10000 Consolidation Loan in San Bernardino County
The latest applicant lives in San Bernardino County in California and works as an appliance repairman for a large company in the area. He has been working at this profession for the past 10 years and also feels that he is income protected since consumers will always need repairs to appliances. He also does his own handyman work saving him literally thousands of dollars in labor around his home.
He needs to borrow $10,000 to consolidate a small loan and credit card debt. He would prefer a personal loan of $10,000, although his bank is suggesting that it would be cheaper for him to add it to his mortgage which is at a lower interest rate than even secured personal loans. It is attractive for him, however he would prefer the personal loan even if he has to pay a bit more in terms of interest charges so that he can repay the loan in 2 or 3 years and be done with it.
He has a good to excellent credit rating and should be an excellent candidate for this consolidation loan. He should consider setting up an emergency fund to cover future repairs for this kind of expense associated with general repair and maintenance of his home. Also the emergency fund would be available should he not be able to work due to an injury or health issue. His skills and profession pretty much ensure that there will always be work for him provided that he stays current with the latest appliance technologies.
We do not anticipate any issues for this client obtaining a personal loan. It will be higher than the mortgage that his banker is suggesting; however he will pay it off much faster with a personal loan.
DEFAULT LOAN APPLICATION FOR BORROWER’S INFORMATION
Home/Mortgage Loan Amount :: $10,000
Home Loan Application and Processing Speed (when do you need the funds):: I have a small personal loan, two credit cards that are max’d out and we need to pay for a repair to our air conditioner this month. I want to consolidate all of my debts into one loan.
Do you currently have a mortgage? ::yes, there is a balance of about $35,000 left on the mortgage
Bank Name and Branch :: Pacific Premier Bank, E Highland Ave
What City/Town, State and County do you live in? :: San Bernardino, California
What is your employment field? :: Work for an Appliance Repair Company
Employment Position :: appliance Repairman
When are you paid? (monthly/weekly/biweekly):: bi weekly
Your credit rating to be – excellent, fair, or bad? :: fair to good, I think
How did you find us? ::looking for consolidation loans online
How are you paid? (direct deposit/paper check):: direct deposit
Gross Amount Per Paycheck :: $ 1840
Do you agree to have this information published online, without your PRIVATE information of course? ::sure no problem, just do not mention my company or my personal information
Extra information here please (some detail):: I work for an appliance repair company as an appliance repairman in the San Bernardino area of California. We have been spending quite a bit in the last few months between a small vacation and a number of unexpected repairs to our home and one of our vehicles. It is not a lot of money, however we charged most of the repairs to our credit cards and if we do not pay the balance at the end of the month on the statement date we will incur interest charges at the rate of 19%. This is far too high and I am hoping to consolidate the debt on these cards plus repairs to my air conditioner into one consolidated payment.
I will do the repair to the AC myself, but I have to purchase a new unit and install it. It is still a large expense even if I do not have to pay for the labor to install it. I can really save a lot of money by being my own handy man, but even with just having to pay for the cost of materials our credit cards still are at their maximum. If I had to pay for the labor, the cost would have been double our current debt!
Note to Lender :: I have been working as an appliance repairman for the past 10 years and I am now well established with the company I work for as well as being very experienced in all of the typical repairs that are needed. Even if my company folded tomorrow, I would be working the next day taking on their clients and billing the customers directly for any work that needed to be done.
My credit rating is very good. We have a small existing mortgage which will be fully paid for in the next couple of years and then there is the debt that I want to consolidate. My banker is suggesting that I just add it to the mortgage by increasing the mortgage and converting to an open mortgage. It is attractive, the interest rates would be really low since the mortgage would be secured by our home, but we want to repay this loan quickly to avoid paying very much interest etc.
Can you advise what the best course of action is and what kind of rates you can provide for this $10,000 consolidation loan?
|Category: Home Mortgage Loan||APR 5%||APR 6%||APR 7%|
|Length of Term||3||4||5|
|Amount to be paid||$10,770.69||$11,224.77||$11,778.83|
|Total interest paid||$770.69||$1,224.77||$1,778.83|
|Paid per installment||$295.09||$230.65||$193.62|