510-620 Fico (Credit Score) Unsecured Loans in NY, CA, NC, TX, FL, OH

Where Borrowers Find Loan Approvals

510-620 Fico (Credit Score) Unsecured Loans in NY, CA, NC, TX, FL, OH

Notice: Before entering into a loan agreement for debt consolidation (whether you have bad credit or good credit) you should be aware of the usury laws in your State. Know the law and protect yourself.

In all of our documents we have mentioned the borrowers’ FICO scores, which is only natural considering loan approvals and terms depend so highly upon the applicant’s credit score. However, in all of our work we have not created an extensive study showing various different credit score examples with borrowers who have FICOs that fall into a particular range. This is what we will be doing here today.

Here we have six different examples whereby borrowers were approved loans with our lender base and they all had FICO scores between 510 and 620. We thought it would be interesting to take this very small sample of approved applicants who had the same basic problem. All live in different areas of the United States, and they all had different reasons for requiring a loan.

  1. Our first applicant lived in Queens at the time and he had a FICO score of 515, and he wanted to borrow $3000 for a one-year period.
  2. The second applicant lives in Chino, California and wanted to borrow $5000 with installment payments over a period of two years – there fico score was 535.
  3. The third borrower lives in Charlotte North Carolina and had a credit score of 555, with a loan amount of $7000 to be paid back over a three-year term.
  4. The fourth applicant had a credit score of 575 and wanted to borrow $9000 in Dallas Texas – also for a three-year term.
  5. The fifth loan went to a borrower who lives in Columbus Ohio and Shelley wanted to borrow $13,000 over a period of four years. Her FICO score was 615.
  6. We had a borrower from Florida with a credit score of 595 and wanted to borrow $11,000 for 36 months.

So much for being in order, but below we will get into each one of these individual loans.

One of the big issues with having a bad credit score is the time-consuming factor involved when trying to find approval with a lender. It can take an awful long time to find a lender who will do business with you, and even if you do find a lender who will give you a loan, they often attach extremely high APR (annual percentage rate) to the note, making it a cost prohibitive loan for most consumers.

So we have taken a sampling of these different loan approvals to show that it is possible to get a loan approved when people have really bad credit scores. Basically FICO numbers that are all within the 500 to 600 range.

You will see in all of these loans, the amounts they are borrowing are different, the States they live in are different, the reasons for their credit scores being low is different, and the APR on each approved loan is different. With these tables below you will learn about the effective APR they all paid, and the resulting monthly payments they were responsible for going forward.

We will be showing the requested dollar amount of each loan, the applicants credit score, when they last checked their credit score, the reason for their low FICO number, the finalized approved loan amount, the APR, the monthly installment payment, total amount of monies paid to the lender over the term of the note, total interest paid out to the lender on the loan over the term, the length of the term, the loan product nomenclature, the applicant’s area of residence, the main city center closest to the applicant in their State, the other areas their lender provides services in, and (last but not least) the Lenders Classification.

In the end we were very happy to have successful outcomes with all of these loan requests, but at the same time we were concerned about the effective APR on a couple of these loan approvals. Some of these APR levels were getting very close to being disapproved by our team, and when we see APR levels this high we have to talk to the lender to see if interest rates like these are even legal in their State, and if they are legally below their state’s usury limit(s).

510-520 Credit Score Queens NY – Needed $3000 Loan

510-520 Credit Score App. in Queens NYC ($3000)

So for our first loan you can see clearly by the image above (and in the titles) that we are going off to Queens in New York City. This applicant requested a $3000 loan and they want to pay it back with 12 easy installments (one year term). The applicant’s name is Charles (surnames are removed for privacy purposes) and he worked in a grocery store over off of the Union Turnpike and 190th St., called Yin Yang Superfoods. He had been working at this grocery store for three years at the time of his application for this loan, and the reason he needed the $3000 was because he needed to pay off some credit cards that he had accumulated debt on, and could no longer keep making payments every month on all of these cards.

His income wasn’t high enough at the time to manage all the payments on his Visa card, MasterCard, and his American Express card.

The reason that he had a bad credit score in the first place (FICO of 515) is because he had defaulted over three months on to of his credit cards and he had also missed a utility payment and telephone bill a few times as well. This had pretty much destroyed whatever good credit rating he had.

Not long after he was approved for this loan he quit his job with this employer and he moved to East Flatbush and got another job working for Organic Direct which he really enjoys and he’s making more money there too.

This helped him manage his expenses a little bit better, but the biggest thing was that his rent costs dropped by 66% when he made the move because he moved in with some roommates. He is now going to school and getting a trade so that he can earn even more money and get his own apartment again. In the meantime he his responsibility is making his monthly installment payment of $270.

This lender approved this loan with a 20% APR which made the total interest on the loan (over the one-year period) to be around $330 with the total repayment back to the lender of $3300.

The lender in this case has been servicing the entire State of New York and New Jersey, and has been doing so for over a decade now. They have had the odd issues with their own business model, and ironically they were having some debt issues of their own (quite ironic I would say), but they have recuperated with a restructuring and they are doing business with all guns blazing these days. Basically, the great recession of 2009 is what put them dangerously close to being out of business.

This borrower’s bank of choice is Chase Bank on Queens Boulevard and 69th Ave. we always like to add a little bit of information about the bank that doesn’t approve the applicant. 😉

510-520 Credit Score / Loan Data / Queens NYC Borrower ($3k)

  • Loan Amount Requested: $3000
  • Applicant’s FICO Score: 510-520 Cat. / Actual Credit Score 515
  • When Was Applicant’s Credit Score Last Checked: 2 years
  • Reason(s) for Low/Bad Credit Score: Defaulted payments on credit cards
  • Finalized Approval of Loan: $3000
  • APR (annual percentage rate): 20%
  • Monthly Installment Payment: $273.28
  • Total Paid To Lender: $3324.94
  • Total Interest On Loan: $324.94
  • Length of Loan: 1 year
  • Loan Product Nomenclature: BCL
  • Loan Applicant’s Area of Residence: Queens
  • Other Areas of Lender’s Service(s): Manhattan, Yonkers, Bronx, Levittown, Brentwood, Brooklyn
  • City Center of App. Origin: NYC
  • State of App. Origin: New York
  • Is Applicant Collecting SSI: No
  • Lender Classification: Bad Credit Loan Provider

Required $5,000 Home Improvement Loan

530-540 Credit Score App. in Chino CA ($5000)

For our second loan approval we are going to go out to the West Coast now to Chino California where our young applicant wanted a home improvement loan at a reasonable interest rate. He had a bad credit score as well coming in at 535 FICO. The reason he had a bad credit score at the time is because he was discharged from personal bankruptcy only six months before this application. No doubt that his FICO score would be somewhere in the low 500s.

This particular applicant looked for two months before he was finally approved with one of our lenders.

If you are not familiar with our website, basically you just put in your application at the bottom of any one of our posts and then our lenders browse over the applications and they may (or may not) e-mail you with a request to open a dialogue and gather information about a possible loan. All of these lenders are completely legal and we make sure that.

Anyways, back to this loan applicant in Chino.

As you can well imagine, we get thousands of different applications going through our website out of the State of California, and this particular home improvement loan is a very common request.

This borrower (at the time of this application) lived in the northern area of Chino near Walnut Avenue and Mountain Avenue. And no, I won’t tell you if he lives on Eisenhower Court, Truman Court, Grant St., Hamilton Court, etc. 😉 There is such a thing as privacy you know.

This young and enterprising fellow is building up a body shop business with his two brothers and they have their shop in southern Pomona not far from the Chino Valley Freeway and the Pomona Freeway overpass.

This home improvement loan was so that he could make an addition to a bedroom he has in the house for his two daughters, including brand-new over sized bunk beds, and a new window. The only problem was his credit rating was damaged due to his personal bankruptcy.

So he was eventually approved for a 5K loan over a period of two years on the note, with total interest paid to the lender of just under $900, and $5900 approximately paid back to the lender over the term. This lender also does business in all of Southern California, including the areas of Riverside, Corona, Ontario, Anaheim, San Bernardino Valley, Rancho Cucamonga, and others.

530-540 Credit Score / Loan Data / Chino CA Borrower ($5k)

  • Loan Amount Requested: $5000
  • Applicant’s FICO Score: 530-540 Cat. / Actual Credit Score 535
  • When Was Applicant’s Credit Score Last Checked: 1 year ago
  • Reason(s) for Low/Bad Credit Score: Just coming out of personal bankruptcy
  • Finalized Approval of Loan: $5000
  • APR (annual percentage rate): 17%
  • Monthly Installment Payment: $241.86
  • Total Paid To Lender: $5885.25
  • Total Interest On Loan: $885.25
  • Length of Loan: 2 years
  • Loan Product Nomenclature: BCL
  • Loan Applicant’s Area of Residence: Chino
  • Other Areas of Lender’s Service(s): Riverside, Corona, Ontario, Anaheim, Covina, Pasadena, San Bernardino, Rancho Cucamongo
  • City Center of App. Origin: Los Angeles
  • State of App. Origin: California
  • Is Applicant Collecting SSI: No
  • Lender Classification: Bad Credit Loan Provider

550-560 FICO Credit Score – Daniel in NC Needed $7,000 Moving Loan

550-560 Credit Score for Auto Loan in Charlotte NC ($7000)

Our third loan approval comes to us from Charlotte North Carolina where Daniel had a low FICO score of 555 and he wanted to borrow 7K for at least a three-year term. Danny needed to get himself a used vehicle that would be better on the highway as he was planning to commute from his home in an area called Myers Park (which is South Charlotte basically) up to Greensboro. And from Greensboro he has to travel between Winston-Salem, Raleigh, and Durham. He is a Courier for a company that is based out of Greensboro and has offices in Charlotte as well.

Daniel already had over $5000 saved away so that he could purchase this car but he needed this last $7000 to get a vehicle that was just perfect for his new employment challenges. It was a secondhand SUV from the GMC dealership out in Lowell which is East of Charlotte using Highway 85 (Sen. Marshall Arthur Rauch Highway if you prefer). Having such a low credit score was really difficult for Danny, and as a matter of fact, he couldn’t even get a loan through the dealership because of it. He had no choice but to get approved privately for a loan of seven grand, and below we have some of the details regarding the note.

The reason that Daniel had such a low credit score is because he had just been through a bad marriage separation and divorce proceedings. It got pretty messy because his children were involved and the in-laws were deeply involved in the devastating mess. We don’t want to deal too much with marriage, divorce, and the dramas that ensued – suffice to say that it wasn’t pretty.

This is a very common reason for having a credit score that is down in the dumps, and certainly not a reason why anybody should feel ashamed. Having a bad credit score is something that millions and millions of people are dealing with right now across United States and you just have to accept it and move on. No sense in getting yourself really stressed out about it because it isn’t going to help anyway. Just always remember that if you are ever in a position where you have a really bad credit score, don’t take it personally, and don’t take it out on yourself – just move on and clean up your finances the best you can. Get rid of your credit cards if you can, take measures to lower your monthly bills, and increase your monthly income.

This lender that approved Daniel for his $7000 does business in all of the main centers including Greensboro, Durham, Winston-Salem, and Charlotte. This company does loans for people who have low credit scores as they try to rebuild their credit over time. There are many lenders, companies, or traditional banks (Chase, Bank of America, PNC Bank, Key Bank, etc.) who will lend money to people who are in the same situation as Daniel, and unfortunately this brings out the loan sharks lurking around looking for people to practice their predatory lending on. What we try to do here on our website is steer people away from loan sharks who would just like to exploit them and charge them ridiculous APR levels and cause even more financial strife for unsuspecting borrowers. Anyways, don’t get me going on this because I won’t shut up for another 5 paragraphs!

So, Daniel was finally approved for a three-year loan at approximately $230 (see table below) a month in installments, with a 14% APR (interest rate), four $7000. This bad credit lender ended up making a smooth $1500 in profit over the three years of the loan, and Daniel had to pay back $8500 total – and change. He was happy to get the loan, went off to the dealership in Lowell and bought his GMC SUV secondhand for $13,000.

550-560 Credit Score / Loan Data / Charlotte NC Borrower ($7k)

  • Loan Amount Requested: $7000
  • Applicant’s FICO Score: 550-560 Cat. / Actual Credit Score 555
  • When Was Applicant’s Credit Score Last Checked: 3 weeks prior to app. submission
  • Reason(s) for Low/Bad Credit Score: Marriage Separation & Divorce
  • Finalized Approval of Loan: $7000
  • APR (annual percentage rate): 14%
  • Monthly Installment Payment: $233.17
  • Total Paid To Lender: $8510.55
  • Total Interest On Loan: $1510.55
  • Length of Loan: 3 years
  • Loan Product Nomenclature: BCL
  • Loan Applicant’s Area of Residence: Charlotte
  • Other Areas of Lender’s Service(s): Greensboro, Durham, Raleigh, Winston Salem
  • City Center of App. Origin: Charlotte
  • State of App. Origin: North Carolina
  • Is Applicant Collecting SSI: No
  • Lender Classification: Bad Credit Loan Provider

570-580 Credit Score – Andrea in TX Desperate for $9,000 Car Loan

570-580 Credit Score App. in Dallas TX ($9000)

Our fourth borrower is Andrea who lives in Dallas Texas and she also had bad credit at the time of her application. She had a credit score of 575, which is a little bit better off than our first borrowers, but certainly low enough that traditional banks wouldn’t look at her for more than a nano-second. One of the problems that Andrea had was that she had quite a high DTI (debt to income ratio) and her job was a fairly new one – she had only been working for five months at the time of the loan application.

She works as an exotic dancer in Dallas Texas and she was really having trouble finding anybody that would help her with a loan for a vehicle. When you tell a loan officer that your job is taking your clothes off in bars, the response is not always appropriate, respectful, or “positive”. However, she was ultimately approved through one of the lenders here on site. She works at a place which I will leave nameless, except to say that it wasn’t too far from Live Oak Street and N. Fitzhugh Ave. – you get the drift.

We really don’t have to worry about privacy much on this loan applicant/borrower because she has moved on and lives out in Pennsylvania now. At the time it wasn’t easy for her because she was splitting up with her boyfriend at the time and her mother had a serious medical condition that she had to scrape the money together for. Her mother didn’t have any kind of medical insurance and this left Andrea in the position where she had to pay for all of her costs in life and pay for the medical expenses.

Andrea wanted to get a reasonably priced vehicle (I can’t even remember the model and make anymore) but I think it was a Lexus of some sort. Yeah, it was a used Lexus hybrid that she wanted to buy and needed an additional $9000 to buy it. She ended up getting approved for $10,000 loan anyways, which cleared up the whole situation for her.

Andrea is a tough little girl and she worked really hard (many many long hours wading through alcohol, drunks, and creepy bosses) to get herself in a position where she could afford her new vehicle and look after her mother.

The reason she had the low credit score of 575 is because she ended up giving most of her money to her Mom trying to make her life better and this meant that most of her bills were not getting paid. Andrea does not have a drug problem or alcohol problem, like so many people assume when they think of dancers, and contrary to popular opinion, her childhood wasn’t that bad at all. Her father died when she was only 4 years old in a car accident on his way to work, so her mother raised her all of her 25 years. Anyways, were getting off track and into personal stuff now.

So this lender does business in Fort Worth, Dallas, Arlington, Mesquite, etc.  – their company is not a traditional bank, and they make their money by charging some pretty steep APR levels, and in this case the loan was at a 24% rate. Tough stuff, and you would have to call this a hard money loan (although technically the term “hard money loan” is historically used to describe private loans for spec. based investors), but that was the only choice Andrea had at the time. She was approved for $10,000 total with a three-year term on the note. This private lender made a nice little $3700 in profit over the three years and Andrea had to pay them back $13,700.

The good news is that Andrea ended up moving with her mother to Pennsylvania where she is living with her two brothers now in a big house in Philadelphia (North Philadelphia). Both of her brothers are successful investment bankers and they built a legal basement suite in their house so that they could make some money renting, and in the short-term they helped out of their sister and mother get settled with free rent.

570-580 Credit Score / Loan Data / Dallas TX Borrower ($9k)

  • Loan Amount Requested: $9000
  • Applicant’s FICO Score: 570-580 Cat. / Actual Credit Score 575
  • When Was Applicant’s Credit Score Last Checked: 3 months ago
  • Reason(s) for Low/Bad Credit Score: Medical expenses overwhelmed family
  • Finalized Approval of Loan: $10000
  • APR (annual percentage rate): 24%
  • Monthly Installment Payment: $375.32
  • Total Paid To Lender: $13699.31
  • Total Interest On Loan: $3699.31
  • Length of Loan: 3 years
  • Loan Product Nomenclature: BC-AL
  • Loan Applicant’s Area of Residence: Dallas
  • Other Areas of Lender’s Service(s): Fort Worth, Irving, Arlington, Plano, Carrollton, Mesquite
  • City Center of App. Origin: Dallas
  • State of App. Origin: Texas
  • Is Applicant Collecting SSI: No
  • Lender Classification: Bad Credit Auto Loan Provider

590-600 Credit Score – Tampa FL for $11,000 Loan

590-600 Credit Score App. in Tampa FL ($11,000)

Meanwhile, around the same time a borrower over in Tampa Florida was looking for a loan at $11,000 (and change). He had problems with his credit score because he was unemployed for a year and a half and had to sit there helplessly watching his score get demolished. At the time of this application he had been working for around 7 to 8 months with a brand-new job as an electrician. He has been living and working in the Tampa Bay area for many years and was actually born and bred in Brandon (just east of Tampa if you use the Florida 618 toll road and the Selmon Expressway toll road. He left Brandon when he was only 15 years old when he went to live with his dad – after his parents had a divorced. He is an excellent electrician and has no problem finding a job usually but he too was wiped out when the great recession of 2009 came along.

Brent needed to find a way to get a loan approved and fast. He had an opportunity to take on a new job but was going to have to get all of his tools replaced because they were stolen from the back of his truck (the insurance company he had at the time didn’t honor their policy – I won’t tell you the name of the insurance company exactly, except to say that it rhymes with “Suntry Tide”). Brent had enough bad luck as it was – being unemployed and not being able the find work anywhere in the Tampa Bay area (or in St. Petersburg, Clearwater, or Lakeland for that matter). He had an opportunity to go in with another guy on a self-employment situation but he needed some capital for tools. This is what went down.

Brent got approved for an $11,000 loan over a period of three years as well, with total interest on the loan being $3200, and a total amount paid to the lender of $14,000. His monthly installments were $390 approximately, and like I said, he had to pay this loan back in 36 easy payments. As it turned out, those payments were very easy because around 2011 his partner and him struck gold and got a deal to do subcontracting for a big construction company based out of St. Petersburg.

Him and his wife ended up moving to an area known as Egypt Lake which is just North of downtown Tampa and just east of the Town ‘N’ Country area. The loan was almost paid off at the time of this writing, and this case had a happy ending due to the fact that his financial situation improved greatly after going self-employed.

590-600 FICO Score / Loan Data / Tampa FL Borrower ($11k)

  • Loan Amount Requested: $11,500
  • Applicant’s FICO Score: 590-600 Cat. / Actual Credit Score 595
  • When Was Applicant’s Credit Score Last Checked: Last month
  • Reason(s) for Low/Bad Credit Score: Unemployment problems (working for last 6 months)
  • Finalized Approval of Loan: $11,000
  • APR (annual percentage rate): 19%
  • Monthly Installment Payment: $389.63
  • Total Paid To Lender: $14221.48
  • Total Interest On Loan: $3221.48
  • Length of Loan: 3 years
  • Loan Product Nomenclature: BCL
  • Loan Applicant’s Area of Residence: Brandon
  • Other Areas of Lender’s Service(s): Town ‘n’ Country, Egypt Lake, Pinellas Park, St. Petersburg, Clearwater, Palm Harbor, Riverview
  • City Center of App. Origin: Tampa / St. Petersburg
  • State of App. Origin: Florida
  • Is Applicant Collecting SSI: No
  • Lender Classification: Loan Provider

610-620 Bad Credit Score – Shelly in OH Wanted $13,000 Personal Loan

610-620 Credit Score App. in Columbus OH ($13000)

Our last borrower we have to present today was out of Columbus Ohio, and she is a single mother with four children, with some help from her parents. Her parents both live in Westerville which is a suburb that is in the far North quadrant of Columbus. Debbie works as a manager for a heavy duty mechanic shop in Southeast Columbus – not far from Jack Nicklaus Freeway and the Southeast Expressway.

She needed to get a loan for $13,000 and she had a credit score of only 615. Although it is great that she got her credit score up over 600, what’s not so great is that she had claimed bankruptcy about six years ago and she is still not completely clean of this from her record. She tried to get approved with the PNC Bank at 763 Neil Ave., but was unsuccessful in that endeavor. She couldn’t borrow any money from her parents either, because she already borrowed over $20,000 over the last 15 years of her life and she wasn’t going to go there again. She didn’t even ask.

So then we went out on her own and tried to find a private lender that would give her a loan for a reasonable interest rate. What her parents did do for her was cosign the loan so that she got a lower APR of 12% on the note.

She was approved for $13,000 to be paid back over a four-year period with $330 per month on the installments. She was thinking about getting a biweekly payment plan to pay things down faster, but the lender didn’t approve a biweekly schedule. They take their money direct deposit from her bank account on the last Friday of each month.

The the total interest on this loan was $3000 (approximate) and the total amount of monies paid back to the lender was just over $16,000. She is doing fairly well financially now and she will be paying this loan off in full, but the biggest challenge she has these days is trying to get time with their children and raise them the way she thinks is best.

It’s really tough when you’re on your own and have just one child, let alone four children.

Debbie gets a lot of help from her parents and the kids often take the bus by themselves up to her parents house in Westerville. She has a friend who lives nearby and they work up in the area of Dublin, so she rides for the kids as far as Northgate before she transfers off to work down E. Dublin Granville Rd.

610-620 Credit Score / Loan Data / Columbus OH Borrower ($13k)

  • Loan Amount Requested: $13,000
  • Applicant’s FICO Score: 610-620 Cat. / Actual Credit Score 615
  • When Was Applicant’s Credit Score Last Checked: Last week
  • Reason(s) for Low/Bad Credit Score: Lack of budgeting / over-spending
  • Finalized Approval of Loan: $13,000
  • APR (annual percentage rate): 12%
  • Monthly Installment Payment: $332.56
  • Total Paid To Lender: $16184.40
  • Total Interest On Loan: $3184.40
  • Length of Loan: 4 years
  • Loan Product Nomenclature: BCL
  • Loan Applicant’s Area of Residence: Cincinatti, Dayton, Toledo, Cleveland, Akron, Youngstown, Mansfield
  • Other Areas of Lender’s Service(s): Dublin / Columbus
  • City Center of App. Origin: Columbus
  • State of App. Origin: Ohio
  • Is Applicant Collecting SSI: No
  • Lender Classification: Bad Credit Loan Provider

Conclusion

So this wraps up our work here today and I hope you have gained a little bit of knowledge in regards to your typical terms on loans that are taken out with unconventional lenders at higher APR levels. If you would like to get a loan approved in your area then you can simply try to use one of our lenders utilizing the quick application form below. As we tell all of our visitors who need a loan approved, make sure you fill in all of the fields required below – it helps if you add as much detail as possible in the last field so the lenders know you’re serious and they have a good idea of where you are at financially. It’s a really good idea to include how much all of your bills cost per month and how much money you are making per month.

It also helps if all of your debts are accumulated on to just credit cards if you are trying to get a debt consolidation loan. It’s much easier for lenders to quickly process alone for credit card debt if that is the only kind of debt that you have.

If your FICO score is lower than 600, but also in the 500 range, you can still get approved for a loan but but every applicant’s circumstances different. If you have a cosigner you will have a better time of it, or if you have some collateral in a fairly new vehicle that helps as well.

In the end though, you will notice that every single one of these applicants and borrowers had gainful employment at the time of their application. If you are unemployed, you will have to have some kind of income such as SSI if you want to get approved for a loan with an unconventional lender.

We hope you have a good day and we hope that we didn’t make this installment too long this time. 😉 😮