$2000 – $8000 Bad Credit Personal Loans in VA, WV, PA, DE

Okay, we’re back near the Eastern Seaboard again and were going to do some bad credit personal loans in four different States. We will do Pennsylvania, and we will be discussing a personal loan for a person with bad credit living in Pittsburgh, with lenders operating in Scranton and Philadelphia. Then we will be heading over to Delaware for another bad credit personal loan in Wilmington with a lender in Newark. For the third loan we will be going a little in-land to West Virginia where a borrower in Huntington needs to borrow $6000. And then finally we will finish off in Virginia where a borrower wants to borrow $8000 in Richmond. I should mention that the borrower in Pennsylvania wants to borrow $2000, and the borrower in Delaware wants to borrow $4000.

All of these borrowers have bad credit scores and all of these borrowers need the money for personal reasons. The FICO scores range from 575 up to 605, so none of these borrowers would qualify for financing with their own bank branches in their state. We have done something a little bit different on these loans in that we have now included the closing payments as well (in the tables). Like most loans that are paid with monthly installments and biweekly installments there is usually a closing payment on the note. With biweekly payment structures the closing payment is usually much larger in comparison to the closing payments on loans that are paid on a monthly basis – with a 30 day payment frequency.

The APR levels range from 8.5% all the way up to 12%, and another additional value we have added to the tables for these borrowers is the requested APR that they made on their applications. So now we show the requested APR on all loan applications and we show the outcome of the lending agreement in regards to APR.

This will be our second to last publication in regards to loans applied for in the continental United States (as the base of content here at FUSA), with the last publication covering Louisiana and Florida. We will do one more after that in the Hawaiian Islands and eventually we will cover the outlying Congressional Districts of the United States (AKA – Non-Voting Delegations) such as Guam.

Before we continue I should mention that none of these loans are short-term cash advances. All of these loan applications and agreements are for installment payments ranging from a three month term, up to a full year term of 12 payments. These are clearly non-payday loans as requested by the applicants.

$2000 Bad Credit Personal Loan in Pennsylvania (PA)

You can look at the table below to review the basic data of the loan application and the final outcome of the lending agreement in this loan for $2000 in Pittsburgh, PA. This applicant wanted an all-purpose loan for $2000 and they wanted a six month term on the “note” (we use the terminology used with conventional lending, for this borrower and lender transaction, because this is not a short-term cash advance or payday loan). More and more applicants are sick and tired of payday loans being pushed in their face every time they try to borrow some quick cash or extend their credit. They are looking for lenders who will approve short term loans to people with bad credit, but they want to pay back their loans over a period of months, and at a reasonable APR – at least below 10%. You can see that, in this Pittsburgh-based borrower’s case, as he ended up having to accept an 11% APR, but the final interest on the note only came to $64. Not bad.

As usual with most of our loan discussions we will include the banks and the branches that the borrowers were declined at for extended credit. In this case, in Pittsburgh, our borrower was declined credit at the Citizens Bank which is located at the corner of William Penn Place and Fifth Avenue, in the Penn Place building.

Since this request for credit was such a small number ($2000) the borrower actually considered a payday loan or a cash advance company in Eastern PA but smartly chose to not go there. They tried to get approved for a line of credit but didn’t have sufficient collateral to secure it with her bank branch. She also tried to get a line of credit with the PNC Bank and with the First Commonwealth Bank but didn’t succeed in that endeavor. She also tried getting approved with Wells Fargo located in the CB Richard Ellis Building at 1st Avenue and Market Street, but was declined there as well.

She realized that at that point she wasn’t going to get approved by any conventional banks, and began looking for an alternative online. She was approved for her loan of $2000 with a lender based in Philadelphia. Since Philadelphia is so far away to the East from Pittsburgh, this borrower and lender did the communication using Skype, and negotiated a final APR of 11% with a loan term of six months. There was no way this borrower was going to get approved for interest rates lower than 11% because her FICO score was at 585 during the time of application.

So for this six-month term her monthly payments were $340 (approximately) and the total amount of money paid back to the lender was $2064. The final loan payment was a pittance of $28.12. Extremely reasonable if you consider that this applicant has a very poor credit score and bad credit history with TransUnion, Equifax, and Experian. This bad credit lender has been operating strictly in Pennsylvania and they offer sub prime loans for individuals looking for personal financing all throughout the State, including allot of borrowers in places such as Scranton, Wilkes-Barre, Allentown, Lancaster, Reading, Harrisburg, York, and in Western Pennsylvania such as Altoona, Washington (PA), New Stanton, Johnstown, Duncansville, and Youngstown.

$4000 Bad Credit Personal Loan in Delaware (DE)

Our number two loan is in Delaware, with the borrower living and working in Wilmington, DE. This loan was for twice as much money, at $4000, and this borrower also had really bad credit with a FICO score of only 575. Fortunately, this borrower has a very low DTI number at .37 and the lender has lent money to this borrower in the past – with no complications and no defaulted payments. Needless to say this loan was approved almost overnight.

This person was declined for the $4000 loan with their local branch being the Bank of America on King Street & 11th Street. He doesn’t actually do any of his personal banking with the BOA anymore as he was one of those people that switched all of his accounts away from them due to their high fees and questionable customer service. He was also concerned about all of the foreclosures and perceived corruption at the BOA, that he read about and watched on the nightly news. He now does all of his banking at the Delaware First Federal Credit Union.

So many borrowers and customers are now switching to Credit Unions after the big bank bailouts 2008 and 2009. Far be it for us here at FUSA to play judge & jury over banking establishments – we will let the consumers of the United States make those decisions on their own, and the better banks will prevail ;-).

Regardless of where this borrower does their banking, they weren’t likely to get approved with a credit union or a conventional bank like the Bank of America, and they were pretty much in the position where they had to get a private lender to lend them the money. For a $4000 loan this bad credit applicant asked for a 9% APR, and was actually granted this APR by the lender.

This lender is based in Newark, DE, and has offices near Elkton Road, and West Delaware Avenue. This lender and borrower also communicated using the Skype video chat function. They wrapped up this loan quickly, and in the table you can see the final outcome of the loan agreement.

For the four thousand dollar principal at 9% APR, this borrower paid only $60 in interest over a three-month term, with a final payment to close the loan being $55.62. The monthly payments on this loan were $1335 (approximately), and managed to clean up allot of high-interest credit card debt. In the disclosure from the borrower we learned that this $4000 was specifically for the purpose of paying down high interest credit card debt. All of this debt was with a Bank of America issued Visa card.

$6000 Bad Credit Personal Loan in West Virginia (WV)

Our third loan today is in West Virginia where the borrower applied for a $6000 loan, and they also had a low FICO score – below 600 (595 to be exact), and a bad credit history. People who have really bad credit scores,  below 600 FICO, find it very difficult to get approved for any kind of credit, whether that is a credit card, line of credit, overdraft, car loan, or personal loan. That is why so many applicants who have poor credit these days are choosing to get loans with private lenders, or with some of the peer to peer lending websites such as Prosper.com and lending portal connections such as Financing-USA.com.

This borrower lives in Huntington, WV and wanted to borrow $6000 over a period of nine months. They requested an APR below 8% and as you can see in the table they were ultimately approved for much higher than that at 12%. Once again, lenders were not willing to come down to the lower APR levels with an applicant that had a FICO score of less than 600. Let this be a lesson in understanding FICO scores for bad credit borrowers across the United States – before you apply for any kind of credit with any kind of lender, you really need to try and get your credit score up above 600 at least before you start filling out applications in loan offices or online.

The borrower in this case has all of his accounts at Peoples Bank on Fifth Avenue in Huntington, WV, and has had his accounts there ever since he was a teenager when he got his first job working at Burger King. He now works for Charlie’s Harley-Davidson on 4th Street in Huntington and he loves his job. He has been an avid rider ever since he was old enough to get his drivers license. He makes pretty good money after commissions and his monthly expenses are really not that high because he is not married, doesn’t have a common law girlfriend living with him, no children, and less high interest debt loads. He just needed this $6000 loan to pay off some old debts from payday loans he had accumulated two years prior, and he needed to get his bike fixed just so he could get around. He has another job for which he needs transportation over State lines in Chesapeake, Ohio. He travels across the East Huntington Bridge over to Proctorville on Highway 106 and then cruises down Highway 7 (the Old State Route) down to Chesapeake for a weekend job selling cars. He has to have his bike in tiptop shape because of all the traveling he does every week.

In the end, for a principal of $6000 this bad credit applicant spent $284 (and change) in interest on the note. You will notice that in this table the borrower agreed to making biweekly payments of $499.32. So basically with a $500 loan payment every 14 days, he was making a $1000 monthly total installments against the $6000 loan, and this took place over the nine month term.

$8000 Bad Credit Personal Loan in Virginia (VA)

Our fourth and final loan is in Richmond, Virginia. Our borrower does have a credit score over 600 FICO, but has a fairly high DTI at .58. He had been unemployed for the last year and a half, but has been employed for the last four months so he was having difficulty getting approved for any credit with his local bank branch. He does his personal banking with the SunTrust Bank on East Main Street in Richmond, VA.

He has also been with the same bank for the last decade, without many complaints. As part of our quest here at FUSA we tried to get as much information from the borrowers in regards to their satisfaction level with their existing banks, as we are seeing a gradual trend of consumers moving to locally owned and operated credit unions and small consumer banks in their own cities and areas. We are seeing more and more consumers opting for credit unions instead of the typical big banks such as Bank of America or Chase.

This fourth loan which was approved in Richmond took place with a lender based out of Norfolk, VA and the terms of this loan were extremely good, and judging from the data we have on this borrower, we are not quite sure why the APR ended up being as low as 8.5%. Even if somebody has a good credit rating with a FICO score above 700, they are lucky to get an auto loan or an unsecured personal loan with an APR much lower than 7%. When you consider that this borrower has a very low credit score rating at 605, he got very lucky with this lender getting a 7% deal.

The final closing payment on this loan was only $114 and six cents, and the actual amount paid back to the lender was $8360 and change. That is pretty darn good when you consider the total cost of the loan ended up being only $368. Here at FUSA we purposely (for privacy reasons) don’t have a system that allows borrowers to pick and choose lenders who give good deals to people who have really bad credit scores. This is why there are more and more lenders signing up with us to find approvable borrowers and customers – they have the ability to pick and choose at their leisure, and they don’t get inundated with constant requests for cash and credit.

We tried to find out from this lender why they approved an 8.5% APR when clearly the applicant had a credit score that could have warranted an APR above 11%, but we never did get a clear answer. Most of the lenders and the borrowers choose to keep all of their business dealings, and the particulars of their lending agreements, to themselves. We fully understand this and this is why we can only publish a scant amount of application data on the site.

We have to have permission from both the borrower and the lender in every case to publish this information. In all of the loans discussed today we had that permission, which is usually granted with an understanding that we use only limited data, and in some cases we have to change names and locations somewhat to maintain the privacy of all concerned. However, what we do maintain is the APR levels of the approved loans, the term lengths, and the installment frequencies. The State is always accurate, and the reasons for borrowing are maintained as well. We do have to change some of the workplace information, and on rare occasions the lenders choose to remain completely incognito in regards to which city they are based out of, and which States they are based in.

This closes up our publication today on bad credit applicants and bad credit lenders, in the States of Virginia, West Virginia, Delaware, and Pennsylvania. Have a great day, and we hope you get approved for your loan as soon as possible. Thanks for visiting Financing-USA.com