$30,000 Poor Credit Financing in Youngstown Ohio
This most recent client is applying for a $30,000 poor credit financing loan and lives in Youngstown Ohio. He is a long distance trucker and has been doing very well over the years. He pays his bills on time and has no debt and he has a poor credit rating.
There are a number of factors that are contributing to his poor credit rating, which unfortunately impact many people who try to limit their debts and pay their bills on time. In addition he is a small business owner in what is generally perceived as a higher risk business, especially with the economy the way it is.
His home is paid off and he has one personal credit card which has a low limit which he pays off every month. This actually lowers his credit rating since he does not have a lot of debt compared to his debt limit which is also low. This area counts for as much as 30% of his credit score. He pays his bills on time which is a factor in his favor which counts for 35%. There is another 35% for inquiries, mix of credit to manage and length of credit history. He does not have a mix of credit to manage and he has been looking for a loan with a number of inquiries which impacts his credit score. While nothing is really bad, it all adds up to a low credit score and a poor credit rating.
This client would actually benefit from a credit perspective of being approved for this loan and then demonstrating that he can meet all of the payments on time and pay it off as agreed in his contract. We anticipate that once he can provide some more information to substantiate his income and his debt levels that the lenders will likely approve this loan. He may end up paying a slightly higher interest rate to reflect the perceived higher risk, however this will be the cost of improving his credit rating.
Home/Mortgage Loan Amount :: $30,000
Home Loan Application and Processing Speed (when do you need the funds):: in the next two weeks
Do you currently have a mortgage? :: No
Bank Name and Branch ::First Place Bank, Market Street
What City/Town, State and County do you live in? :: Youngstown , Ohio
What is your employment field? :: Truck owner / driver
Employment Position :: Truck Driver
When are you paid? (monthly/weekly/biweekly):: bi-weekly
Your credit rating to be – excellent, fair, or bad? :: I apparently have a poor credit rating
How did you find us? :: searching for a small loan on the internet
How are you paid? (direct deposit/paper check)::some checks and some direct deposit
Gross Amount Per Paycheck :: $2000, it varies depending on how much work I get, $2000 is the minimum
Do you agree to have this information published online, without your PRIVATE information of course? ::yes, just do not mention my companies name or my trucking business name
Extra information here please (some detail):: I am a long distance truck driver working the Midwest to all points east and west in the USA. I have been doing this for the past 20 years and have always paid all of my bills in full and on time. I make a pretty good income, although it does vary a lot depending on what routes I am on and how much I work in a given month, however over the years I have made at least $2000 every two weeks as a minimum and it is usually much higher than that.
I own my tractor and we just hook up to a trailer and away we go with a delivery to whatever state and city across the US. I did have a trailer at one point and picked up loads, however that business is a lot of hard work. Sometimes you have to help with the loading or unloading and at my age I am really not into that any longer.
Note to Lender :: I have applied for a $30,000 loan at several banks and online financial places, including my own bank and they have all turned me down. Claimed that I had a poor credit rating and would not tell me why. In fact as soon as they saw my credit rating the really did not want to talk with me at all. The loan is to do some renovations around my house and upgrade a few things like the bathrooms and the kitchen, they are getting pretty dated.
I cannot understand at all why I have this poor credit rating. I have always paid everything on time. I have ever missed a payment. I have one major personal credit card that never has a balance carried over and my home is paid off. You would think that I would be able to easily get a loan at the best rates. My company is incorporated and all of the driving expenses for fuel and meals etc are paid for using a company credit card. It is also always paid in full every month. Sometimes it gets pretty high, but I always pay it in full. Can you help me with this problem of finding poor credit financing.
|Category: Home Mortgage Loan||APR 8.99%||APR 9.99%||APR 11.5%|
|Length of Term||3||5||7|
|Amount to be paid||$34,157.09||$37,615.95||$42,217.01|
|Total interest paid||$4,157.09||$7,615.95||$1,221.01|
|Paid per installment||$935.81||$618.34||$495.70|