4000 Dollar Loan For Hearing Aids in Miami Florida
Our latest client is applying for a 4000 dollar loan for hearing aids in Miami Florida. She is a senior and is living on a fixed income. She apparently has sufficient income to handle all of her expenses and she is able to set some added money aside each month for emergencies that she may have from time to time. She has been diagnosed with poor hearing and would benefit by wearing hearing aids, as well as her family and her friends in the senior home would be happy not to hear the loud TV or radio every evening.
The hearing aids cost approximately $6000 and she has $2000 saved towards them. She needs the $4000 loan so that she can go ahead with the order to her hearing specialist. She feels that she will be able to handle the additional monthly payment, especially if the loan is spread over a longer period, such as 5 years. When a 2 year loan is compared to one that stretches over five years, there is almost a one hundred dollar different in the monthly payment. Although you do pay more total interest for a longer term loan of five years compared to two years, the monthly cash flow difference between the two is significant.
Some additional detail will be needed to confirm her monthly payments at the seniors home to confirm that this applicant has sufficient income to handle the added monthly payment for this loan. We anticipate that if she takes the longer term and reduces the monthly payment accordingly, she will easily qualify for the loan. The interest rate should also be more attractive compared to what is being offered by the hearing aid company as a credit loan proposal. Once she has the hearing aids she will notice a significant difference in the sounds that she is able to hear and yes the volume on the TV or radio can be turned way down.
DEFAULT LOAN APPLICATION FOR BORROWER’S INFORMATION
Home/Mortgage Loan Amount :: $4000.00
Home Loan Application and Processing Speed (when do you need the funds):: I would like to order my new hearing aids thus week, so could you approve this loan as soon as possible?
Do you currently have a mortgage? :: no, I rent an apartment in a seniors residence
Bank Name and Branch :: Continental Nations Bank of Miami, SW 1st St
What City/Town, State and County do you live in? :: Miami Florida
What is your employment field? :: retired for past 10 years
Employment Position :: retired
When are you paid? (monthly/weekly/biweekly):: monthly pension checks
Your credit rating to be – excellent, fair, or bad? :: good I guess
How did you find us? :: looking for companies that provide hearing aid loans online
How are you paid? (direct deposit/paper check):: direct deposit to my bank account
Gross Amount Per Paycheck :: $3000 a month
Do you agree to have this information published online, without your PRIVATE information of course? :: sure why not?
Extra information here please (some detail):: I am a senior living on a pension from my employer, plus I receive the usual government pensions. I have enough to live on comfortably and also to put a little money aside each month for emergency expenses. My hearing has been declining over the last couple of years and my doctor along with my family and the other residents in the seniors home where I live have convinced me to look into purchasing hearing aids so that I can hear more clearly.
I need $4000 for hearing aids and live in the Miami Florida area in a seniors home. Everyone is complaining that I have the TV and the radio turned up so loud that people in other apartments can hear the programs I am listening to. They really want me to turn down the volume and it looks like the only way I can do that is to get hearing aids. I have been tested and the set they recommend for me will cost $6000. I have $2000 set aside for emergencies which I guess I will use for this purchase, but I still need another $4000.
Note to Lender :: The place where I will purchase the hearing aids will offer credit in terms of a 5 year loan, but they want to charge me an additional fee for the loan and they want to charge 18% interest on the unpaid balance. I really would like to purchase these hearing aids, but my money is limited and I need to stretch it as far as possible. An 18% loan is too much to pay in terms of interest.
I am hoping that your company can help me out with a lower rate loan for this purchase. I do not have any other medical insurance that would cover this expense and everyone including my family is urging me to buy these hearing aids. My pension is enough to cover a monthly payment and I have no other expenses really other than the monthly rent I pay for the seniors home. It includes all of the utilities including my phone so my expenses are really well managed in that sense.
Do you think you can find a way to help a senior purchase hearing aids who lives Miami Florida?
|Category: Home Mortgage Loan||APR 5.0%||APR 6.0%||APR 7.0%|
|Length of Term||2||3||5|
|Amount to be paid||$4,208.29||$4,369.93||$4,711.53|
|Total interest paid||$208.29||$369.93||$711.53|
|Paid per installment||$172.94||$119.72||$77.45|