This borrower is from Modesto, CA and she needs a personal loan of $6000 dollars to pay off the IRS. She recently was sent a letter from the IRS stating that she failed to declare her 401k income. Sounds like an honest mistake to me, but the IRS doesn’t care about the why and how. All Uncle Sam cares about is how much, and when.

In our borrower’s case she needs 6K for the IRS, and another 3K for some odds and sods that need clearing up. She is employed, but for only 6 months so far, yet she has been working in the same industry for over a decade – this is good, and the banks always consider this as positive weight. A secure job is critical if you ever want a loan and don’t have any collateral.

The goods news is she was approved within a weeks time. As with all borrowers, she wanted to be approved in something like 24 hours, but that is rare for this amount money. In the end she granted a personal loan for 1000 dollars with an APR of 9%, to be paid back over 3 years. So we’ll bring out our handy calculator again, and do some math.

• Loan Principal = 10,000
• Interest = 9%
• Payment Schedule = monthly
• Length of term = 3 years (36 months)

Total calculation;

To be paid = $11,387.24
Interest = $1,387.24
Payments: $311.98 monthly

So without further delay, here are the final details on the loan application. Of course all personal information was removed to secure the privacy of the lender. We wish her the very best of luck, and the lesson today is; PAY THE IRS!

$6000 Dollar Loan for Personal IRS Debt

Type of Loan: Personal Loan

Why do you need a loan: I was just sent a letter from the IRS and they tell me that I never put my 401K on my 2008 tax refund.  I was never given the tax information.  I also need work done on my car and I would like to do that.  I hope you can help me.  I responded to the IRS and I said that I will pay what I owe.  I owe them $6000.00.

How Much Do You Want To Borrow: Between $8K – $9K

Type of Loan :: Personal Loan

Why do you need a loan? – Explain in detail :: I was just sent a letter from the IRS that I never put a 401K on my 2008 tax refund.  I was never given the tax information.  I also need work done on my car and I would like to do that.  I hope you can help me.  I responded to the IRS and I said that I will pay what I owe.  I owe them $ 6000.00.

How Much Do You Want To Borrow? :: Between $8K – $9K

Length of Employment :: Over 6 Months

Time at Address :: Over 5 Years

Age :: Over 30

Anything else that would help us get your loan approved :: I have always had very good credit.  I was defrauded two times and you can see that if you pull my credit report up – I have always  been good with everything that I have done in my life.  I hope you can help me.

Sex :: Female

Marital Status :: Single

Ever Claimed Bankruptcy :: Yes – discharged

What Country is Your Primary Address :: United States

City/Town and State :: Modesto, CA

Have you checked your credit report lately? :: Yes

Would you consider your credit rating to be? :: Poor

Collateral? :: No

Down Payment? :: Yes

If down payment, how much? :: Yes, I can give you $ 500.00 for the down payment and I hope to pay the loan off in less than two years.

Do you a have co-signer or co-borrower? :: No

Employment Industry :: I have been in property management for 10 years.  I have a very stable job.