15000 Dollar Loan To Pay Off High Interest Debt – Dallas, Texas

Our most recent applicant is applying for a $15000 dollar loan that they want to use to pay off high interest debt and they live in Dallas Texas. They admit that they have no idea regarding what their credit rating is since they have not checked it in many years. They feel that it should be relatively good since they have no other debts other than the four credit cards they have which are charged up to the maximum. Their car is fully paid for and they rent so there is no mortgage. They have always paid their bills on time and feel as a result that their credit rating should be pretty good.

It turns out that their credit rating is about average. It could be higher, however they need to have some history of borrowing money and paying off the debts on time or even early.  Their four credit cards with a large balance is hurting them somewhat, however it really depends on how quickly they repay this debt. Their rating could go up or down based on the payments they make.

They are taking the correct steps in terms of looking for a low interest loan to pay off this debt. Credit card interest rates are always above 20% with some going as high as 35%. Paying a minimum payment will satisfy the terms of the credit card agreement, but will do little towards reducing the principle amount due to this high interest rate. A small unsecured personal loan can be had for as low as 3% for some of the lowest risk borrowers and save the borrower thousands of dollars in interest costs.

Regarding employment this applicant is employed at a relatively stable job and expects to be on this job for sometime with potential for promotions and salary increases. However from this loan assessment perspective we can only take into account current income levels in terms of  approval etc. More to come on this particular loan request.

DEFAULT LOAN APPLICATION FOR BORROWER’S INFORMATION

Home/Personal Loan Amount :: $15,000

Home Loan Application and Processing Speed (when do you need the funds):: I would like the loan proceeds to be available before the end of the month, so that I can pay off my credit cards and avoid interest on any unpaid balance. The rate on the credit cards is very high.

Do you currently have a mortgage? :: No, we rent an apartment

Bank Name and Branch :: Bank of America, Anaheim St

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

Zip :: 75202

What is your employment field? :: LAX customer service agent

Employment Position :: Customer Service Agent

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

Your credit rating to be – excellent, fair, or bad? :: ok as far as I know, have not checked in last few years

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

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

Gross Amount Per Paycheck :: $1332

Do you agree to have this information published online, without your PRIVATE information of course? :: Sure, no problem as long as nothing personal is published

Extra information here please (some detail):: My wife and I have four credit cards and they are all charged up to the maximum. I know that this was a silly thing to do, especially  when we do not have the money to pay the balance on these cards. The interest rate is an average of 25% on these cards for any unpaid balance and I have until the end of the month to pay off the balance or just pay the minimum payment and start paying interest at these ridiculous rates. I know that if I pay the minimum payment, interest will start immediately and the payments will only pay interest and a very small amount of principle. Can you help by processing a loan request quickly so that I can avoid this interest charge?

Note to Lender :: I work at the LAX airport as a customer service representative. I work odd hours so the best way to get in touch with me is to call my cell phone or send an email, but I would really prefer a phone call so that we can expedite this application.

I have worked at the airport for several years and feel that the job is secure. I am even eligible for a raise as well as a promotion so that I should be increasing my income shortly. As far as my credit rating is concerned, I have not checked it in the past few year so I really do not know what it is. My credit rating should be quite good since I have no other debt, my car is paid for and I have never missed a payment on anything. We rent an apartment and I have never missed a rent payment either. Please advise quickly regarding whether you can approve this loan or not since I would like to get it resolved this week and pay off this credit debt to avoid the high interest that they charge.