$50,000 Loan With Bad Credit in Parma Ohio
The latest applicant is looking for a $50,000 loan, has a bad credit rating and lives in Parma Ohio. Both he and his wife have good jobs and can easily afford the loan monthly payments. They would like to use this loan to help them purchase a home and have a large down payment of $100,000. Normally a customer in this situation would be a slam dunk in terms of approval, however unfortunately as previously mentioned they both have bad credit ratings which is making finding a lender willing to give them a loan difficult.
Their bad credit rating stems from a divorce that went bad and caused a lot of unpaid bills to be not paid and lenders filed claims while the divorce proceedings were being sorted out. We do not know who was at fault, however the reality is that they both ended up with bad credit ratings against them which they brought into this latest marriage. They can wait and allow their credit rating to gradually improve over time or they can take a more aggressive strategy.
There strategy to deal with this situation was to save up a large down payment which they have done. They have $100,000 saved up for a down payment and only need a $50,000 loan, which based on the information provided they should easily be able to afford.
In reality this is really a low risk loan provided that all of the information they have provided checks out. We see no reason based on this information why they should not be able to find a lender through one of our brokers for this loan at competitive rates. They may end up paying a small penalty for the bad credit rating, but the large down payment reduces the overall perceived risk for the lenders.
For consumers trying to improve their credit rating and arrange for loans with bad credit ratings, the strategy that this couple is pursuing is a good one. It may be a difficult to save money like this; however the payoff is reduced interest rates, reduced fees and an easier time in finding lender willing to lend money to you.
$50,000 Loan With Bad Credit in Parma Ohio
Loan with Bad Credit Amount :: $50,000
Loan Application and Processing Speed (when do you need the funds):: immediately to enable purchase of a home in Parma Ohio
Do you currently have a mortgage? ::no
Bank Name and Branch :: charter One Bank, Ridge road
What City/Town, State and County do you live in? :: Parma Ohio
What is your employment field? :: Mail Carrier for the Post Office
Employment Position :: Mail Delivery
When are you paid? (monthly/weekly/biweekly)::biweekly
Your credit rating to be – excellent, fair, or bad? :: bad credit rating with an explanation
How did you find us? :: Searching for brokers online to find a loan
How are you paid? (direct deposit/paper check):: direct deposit
Gross Amount Per Paycheck :: $2000
Do you agree to have this information published online, without your PRIVATE information of course? :: no problem as long as no one finds out anything about this application and connects it to me
Extra information here please (some detail):: I have a bad credit rating and need a loan for $50,000 to help purchase a home that my wife and I would like. We have an offer on the house and we have $100,000 that we have saved as a down payment. This is a really large down payment in our opinion and should help us qualify for a loan given our bad credit rating.
This would be our first home and we have held off buying a home because of the bad credit rating knowing that we would have to pay way too much for the loan in terms of fees and interest rates. We decided to save our money and come up with a really large down payment to help deal with our credit rating issue.
We were both previously married and the bottom line is that the divorce for both of us was not handled well and left us owing a lot of debt which we fought and won, but ended up with a bad credit rating just the same. Our respective spouses tried to take us to the cleaners and failed but succeeded in all four of us have a bad credit rating. We are trying to rebuild our lives and now and would like to make an offer on this home we saw provided that we can be approved for a loan.
Note to Lender :: We both work, I am a mail delivery person and my wife works for a local doctor in town. We make a decent salary and can easily handle the monthly payments for a $50,000 loan with a 25 or 30 year amortization. Other than a couple of credit cards that we have, which are fully paid up at the end of each month, we have a small car loan of less than $5000, which will be paid for in 6 months.
Please give us a chance to demonstrate that we are good credit risks and approve this bad credit loan for us.
|Category: Home Mortgage Loan||APR 2.88%||APR 2.88%||APR 3.815%|
|Length of Term||5||15||30|
|Amount to be paid||$53,659.31||$60,859.26||$78,690.89|
|Total interest paid||$3,659.31||$10,859.26||$28,690.89|
|Paid per installment||$882.07||$333.48||$215.59|