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$8000 Dollar Installment Loan For Bad Credit – Boise ID

This writer lives in Boise ID and is looking for an $8000 dollar installment loan for a bad credit situation. He was quite up front about his bad credit and how he ended up with bad credit. There is nothing wrong with this approach since the lenders would find this out anyway without the benefit of the history of how they ended up in this situation.

They both fell sick, were off work for awhile and had to set priorities with regards to what bills they paid. Their credit rating sank and now they are having difficulty being approved for an installment loan. The debt is credit card debt and the interest rate they are being charged on the over due balance is 21%. It takes a long time to repay a loan with interest rates at this level.

He is hoping to be able to be approved for an installment loan with lower interest rate. He knows that he will still need to pay a higher rate than more credit worthy customers. Even if the rate is 15%, it is still 6% below what he is currently paying. The money he saves will be used to repay the loan more quickly. They are anxious to repay the loan and also show that they are actually good credit risks.

It will take a few years to demonstrate that they are a good credit risk. They need to show that they can pay their loan payments on time without any late or missed payments. It is easy to lose your credit rating and much more difficult to regain a decent rating. Lenders are always very cautious when it comes to lending money to bad credit customers.

This potential installment loan customer also needs to supply some additional information to support his application. Never the less, he should be approved for an $8000 dollar installment loan at an interest rate that will be better than the rate he is currently paying. If he does what he plans to do and uses the savings to repay the loan more quickly,  he should have an easier time with his next loan application.

Consumers experience various emergencies all of the time. This client demonstrates why it is so important to always have an emergency fund available to pay for emergency repairs, out of work situations and other surprises that life throws at us from time to time. In addition to repaying the loan more quickly, he should also consider building up an emergency fund that is equivalent to at least 6 months of income. If he can do this, he will be able to sustain his family and pay all of the bills for 6 months while he looks for a job or deals with some other major problem.

Once he provides some additional financial information, his application will be reviewed by lenders for potential approval.

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Credit Union Loan for $5000 in Fresno California

The current writer is looking for a credit union loan for $5000 and lives in Fresno California. He and his wife both work and they believe they have fair to good credit rating. They have no other loans or debt at this time. They rent a town home and are just making enough to live a comfortable life. Unfortunately they have not been able to save any money towards emergency expenses.

Their second car has broken down and they need over $5000 in repairs to the car. Fortunately he works at a car dealership which gives him access to discounted car parts and the repair bays to do some of his own work. Even with these savings the cost of the parts for his car is gong to come to over $5000. Right now they are sharing the other car to commute to work.

They have a good to fair credit rating since they do not have any loans at the moment and they have never missed any payments on utilities, credit cards or past loans.  This situation gives them a good credit rating, however at the income level they are at, cash flow is a bit of a problem. They make sufficient income to pay all of their monthly bills, with little left over at the end of the month. There are no savings for emergencies like this one.

Based on this information, they may have difficulty qualifying for a loan. Their rent and utilities is a large portion of their monthly income. However both intend to ask for additional hours at work and hope to be able to repay the loan, if it is approved, more quickly. As soon as the car is repaired they plan to work more hours.

With only one car, the commuting time is just too much to also try to work extra hours as well and coordinate pick ups and drop offs at each others place of work.  They also have credit cards which have a zero balance at the moment. They do not want to use their credit cards due to the high interest rates on unpaid balances. Even with overtime it will take them several months to repay the loan in full.

This consumer will be asked to provide additional information to help with the decision to approve the loan. Once the loan is approved, the money can usually be in his account within twenty four hours. He will need to pay for the parts before he can begin to work on the repairs to his car. It may take him a few days to get his car back on the road and then begin working added hours.

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Need A Loan For $6000 Dollars Today

The situation this consumer has found himself in actually happens a lot more often than many people would think. One of the spouses will incur a lot of debt just before they break up with their spouse or significant other. In many cases, the debt is actually registered in both names and both people are liable for the debt regardless of who incurred it. Both parties risk their credit rating taking a hit unless the debt is dealt with in a timely agreeable manner. There can still be a great deal of difficulty in resolving these situations. Ultimately one spouse must take the lead and deal with the debt.

This consumer has a different problem. The credit cards are in his name only. Even though his girl friend has initiated all of the charges on his cards, he is responsible for the debt she incurred. He has no option. He must repay this debt or risk additional cost from high interest charges on his credit cards. Although he did not mention what the interest rate will be on his debt associated with his credit cards, most cards charge 18% or higher.  Interest can add up quickly unless the full debt is paid off.

In addition if he misses a payment, his credit rating will be impacted. At the very least he must meet the minimum monthly payment to avoid an immediate negative impact on his credit rating.

Many lenders specialize in lending money quickly. They can deal with situations like this. They are able to approve a loan quickly and advance the funds to their customers bank accounts within twenty four hours. In this case, the client may need to provide some additional information. Based on an initial assessment he may qualify for the loan, however once a full application is completed his loan will be reassessed.

This loan will also be in his name only. If he is able to retrieve some of the goods from his girlfriend and return them he may be able to repay his loan more quickly. For the moment it will be assumed that he is liable for the full amount and will need to repay it over whatever term is agreed to. Not all vendors may be willing to accept returns. If the items being returned are used or damaged in anyway, vendors may not accept them.

Most readers will acknowledge that this consumer should have protected himself more. Avoid disclosing credit card numbers to anyone that might abuse them. If a new relationship is being considered, debt should be taken on very carefully and with full protection. Both parties should sign for it and be jointly liable. If your relationship is on the rocks, pay attention to unusual charges and activity on your accounts. Finally most people find that it is better to avoid debt altogether, however in many cases this is easier said than done. We wish this consumer good fortune in the future.

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