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AD: Debt Relief? Loan / A+ Rating wt Better Business Bureau

I Would Like A Consolidation Loan For $100000 Approved This Week

The current applicant is an admitted procrastinator when it comes to dealing with debt from credit cards and loans. He would like a consolidation loan for $100000 approved this week so that he can pay off the credit card debt he has incurred before another month goes by. He know he is paying high interest rate charges and wants to put an end to it.

The credit card debt is being charged an interest rate of 19% on the unpaid balance. He also has a personal loan. He did not indicate in his application how much the personal loan interest rate was. He also has an existing small balance on his mortgage. In total he is looking for $100,000 which we have to assume matches his current total debt. He did not provide any balance information on any of these debts.

He wants to use his home as security for the loan. A secure loan is much more attractive and will allow him to be approved for a lower interest rate personal loan or mortgage. Unfortunately his home will need to be appraised to confirm the value of the home before a secure loan can be approved. Basically there needs to be sufficient equity in his home to cover the loan in case he cannot repay this loan.

He currently has a good job that pays very well. He is working in a high risk environment. There are many companies in the area developing software products to take to market. Many are successful and many are not. He also did not indicate how long he had been at the company. His wife also is working and no information was provided regarding her work situation.

The bottom line for this potential client is that it is unlikely that this client will be approved in time to meet his deadline. He needs to provide quite a bit of additional information including proof of employment. His home will also need to be appraised which takes time to be scheduled and a report provided.

Based on the information he did provide and if it all is substantiated as indicated, he should be approved for a loan sometime next week or the week after. Obviously this does not meet his timeline and he will continue to incur additional interest at the higher interest rates offered by credit cards. This is a good example of when it does not pay to procrastinate. If readers have a similar situation, deal with it immediately and save yourself a great deal of interest expense.

DEFAULT LOAN APPLICATION FOR BORROWER’S INFORMATION

Home/Mortgage Loan Amount : $100,000

Home Loan Application and Processing Speed (when do you need the funds): We need to have the loan approved this week and the funds available by the end of the week.

Do you currently have a mortgage? : yes, a small one. We should have lots of equity in our home

Bank Name and Branch :Silicon Valley Bank, Tasman Dr

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

Zip : 95504

What is your employment field? : Design Engineer with Hi Tech Company

Employment Position : Design Engineer

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

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

How did you find us? : I was looking online for a consolidation loan and found your site.

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

Gross Amount Per Paycheck : $4,615

Do you agree to have this information published online, without your PRIVATE information of course? : Sure, just do not publish personal information or my companies name. I would be embarrassed if my colleagues were to see this application.

Extra information here please (some detail): I require a debt consolidation loan for $100000 by the end of the week to be approved and the money deposited into my account. Basically I procrastinated doing something about the credit card debt that I have along with my mortgage and a small loan that I have. My wife is really upset that I have not dealt with this issue before now.

I am able to make all of the monthly payments with no problem. Although it does take most of my income to cover the monthly payments. I make a really good salary, but more on that later. The credit card debt is due early next week and I am paying 19% on the overdue balance. This is a really high interest rate and it is my own fault that I am still paying this level on debt associated with my credit card.

I would like to combine this credit card debt, a small personal loan that I have and the remaining balance on my existing mortgage into one secured loan or mortgage. Obviously I am looking for a competitive interest rate, particularly since it will be secured by my home.

Regarding my job, I am design engineer working for one of the local high tech firms in the area. We are almost ready to go live with our online software and begin generating real income. We are surviving on investor funding at the moment. They are showing a great deal of confidence in our company and the product we are working on.

There of course is a lot of risk associated with the launch of this product and the success we will have in the market place. All of the employees are banking on a successful launch and going public or being bought up by a larger company. We will all be rich, but in the mean time we live on a salary like everyone else.

If for some reason it does not fly, there are lots of jobs available in the market place for someone with my skills. I am not concerned at all about finding another job. It is a really good time to be in the high tech design industry.

With all of this information, my wife and I are hoping you can help us with a consolidation loan. I almost forgot, my home is almost paid for and there is lots of equity to use to secure this loan or new mortgage. Let us know if you can help us with an approved loan this week.