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Bad Credit Personal Loan in Alhambra California – $5000-$10000 Dollars

Our CLF applicant today works and resides in Alhambra, CA and she is trying to find a bank or lending institution willing to set her up with a consolidation style loan for many different kinds of debt. Her creditors are the typical creditors – Visa, American Express, her local Wells Fargo bank with $3700 dollars still owing on a personal loan she has with that branch. She has a reasonable DTI and FICO score so it shouldn’t be a big bad issue getting approved for this loan. However, you just don’t which way the wind is blowing with some lenders out their since the start of recession, which we are certainly still in.

She applied for the loan on the web form describing herself as “having bad credit”, but when her credit score was checked out, it wasn’t all that disastrous at all – 670. This is such a GREAT example of what not to do before applying for personal financing of any kind. Always check your credit score out BEFORE applying. You need to know your actual borrowing power before even thinking about searching for a loan.

She works for a filling station in Alhambra as the manager, so she has had secure employment for over 7 years as of this month. Her pay stubs check out, and that hurdle of the approval process has been overcome.

In total, this applicant wants to get a 5000 dollar loan, and upwards to a 10000 dollar loan. Below is her application and our breakdown of the math involved in her online request.

Bad Credit Personal Loan in Alhambra California – $5000-$10000 – Her Application

Personal Loan Amount :: $5000-$10000 dollars.

Personal Loan Application and Processing Speed :: It’s not a major ugly panic is regards to approval speed, but I would like to have the money in my Wells Fargo checking account within 72 hours. I would like to get on with paying my creditors, bill collectors, and utility companies as soon as possible.

What do you need this loan for? :: I have two major credit cards that I would like to pay off quickly as they are overdue now. I have a Mastercard bill that is over $4000 now, and I have a Visa that is $900. I also have a personal loan with my bank for $3700, and the remainder of the ten grand would be used to pay off the house bills – heat, phone, Internet, cable, water, and natural gas.

What City/Town, State and County do you live in? :: Alhambra, California which is North of Los Angeles

Zip :: 91803

What is your employment field? :: Convenience store/gas station attendant a customer service specialist

Employment Position :: Manager

When are you paid (gross)? :: I get paid a gross amount of $2, 200 monthly.

Your credit rating to be – excellent, fair, or bad? :: I think my credit rating is very bad – pathetic actually.

How did you find us? :: Yahoo search engine.

Bank Name and Branch :: Wells Fargo Bank East Main Street

How are you paid? :: By automatic EFT deposit.

Take home pay per paycheck :: I take home $1850 once at the end of each month.

Do you agree to have this information published online, minus your PRIVATE information? :: That’s is OK if you guard my identity.

Personal Loan in Alhambra California – $5000-$10000 – Additional Information

Any extra information here please :: Please take notice that my husband makes over twice what I make each month so our family household income is twice what I make (more than twice really). So our DTI combined is VERY good. He would help to make sure I NEVER default on a payment. Do you need him to sign as a co-borrower, or co-signer? He is willing to do that to ensure I get approved. He owns and operates his own business in Los Angeles. He is willing to sign any documents required to get this loan approved for me.

Bad Credit Personal Loan in Alhambra California – $5000-$10000 – Lender Approval Notation

Note to Lender :: The applicant disclosure and app form was filled out with a co-borrower option stated. We do not see any reason why this client/customer would need a co-borrower or co-signer however – her credit score was not nearly as dire as she expected it to be.

As a result we recommend approving this personal loan for the full amount at $10000, understanding that the APR will be in the same bracket for her FICO, DTI, and employment history. We do not feel that this borrower will be a high risk. The note can be processed in the main clearing office in Los Angeles, and no reason for an approval from a 3rd level loan officer.

We recommended that in the future, before applying with any lending institution, that she thoroughly check her credit score and history before disclosing misinformation that does not favor her application. We are seeing this play out with many customers as they “knee jerk” their application(s) setting themselves up to be paying a higher APR than they should be paying if they are doing business with a predatory or “unsavory” lender.

It’s important that borrowers understand exactly what the loan officer is going to see when their credit rating data is pulled.