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Getting Approved For a Loan If You Don’t Have Assets For Collateral


We find that there are consumers that come from all walks of life and have a variety of problems obtaining loans and mortgages. Our current applicant has a good credit rating, a relatively secure job (as much as any job can be secure these days), and he has skills that are transferable from employer to employer. He owns his own home and car. The car is paid for, but unfortunately it is an older model and not worth too much and therefore cannot be used for collateral for a loan.

He has a mortgage on his home. He does not have sufficient equity in the home to use as collateral either and therefore is faced with interest rates that are based on unsecured loan rates.  The loan is to cover some credit card debt for the total amount of $10,000. He does not have enough equity and will need to pay slightly higher interest rates, however these rates are substantially lower than what he would pay if he were to leave the debt on his credit card. The rates are at least 10 points higher and cost a great deal more on a monthly basis.

This situation is actually pretty common with many consumers not having the equity to use as collateral for loans that they wish to be approved for. For consumers that do have collateral, this means they can obtain lower interest rates in return for placing this collateral with the lender or signing it over to the lender. What this situation really means is that if the borrower for some reason cannot repay the loan, or does not repay the loan, the lender can sell the collateral to recover the remaining balance of the loan plus the cost of processing and selling the collateral. Before you offer collateral, consumers should always be sure that they can repay the loan based on the terms of the loan without ever defaulting on the loan.

We believe that this client can meet all of the obligations of this loan and will likely be approved for a loan, however the interest rate may be higher than he would like.

DEFAULT LOAN APPLICATION FOR BORROWER’S INFORMATION

Home/Mortgage Loan Amount :: $10,000

Home Loan Application and Processing Speed (when do you need the funds):: I need to have the proceeds of the loan by the end of the month to pay the balance on my credit card account.

Do you currently have a mortgage? :: yes, however there is not enough assets for collateral in my home to cover the loan.

Bank Name and Branch ::Chase Bank, Main St

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

Zip :: 92311

What is your employment field? :: Truck Repair Mechanic

Employment Position :: Heavy Equipment Mechanic

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

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

How did you find us? :: Searching for loans online from online venders.

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

Gross Amount Per Paycheck ::$2,153.84

Do you agree to have this information published online, without your PRIVATE information of course? :: sure as long as you retain my private information and do not let it be shown online in any search results

Extra information here please (some detail):: I am a heavy equipment mechanic living in Barstow, California. I have been working in this profession for a number of years and have been quite successful at always finding work whether it is at the current shop where I work or moving to a new shop if the contracts moved. In this industry, it is quite common for large equipment operators to move their contracts from one repair shop to another based on contract rates and service. When this happens, it usually means the mechanics get laid off at one place and get rehired at another. This has worked for me for the past 10 years.

My credit rating is very good and I would like to borrow some money to pay down some credit card bills that we have. I spent some money on house repairs and expected to have no problem getting a low interest loan when I needed the money. Turns out that you must have collateral to obtain a low interest loan. I do not have assets for a collateral loan at the present time.

Note to Lender :: We just purchased a new home in the past year and have not built up sufficient equity in the home to cover the loan as of yet. Our car is paid for, but it is not worth a whole lot and we do not have sufficient equity to cover this loan.

As a result the interest rates for the loans that we can get are based on higher rates. I would like to find a competitive loan interest rate for someone with no collateral. All we need is $10,000 with a five year term or longer. This will allow us to avoid paying the high interest rates that credit card charge at 19% or higher. Can you assist in finding us a broker or lender that will approve a low interest loan with no assets for collateral?

 

Category: Home Mortgage Loan APR 2.24% APR 3.06% APR 5%
Loan Principal $10,000 $10,000 $10,000
Payment Schedule Monthly Monthly Monthly
Length of Term 5 6 5
Amount to be paid $10,569.23 $10,930.58 $11,270.59
Total interest paid $569.23 $930.58 $1,270.59
Paid per installment $173.74 $149.73 $185.27
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2 Pre-apps

  1. Robert wrote:

    Dear Sir or Ma’am, first, I am sorry if I did not fill out the above sections correctly (I assume the “mail” box is my email address (let me know if otherwise, please– as far as “website” I thought maybe you meant the website I was applying from–I don’t have my own website).
    I am a 30 something male, working full time in the restaurant business. I have been with this company (a small family company with ~3 restaurants) for 4 years. I work as a cook and coordinating the front of one of the stores.
    I have not used banks for about 12 years. I have no collateral and very little credit history. A few years ago I had some medical bills that I paid off, but they were delinquent (I sent the money to the collection agency).
    I am wanting to buy a motorcycle I can use as a primary form of transportation. Looking for something fairly small and dependable (I have my eye on a used Honda that is reported to be dependable by various sources). I recently went to a dealership thinking (with all the car commercials saying ‘everyone’s approved!’) they could finance me. The dealer couldn’t get a lender for the used bike I was looking at (in my price range), so he suggested me considering a new motorcycle and maybe the Honda program for first time riders would give me financing for a new bike. I gave him all my information and then was denied.
    I’m not sure if you can help me or not. This isn’t a life emergency like some of the other stories. I don’t usually borrow any money from anyone. I have no outstanding debts that I am aware of. Last year I went out of my way to see if I had any OLD medical bills outstanding.
    If you have any suggestions without me just applying for a loan and getting denied that would be great. I was denied a Freedom credit card with my bank, Chase, so I don’t know what else to consider and didn’t want to just keep applying and getting denied. If I understood the letter my bank sent me, my score is 601. Like I said, I work full time. I work very hard, and outside of work I spend most of my time in the gym or on my mountain bike commuting (2-2.5 hours a day).
    I would ideally like to pay the loan off in about 15 months (I think I can afford around $150 a month). I have my eyes on a bike, but am not sure of the total “out the door” price (guessing it’ll be around $5000 with all the dealer fees etc.) The bike is listed for $3999, and I don’t want to go down and get close and personal with the bike and the dealer unless I know for sure I could buy it (I spent about 13 hours travelling to that last dealer via greyhound, public transit and my 21-speed bike–only to be denied). The trip was fairly inexpensive (~$50), but I don’t have any desire to do that again for nothing.
    Thank you,
    Robert
    Florida resident

    Thank you for any help you could provide.
    Sincerely, Robert

  2. Angela wrote:

    and I need your help. I am a nice person who is in need of financial help right now. I have been turned down by all the conventional lenders because of my poor credit score. (550) Part of the reason I have a poor credit score is because of multiple inquires. I have been scammed and lost money. I am a tax preparer by trade so I am relia
    ble and trustworthy. I need a cash advance to get re established. ?. Please find it in your heart to loan me $5000 and get me out of the bad situation I am in. The situation will be resolved with your help and I will be able to pay you back. Let me know the loan terms
    Thank You

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