The consumer writing into this site is applying for a small loan of only $2100 to help him and his wife avoid eviction. They got behind on his rent payments and now owes his landlord three months of overdue rent payments. They have managed to save enough for the coming month, but need to make good on the overdue rent to avoid eviction.
Both his wife and himself have minimum wage jobs and are working overtime to make more money to make up what they owe. He lost his job a few months ago which is what put them behind on the rent. They chose to pay their utilities, put food on the table and to repay a small balance they had on their credit card. From a credit rating perspective, this was probably a good strategy since these companies will quickly make reports to credit agencies if there is a missed payment. Landlords are a little more forgiving. In this situation, the consumer’s landlord is threatening eviction but has not made any reports to credit agencies. He knows they work hard and is trying to give them a break.
In terms of being approved for a loan, he stands a pretty good chance that he and his wife will be approved for this small loan. They still have a good credit rating; they both work although making minimum wage. They also have a zero balance on their credit card and have a good record of paying their credit card bills.
As an alternative, if they cannot get approval for a loan at a decent interest rate, they are planning to take a credit card advance on their credit card. They really want to stay where they are and do not want to move. They know that the interest rate will be 21%, which is very high, however they plan to repay the full amount within three months to minimize the interest. This is their backup plan if a loan is not approved for them.
Based on their credit rating, they are both working and making overtime to repay their debt they are considered a good credit risk. They likely will be picked up by a lender offering terms that will be better than their backup plan of using a cash advance from their credit card.
DEFAULT LOAN APPLICATION FOR BORROWER’S INFORMATION
Home/Mortgage Loan Amount : $2100
Home Loan Application and Processing Speed (when do you need the funds): within the next week to pay our overdue rent
Do you currently have a mortgage? : no, we rent
Bank Name and Branch : Chase Bank, N State College Blvd
What City/Town, State and County do you live in? : Anaheim, California
Zip : 92806
What is your employment field? : Service industry
Employment Position : Retail
When are you paid? (monthly/weekly/biweekly): biweekly
Your credit rating to be – excellent, fair, or bad? : fair to good
How did you find us? : looking for online loans
How are you paid? (direct deposit/paper check): direct deposit
Gross Amount Per Paycheck : $2400 total for both of us
Do you agree to have this information published online, without your PRIVATE information of course? : sure
Extra information here please (some detail):
My landlord is threatening to evict me by the end of the month! I need a loan fast to stop eviction – please help me now! I lost my job a few months ago and got behind on my rent payments. I currently owe my landlord for three months past due rent and the next rent payment is due in a couple of weeks. He is threatening to evict me if I do not pay him the past due rent and this months rent now.
I found another job and my wife is also working overtime to make ends meet. We choose to pay our utilities, put food on the table and pay our credit cards. We let the rent slide for awhile. We have enough money set aside to pay one months rent, but not enough to cover the past three months overdue rent payments. We plan to repay everything as soon as we can save enough money. Unfortunately, our landlord has got tired of waiting and wants his money now.
Can you help us with a loan at a decent interest rate? We need a loan for $2100 which will cover the three months we owe. If we can pay the overdue rent and this months rent, we will be back in good standing with our landlord. He has been very patient and wants to help us, but cannot give us any more time.
We are thinking of taking a cash advance on our credit card. I know the interest rate is going to be high. The interest rate is 21%, which is over the top, but we are desperate. It will take us several months to repay this loan, and we are trying to keep our expenses as low as possible. We would like to borrow the $2100 at a lower interest rate and repay it within three months.
When I lost my job a few months ago, it was pretty difficult to find another job. Thankfully my wife was still working and has a steady job. She makes minimum wage and is working overtime to make a little more money. I was able to find another job in the service industry, also making minimum wage. Apparently after I have been on the job for a few months, I will be eligible for a small raise which will help. I am also working overtime to try and make some extra money to go towards the overdue rent.
We do not have any savings and have cut back on everything. We really want to pay our debts and we want to recover our credit rating as well. So far I think that our landlord has not reported our overdue rent situation to the credit agencies. If he has not made a report, then our credit rating is probably ok. We chose to pay our credit cards and our utilities so that our credit rating would not be impacted.
Can you help with a small loan so that we can avoid eviction? We would really like a competitive interest rate.