Today we are going to talk about personal loans that are all purpose loans applied for and approved for people who have different needs.
We are going to use four examples of people who have applied for personal loans in four different USA states – Alabama, South Carolina, North Carolina, and Georgia.
All of these loans were applied for by people who have really bad credit scores. Their predicaments were completely different in regards to why they needed a loan, and their locations, ages, marital statuses, and income levels were completely different. The other thing that wasn’t in common with these personal loans was the amount of money they were trying to borrow.
Sandra who came from to us (our website) from Montgomery, Alabama wanted a personal loan for $4000 so she could replace a broken furnace and heating system in their house, while over in Columbia South Carolina, Michael needed an all purpose loan for reasons that were undisclosed completely, but much of the money was used to pay off emergency debts.
The same thing with Bartholomew in Greensboro, North Carolina, and Betty in Atlanta, Georgia. Bartholomew needed to borrow $2000 just to pay off a few of his payday loans and some other personal debts, and Betty needed to borrow at least $20,000 to cover some medical emergency expenses for a family member. So you can see that some of the reasoning behind why they needed the loans were different, and sometimes self-inflicted, while other times emergency situations sprung upon them like a nasty cat.
We are proud to say that every one of these loan requests was fulfilled right here on our website using our database of private lenders who were willing to help these people with some personal financing at fairly competitive rates. Don’t get me wrong – the interest rates they paid on these loans were not cheap by any stretch of the imagination, but they were also legal in regards to APR.
Of course, the truth is we can’t be 100% sure what each lender charged the borrowers in these cases, because we never did get any feedback from the borrowers in regards to the fee structure and the interest rates that were agreed upon in each lending agreement.
So without any further ado, we will begin discussing each one of these personal loans on an individual basis so you can see why they needed the loan and what their resulting APR (effective annual percentage rate) was on each deal. Please keep in mind that at FUSA we don’t make any money in commissions whatsoever between the borrowers and the lenders. This is a voluntary website whereby people can meet to lend each other money. We are not responsible for the actual lending that takes place or the fee structures, but as we always mention, we like to be told by e-mail if some lenders are practicing shady tactics in regards to trying to charge upfront fees and loan shark rates.
$4000 Personal Loan in Montgomery Alabama for Betty – Furnace Replacement
So first of all we’re going to travel over to Montgomery Alabama where Sandra was in dire need of a furnace replacement in their family home. Betty has five people living in her home, which includes herself, her husband, and her three children - ages 7, 10, and 17. Two boys and two girls.
She wanted to borrow $4000 from a local bank in Montgomery but neither her credit and her husband’s credit ratings were acceptable enough to be approved for financing.
Getting a personal loan was completely out of the question as far as their bank was considered. Even at the Tri-Rivers Federal Credit Union where they held their mortgage, they couldn’t get approved for a $4000 personal loan or line of credit (LOC). When they checked out their FICO scores they could see why there was no way they could get approved. Betty’s credit score was 570, and her husband’s Frank’s score was 610 – both of those scores wouldn’t be conducive to a bank approval.
So Betty used one of our websites to put a quick pre-application form through for her personal loan of $3000-$4000, in an attempt to get approved with a private lender who lived in the nearby area. As a result she was contacted by a lender who lives in Birmingham, Alabama. This particular lender’s terms weren’t that outrageous, but they certainly were charging interest on the note than your conventional banker would . They needed to pay the loan off over the next six months, so this wasn’t a short-term payday loan, or cash advance kind of deal. This was a installment loan which required payments every two weeks for six months – in other words twelve payments and total.
Below is a calculation for her four thousand dollar personal loan from a private lender.
- Principal = $4000
- APR = 14%
- Term Length = 6 months
- Total to be paid back = S4150.77
- Interest on loan = $150.77
- Biweekly payments = $318.42
- Conventional Bank That Refused The Loan = Tri-Rivers Federal Credit Union
$8000 Dollar Personal Loan in Columbia South Carolina For Michael – All Purpose Loan
The next private lender loan we will talk about was for Michael who lives in Columbia South Carolina. This was just an all-purpose loan for $8000 so that Michael could pay off some student loan debt, credit card debt (visa), and the overdraft on his main checking account. This kind of loan is extremely typical as most people are trying to clear up various debts that have accumulated over a period of time.
Just like Betty from Alabama, Michael had a seriously bad credit rating from years of late payments, defaults, and general bad money management practices.
Michael tried to borrow $15,000, then $12,000, then $10,000, then $9000, and finally ended up getting a loan for $8000. $8000 wasn’t quite enough for him to completely pay off all of his debts, but it was pretty darn close. Michael applied online through the FUSA network as well, and found himself being approached by three different lenders who use our database. Two of these lenders were subprime mortgage companies, who wanted a piece of equity on his home, and then the other lender was a private citizen who lent money to individuals for short-term gains.
This private lender lives in Charleston South Carolina and lends money to individuals throughout the State. You couldn’t really qualify this lender as a loan shark, because his rates are actually lower than your typical payday loan or cash advance company. He charges $18 for every $100 borrowed if the loan is only for one month or less. He charges $21 for every $100 borrowed if the loan is for two months or more. Fairly reasonable if you consider what your bricks and mortar banks are charging these days if they decide to even give you a loan. Below you can see the actual effective APR on Michael’s loan for $8000. Keep in mind that Michael cashed some shares in from his E-Trade account at the end of the month in order to pay this loan off.
- Principal Loan = $8000
- Fee Per $100 Borrowed = $18
- Length of Term = 28 days
- Total Paid Back to Lender: $9440
- Total Fees Paid to Lender: $1440
- Total Effective APR on Loan: 234%
- Conventional Bank That Refused The Loan = First Citizen’s Bank
$2000 Personal Loan in Greensboro North Carolina For Bart – Pay Off Payday Loans
Meanwhile over in Greensboro, North Carolina Bartholomew was trying to get a small personal loan for $2000, which he planned to pay back in 14 days after he got paid from his employer. The problem was that he couldn’t find any lenders in all of the state of North Carolina that would lend more than $1500 to him at a time, and this includes even if he was a repeat customer.
This is an expensive APR on this particular loan. Bartholomew wants to pay all the money back in one lump sum in two weeks time and wanted to pay the smallest amount of money in fees and charges. He was specific enough to mention that he wanted a no teletrack payday loan and a no faxing payday loan. He wanted to be approved with lightning efficiency and a hassle-free online process. In fact, he wanted a 100% online approval and funding of the note.
This is a very normal request these days online, as so many people need to borrow more than $1500 but there isn’t really any companies that can do that legally. I mean sure, there are loan sharks and some pawnshops that were willing to give him some money if he had some kind of collateral and equipment, coins, or basic valuables, but none that would lend him $2000 as a signature type loan.
He had no choice but to utilize a payday lender in Greensboro for the full amount of $1000, and borrow the other thousand dollars from his employer as an advance on his upcoming paychecks. This is something you really don’t want to do unless you are forced to. In this particular case Bartholomew was going to be paying a higher interest rate on his new loan which was almost just as bad as his combined interest rates on his other payday loans. He really wasn’t going to gain that much in the process except for maybe slowing down the collections phone calls from the existing payday loan companies in his area. If anything, it was just a brief interlude and break from the collection agencies. His only real way out of this mess was to find some cheap money with an interest rate lower than 5% to 6%, and the only kind of consumer level credit that gets that low is a HELOC (home equity line of credit). And here in lies the rub – Bartholomew doesn’t own a property (well he didn’t own anything like that at the time of his online application).
Below is a calculation for 14 day term on the payday loan of $1000, and just for giggles we will do the same calculation for 14 day term loan at $2000. Fee per $100 borrowed equals $30
- Principal Payday Loan = $2000
- Loan Term Length = 14 days
- Fee Per $100 Borrowed = $30
- Total Paid Back to Lender: $2600
- Total Fees Paid to Lender: $600
- Total Effective APR on Loan: 780%
- Conventional Bank That Refused The Loan = Wells Fargo
$20,000 Dollar Personal Loan in Atlanta Georgia For Sandra – Medical Emergency
Our last private loan was a personal loan for Sandra for $20,000 in Atlanta Georgia. The lender who provided Sandra with the money was another older woman who lived in Augusta Georgia. The lady in Augusta requested an interest rate of 14% on the $20,000, and she wanted the money pay back completely within three years. We can do that calculation for you below as well. The lender had experience with the costs associated with a medical emergency, and she really didn’t have the resources to pay off 20 grand in a short period of time. Sandra has a job as a nursing assistant (ironic don’t you think) and makes pretty decent money working full-time hours in Atlanta.
As you can well imagine the lender and Augusta wanted some really solid proof of earnings, employment, identification, and the purpose of the loan. There was some hoops for Sandra to jump through before she could get the loan, but in the end she did manage to scrape together the necessary documentation so she could get approval. The medical emergency was for a quick cancer removing surgery on her husband’s testicles. He had already had some operations for testicular cancer in the past, but his insurance money had tapped out at the top and he needed this extra cash to get another portion cut out. Not a good thing by any stretch.
So the purpose of Sandra’s personal loan from another private lender in the same State, we are going to calculate the payments she ended up making over the next three years. You can see all of his data below.
- Principal Loan = $20,000
- Interest Rate = 14%
- Loan Term Length = 36 months (three years)
- Total Amount to be paid = $24,315.86
- Total amount of interest = $4,315.86
- Payments per month = $666.19
- Conventional Bank That Refused The Loan = Capital City Bank and Trust Company
This wraps up this discussion and journal on our four applicants and borrowers from Alabama, North Carolina, South Carolina, and Georgia. We are once again, happy to see all of these people using our site to make their pre-applications, and to see that they found some willing lenders who played fair ball. We will continue to document more of these loans going forward into 2012. We are happy that you found this to be an interesting read – or perhaps something you can certainly relate with.
29 Loan Requests
Loan Amount: $15000
When loan is required: By November 3rd
Applicant's Credit Score: Poor credit checked with freecreditscore.com
Borrower's Location: South Carolina
Applicant's Income: I work full time as a vet assistant and have letter of emloyment record - I have pay stubs that verify my income as well.
Purpose of Loan:
Need 15000 to repair our garage roof which is sagging and has some water damage. When it’s fixed we’ll sell the house. I would like to pay this loan back over the period of 2-3 years please. Thank you very much for listening and please tell the lenders that I can start making monthly payments of $400 right away.
Marshall
Loan Amount: $7500
When loan is required: This week please if possible
Applicant's Credit Score: bad
Borrower's Location: Atlanta Georgia USA
Applicant's Income: Work in stores department of auto parts store in Atlanta - I have been employed with them for 20 months now, with no issues of unemployment on the horizon whatsoever.
Purpose of Loan:
I got a loan with FUSA about 2 years ago and I paid back the private lender all the money on time. I need this money to pay off debts with the City and to get a newer car. Mine is overdue to be junked out. I just want to thank your for my past loan because it really helped us out. Please see my record with FUSA being A+++. The last lender can’t lend more than $5000 so I need a different lender that will lend over $5000 – please pass this along to the lenders, and thanks again sooooo much.
Loan Amount: 10,000.com
When loan is required: now
Applicant's Credit Score: bad credit
Borrower's Location: charelston, south carolina
Applicant's Income: i have a retirement check directly deposited every month.
Purpose of Loan:
in dire need need to pay of other debt and just have one affordable payment a month.
Loan Amount: 2000
When loan is required: 11/13/2011
Applicant's Credit Score: poor freecreditscore.com
Borrower's Location: atlanta, ga
Applicant's Income: I have a full time job. I have been on my job for almost 5 years.
Purpose of Loan:
Need money to pay medical bills off.
Loan Amount: 5000
When loan is required: asap
Applicant's Credit Score: poor
Borrower's Location: florence sc
Applicant's Income: Warehouse supervisor pay rate 13.42hr 40+ hrs per week
Purpose of Loan:
Need money to pay off student loans and medical bill
Loan Amount: 5000.
When loan is required: dec. 3
Applicant's Credit Score: 600
Borrower's Location: canton n.c.
Applicant's Income: 3500. va and ss
Purpose of Loan:
buy rv
Loan Amount: 10000
When loan is required: asap
Applicant's Credit Score: 508 divorce,bankruptcy
Borrower's Location: rutherfordton nc
Applicant's Income: I receive income from my full time job.
Purpose of Loan:
I desperately need this loan to start a new life for me and my son.
Loan Amount: 2000.00
When loan is required: This Month
Applicant's Credit Score: ?500-600 Previous rental property being disputed
Borrower's Location: Atlanta, GA
Applicant's Income: My primary source of income is full time employment as an accounts receivable clerk. Which pays 36k per year
Purpose of Loan:
This is a purge amount ordered by Dekalb County court for child support payment that is in the arrears.
Loan Amount: $3000.00
When loan is required: 12/7/2011
Applicant's Credit Score: Experian 580
Borrower's Location: Laurel, MD
Applicant's Income: Direct Employment MEI Technologies - NASA Goddard Space Flight Center Integration Engineer 2 years 2 months Annual Income $70,000.00
Purpose of Loan:
I seek the money for a down payment on a new car. I am currently driving a 1990 Mercury Sable that is starting to break down and have me stranded on the road. I have found a great deal on a 2011 Nissan Versa with 7000 miles for $16,000. To get financing on it I need to put $5000 down on it. I have $2000 cash and need a short term installment loan for the rest of the down payment.
Loan Amount: 2000
When loan is required: 12/7/2011
Applicant's Credit Score: 525 lack of credit
Borrower's Location: Raleigh
Applicant's Income: Working single parent. Paid weekly and steady income.
Purpose of Loan:
Family emergency and short almost 2000. I have very little credit but most lenders look for more than what I have. PDL have been over run the brokers etc with no reliable source. Other family would would normally lend are low on cash. I am reliable and constistant. Single parent.
Loan Amount: $5,000.00
When loan is required: This week. 12/21/11
Applicant's Credit Score: Poor
Borrower's Location: Greenblet, MD
Applicant's Income: I work full time, 40 hours a week for ABSS security for about a year and a half now. I am also in the process of obtaining a second, part time job.
Purpose of Loan:
Personal loan. I fell behind in my car payments and am facing a repossession. Without my vehicle I am unable to get to work, my job is not off a busline.
Loan Amount: 4000
When loan is required: now if possiable would love it before 12 24 2011
Applicant's Credit Score: very bad hospital bill some small credit card stud
Borrower's Location: leeds alabama 35094
Applicant's Income: i am currenlty fighting for my disabilty back.i am owed 10,000 in back pay.i live with my fiance.he just got laid off drws unemployment1060.00 a month. he has signed up to go back to school.he is currently looking gor full time employment.he does some side work and we took on a roomate to pay us 400.00 a month in rent
Purpose of Loan:
all purpose loan.i need to pay off some bad checks from years ago so i can get the warrants taken off.so i can get a i.d&apply for bankrupty.also would love to be able to pay my rent get some christmas.most importantly i need to go to the dr for my disability.my lawyer rd pitts says if i can go to the dr get my meds my liver enzymes score he can get me in front of the judge right away.i drew disablity but they cut me off cause i got into some trouble.i had to reapply and i have a lver disease now that i did not have before.i need treatment.i can only pay up to 300.oo back every month.until i get my back pay.i dont care if i have to pay back a xtra 1500.00 or 2000.
Loan Amount: 8,000.00
When loan is required: 2/22/2012
Applicant's Credit Score: Bad
Borrower's Location: Red Springs, NC 28377
Applicant's Income: Monthly Retirement Check
Purpose of Loan:
Install new heating/air system in home
Loan Amount: 10,000
When loan is required: asap
Applicant's Credit Score: 580 widow who lost hubby to cancer and income cut
Borrower's Location: Fort Mill, SC
Applicant's Income: I have social security, commercial rental prop and 2 residential rentals. I have leases to prove income and also I have social security letter to prove ss. I am also willing to put up C6500 Rollback that I own for collacteral. I will sign for lender to put a lien on this intil loan is paid. I am doing mortgage on my home that will close in the next 30 days that I will pay this loan off with. This truck is worth $23,000.
Purpose of Loan:
My husband passed away with cancer. I did not work and he owned two business I cannot run. I rent the property now and I am in the process of a mortgage on my home to consolidate all my bills. But mean time I am in a crunch. I have to pay taxes on my propertys, and pay up some small bills til I get this mortgage to consolidate everything. I need this quick to avoid paying more in late penalties. I also need to make minor repair to my home before I close. I can and will pay this loan off in 60 days or less. As soon as I close. The truck makes this a no risk loan as it is worth double what I need to borrow. I do need a contract to protect me and the lender in putting this truck up. This truck is very sentimental to me.
Loan Amount: 10,000
When loan is required: asap
Applicant's Credit Score: 580 widow who lost hubby to cancer and income cut
Borrower's Location: Fort Mill, SC
Applicant's Income: Have rental properties and social security. I plan to pay this loan off with a mortgage I am doing on my home to consolidate all my bills. I will close within 30-60 days.
Purpose of Loan:
I have taxes to pay for my home and commercial properties. I also have to pay some bills up until I get mortgage closed. I had an unexpected emergency come up with emptied my savings. I am willing to put my 2001 Chevrolet C-6500 rollback up for this loan. It has a loan value of $23,000. I will repay this loan quickly. God Bless
Loan Amount: 15000
When loan is required: ASap/Friday
Applicant's Credit Score: 595, behind on several things,
Borrower's Location: Arkansas City Kansas
Applicant's Income: I am a full time teacher, and have a house painting business that I do during the summers
Purpose of Loan:
To get house payment caught up, to some other bills caught up and need to take some college classes to keep my teaching certificate
Loan Amount: 6000
When loan is required: asap
Applicant's Credit Score: 580 - married a con-artist who cleaned me out
Borrower's Location: Granite City, IL
Applicant's Income: disability income - can give exact amount upon inquiry
Purpose of Loan:
Left con-artist – am trying to get get my life back together on next to nothing
Loan Amount: 10,000
When loan is required: Today or Tomorrow
Applicant's Credit Score: 480. Mom put several things in my name & never pai
Borrower's Location: Greenville, SC
Applicant's Income: I work at a place i get paid 800 or better every two weeks & I also receive child support in the amount of 200 every week
Purpose of Loan:
I am a mother of 5 children in desperate need. I would have to pay this back over a course of 5 years. I’m having financial hardships at the current moment. My lights are about to be turned off, I’m under eviction on May 2, 2010 and I need to purchase a car.If i could get this money that would be a way of starting over. And also so my children and myself can have. It would be more than appreciated. Please help me on this. I promise you 110% you will get the money paid back in full. I don’t even care about the interest rates. Thanks in advance
Loan Amount: 20,000
When loan is required: ASAP
Applicant's Credit Score: 480...Mom put some things in my name & didntpay
Borrower's Location: Greenville, SC
Applicant's Income: I work at a place i get paid 800 or better every two weeks & I also receive child support in the amount of 200 every week
Purpose of Loan:
I am a mother of 5 children in desperate need I Have No Money To Send First For Any Kind Of Fees.I need a real lender where they can take the fee out the loan amount. I would have to pay this back over a course of 10 years. I’m having financial hardships at the current moment. My lights are about to be turned off,I’m under eviction on May 2,2010 and I need to purchase a car.If i could get this money that would be a way of starting over. And also so my children and myself can have. It would be more than appreciated. Pleasehelpmeon this. I promiseyou110% youwill get the mone
Loan Amount: $8000.00
When loan is required: Now or As soon as possible.
Applicant's Credit Score: Horrible.
Borrower's Location: Jacksonville, NC
Applicant's Income: Paycheck directly depositied in checking account.
Purpose of Loan:
I have to pay for a divorce, a totaled car that wasnt insured, and consolidate my debt into one payment.Requesting for a long term payment plan as well.
Loan Amount: $8000.00
When loan is required: Now or Asap
Applicant's Credit Score: Bad
Borrower's Location: Jacksonville, NC
Applicant's Income: Paycheck directly deposited into checking account.
Purpose of Loan:
I have to pay for a divorce, a totaled car that wasn’t insured, and consolidate my debt into one payment. Requesting for a long term payment plan as well.
Loan Amount: 2000.00
When loan is required: A.S.A.P.
Applicant's Credit Score: 485
Borrower's Location: SMYRNA,GA
Applicant's Income: I have been on my job for 3 years.
Purpose of Loan:
I got sick and was off work for a while, need to catch up on my rent before i am evicted, and the medical bills and household bills are stacking up. Need the loan A.S.A.P., LIKE NOW!!!
Loan Amount: 5000.00
When loan is required: 5/9/12
Applicant's Credit Score: 606
Borrower's Location: Greensboro, NC 27406
Applicant's Income: Job
Purpose of Loan:
Pay bills that I am behind in.
Loan Amount: 10000
When loan is required: ASAP
Applicant's Credit Score: Poor late payments
Borrower's Location: mt holly nc
Applicant's Income: ft employment
Purpose of Loan:
catch up on some bills and vacation
Loan Amount: $2000.00
When loan is required: May 25th
Applicant's Credit Score: Very low may be 500
Borrower's Location: Duluth Georgia
Applicant's Income: I work full time and take home pay is $1028.00 bi-weekly.
Purpose of Loan:
Family emergency.
Loan Amount: 2000.00
When loan is required: 05/31/2012
Applicant's Credit Score: 560 (last checked in April 2012)
Borrower's Location: Mableton, GA
Applicant's Income: Paycheck directly deposited into checking account. I am paid bi-weekly with a salary of $32,000 and annual bonus totaling $12,000.
Purpose of Loan:
My husband lost his job and I need the funds to cover current household expenses his check typically pays until his (a) unemployment benefits arrive, (b) he begins a new position with a new company, or (c) both.
Loan Amount: 3000
When loan is required: 5/18/2012
Applicant's Credit Score: credita cards and school loans
Borrower's Location: greensboro, north carolina
Applicant's Income: I am currently employeed and a student as well.
Purpose of Loan:
I have to repair my vehicle, put a down payment on a house for my children and I, and purchase a bed for my children.
Loan Amount: 3000
When loan is required: 5/18/2012
Applicant's Credit Score: credit cards and school loans
Borrower's Location: greensboro, north carolina
Applicant's Income: I am currently employeed and a full time student.
Purpose of Loan:
Purchase a bed for my children to sleep on, put a down payment on a house and repair my vehicle.
Loan Amount: 10,000
When loan is required: 05/18/2012
Applicant's Credit Score: 582 Bankrupcy 2003 open accounts
Borrower's Location: Las Vegas Nevada
Applicant's Income: Full time job for 6 years,$1,100 beweekly and tip
Purpose of Loan:
Help to my husband to come to my country with 3 kids.
Request Your Loan