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Low APR Loans For Bad Credit Applicants (We Can Dream)

This applicant is really dreaming when he is asking for a low APR loan for someone with bad credit. The reality is that once your credit rating tanks, not only is it difficult to find a low APR loan, it is difficult to find a lender that will lend money to you at all. Fortunately there are lenders that will consider applicants like the one we are discussing, but they do charge a very high interest rate.

In the table at the bottom of this post we have shown the interest rate impacts for someone who can borrow money at competitive low APR’s vs. those that are paying credit card rates. Bad credit loans can have even higher APR’s which we did not show in this particular table. It does sound like this applicant is getting back on the road to recovering his credit rating. If he can keep this job and meet all of his monthly expenses along with any debt that he has, he will be able to rebuild his credit rating. Once he does he can qualify for low APR loans. This may take several years.

In the mean time he will have to stick with high APR loans for people with bad credit and continue dreaming about better rates for loans. He needs to focus on making sure that all debts and monthly payments are always paid on time and he also needs to rebuild an emergency fund to help him deal with emergency cash flow situations which is what he is dealing with now.


Loan Amount :: $1,000

Loan Application and Processing Speed (when do you need the funds):: in the next 48 hours, I have to pay my utilities so that they do not shut them off

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

Bank Name and Branch :: Bank of Nevada. Sahara ave

What City/Town, State and County do you live in? :: Las Vegas , Nevada

Zip ::89102

What is your employment field? :: Casino Security

Employment Position :: Casino Security officer on the casino floor

When are you paid? (monthly/weekly/biweekly):: biweekly

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

How did you find us? :: searching for low APR loans for people who have a bad credit rating

How are you paid? (direct deposit/paper check):: Direct Deposit

Gross Amount Per Paycheck ::$1200

Do you agree to have this information published online, without your PRIVATE information of course? ::no, it is ok, I do not have any assets that anyone could take anyway

Extra information here please (some detail):: Hi, I am a security officer for a local casino and have been working at this location for only a short time. Over the past couple of years many people including myself have had a really difficult time keeping a job or even finding work in Las Vegas. The tourist business was way down and the casinos were laying off all kinds of people. I found and lost jobs several times and just could not keep up with the monthly payments on my apartment and utilities etc. as a result I think my credit rating is really bad.

I need a short term loan to pay this month’s rent and utility costs so that I can make it through to the next month when I get paid. I just landed a new job and have been there for only two weeks, so I have not even been paid yet. I do not have enough cash for the rent or the utilities and really need help. This job should be more secure since business is really picking up in Las Vegas. The tourists are coming back!

Note to Lender : I know that I should have savings to help with these sorts of things, but over the past couple of years we have used up all of our savings and just do not have anything more. I am looking for a low APR loan for someone with bad credit which I know is a bit of stretch. People with bad credit are considered high risk so lenders will charge more for their loans; however we can dream that someone will recognize that I am no longer a high risk borrower now that I have this job.

Basically I walk the casino floor and if there is a situation that develops with a casino guest, we have to deal with it. Sometimes people drink too much; sometimes they lose their money and have to be ejected from the casino. The interesting ones are those customers that try to cheat the system and are asked to leave. They do not always leave by their own free will. I am digressing and should get back to why this loan should be approved at a low APR.

I feel that even though my past track record is not so good, with my job now and that I am working on full time basis, lenders should consider me as a good credit borrower and approve a loan with a low APR! Please let me know soon, as my rent and utilities are due at the end of the month.


Category: Bad Credit Loan APR 4.49% APR 12% APR 20%
Loan Principal $1,000 $1,000 $1,000
Payment Schedule Monthly Monthly Monthly
Length of Term 1 1 1
Amount to be paid $1024.32 $1064.99 $1108.31
Total interest paid $24.32 $64.99 $108.31
Paid per installment $84.19 $87.53 $91.09