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Loans For People With Bad Credit 2018

This borrower is typical of many people who are looking for loans for people with bad credit in 2018. They lost their jobs for a short period. This was enough to cause them to miss several rent payments and their credit rating to sink into the bad category. They also did not have any emergency savings set aside.

They made matters worse by borrowing money from payday loan firms which charge high interest rates and high service fees as well. They can be even more expensive than carrying credit card debt at 21 % interest rates. All of the payday loans were taken out by the applicant. His girlfriend who lives with him was not involved and in fact her credit rating is in the good category.

They are applying for a loan together. They both have jobs and they are both making decent money from hourly wages and tips in the food service industry. He is a bartender and she is a waitress.

They are pretty serious and want to make a life together. She is willing to cosign on the loan to help her boyfriend recover from his bad credit. This is an admirable thing to do and will help him obtain a loan at more competitive interest rates than he would be eligible for on his own.

She should be aware that as cosigner, she is liable for the entire loan if for some reason they split up and he decides to not meet his loan obligations. This is an important fact that many spouses, common law partners and live ins do not realize when they cosign on a loan.

They also do not have any credit card debt and they currently do not have a credit card in either of their names. We recommend that they apply for a credit card, charge a small amount on it each month and always pay the balance on time each month. This will help over time to reestablish his credit rating. It is extremely important that they do not abuse the card and end up not being able to pay the monthly statement in full. His and her credit rating would fall even further in this situation.

We believe that several lenders would be interested in approving them for a loan even with his bad credit rating. Both must co-sign for the loan, making them both liable for the loan if the other defaults. Once they provide all of the details needed, their application will be reviewed and a decision rendered.

DEFAULT LOAN APPLICATION FOR BORROWER’S INFORMATION

Home/Mortgage Loan Amount : $ 10000

Home Loan Application and Processing Speed (when do you need the funds): as soon as possible, I want to repay my pay day loans this week.

Do you currently have a mortgage? : No, my girl friend and I rent an apartment

Bank Name and Branch : Farmers & Merchants Bank, Pine Ave,

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

Zip : 90802

What is your employment field? : Restaurant and service industry

Employment Position : I am a bartender and my girl friend is a waitress at a good restaurant here in Long Beach

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

Your credit rating to be – excellent, fair, or bad? : Bad Credit rating from missing several payments and using pay day loan services.

How did you find us? : Looking online for debt consolidation loans for people with bad credit

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

Gross Amount Per Paycheck : $600 check and $600 average or more in tips per week

Do you agree to have this information published online, without your PRIVATE information of course? : sure no problem, just do not mention the restaurant where we work. I don’t want the owner of the restaurant to be concerned.

Extra information here please (some detail): We have gotten ourselves into a bit of a problem with our finances. Basically we missed several payments on utilities and the rent a few months ago. This situation of course was reported to the credit agencies and my credit rating dropped into the bad category.

We just did not have the cash to pay the bills. We were both between jobs and with no money coming in we had to decide what to pay and what not to pay. They were hard choices, but it left us with no savings and behind in our payments for the rent and the utilities. We do not have credit cards so there is no debt from that perspective.

We are all caught up now on the rent and also on the utilities. In fact to show our landlord that we are good tenants and want to stay, we are paying him in advance now. He was pretty worried at the time. He likes us and was afraid he was going to have to evict us from the apartment. Fortunately we both got jobs and were able to catch up on the rent etc.

Part of this bad time was also making some bad decisions. We decided to use a pay day loan lender. The money was easy, but very expensive. I thing overall it is more expensive even than using credit cards and carrying a balance on the card. We do not have a credit card which is probably a good thing.

I work as a bartender and make decent money now with both an hourly salary as well as tips that come in. We are a pretty busy restaurant so the tips are good and I get lots of hours. My girlfriend also works as a waitress at another restaurant close by. We are sharing the cost of the apartment, although all of the payday loans are in my name.

We would like to apply for a loan to help us repay all of the payday loan debt that I have. She is willing to also sign for the loan to help me get my credit rating back. We are pretty serious and want to make a life together. But first we have to pay off the debt and also recover my credit rating. Can you help us in this bad credit situation.