The latest applicant has applied for a really bad credit loan and lives in Los Angeles, CA. His application is actually a bit confusing. He has asked to borrow $5000, but has also indicated that the minimum he needs is $1500 to pay his rent. At the very least we will have to clarify how much money he is applying for and then decide based on his credit situation whether any lender would actually fulfill his loan request. He also said that he owed money on his credit card but then did not indicate how much he owed and also what other debts he may or may not have.
His credit rating is actually quite bad which he admitted to on his application. He has had a number of bad situations occur (we are not sure what these were) and as a result he has bad credit and cannot get a loan anywhere. In addition he does not have a bank account with a local bank which is really quite surprising. Most employers especially large ones are only paying their employees using EFT (electronic funds transfer) these days.
Most lenders these days want to deal with clients who have bank accounts particularly when it comes to larger loans. Some payday loan venders will loan small cash loans to their customers who are in good standing with them.
We feel this client is going to have a difficult time obtaining approval for the loan he has requested. He would be better off to apply for a loan sufficient to pay for the rent and he should also open a bank account to facilitate loan payments etc. he might also reapply for a loan for the smaller amount. He might also talk to his payday loan lender where he cashes his check to see if this lender will loan him the funds he needs.
Bad Credit Loan Amount :: $5,000
Bad Credit Loan Application and Processing Speed (when do you need the funds):: as soon as possible, no later than the end of the week
Do you currently have a mortgage? :: no, I rent an apartment, and I need ot pay my rent
Bank Name and Branch :: I do not have a bank account, I go to a payday check cashing company
What City/Town, State and County do you live in? :: Los Angeles, California
What is your employment field? :: I work as a bus driver for the city
Employment Position :: Bus driver
When are you paid? (monthly/weekly/biweekly):: every 2nd week, and I need the money now before I get paid because my rent is due.
Your credit rating to be – excellent, fair, or bad? :: really bad apparently
How are you paid? (direct deposit/paper check):: by paper check
Gross Amount Per Paycheck ::$1500
Do you agree to have this information published online, without your PRIVATE information of course? :: sure what have I got to lose
Extra information here please (some detail):: I am filling in this really bad credit loan application and I live in Los Angeles, California. I am a bus driver for the City of Los Angeles and have worked for them for many years. I belong to the union and my job is protected. They cannot fire me or lay me off without a really serious situation developing. I mention this to show that my job is solid and I have the income that is indicated in my application.
I need to borrow some money so I can pay my rent. I really slipped up over the past few months and got into debt and did some stupid things with my money. As a result I cannot pay my rent this month and I also owe a lot of money on my credit cards as well. It just got out of hand and now I owe all of this money and I also cannot pay my rent.
Note to Lender :: my credit rating is really bad. I failed to pay a couple of payments last year and combined with the multiple credit cards and debt, my credit rating went into a nose dive. I really need to borrow this money and the most important thing right now is to pay my rent before the end of the month. I get paid a couple of days after the rent is due, so I will be able to make all of my future payments.
I do not have a bank account. The banks charge too much money to cash checks and to maintain an account so I asked my employer to give me a paper check instead of EFT. I cash my check at a local pay day loan lenders office. He charges a fee for the service, but it is less than what the banks are charging these days. I have a special deal with him so it does not cost me too much.
Can you help me get through this situation? My rent is due and it comes to $1500. Even if the loan is only for this smaller amount, it will help me get through my latest crises.
|Category: Home Mortgage Loan||APR 6%||APR 8%||APR 10%|
|Length of Term||2||4||5|
|Amount to be paid||$5312.44||$5816.51||$6270.59|
|Total interest paid||$312.44||$816.51||$1270.59|
|Paid per installment||$218.32||$119.52||$103.08|
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