CLF loans
CLF loan menu



Bad Credit Loans in 2016 for 40000-50000 Dollars

This consumer is looking for a lender who will lend him $45,000 to help him deal with an emergency and also consolidate his credit card debt. Many home owners experience emergencies from time to time associated with their homes. In his case, he needs a new roof and also must repair some collateral damage to the roof structure. This will be expensive and he does not have the emergency funds set aside for this type of an expense.

He also has approximately $20,000 in credit card debt spread over several credit cards. He is only paying the minimum monthly payment which means he is paying a high interest rate on the unpaid balance. The interest rate on credit cards varies between 18% to as high as 29%. Needless to say, this is an expense most people can do without.

He also has a bad credit rating which is making it difficult for him to find a lender to lend the money to him at a reasonable rate. If he can consolidate the credit card debt and the emergency repairs with a low interest rate loan, he will have a much more manageable monthly payment. The difficulty is finding a lender who will be willing to take the risk of lending money to someone with bad credit.

Fortunately for this consumer, he and his wife have relatively secure jobs with good income. Their monthly payments for utilities and car loans are only 33% of their income which is very reasonable. One of the reasons his credit rating is so bad is that he missed several payment to his utilities. He can fix this situation by setting up automatic payment instructions on his account. If he consolidates his credit card debt and closes several of the accounts, his credit rating will improve.

Bottom line for anyone reading this post is always pay your bills on time, never miss a payment, limit your credit cards to 2 or 3 at the most and always pay your balance on time and in full each month. If you cannot pay the balance on the statement date maybe you should not purchase the item in the first place.

Our consumer should be able to repair his credit rating relatively easily, although it will take a few years before his rating is adjusted. In the mean time he has the right approach regarding consolidating his credit card debt and also the repairs to his roof. He will have one low monthly payment provided he can arrange for low interest rate loan with a reasonable term. Most important for this consumer is that he must focus on paying the monthly payments each and every month until the loan is fully paid. In addition he must limit his credit card purchases to avoid getting into a similar situation in a few months or years.


Home/Mortgage Loan Amount : $45,000

Home Loan Application and Processing Speed (when do you need the funds): Approval is needed within the next month. I need to replace my roof and consolidate all of my credit card debt.

Do you currently have a mortgage? : yes, it is approximately 50% of the value of the property

Bank Name and Branch : Union Bank, Porter Ranch Town Center

What City/Town, State and County do you live in? : Barstow, California, United States

Zip : 92311

What is your employment field? : Construction and road maintenance

Employment Position : Work as a foreman for Caltrans

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

Your credit rating to be – excellent, fair, or bad? : I have apparently a bad credit rating

How did you find us? : Looking for bad credit loans online

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

Gross Amount Per Paycheck : $2500

Do you agree to have this information published online, without your PRIVATE information of course? : Sure, maybe it will help someone else with a loan

Extra information here please (some detail): I just found out that I need to replace the roof on my house due to deterioration and some water damage. The roof has to be replaced and the underlying roof support structure must be repaired as well. This is going to cost me a lot of money which I do not have at the moment.

I also have $20,000 in existing credit card debt which is too much for me to carry with interest rates on the cards averaging 20%. I want to borrow between $40,000 and $45,000 to consolidate my credit card debt and also pay for the new roof I need along with the repairs. The monthly payment will be about the same amount I am paying now on the credit card debt with the higher interest rates. If I can arrange for a really low interest rate, the monthly payment might even be less!

The problem is that I have a bad credit rating. Part of if the rating is due to the number of credit cards that both my wife and I currently have. They are all in my name so I get hit with the demerit points for the cards. Also we owe a great deal of money on the credit cards so this hurts us as well. Our monthly payments for the mortgage, car loan and credit card debt come to around 33% of my income.

I missed a couple of payments on utilities a few months ago mainly due to stupidity on my part. I simply forgot to pay them and the utilities did not waste time reporting the late payment to the credit bureau. It is unfortunate that this happened. Especially when I need to apply for a loan. It makes finding someone to lend money to us that much more difficult.

I have a pretty good job which is relatively secure. My wife also works as a dental hygienist and has been at the same place for the past 10 years. Our income is pretty solid. We are hoping that we can find a lender to provide us with a $45000 loan even with the bad credit rating we have.