$50000 Debt Consolidation Loans – Montana, Nebraska and Wyoming

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$50000 Debt Consolidation Loans – Montana, Nebraska and Wyoming

Every year millions of Americans are looking for ways to consolidate their debt. Statistics show that more than ever, United States citizens have accumulated personal debts that are crippling their household finances. They overextend themselves in the good times, when their incomes are high, and it just takes one job loss in the family to put them in a position where they can’t make all of their payments each month.

If they are lucky enough to have some home-equity, they can get a second chance, and a new lease on their financial life, but if they don’t have any home-equity they turn to the most obvious forms of credit, which are their Visa cards, MasterCards, Discover cards, gas station cards, or/and department store cards. Within a short period of time these high interest forms of credit become overwhelming, and the interest payments balloon out of control. It’s basically like a debt snowball that gets bigger as time rolls on.

Personally, I have been in a situation when I had exactly the above scenario whereby my debts climbed up close to $50,000, and I didn’t make enough money per month to pay down the interest on the accumulated debt. My Visa cards were maxed out, and I didn’t have any other forms of credit left to turn to, such as a personal loan with my bank, or any assets worth selling.

It can be very very stressful for consumers and individuals when their debts spiral out of control. It almost feels like you can’t even catch your breath some days, and when the collection agencies begin calling at all hours of the day and night it can make things even worse.

We all know the old saying, “it’s only money”. But the truth is, the repercussions of having out of control debt can be overwhelming and extremely stressful. This is why so many people who have had bad credit ratings to the point where they had to negotiate with their creditors to pay back a portion of their debt, wind up changing their lifestyles so that they spend less money, and learn of ways to make more money. You don’t want to ever be in that position again.

It’s always important that you remember that being in a high debt situation doesn’t have to be forever. Please remember that you will get through these high stress times, and one way or another you will still be here when it has all been said and done. Even if you claim personal bankruptcy it is not the end of the world, and you can get a new start.

In today’s post we will be discussing a very common debt consolidation loan request for $50,000. All three of these actual loan requests came in for $50,000 to consolidate outstanding debts ranging from credit card debt, numerous personal loan debts, or small business debts. Not all of these applicants had to declare some form of bankruptcy, but in all of these cases the borrowers had to do a lot of groundwork and searching to find lenders that would lend them their $50,000 at a reasonable interest rate.

The APR ranges are from 9% all the way up to almost 14%. All of these debt consolidation loans took place in three different States – one in Montana, one in Wyoming, and the last in Nebraska.

We have numerous applicants applying for $50,000 debt consolidation loans here on the site from all States, but these three applicants were chosen because they gave clear permission to use their consolidation information. The only stipulation that these borrowers asked for was that we protect their privacy.

$50,000 Debt Consolidation Loan in Montana

To get things started we are going to go with the $50,000 debt consolidation loan application (and approval) that came from Butte, Montana. The APR on this consolidation loan was 9% and the term of the loan was five years. This applicant lives in the Emma Park area of Butte, and has held the same job for the last 15 years as a IT specialist. Ironically, he works primarily for commercial banks setting up their communication and database systems.

His credit cards were up to $35,000 combined, and his outstanding debt on his family vehicle was around $14,000. His request was to borrow $50,000 to consolidate all of his credit cards and his car loan into one monthly payment over a five-year period of time. Him and his wife manage to bring in a net income of $6500 a month, and their mortgage payment (including taxes and interest) is $2500. All totaled, this applicant’s DTI came to 48%. This easily puts him in the range with the banks to be approved for a debt consolidation loan, but because of his relatively low FICO score of 632, he was not eligible for approval with his bank.

His bank branch is the Southwest Montana Credit Union located near Clark Park at the corner of George Street and Highway 15/90. This has always been a good bank and he has banked thereever since he was a teenager growing up in Northern Butte. Since his bank wouldn’t approve him for the $50,000 consolidation, he tried some of the other banks (which are mostly located along Harrison Avenue starting at E. Front St. and ending down by Amherst Avenue). He tried the EnergyComm Federal Credit Union, the Heritage Federal Credit Union, Glacier Bank, and the Ed Tech Credit Union, but he was not qualified for a loan at any one of these banks.

The rule of thumb when it comes to getting approved for a loan of any kind is;

If your bank and branch won’t approve you, it’s not likely that any other banks will approve you either. All of the banks these days use an almost identical mathematical calculation when considering an applicant’s loan request. Things have really tightened up in the consumer banking industry since the crash of 2008, and it doesn’t look like there’ll be any so-called “easy money” loans coming forth in the near future.

This applicant in Montana chose to find a private lender, or so-called hard money lender that would consider him for his $50,000 consolidation loan. He didn’t really trust the online lenders who claim to offer such a loan, so he was very meticulous in his online research. At some point, he found our site and made his pre-application in one of the forms you see below at the bottom of the page. He made his request for a $40,000-$50,000 loan and waited for the lenders to review his request and contact him.

He was contacted by three different lenders within a week of making his pre-application. One lender was a subprime banking establishment with offices located in Billings, and the other two were located in Butte and Great Falls. Although their offices are located in different areas of Montana, they all service customers State wide. One of the lenders was offering a 12% interest rate, while another lender was offering a 10.5% interest rate, and the lender in Billings was offering a 9% rate.

Of course he chose the lowest rate possible, and wanted the five-year term. You can see in the table below (underneath the funky pic), that the total amount of money paid back to the lender came to $61,435, making the total interest made by the lender over the five-year term $11,435. This loan was based on the agreement of a monthly payment totaling $1009 ($1010 rounded up).

Applicant’s Loan Request Data Value
Loan Principal $50,000
Loan Product Type Debt Consolidation
Loan Cost Per $100 n/a – Installment payments
APR 9%
Total Interest Paid to Lender $11,435.35
Total Paid Back To Lender $61,435.35
Monthly Payment Amount $1009.90
Loan Term/Period 5 years
Areas/Cities Butte, Billings, Great Falls
State(s) Montana
Country United States
Classification of Lender Private lender
FICO Score 632

$50,000 Debt Consolidation Loan in Wyoming

Our second $50,000 consolidation loan we are reviewing is in Cheyenne, Wyoming. With lenders originating from Buffalo, and Casper. This applicant had an outstanding credit card balance in total with three different credit card companies for $47,000, and no other debts besides that. He managed to put all of his debt onto his credit cards, which of course were costing him around 18% in APR.

He had to find a way to consolidate all of this high interest debts into one payment, and with one bank. His bank of choice is in Cheyenne called the First National Bank of Wyoming, and has his mortgage there along with all of his credit cards, except one.

Just like the applicant above he was turned down by his bank for consolidation lending due to his low credit score and his recent consumer history with his creditors. This applicant is self-employed and works primarily for the natural gas industry throughout Wyoming. He has to travel allot for his job and he found it difficult to find the time to visit banks and get approved for a consolidation loan.

He too, was really caught between a rock and a hard place, with no appreciable assets to liquidate in order to pay off his bad debt, and no substantial home equity to use as security. This made him uneligible for any kind of approval with any of the banks in Southern Wyoming. He did try to get approved with the Cheyenne State Bank and with the Meridian Trust Federal Credit Union, but he was politely declined the credit required to pay off his high interest debts that he had accumulated on his cards.

It came down to the point where he thought that there was no escaping this high rate extravaganza that had been beset upon him due to his spending. In this particular case our borrower had a good reason for cranking up his credit cards, in that all of this debt was accumulated from purchases on equipment for his small business.

This money wasn’t spent on extravagant vacations, boy toys, or flagrant expenses. He was just trying to keep his business growing through the good times and the bad times. There was a time when he was making so much money per month that this kind of debt would have been no big deal – he could have paid it off with a couple of good contracts. Unfortunately, with the downturn in the United States economy, and his competing contractors, he wasn’t getting the same amount of work. A perfect example of a hard-working American that gets caught stuck behind the financial eight ball.

He made his application known using the pre-application form that can be found on any page of our site, and found two different willing lenders that would consider his $50,000 consolidation. One of them had offices based in Cheyenne, and the other lender was from up north in Buffalo, Wyoming. He chose the lender based in Cheyenne who provided a 13.44% APR over a period of four years. His monthly payment on the loan as per the agreement was $1300, and the total amount of money pay back to the lender was $64,000. You can see these details in the table below.

Applicant’s Loan Request Data Value
Loan Principal $50,000
Loan Product Type Debt Consolidation
Loan Cost Per $100 n/a – Installment payments
Total Effective APR on Loan 13.44%
Total Interest Paid to Lender $13,717.43
Total Paid Back To Lender $63,717.43
Monthly Payment Amount $1,309.26
Loan Term/Period 4 years
Areas/Cities Cheyenne, Casper, Buffalo
State(s) Wyoming
Country United States
Classification of Lender Private lender
FICO Score 611

$50,000 Debt Consolidation Loan in Nebraska

For our third and final $50,000 loan today we are traveling over to the state of Nebraska. This borrower also needed to borrow $50,000 to consolidate his high interest debt. Unfortunately, he had taken out a personal loan for $25,000 a couple of years back for a high interest rate of 13%, because at the time of that loan approval his credit rating was already weakened considerably.

At the time, he felt that he didn’t have any choice in the matter, and had to take the the loan out to clean up past credit card debt, and some student loan debt that one of his children had. The other $25,000 in debt, that he wants to get rid of in this consolidation, is for a Ford Super-Duty F350 truck that he uses for work.

Also, because of his bad credit score, he could only get an interest rate of 11% over a five-year period. When you add up all of the debt here you can see that he could do much better with a lower APR deal from another bank. The hard part is finding a bank that will do business with him and allow him to consolidate all of this at a lower rate.

This applicant lives in Omaha Nebraska, but works in Lincoln (Lancaster County) and in Omaha. He has two different jobs and works over 60 hours a week, so you can’t say his financial situation is because of a lack of trying. His actual debt originally was accumulated from medical expenses due to a child of his (from his first marriage) who had a bad car accident. He has been trying to overcome these debts for the past decade.

This applicant does his banking with the Mutual of Omaha Bank and the Security National Bank both located on Farnam Street in Omaha. He has been doing business with the MOO for the last 10 years, and his last personal loan was taken out with Security National. He attempted to get a full consolidation of his debt(s) with these two banks wrapped up into one loan with the Creighton Federal Credit Union over on Dodge Street (2575), but was unfortunately not able to close the deal because of his low credit score and recent credit history. His FICO score came in at 634 when he was applying here at FUSA.

In his case he needed to find a bank or a lender that would consider him eligible for a $50,000 consolidation loan over a six-year term, and this is what it came to;

    • 11% APR over a six-year term
    • biweekly payment of $426

The total interest paid to the lender (which was undisclosed – see note) came to $16,605 approximately. The total amount of money paid back to this lender was $66,605. See the note below regarding the undisclosed aspect of this loan.

Note: Some of the lenders that use the Financing-USA.com database chose to keep all their information undisclosed for privacy protection. We always ask our affiliated lenders if they are willing to provide us with some information in regards to their approved loans, as long as the borrowers/consumers/applicants are willing to let that information be published as well.

Even though we keep all of the information private, and change some of the more detailed particulars of the loans, and the lending process, we understand that some lenders and borrowers do not want any of the information published.

Some lenders and borrowers allow for a partial disclosure of the terms of the lending agreement(s), and this is why we are limited and restricted to the amount of content we can publish here at FUSA. Both the lender and the borrower have to give us permisssion to disclose some information for publishing. So you can see that only a small fraction of consolidation loans (and any other consumer level loan products) will ever see the light of day on our site.

Applicant’s Loan Request Data Value
Loan Principal $50,000
Loan Product Type Debt Consolidation
Loan Cost Per $100 n/a – Installment payments
Total Effective APR on Loan 11%
Total Interest Paid to Lender $16,605.64
Total Paid Back To Lender $66,605.64
Biweekly Payments $425.79
Loan Term/Period 6 years
Areas/Cities Omaha, Lincoln
State(s) Nebraska
Country United States
Classification of Lender Private lender
FICO Score 634