- The type of bills they have on a monthly basis (column 1)
- The monthly bills they have owing before the consolidation loan (column 2)
- The total owing in arrears to the bill collectors presently (column 3)
- Their monthly bills after the consolidation (column 4)
|Type of Bill/Debt||Monthly Before Bill Consolidation||Total Owing/Arrears||Monthly After Bill Consolidation|
|Car Loan Payment||$450||$18,000||$0|
|Student Loan Bill||$560||$80,000||$0|
|Cable T.V. Bill||$120||$253||$120|
|Cell Phone Bill||$500||$1300||$500|
|Personal Loan Payment||$250||$880||$0|
|American Express Bill||$54||$1400||$0|
|Totals||Before Bill Consolidation = $3703||$120,353||$2199|
Looking at the bills our applicant(s) have outstanding and in arrears begs the question,
“How did they let their personal finances get so bad in the first place?”
I don’t honestly know, but I understand the situation they are in, whether by their own design or by no fault of their own. The main thing here is to find them a low interest consolidation loan ASAP so they can pay off all the debt collectors and reduce the stress in their lives.
Most debtors in this situation can’t even sleep well anymore, and our goal at CLF is to help them find debt relief with a lender that is fair and reasonable with their APR and lending terms.
In total these debtors are owing bill collectors just over $120,000 dollars, and they are paying out just under $3700 dollars a month in bill payments. This includes credit card bills, student loans, and your run-of-the-mill monthly bills as well. Take special note of the fact that they are not building any home equity at all – they are giving up over $1200 a month to their apartment landlord instead of that being a payment on their own property (mortgage). Not good.
No question that getting approved for a consolidation loan for $120,000 will clear up their arrears, but it will also clear up all of their biggest debts – student loans as the prime example. Also notice that even after they have paid off their biggest debts, they still have $2200 a month in bills and rent. They must stay gainfully employed – and below you will see why.
The Loan – The Bills – The Consolidation
Now we handle the actual bill consolidation – in this case for $120,000. We’re using a local lender in Las Vegas who is a private money lender. His terms are as below;
- Principal of Bill Consolidation Loan = $120,000
- Interest on Consolidation (APR) = 12%
- Length of Entire Consolidation Term = 20 years/240 months – payments
- Payment Schedule = monthly
You may be asking why these debtors are willing to pay a private lender a 12% interest rate on the note – they have no choice, because they have no collateral at all, and they have no security on the loan. Their credit rating is poor as well. I think I remember their FICO scores both being below 600. They’re lucky this lender is even willing to go lower than 15%. We’re almost at a hard money loan category at this stage of the game.
When we put this bill consolidation loan together we come up with these results;
- Total be paid back to private lender: $264,592.32
- Total amount of interest: $144,592.32
- Payments: $1,087.37 (monthly)
So now….assuming that these borrowers were to be approved for their bill consolidation, we have to consider how much they need to earn each month to cover all their bills and expenses, and NOW this monthly payment to the private lender. Let’s DO THE MATH!
- Bill Consolidation Payment = $1,087
- Ongoing Monthly Bills and Payments = $2199
- = $3286
The now need to earn at least $3286 to be up to date on all of their monthly financial responsibilites. Take another special note that our billing data never includes other living expenses, such as entertainment, extras, surprise repairs and breakdowns, traveling, holiday money, money for gifts to friends and family, child expenses, etc.
These debtors would be wise to now go and get a mortgage on property so they are not flushing anymore money down the toilet each month on rent to a landlord, and they would be smart to cut down on their monthly bills. A perfect example would be their cell phone bill – is that really necessary? I don’t read anywhere in their application form that says that either one of the applicants are Real Estate agents!!!
So that sums it up. That is our bill consolidation loan for this couple living, working, and SPENDING in Las Vegas, Nevada.
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