$10000 Bad Credit Debt Consolidation Loan Boca Raton
This consumer lost his job, got behind in his payments on his rent, his car payments and some other bills. He then made some bad decisions with respect to credit. He now has a regular job and has caught up on his rent as well as his car payments which he was also behind on. In fact he almost had his car repossessed when he got behind on his car payments.
The store that he works for sells diving gear which he is very much interested in. He spent approximately $10,000 on a variety of diving gear plus other items and charged the entire amount to his credit card. While he was out of work he also used up all his savings and now does not have anything to draw on to pay this credit card payment.
The interest-rate on the credit card is 21%. He is looking for a personal loan that will give him an interest-rate that is much better than the credit card rates currently offered.
One alternative that he is considering if he is unable to secure a bad credit loan at reasonable rates is to sell the diving gear. While his boss probably would not like it, he can sell his diving gear on the side to one of the many customers that come into the store. Many people are looking for a deal and he will be able to resell the diving equipment, recover some of this cost and use that money to repay the credit card debt.
He also looked into returning the equipment to the diving store, however he has already used it once and they have a no return policy once the equipment has been used.
In terms of income he receives a fixed salary plus commission on sales that he makes. His fixed income is considered quite low and his commissions depend on the season and the time of year. Lenders will only consider a portion of his regular commission income when considering him for a loan.
This consumer would be considered a high-risk customer due to his past history, his relatively low income, and no emergency savings. While he may be approved for a loan at the requested amount of $10,000, he may not be satisfied with the interest-rate and the fees that may be involved. He may have to consider his other alternative of selling his diving equipment to recover his money and use that to repay the credit card debt. He may still have a balance left on his credit card after taking this approach due to the discount he will have to provide to anyone purchasing his used diving equipment.
He might be eligible for a smaller loan to cover the remaining credit card debt. More information will be required and the total amount that will be required before this option can be considered.
DEFAULT LOAN APPLICATION FOR BORROWER’S INFORMATION
Home/Mortgage Loan Amount :: $10000
Home Loan Application and Processing Speed (when do you need the funds):: I need to borrow this money for debt consolidation. The sooner I can do this the more interest I will save, so need the loan fast
Do you currently have a mortgage? :: no, we rent a town house
Bank Name and Branch :: Paradise Bank, N Federal Hwy
What City/Town, State and County do you live in? :: Boco Raton, Florida
Zip :: 33431
What is your employment field? :: Tourism Industry
Employment Position :: Sales Manager for local Boating equipment store
When are you paid? (monthly/weekly/biweekly):: biweekly
Your credit rating to be – excellent, fair, or bad? :: bad, according to one lender I spoke to at the bank
How did you find us? :: looking online for a bad credit debt consolidation loan
How are you paid? (direct deposit/paper check):: direct deposit
Gross Amount Per Paycheck :: $800 plus commissions on sales
Do you agree to have this information published online, without your PRIVATE information of course? :: no problem
Extra information here please (some detail):: I need a debt consolidation loan to consolidate almost $10000 in credit card debt. The statement due date is approaching next week and if I am unable to pay the full amount by the due date, they are going to charge me 21% interest on the unpaid balance. I really cannot afford this amount of interest and it will take a long time for me to repay this amount if I have to pay interest at these rates as well.
I purchased some diving gear from the store that I work at and charged it to my credit card. I really do not want them to know that I am having trouble paying what I owe. I have used the diving gear once, so I cannot return the gear. The store has a no return policy once the gear has been used. Maybe I should try to sell the gear and use the proceeds to repay the credit card debt.
My preference is to keep the diving gear, obtain a $10000 bad credit loan at a lower interest rate. If I cannot obtain a loan, I will have to sell all of this stuff, take my losses and start over.
Note to Lender :: The reason I have a bad credit rating is that I missed a number of payments last year before I got this job. I could not pay my rent and I also missed several car payments. It did not take long for my credit rating to go from good to bad. Since I found this current job, I am all caught up with my car payments and my rent payments. Because I was not working, I also used up all of my savings.
Most people will tell me that I should never have purchased all this diving gear in the first place. But I really wanted to try diving and enjoy it a lot. But the bottom line is that it is really not affordable for me at the present time. If one of your lenders cannot approve a decent loan for me at a decent interest rate, the only alternative for me is to sell it, and repay the credit card debt.
I can probably sell it pretty quick. We get a lot of people looking for used diving gear coming into the store.