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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. (Continued)

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.


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.