All Purpose Bad Credit Loans in Kentucky (10K), Missouri (5K), and Illinois (1k)

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All Purpose Bad Credit Loans in Kentucky (10K), Missouri (5K), and Illinois (1k)

The loans here today come in three different amounts – one loan is for $10,000, the other for $5000, and the other for $1000. These loans took place in Kentucky, Illinois, and Missouri respectively. All three of these borrowers are from different areas, socioeconomic family backgrounds, and stages of life.

As always these days so many people have trouble finding loans when they have poor credit. When you look at the FICO scores in the tables below for these specific loans you can see why they weren’t approved with a conventional bank anywhere in their respective states. Banks are energy about giving out loans to people who have fairly good credit, so getting approved for a loan when you have really back credit is almost impossible these days. Because of this, many of the borrowers are going online to try and find loan sharks to solve their short-term problems. We encourage you to never approach loan sharks, or any lender who is disreputable.

We do understand though that there is a need for short-term lending and borrowing in the United States, and henceforth be created FUSA to bring lenders and borrowers together using our database and patented privacy protection software so that honest brokers, honest lenders, and on this borrowers can get together and help each other out.

So here we go with three different loans for three different reasons.

Bad Credit Installment Loan in Kentucky for $10,000 Dollars

Today we’re talking about a $10,000 loan that was requested and funded in Louisville Kentucky. Dennis has three children and works as an auto body technician in Louisville. This last year they had a bit of a calamity because one of their children was diagnosed with leukemia. The damn insurance company would not comply with Dennis and his wife in regards to some of the medication required for their little girl. As usual, insurance company skip the way scot-free and found some small loophole in the insurance contract so that they didn’t have to pay the big money every month. These insurance companies have no soul, no spine, and no credibility in this humble narrator’s opinion.

Some of the $10,000 Dennis and his wife Karen needed to pay off some outstanding visa card bills and their Exxon Mobil credit card as well. On the weekends Dennis and family drive east out to Lexington to help with his mother’s house (his father has passed away already) and that takes a lot of energy and time as well, not to mention the fuel that they have to spend money on for getting between Louisville and Lexington. This is a hard-working family who just needs a break in regards to this 10K loan.

And if you didn’t think the above was hard enough for this family, Karen’s mom and dad are separated, with her father living in Bowling Green Kentucky, and her mother living in a Elizabethtown, which as all Kentuckians know is about halfway between Louisville and Bowling Green. Her mother doesn’t have much money either, and her father is flat broke due to the fact that he was laid off from his job in late 2008, and has a medical problem as well in regards to some bad knee problems. So getting a loan from family was completely out of the question. Does this sound familiar? I hope not.

So it got to the point where Dennis and Karen were looking at selling their house because they can’t afford the bills anymore with the cut back and hours that Karen has at work. She works as a paralegal at a firm on Taylorsville Road over near Jeffersontown. Dennis works hard to bring in the bacon and Karen works just as hard with her part-time job at the law firm and raising their three children. It’s tough enough raising a family when everything is ideal financially, but it can be completely overwhelming when you have to deal with a serious illness such as leukemia and your ailing parents.

So in the end Dennis found the website and used the forms to have information about his loan request. As fortune would have it a private lender saw his loan request and felt deeply for the family. This lender wasn’t far away either, but in another state. This lender lives just across the bridge in the Clarksville and Jeffersonville area of Indiana. For those of you who don’t live, or have ever been to this area of Kentucky and Indiana, you just take either the Clark Memorial Bridge or the Martin Luther King Jr. Expressway to get between Louisville and the Clarksville/New Albany area.

So this private lender arrange for a two-year term with an installment loan like you would get from a normal bank. The APR on the loan was higher than your normal conventional loan due to the fact that Karen and Dennis have bad credit ratings, coming in at 12%. This pushed the APR levels up high enough that over the two-year period term agreed to on the private note, the lender made $1249.77, with a total pay back to the lender of $11,249.77. You can see this all in the table below.

Applicant’s Loan Request Data Value
Loan Principal $10,000
Loan Cost Per $100 n/a (Installment loan)
Monthly Payments $462.32
APR 12%
Total Fees Paid to Lender $1249.77
Total Paid Back To Lender $11249.77
Loan Term/Period 2 years
Areas/Cities Lexington, Louisville, Elizabethtown
State(s) Kentucky
Country United States
Classification of Lender Private
FICO Score  600

$5,000 Dollar Bad Credit Loan in Illinois

So it’s back over to the state of Illinois where we have a single person who is just about to get some inheritance money but wants to get a $5000 advance on the same day as applying for the loan. His credit rating is over bad if you can put it that way with the real down and dirty FICO score of 550. This borrower has a decent job working for UPS out of Chicago. He actually lives in Downers Grove which is fairly close to Naperville, Illinois.

He travels all over the place for work going to Elgin, Schaumburg, Arlington Heights, Glenview, Evanston, Skokie, Lincolnshire, Highland Park, Lincolnwood, Cicero, Bolingbrook, Orlando Park, East Chicago, Buffalo Grove, and even as far north as Crystal Lake. In this applicant’s case his Father who lived in Peoria recently passed on in his mid-80s from diabetes and the complications of diabetes. The whole family has been going through a lot, and this borrower (whose name he wanted protected) is getting inheritance for between $25,000 and $30,000 he was told by his mother. Unfortunately, he has some big bills right now the have to be looked after sooner than later.

So what he did, since there are no payday loan companies that will lend $5000 anywhere in the United States, or on the globe for that matter, he had to try to get some credit with his bank in Chicago. He does his personal banking with the Harris trust and savings over on W. Monroe St., and although he has been a long-standing customer of theirs, they just couldn’t get around is incredibly low fico score and his personal DTI. They really didn’t have a choice but to decline him on his request for credit. The applicant has a small overdraft on his checking account of $500 but that isn’t even close to the amount he needs to pay off some debts and and look after some of his outstanding issues with some suppliers in town (he has a very expensive hobby which is also going to stay nameless).

He really only had one choice and that was to find a short-term loan with a private lender who lives somewhere in the area of Chicago, and he didn’t want some godforsaken loan shark to deal with either. So he applied for loan online. In this applicant’s case he found the help he was looking for in Springfield Illinois which is not what he was really expecting. He was really expecting that no one was going to help him at all actually.

So the private lender was willing to lend the money for a 28 to 30 day short-term. The loan was for $5000 in the principal and the fee cost was structured like a payday loan or a cash advance, in that the lender wanted to get $17 for every $100 that he borrowed. When you do the calculations on this kind of the loan it comes to an effective APR of 221%, with an $850 profit to the lender in interest and fees, and the total pay back to the private lender of $5850. You can see all this information in this Chicago Illinois-based loan in the table below.

Applicant’s Loan Request Data Value
Loan Principal $5000
Loan Cost Per $100 $17
Total Effective APR on Loan 221%
Total Fees Paid to Lender $850
Total Paid Back To Lender $5850
Loan Term/Period 28 days
Areas/Cities Chicago, Peoria, Springfield
State(s) Illinois
Country United States
Classification of Lender Private
FICO Score 550

$1000 Dollar Bad Credit Loan in Missouri

Now we are going to head over to St. Louis Missouri, where a borrower and the lender got together over a small $1000 loan. This loan was taken out through one of our sister websites and there was actually to private lenders (one in Columbia MS, and Jefferson City. $750 from one lender, and $250 from the other, but for the ease of this loan description, we will do the calculations as a lump sum of $1000.

The borrower lives in St. Louis proper and lives in University City and has his personal bank accounts with the Regions Bank over on the 1500 block of Kienlen Avenue. He has really bad credit with the FICO of only 510, with no overdraft and no home-equity line of credit because he doesn’t own a home. He tried to get some payday loans happening with the PLS loan store, the cash net USA company, the YS F finance company, and the payday loans Chicago store. He was turned down flat with these companies as his Teletrack history has some blemishes on it.

Just like the other borrowers in the above examples, this borrower had no real choice except to find a private lender who was willing to do business with him. He did just that.

As we described just above we’re going to lump both of these lenders amounts into one lump sum of $1000, and this was for a 14 day term, with a $21 for every $100 borrowed rate. As you can see in the table this results in a effective APR of 546%, with $210 paid back fees and a total of $1210 paid back to the lender in total (principal and interest of course).

We heard that the lenders that their money back on time and the borrower moved on to greener pastures. Why this particular borrower chose to get a high APR loan for a two-week period is also undisclosed as per the agreement with the borrower in this case.

Applicant’s Loan Request Data Value
Loan Principal $1000
Loan Cost Per $100 $21
Total Effective APR on Loan 546%
Total Fees Paid to Lender $210
Total Paid Back To Lender $1210
Loan Term/Period 14 days
Areas/Cities St. Louis, Springfield, Jefferson City
State(s) Missouri
Country United States
Classification of Lender Private
FICO Score  510