10000 Consolidation Loan in Brownsville Texas

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10000 Consolidation Loan in Brownsville Texas


This client lives in Brownsville, Texas and works for a company in the oil industry and has only been on the job for three months. He just moved to the area, rented an apartment and began furnishing it with everything that a person will need for a new apartment. Unfortunately he got a little ahead of himself and racked up a total of $10,000 in credit card debt. He was able to pay the balance of his credit cards during the first month, but $10,000 is just too much.

He wants to avoid the high interest rates that the credit cards charge by applying for a low interest consolidation loan and repaying the balance he owes on his three credit cards. He is also in a bit of a hurry. If he can repay the credit cards before the statement date he will avoid any interest charges and can start paying his loan balance with monthly payments based on a 2 or 3 year payment plan. He indicated that he might be able to actually repay the loan more quickly. He appears to be in control of his finances and will manage them quite well now that he is working. He just needs to make sure that he does not get over extended again by using his credit cards.

The consolidation loan is an excellent approach and will save him quite a bit of money in reduced interest payments. This client should have no problem being approved for a loan once all of his information is provided and verified. Since he has only been on the job for several months, he may need to provide a letter from his employer along with his bank information.


Home/Mortgage Loan Amount :: $10,000

Home Loan Application and Processing Speed (when do you need the funds):: by the end of the month. I have several payments due at that time.

Do you currently have a mortgage? ::no, I am renting right now, but would like to purchase a home sometime in the future

Bank Name and Branch :: Loan Star National Bank, US 83

What City/Town, State and County do you live in? :: Brownsville, Texas

Zip ::78526

What is your employment field? ::Oil Equipment Service

Employment Position ::Truck driver, Delivery and Repair Technician

When are you paid? (monthly/weekly/biweekly):: Bi Weekly

Your credit rating to be – excellent, fair, or bad? :: Fair I guess

How did you find us? :: searching for online consolidation loans

How are you paid? (direct deposit/paper check):: direct deposit

Gross Amount Per Paycheck :: $2,000

Do you agree to have this information published online, without your PRIVATE information of course? ::Sure, I guess there should be no problem

Extra information here please (some detail):: I have this great new job and I also just moved into an apartment in the past few months. I have been buying furniture and all of the things you need to set up a place to live. The first month was ok, I was able to pay the total credit card bill by the statement due date, however the second month and now the third month, the amount is just too high to pay all at once.

I would like to borrow $10,000 so that I can pay all of my credit card debt at once and not have to pay interest at 19% which is what the credit cards will charge me if I do not pay the balance that is due at the end of this month. I am hoping to be able find a loan around 5% and repay it over 2 or 3 years. This will save me a lot of interest.

Note to Lender:: I have pretty much everything I need for now and do not need to purchase any added furniture or anything really, so I should not get into this situation again. I plan to live on my paycheck and set a little aside for emergency savings as well, but first I need to get this loan approved and repay the balance on my credit cards.

I need a decision pretty quickly if I am going to avoid paying any interest on the credit cards that I have. There are three cards, each at $3500 credit limit. They are just too easy to get and I know I will need to watch this in the future.

I have been on my job for a couple of months and really enjoy it. I drive a rather large truck delivering equipment to oil drilling sites, perform minor repairs and pick up equipment that is no longer needed. It is a dream job for me, because I really do not want to be stuck behind a desk or in a shop if I can avoid it. There is also lots of opportunity to change jobs within the company and move up the ladder so to speak, so I am definitely good with this company for a few years.

Energy and oil is definitely the business to be in with all of the jobs and I should be able to repay this loan in less time than whatever term we agree to.

Category: Home Mortgage Loan APR 4% APR 5% APR 6.5%
Loan Principal $10,000 $10,000 $10,000
Payment Schedule Monthly Monthly Monthly
Length of Term 2 3 5
Amount to be paid $10,416.59 $10,770.69 $11,651.77
Total interest paid $416.59 $770.69 $1,651.77
Paid per installment $428.08 $295.09 $191.54