$40,000 Debt Consolidation – Canton Ohio

Where Borrowers Find Loan Approvals

$40,000 Debt Consolidation – Canton Ohio

$40,000 Debt Consolidation - Canton Ohio

This client is applying for a debt consolidation loan of $40,000. He is planning to use the funds to pay down his existing loan, his credit cards and to also go on a small vacation. He claims he has excellent credit and both he and his wife have worked for the same companies for more than 5 years. Over the holidays they spent more than they planned and their credit cards are carrying a higher balance than what they can afford to pay off at the end of the month. They would like the loan processed before the end of the month so that they can avoid paying interest on any remaining balance on their credit cards.

This is a smart strategy for this couple in terms of paying off their credit cards and avoiding paying high interest charges on these cards. It is surprising how quickly the interest can add up when the rates are 18% or 29% in the case of some cards.

Regarding their credit rating, this couple’s is ok, but not excellent. They have always paid their bills on time and are not penalized in any way in this area. Where their credit rating suffered a little bit is in the area of the credit cards. Turns out they have several credit cards each which contribute to a large debt potential and this is impacting their credit rating. Never the less, their rating will still allow them to obtain very competitive rates for their debt consolidation loans.

They both have solid jobs that pay well and they should have no problems in being approved for this loan and in repaying the loan with the monthly payments for any term. They do need to be careful and not run the credit cards up again. They may not be eligible for another consolidation loan and then will be faced with paying both the loan as well as the credit card payments which would be difficult for them in their current situation. They may want to consider closing these credit card accounts to remove any temptation to use them and to also improve their credit rating as well.

Home Loan Application and Processing Speed (when do you need the funds):: Within the next 30 days, since I would like to pay down my credit car balance and another loan before the end of the month

Do you currently have a mortgage? :: yes

Bank Name and Branch :: Charter One, Tuscarawas street

What City/Town, State and County do you live in? :: Canton Ohio

Zip ::44702

What is your employment field? :: Delivery man for Fedex

Employment Position :: Parcel Delivery

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

Your credit rating to be – excellent, fair, or bad? :: fair to excellent as far as I know

How did you find us? :: searching over the internet using Google

How are you paid? (direct deposit/paper check)::direct deposit to my bank account

Gross Amount Per Paycheck :: $2613

Do you agree to have this information published online, without your PRIVATE information of course? :: yes i guess, as long as nothing personal is released

Extra information here please (some detail)::  Hi I need a loan to consolidate my debts on several credit cards as well as an existing small loan that I have. The credit cards were run up over the holidays with Christmas gifts etc and we also purchased a hot tub as a family gift. I have an existing small loan of $15,000 which I would like to consolidate with the credit cards to avoid paying multiple payments each month. In addition I know that the credit cards really charge high interest rates and we would like to avoid these high costs. One card we used has an interest rate of 29%. It is one of the store based cards and they are much higher than regular credit cards. The other card is a normal card, but the interest rate is still pretty high at 18%.

We hope to be approved for a combined loan of $40,000 so that I can consolidate all of the debt and just pay one combined loan.

Note to Lender :: Both my wife and I are employed. I am a parcel delivery person for Fedex and have worked for them for the past 10 years. My wife is a receptionist for a dentist here in town and she has worked for them for the past 8 years. Both of our jobs are secure and we make sufficient monthly income to carry this loan with no problems. Our credit rating is excellent as far as we know. We have never missed a payment on anything. Please advise if you find that it does not fall into the excellent category.

We would like the loan as we mentioned to consolidate our debt and we also plan to take a small vacation at the same time. We wanted to make sure that we had sufficient funds to consolidate everything and pay for the trip as well. We are not sure what term we would take, however we do want to repay this loan as quickly as possible. Please advise.

 

Category: Home Mortgage Loan APR 7.57% APR 7.92% APR 7.54%
Loan Principal $40,000 $40,000 $40,000
Payment Schedule Monthly Monthly Monthly
Length of Term 5 10 15
Amount to be paid $47,694.72 $55,970.43 $62,744.11
Total interest paid $7,694.72 $15,970.43 $22,744.11
Paid per installment $784.02 $460.03 $343.80