$12000 Debt Consolidation Loan For Bad Credit – Orlando FL
This client runs his own business, a pool maintenance company and is in personal debt on his credit cards. His company is doing well. He plans to grow the business by adding a third truck. He is growing his client base and believes that his business is on the up tick. If he could run his personal financial life as well, he would not be in his current position.
Apparently he missed a number of payments on his rent and utilities which caused his personal credit rating to decline. Applying for a regular loan was made more difficult with a bad credit rating and also because he runs his own business and does not have a regular job with a pay check. Consumers who run a business sometimes have more difficulty on obtaining a personal loan in this situation.
He needs this debt consolidation loan to consolidate several credit card debts. They total $12,000. If he does not pay this debt now, he will incur a high interest rate on this debt in access of 21%. According to his application, he does have the funds within his company to pay himself a bonus which could be used to repay the credit card debt. This is not his preferred solution, since it would prevent expansion to a third truck and being able to handle more customers. His plans include taking on more customers and hiring another employee.
This client may have to pledge some security for the loan which could be some of the assets in his business. Although this is a personal financial issue, lenders want to be sure that they have options with regards to collecting their loans if the client cannot repay the loan for some reason. A lien on his company of this sort could also make it difficult to obtain a company loan to purchase another truck.
There are three options for this client. His preferred approach is to obtain a personal loan to consolidate his debt. The second option is to obtain a personal loan while pledging something as security for the loan either a personal asset or a company asset. The last option which is not his preference is to pay a bonus from his company which would allow him to repay his credit card debt. This last option would delay his expansion plans for his company.
Obviously more discussion concerning interest rates, personal vs. secured loans and the part his company might play in the resolution of this debt collection issue is required.
DEFAULT LOAN APPLICATION FOR BORROWER’S INFORMATION
Home/Mortgage Loan Amount :: $12000
Home Loan Application and Processing Speed (when do you need the funds):: need to consolidate my credit card debt before the end of the week, before they start to charge interest on my overdue balance
Do you currently have a mortgage? :: no, we rent a condo
Bank Name and Branch :: TD Bank, S Kirkman Rd
What City/Town, State and County do you live in? :: Orlando, Florida
Zip :: 3211
What is your employment field? :: Pool Maintenance
Employment Position :: pool maintenance technician
When are you paid? (monthly/weekly/biweekly):: biweekly
Your credit rating to be – excellent, fair, or bad? :: bad, according to the loans officer at the local bank that I have all my accounts at
How did you find us? :: Looking for debt consolidation loans online
How are you paid? (direct deposit/paper check):: combination of cash, check and direct deposit
Gross Amount Per Paycheck :: $1200
Do you agree to have this information published online, without your PRIVATE information of course? :: Sure, just do not want my companies name mentioned since there could be a business impact. My customers might not like the idea of knowing they are dealing with someone who has bad credit
Extra information here please (some detail):: Hi, I have my own company doing pool maintenance in the Orlando area. I have two trucks on the go all day long visiting one pool after another. We provide pool maintenance to our customers for both residential and small commercial pools. Basically I check the chemical levels at each pool, make adjustments as needed and add the chemicals that are needed. We also clean the pool of any debris that we find in the pool or in the skimmer.
This is a great business and we are continuously busy. In fact we are planning to add a third truck to help deal with the growing number of customers that we have. The business is doing very well. I cannot say the same for my personal financial life.
I was late for several utility bills and also rent at the condo. It was my own fault for missing the payments. Without a steady job at a business, and a regular pay check, my credit rating dropped like a stone. Of course it did not help that I had also run up my credit cards and have only been paying the minimum payment on these cards. Now I need $12,000 to consolidate all of the credit card debt that I have and pay less interest on the debt.
I could take more money out of my company as a special bonus to pay this debt, however this would limit my ability to expand to a third truck and increase the business volume that we currently are dealing with. I need to purchase a truck, equipment and chemicals. I also need to hire an employee to run this particular route. If I can increase the business, my income will increase as well and I will be able to repay my debt more quickly.
Most people would just take money out of the business, however right now I have a real opportunity to grow the business further. A debt consolidation loan will help me pay off my credit card debt, reduce the interest I am paying on that debt and achieve my goals for the business at the same time.
I would really appreciate if you can help in this situation with providing or putting me in contact with a lender who can approve this debt consolidation loan. Thank you for your time and consideration.
Note to Lender ::