$80,000 Bad Credit Debt Consolidation Loan – Toledo Ohio
This customer is applying for an $80,000 Bad Credit Debt Consolidation Loan and lives in Toledo Ohio. He has found that he cannot manage his financial affairs and has had to turn to a friend who apparently is a financial adviser for help. He is fortunate that he has this assistance and that he has not defaulted on his debt otherwise he would not be able to get a loan of any kind at this time.
He did receive good advice from his adviser regarding consolidating all of his debts into one personal loan at a lower interest rate spread over 5 years. We are uncertain if he will be approved for a loan at 8%, which would save him over $400 per month in payments and interest. With his bad credit, lenders may want to charge a higher rate of interest unless he has property which he could place as security.
Another possibility is to stretch out the term from 5 years to perhaps 8 years which would significantly lower his monthly payments and provide him with some financial breathing room. With an 8 year term his payments would be reduced by over $800 per month giving him a lot more room to work with his finances. Lenders will be concerned about his ability to avoid going into further debt, i.e. charging his credit cards up to the limit again. His best bet is to work with a mortgage / loan broker to help him find a lender that is willing to take a chance on him at interest rates that are at a favorable level.
Most importantly, he must continue to meet all of his monthly payments for rent, utilities and debt payments. If he can do this, he will be able to improve his FICO score and perhaps negotiate a better loan with better interest rate levels and lower his payments even further. However interest rates are expected to rise in a few years, so we are encouraging all borrowers to lock in their loan rates for as long as possible to avoid being hit with an increase in their monthly payments.
Home/Mortgage Loan Amount :: $80,000
Home Loan Application and Processing Speed (when do you need the funds):: As soon as possible, the interest on my credit cards is really high
Do you currently have a mortgage? :: no
Bank Name and Branch ::Key Bank, West Central Avenue
What City/Town, State and County do you live in? :: Toledo, Ohio
Zip :: 43617
What is your employment field? :: Manufacturing
Employment Position :: Supervisor in an assembly plant
When are you paid? (monthly/weekly/biweekly):: Bi weekly
Your credit rating to be – excellent, fair, or bad? :: my credit is considered bad, however I am working to improve this rating and I am current with all of my debt payments
How did you find us? :: searching for consolidation loan lenders using one of the search engines
How are you paid? (direct deposit/paper check):: direct deposit
Gross Amount Per Paycheck :: $ 2100
Do you agree to have this information published online, without your PRIVATE information of course? :: sure , my family already is aware that I am trying to borrow some money to consolidate my debt
Extra information here please (some detail)::
I have found myself in a difficult situation. I have a great job and I am doing really well, having just been promoted to supervisor at the plant where I work, however I cannot seem to manage my money very well. I have recently found that I have charged way too much to my credit cards and a personal loan that I took out to purchase a car. Now with the high interest rates on the credit cards, the car loan, my rent and utilities, I am having a really difficult time making it from month to month. A friend of mine, who is a financial adviser looked at my situation, added up all of my monthly payments and compared this to my income, told me that he is surprised that I am still paying all of my payments. It has been a real struggle and I have cut back a lot just to make sure that I am not in default of any debt.
Note to Lender ::
He also told me that if I could consolidate all of my debt, my monthly payments would be much less and in fact I would save over $400 a month in payments if I could consolidate my credit card debt and my car loan with a consolidation loan at 8% interest over 5 years. This is a huge savings and I am desperately trying to find a lender that can help me out with this bad credit debt consolidation loan. If I can be approved for a loan like this, I plan to use $200 of the savings to apply against the principal and the rest I will use for monthly living expenses. This way life will get a bit better for me and I will be able to get out of this mess in five years time or maybe even less.
Can you help a guy get back on his feet with this loan request? I have a steady job, have just been promoted and expect to be doing well on a professional level from now on. I just need to get my personal financial life in order.
|Category: Home Mortgage Loan||APR 13%||APR 8%||APR 11%|
|Length of Term||5||5||8|
|Amount to be paid||$106,428.37||$96,263.61||$115,562.47|
|Total interest paid||$26,428.37||$16,263.61||$35,562.47|
|Paid per installment||$1,749.51||$1,582.42||$1,187.29|