All Purpose Private Cash Loans – Alabama, Mississippi, Tennessee

$1000 Dollar Loan in Alabama [Birmingham, Montgomery]

Our first applicant hails from Birmingham, Alabama and grew up originally in Montgomery, a little bit North of Montgomery in Prattville. Right now this borrower lives between Birmingham central and Hoover Alabama. He works as a security guard at the West Valley Plaza Shopping Center, and this particular month he is a little bit behind with his rent and some of his bills. He really needs to get his car payment made on time or he is going to be in risk of getting it repossessed by the bank. No matter how fancy the front foyers of banks, are and how slick their advertising media is, they will easily stoop to the dirtiest collection agency tactics when they decide that they want to collect from you.

Anyways, the applicant wants to borrow $1000 and has not been able to get approved anywhere in Birmingham for this small amount of credit. He has tried getting approved with Check ‘N Go, EZ Money, the Cash Connection, and Advance America.

No one will lend him $1000 because he has never borrowed money from a payday lender in his life, and therefore he is not eligible to get a loan for more than $300 or $400 with any of them. Of course he can’t get a bank to lend him money in the conventional way. He has a bank account with Renasant Bank (the one across the street from the Birmingham City Hall, on 7th Ave., North). He also has a car loan with the Alabama Telco Credit Union which he owes $13,257 on. Neither the Credit Union or the Renasant would give him any kind of credit at this point, so he opted in to find a private lender somewhere in Alabama. Either in Birmingham itself or South in Montgomery. He didn’t really care at this point. In Montgomery he tried to get a loan from Cash Tyme and First American Cash Advance and none of them would approve him either. You can see why he just plain gave up and looked elsewhere online to get approved.

He used financing USA to put in his pre-application for the lenders to review, and he made sure to leave a fair amount of detail regarding his loan, how much money he needed to get, when, and the purpose of the loan. He was approved in 48 hours for his $1000 loan.

So for this customer’s loan he borrowed $1000 and was given a $19 for every $100 service fee on the cash. This private lender lives in Tuscaloosa, Alabama (Hwy 359). The term that the lender agreed to on the loan was a term of 28 days which is typical of your average everyday run-of-the-mill payday loan or cash advance. When you do the final math on this private loan it comes to an effective APR of 130% with total fees paid to the lender of $100. You will notice that for this particular borrower his credit score was 623, and it is worth mentioning that this Fico score is not exactly that outrageously bad, but apparently with his personal DTI the banks didn’t want to work with him.

The reason he couldn’t get a loan with the payday loan lenders was because he had a mark against him on the Teletrack system. If he had known that, and also knew how Teletrack worked, he could have saved himself a lot of time, and pain in the ass with all the BS and running around.

$1500 Personal Loan in Mississippi [Jackson, Meridian, Hattiesburg]

Our next borrower comes to us from not too far away in Jackson Mississippi. The history of this lender and borrower is kind of interesting because the lender turned out to be a family friend. So a little bit East of Birmingham on Highway 20, across the border through Meridian and onward to Jackson. The borrower in this case is a 32-year-old woman who was recently divorced and has had some recent back injury problems due to a car accident last summer when she was driving North from Hazelhurst through Crystal Springs on her way back up to Jackson. She was driving a 2003 Toyota Land Cruiser and the other driver was in a Ford 150 truck. Long story short, she has been missing work recently due to stress and back problems. All this is exacerbated by the fact that she is going through a nasty divorce and she is getting hit with legal fees and she has to support her four children on her own because her soon-to-be ex-husband has refused to pay any money in support until the divorce that is tied up in the courts has concluded with a final settlement.

So the amount of money she wanted to borrow was actually $3500, but there was no way she was going to get approved for that much credit with her Credit Score being 576. She tried to get a loan in Jackson, and Hattiesburg and was turned down flat by every lender she spoke to on the phone or who she filled out an application with online. She doesn’t make very much money as a secretary in a car dealership, and of course the banks know her situation as far as debt to income ratio goes. She has car debts and some old student loan debts still kicking around as well.

She tried to borrow money from her parents who lived north of Jackson in an area called Ridgeland, and they refused to lender any money. Her relationship with her parents just isn’t that good. At least she tried to get a loan from a family member for a nice low interest rate before she went ahead and tried to get a payday loan. She also tried to get approved with Cash Tyme, just like the applicant over in Birmingham, and Quick Cash, but they weren’t going to give her a helping hand either. She ended up on FUSA looking for some help.

The lender turned out to be a friend of her father’s who used to work together at Herrin-Gear BMW (dealership). You would think that he would take it easy on her in regards to the fees on the loan, but in fact she insisted on paying the same rate that all of his other customers pay, which is $24 for every $100 borrowed. So we can tell you exactly how much this loan cost her.

Her effective APR on the loan was 624% and the total fees paid the lender was $360 with a total pay back to the lender of $1860. Pretty damn expensive. However, she didn’t really have a choice at the time, and she did managed to pay back the loan on time.

$2000 Private Loan for Borrower in Tennessee [Nashville, Knoxville, Memphis]

In our last loan application, and approval, the borrower borrowed $2000 and paid a $16 to every $100 fee. The effective APR on this loan was 832% with total fees paid to the lender $320 – repayment total of $2320 (you do the math). This man was 37 years old actually at the time of the loan. His loan was for a broken window repair in the front of his house, and didn’t have any means in which to pay for his repair. He wasn’t about to go nailing a bunch of boards to his window, or covering it with plastic. No, he was going to have a professional come in and get it done right away.

This applicant grew up in Nashville and lived in most of the places of mentioned, including Knoxville for seven years, Memphis for three years and now Nashville for the last decade. His job as a custom sound booth and studio acoustical design engineer had been cut back in hours recently, so he didn’t have as much money to spend at the end of every month.

His Fico score was 612 which is basically a bust these days as banks are getting more and more uptight since the great recession of 2008.

Ultimately, our borrower was granted a loan from a woman in Cookeville and the transaction went off without a hitch using PayPal as their means of distributing cash.