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My Credit Is Terrible and I Need a Loan – Help!

Divorce or separation is always painful for the parties involved. Some couples seem to be able to handle separation in a mature manner, dividing up assets evenly and getting on with their lives. While others play dirty and end up costing themselves and their spouses a lot of extra legal fees and expenses.

This consumer found out after his wife had moved out. She paid all of the bills and decided that she would take the money instead of paying the utilities and credit card expenses. As a result our applicant was left with a big surprise. Not only did he lose his wife, he found that he owed a lot of money and his credit rating has tanked. Regardless of how you feel about your spouse, both parties are hurt financially when one of them takes this sort of approach.

She will be facing the same issues in terms of credit rating decline since the utilities and credit cards are usually joint. When they are not paid on time both parties take a hit on their credit rating.

He hopes to recover some of the money she owes him, however expects that most of what he recovers will go to pay legal fees. He used his savings to catch up on the overdue bills, but is coming up short and needs a $3000 loan to get everything paid off. He can then focus on repaying the loan and get his life under control again.

He has a stable job and is working additional hours to make extra money to use in reducing his debt. The $3000 loan will be used to catch up on all of his debts and make everything current. He will then have one low interest loan to pay each month.

This consumer is in a unique situation that was created by his spouse. He appears to have a good credit rating prior to the events of the last few months. While he is still deemed to be a high risk from a lenders perspective he should be able to obtain a loan. Since he is higher risk than normal and he does have a bad credit rating, he will pay a higher interest rate on his loan balance. It will be less than the interest rate he pays on his credit card debt which is a bonus.

It is anticipated that his loan will be approved. He may be required to send in copies of his pay stub or something that confirms his income and employment.


Home/Mortgage Loan Amount : $3000

Home Loan Application and Processing Speed (when do you need the funds): this week if possible or by the end of the month at the latest

Do you currently have a mortgage? : no, my wife and I rented a place and have split up

Bank Name and Branch : Farmers & Merchants Bank,  E 2nd St, Long Beach

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

Zip : 90803

What is your employment field? : Boating and Marina Services

Employment Position : Marine Mechanic

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

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

How did you find us? : Searching online for lenders who provide loans to people with bad credit.

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

Gross Amount Per Paycheck : $2000

Do you agree to have this information published online, without your PRIVATE information of course? : Sure, no problem, however all personal information must remain private to protect my job and also my divorce negotiations with my ex-wife.

Extra information here please (some detail): My wife and I have recently split. She moved out and found another place pretty quickly. She left me with all of the utilities to pay along with credit card debt. Bills I thought were paid have not been paid in several months. All in all it is a bad situation. We are very angry at each other and only speaking through our lawyer.

The bottom line is that I lost my excellent credit rating because the bills for utilities and credit cards were not paid. I was not aware that this was going on. She was taking the money and getting her new place set up much to my surprise. I am stuck trying to catch up on a number of fronts and need help with a small loan to get me through this tough patch. Fortunately I had some savings and have been able to pay most of the debt and the utilities bills. I am $3000 short and that is why I need a loan now.

I may be able to recover some money from my wife, however I am not really expecting much. If I do get some money from her, most of it will go to pay the lawyers fees. The only party that does well in situations like these are the lawyers. In the mean time I am working overtime to make additional money and pay my credit card debt as quickly as possible.

We both have good jobs, make about the same money and there are no kids. As a result I do not expect to pay any alimony to her. My lawyer confirmed this assumption, but also covered his position by saying that until we come to an agreement or the judge makes a ruling nothing is guaranteed. He did tell me that it is in both our best interests to settle the distribution of assets quickly to avoid significant legal fees.

I have worked for the same company for twelve years. Even in the rough economic times, we were busy especially with repairs. Customers were not buying new boats. They were making repairs and trying to keep their older boats going. I work as a marine mechanic and both my job as well as our company are in demand, at least in our area. I can pretty much name my hours and have been taking on more work lately to make some additional money to pay the debt off.

What do you think? Can you help find a lender who can lend $3000 to me at reasonable rates?