All Purpose Cash Loans from Private Lenders – MD/DC, NJ, NY, NC

All purpose loans are one of the most common loans requested in banks and on lending web sites across America. Today we have four examples of borrowers and lenders doing business on the East Coast. A personal loan for $3000 dollars in Washington D.C., one for $2500 in New Jersey, a $1000 loan in North Carolina, and lastly, a borrower in New York who lives on Staten Island wanted to borrow $1500.

All of the loans were eventually taken out with private lenders, and all of these loans were paid back with no issues – that is what happens when everyone in the room acts like adults. All terms, rates, and lenders were different, so we set up some tables to house the basic loan application data.

As always we want to remind you that you can submit your loan request at the bottom of the page any time you want. This is just a pre-application that you can use to submit some details for lenders to take a look at and perhaps contact you with an offer. Keep in mind (as we always point out) DO NOT deal with private lenders who ask for upfront fees of any kind to be wire transferred, snail mailed, or Paypal transferred to them. A lender should NEVER ask for upfront fees for any reason – YOU are the one getting the money from THEM – remember?

All Purpose Private Loan in Washington D.C. (Baltimore Maryland) $3000

The first loan application today we want to point out came from Washington DC, and there is a reference to the Baltimore, Maryland area as well. The loan principal in this case was $3000 and they only requested a term of 28 days (actually, 30 days, but for the sake of using our payday loan calculator we are going to call it 28 days) and he was looking for a private lender to borrow the money from.

The reason he wanted to borrow money from a private lender somewhere in the District of Columbia, or the Maryland area is because he has a very bad credit rating with a FICO score that is under 600. If you have ever had a fico score that is lower than 600 you will understand how hard it is to get approved for any kind of credit – whether that is credit with a major bank, credit union, or your dear old grandma.

In this case our applicant from DC has a specific fico score number of 593, which pretty much puts you into the financial doghouse with any kind of lender. No, in this case the borrower didn’t have much choice except to find a private lender – or an angel lender…..so to speak.

A little bit of background on this borrower is worthy of our attention in my opinion. He tried to find a direct lender or a no fax loan with a PDL company somewhere in the Washington area and didn’t have any luck at all. Even if the lenders claimed that they had a no teletrack service, he was flatly denied credit. This proves our point that when a payday loan company says they aren’t checking your credit, or using teletrack they are somehow sniffing you out to see what your background is as far as consumer loans go.

This applicant tried using various different lenders in the area that were classified as cash advance or payday loan companies. He tried One Cash Incorporated or in the Mount Pleasant area, and he tried the Ace Cash Express store over on Florida Ave. NW, as well as the Ace Cash Express store over on 14th St., NW, but had no luck.

He was told by a friend who worked with him over at Washington Hospital Center that he should maybe try the Kash King over on Rhode Island Avenue, and that didn’t pan out either. Unless you can get approved with Ace Cash Express in Washington DC, you are likely not going to have much luck getting any money from a Liquor Store either, and this borrower proved that by trying every possible cash advance or payday loan store on Benning Road and H St., NE. He knew that his only real choice was to find a private lender.

The other problem is that this borrower wanted to borrow $3000 which is a lot of money to try and borrow when your credit rating is basically in the crapper. Another reason why he had to go private. He even went as far as researching private lenders that might be in Maryland and the Baltimore area. That was a waste of time as well.

Eventually he came to this site and put his application in for a private lender using the form that you can see at the bottom of this page. All of our private lenders simply login to our database and check out the different requests for small consumer loans. If they see that a particular applicant looks like they may be on the low-risk side then they will use the submitted e-mail address to contact them. The process goes from there, and in this case you can see that our visitor was charged $18 for every $100 borrowed over the 28 days.

Interestingly enough, the lender didn’t live that far away – just across US Highway 1 over in Arlington, Virginia. The borrower paid back the private lender the $3000 in full, including the total fees that came to $540. Not a bad return for the lender, that is for certain.

Personal Loan with Bad Credit New Jersey (Newark, Trenton, Atlantic City, Elizabeth, Jersey City)

The next application came from New Jersey, for an amount of $2500, and they also wanted a private lender. The applicant lives in Atlantic City, but was willing to drive as far as Newark, Trenton, Elizabeth, and even Jersey City!

It’s not really that big of a deal to drive that far when you are in dire need of a personal loan. Besides, if you pick the right time of day, getting over to Jersey City doesn’t take that long on the New Jersey Turnpike. Of course he still had to get from Atlantic City using Highway 42 to get up to the Turnpike, but “whadda ya gonna do”.

As it turned out, the borrower in this case got a private lender loan through an individual in Philadelphia, which was just fine because this borrower has a sister living in Camden and he just had to drive across Highway 76 over the Walt Whitman Bridge and he was in Philly. All good.

So for this particular loan it was a 14 day term at $22 for every $100 borrowed. That cranked up the APR to 572%, but I have seen a lot worse these days. It turned out that our applicant has some cash coming in from a car he was selling, so it was no problem covering the loan and the $550 fee within a two-week period. Once again, this borrower used the website to submit their form which is basically just a pre-application introduction for lenders to browse.

Private Loan in North Carolina (Greensboro, Charlotte, Raleigh) – $1000

The next loan took place in North Carolina for $1000 as the principal. With a total effective APR just over 433%. The loan cost for every $100 borrowed was a whopping $25, which is getting up there, and more than many of the payday loan and cash advance companies charge.

This term was for 21 days and the borrower tried to get $1000 from several different cash advance stores in the Greensboro area where she lives. She even drove over to Raleigh and to Greensboro looking for a willing payday loan company. She visited her mom who lives in Winston-Salem as well and when she was there she visited some of the cash advance stores, such as Friendly Check Cashing on John Gould Memorial Expressway, with no luck. She didn’t bother with Ace Cash Express when she was in Winston-Salem because she already applied at their stores in Greensboro. In fact, she tried using International Cash and Urgent Money Service in Greensboro. Still no luck.

Finally she decided to use the Internet to track down some willing lenders who would lend to somebody with really bad credit, and you can see in the form data below that she thought her FICO score was 623. In fact, after checking her credit score she found out that her FICO score was only 587. That explains why conventional banks wouldn’t take her on as a customer for a line of credit or an overdraft.

She couldn’t get approved for a credit card either, and she didn’t have any property ownership, so getting a HELOC was completely out of the question. The loan term was 21 days and the total fees came to $250. A costly loan for sure, but it got her out of the problem she was in, and that problem was not having enough money to pay the rent!

Emergency Private Loan in New York (Bronx, Brooklyn, Queens, Staten Island)

The last loan with a private lender (on today’s installment) was for $1500 to a borrower who lives in New York State. He actually lives on Staten Island with his, because he is only 21 years old and going to school. He has a part-time job painting houses. He paints houses all through the State including the Bronx, Brooklyn, and Queens. During his travels going from house to house on different jobs that week, he tried finding out about getting a payday loan with companies such as Pay-O-Matic, Castle Check, and others. Unfortunately, in the New York City boroughs payday loan companies aren’t allowed to operate, and that’s pretty tough to get around when the usery limits are that strict.

Getting approved over New Jersey for a payday loan would be an easier task – that is for sure. And so he gave up on using any payday loan companies right in New York City, the Bronx, Queens, or Staten Island, and resorted to using the Internet to find a lender that is a private lender – one that serves people who have really bad credit ratings.

The lender in this case was indeed residing in New Jersey where the laws are more laid-back when it comes to short-term small consumer financing. This lender used the same system as the others in these examples, and the applicant’s loan was funded within 24 hours of the application being submitted.

Check out the complete effective APR on this loan being 1456% with a $28 per $100 fee rate over a 7 day period. You will always see the effective APR on seven day loans go through the roof, because it’s a simple matter of mathematics. We calculate a one-week loan APR for a one-year period (basically multiplying by 52 weeks).

Note: The actual charge-off (or default rate) for payday loan companies ranges between 4% and 5% in the state of New Jersey, and this borrower fell into the 95% and 96% zone – he paid it off in full, the total fees being $420. You can see all of the data below, and as usual we protect the privacy of the lenders and the borrowers with these case studies.