$30,000, $40,000, $50,000 Bad Credit Loan for Debt Consolidation — Below is a loan pre-app submitted by a FUSA user and the applicant was approved for his loan in 3 days time. Not exactly an overnight loan, but hey….he got approved with bad credit and he got the cash.
This debtor was really behind the 8-ball on his finances due to surviving on credit cards. As it played out, he had been using all of his credit cards to pay basic bills for the family, and he didn’t have a way to pay them off at the end of each month.
$30K-$50 Loans a Common Occurrence
Unfortunately, we get applications on this site every day from people who have let their credit card balances get out of hand – this has to be avoided of course, but we will spare you the lectures – you know what you have to do right? The point being that you ARE NOT ALONE here on this one. PLEASE try not to stress yourself out over this much debt (Lord knows we see that ALL the time) because the old saying still rings true;
“It’s only money….”
I know that it’s easy to say that, and I know it may seem trite, but it’s a cliche for a very good reason. As a famous musician once said,
“It’s nothing to get hung about……” - [John Lennon]
Yes, it’s just money, but when you are deep in debt, it’s really stressful. I know because I’ve been there and it was unbelievably stressful at the time. I needed a loan for around 45000 to sort out my finances, and I never got it. I ended up claiming bankruptcy.
Anyway, this is your story, and the applicant’s story from below – he got approved based on income only. His credit score certainly wasn’t good at the time of the application either.
No Collateral $30,000-$50,000 Loan
It’s tough to find lenders who will honor and approve a loan for $30K-$50K if the borrower/applicant doesn’t have solid collateral. Traditional lenders always want some form of solid collateral, and very few lenders PERIOD will approve loans soley based on the an applicants job.
So far from our site, the only lenders who will approve loans purely based on a borrower’s income, and those lenders have always been private lenders. The only rub with these kinds of loans is the APR – in most cases if the borrower’s FICO score is below 400 they are going to be facing a high interest on the note. This is where private lenders make their profit. They make more money because they are technically taking a very big risk on customers who have really bad credit scores.
Usury Limits – Protect Yourself. Know The Law.
Please keep in mind the actual laws at the Federal Level, and your State Level, on Usury Limits. You have to read the small fine print to make sure there are no future suprises on the note. All of our lenders that we have in our system have to obey Fed and State laws regarding usury, and we have a watch-dog method of tracking their behaviours with borrowers that use this site. BUT, we count on our users to let us know if there is a lender that all of a sudden decides to start behaving like a predatory lender. Never give a lender money upfront for a loan approval – if you run into that, you must report that lender to the authorities – strictly against the law in all States of the Union.
Actual $30000-$50000 Loan Applicant
I’m Keith from Wichita, Kansas and I’m applying for a sizeable loan for between 30000 and 50000 to be qualified sometime this January.
I need this loan to pay down credit card debts I have for the past credit card balances I have accumulated as my hours were cut back on the job. I’m looking at getting a different job and moving to Kansas City or Salina by the end of March.
I have been using credit cards to pay for food and car fuel for the last 2-3 years because of the monthly short-fall of cash. I need to lump all my credit card debt together into one decently sized payment each month, and I can pay it off for you some how. I don’t have any collateral though, so this is purely a cash loan.