$40,000 Loan for People With Bad Credit – Canton Ohio

This current client is in a pretty difficult situation. Through losing his job and some difficult decisions he has ended up with a bad credit rating and no insurance on his home. The good news is that he now has a good job that pays very well and has been there a year which gets him passed the initial period that most companies utilized to weed out any employees they do not want around on a permanent basis.

His bad credit rating came from decisions to delay payment on a number of bills and credit cards. As soon as this occurred, and they reported nonpayment to the credit rating agency his credit rating dropped like a stone. It will take several years for him to rebuild it back to a level that will allow him to qualify for some of the better loan rates. All of his savings were used in surviving while he looked for a job and fortunately he did not have to use any credit while he was looking.

He has since repaid all of his outstanding bills that were owed to various companies.

He also decided to cancel his home insurance during this time when money was short. He has been back to work for a year and we guess that he just forgot to add it back on to the home. Last week a major storm blew through and caused $40,000 in damages and none of it will be covered by insurance. He is urgently trying to raise money to pay for the repairs that are needed. Fortunately the neighbors are helping out and making some temporary repairs to reduce further weather related damage. He also cannot obtain house insurance now until all repairs have been made and his home is brought back up to code.

We believe that even though he has a bad credit rating, that lenders will approve this loan for him. He now has a solid job and has shown he will do what it takes to repay his debts so we think they will take this into account and approve a loan of $40,000 for him. He may have to pay slightly higher rates to reflect the perceived credit risk, however at this point his main focus is to make repairs and save his home.

Home/Mortgage Loan Amount :: $40,000

Home Loan Application and Processing Speed (when do you need the funds):: as quickly as possible, we need to make some repairs to the house

Do you currently have a mortgage? ::no, the house is fully paid for

Bank Name and Branch :: Chase bank, Dressler Road

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

Zip :: 44718

What is your employment field? :: City Worker, Water Department

Employment Position :: foreman

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

Your credit rating to be – excellent, fair, or bad? :: my credit is bad due to many missed payments while I was laid off

How did you find us? :: Google search

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

Gross Amount Per Paycheck :: $ 85,200

Do you agree to have this information published online, without your PRIVATE information of course? :: sure but I do not want any information made public in any way

Extra information here please (some detail):: We urgently need a loan for $40,000 to make some repairs to our home. There was a bad wind storm over the last few days and we lost most of the shingles on the roof, a lot of siding and several trees came down on the property. Our pool is leaking because of a tree limb puncturing the liner and several windows are broken. We do not know where we are going to get the money to make repairs. Thankfully the neighbors are helping us with temporary repairs over the windows and the roof.

Our home is paid off so there is no mortgage on it; however we lost all of our savings when my husband was laid off and we could not meet all of our bills. We had to delay payment on some of them which caused our credit rating to crash as well. Fortunately we did not lose our house and we did not need to borrow any money. We were just about to borrow on our credit cards when my husband got a job with the city. It pays very well and he has been there a year now so we think it is a pretty stable job.

Note to Lender :: We have no other loans or debts, and we also do not have any savings left either. We also have a bad credit rating but given that we do not have any debts, I guess we are not doing too bad, all things considered.

One of the reasons we need this loan to make repairs is that we also canceled our house insurance when we were laid off to save money. Worst decision we ever made. All of this would be covered if we had house insurance. Now we cannot get house insurance coverage until everything is repaired and brought up to code. We have some estimates for the cost of repairs and more are coming in. we plan to do as much as we can ourselves, but still need money for materials and the work we cannot do ourselves.