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10000 Dollar Debt Consolidation Loans in California

The latest applicant is applying for a $10000 dollar debt consolidation loan is California to help him repay several credit cards. He is applying well in advance of needing the money since his statements have not arrived yet; however he knows what the balance will be and when the money will need to be paid to avoid triggering the high interest charges that are applied by his credit card company and most others.

He has a good job and makes reasonable money from tips and salary. He has no other debts, preferring to rent an apartment and his car is also paid for.  He also has stated that he would prefer to repay the loan as quickly as possible and more discussion will be needed with him regarding what term he would prefer for his loan.

We have calculated the payments based on one year, five years and seven years to give him an idea of what the payments will be with these different terms. While you repay the loan very quickly with a one year term and also minimize the interest charged, the monthly payments are very high at approximately $840 a month. Extending the term to five years drops the payments to $187 a month, which is a significant change to his cash flow. The cost to borrow the money of course goes up since the loan is for a longer duration. The total cost of the loan with a five year term increases to $1423 from $224 with the one year term.

This client has an excellent credit rating and will be able to negotiate a very competitive interest rate as well as decide what term he would like. He may decide to take the longer term to keep from putting too much pressure on his cash flow and then making extra payments from time which will speed up the repayment and decrease his total interest cost.


Debt Consolidation Loan Amount :: $10,000

Debt Consolidation Loan Application and Processing Speed (when do you need the funds):: ideally I would like the loan approved in time for me to pay off my credit card debt before the high interest rates kick in.

Do you currently have a mortgage? :: no, I rent an apartment

Bank Name and Branch :: El Paseo Bank

What City/Town, State and County do you live in? :: Rancho Mirage, California

Zip :: 92270

What is your employment field? :: high end restaurant service

Employment Position :: weekday food manager at the restaurant where I work

When are you paid? (monthly/weekly/biweekly):: Biweekly for base salary, daily tips

Your credit rating to be – excellent, fair, or bad? :: fair to excellent

How did you find us? :: looking online for debt consolidation loans in California

How are you paid? (direct deposit/paper check):: cash and direct deposit

Gross Amount Per Paycheck ::$1,500 plus tips of $100 a night average

Do you agree to have this information published online, without your PRIVATE information of course? :: yes, but please do not mention the restaurant where I am working

Extra information here please (some detail):: I need  a $10,000 dollar debt consolidation loan and live in Rancho Mirage, California. In case you are not aware of where Rancho Mirage is, it is in the Coachella Valley about two hours east of Los Angeles. I work in a local high end restaurant managing the week day shift. I am responsible for all aspects of the operation during the week from reservations through to service as well as making sure that we have enough staff and food on site to meet our customer requirements.

I am paid a salary for this job, but also participate in the tips and take home roughly $100 a night on average in addition to the salary that I am paid. We do very well and I expect that the restaurant will continue for some time. This is a tough business; however we have been in business for over 20 years and expect to be here for another twenty years.

Note to Lender :: the reason I need this debt consolidation loan is that I had a number of surprise expenses which I used my credit cards to pay for. The statements will be arriving any day now and I will only have about three weeks before the balance is due. If I do not repay the balance, the high interest rates will kick in and cost me a lot more money. I would rather borrow the money, pay off the credit cards and then pay a monthly payment to repay the loan at a lower interest rate.

My credit rating is pretty good as far as I know. I do not own a house, preferring to rent instead. I also have no other debts. My car is fully paid for and I feel that I am a very good credit risk for this loan. I would like to pay it off as quickly as possible and I am hoping that you can find me the best interest rates available on the market for this debt consolidation loan.

Do you think that you can help with this request?

Category: Home Mortgage Loan APR 4.15% APR 5.6% APR 6.37%
Loan Principal $10,000 $10,000 $10,000
Payment Schedule Monthly Monthly Monthly
Length of Term 1 5 7
Amount to be paid $10224.75 $11423.07 $12255.72
Total interest paid $224.75 $1423.07 $2255.72
Paid per installment $840.39 $187.78 $143.90