Is It Possible To Get A Low APR Loan With Bad Credit?
This client lives in Laguna Hills, California and works for a security company in the area that provides security services for residents in the city. He has worked for them for three years and has a stable income. The problem is that he needs a $10,000 loan to consolidate the debt that he has and reduce his monthly payments along with the interest that he is paying.
His bad credit rating appears to be preventing him from being able to find a lender that will take on the risk associated with lending money to someone with a bad credit rating. He cannot seem to find a low APR loan and is wondering if it is possible to even get a low APR loan with bad credit.
The amount of interest paid can be substantial. The chart lower down in this application illustrates the difference between a low APR loan of $10,000 at 5% interest vs. one that is at 15%. The monthly payments are $42 a month higher and the total amount of interest he would pay more than triples to over $3800 over a 5 year term. This shows how important it is to find a loan that has a low APR rate to reduce the overall cost of the loan.
Credit card rates are even higher. Readers will appreciate how much easier it is to repay a loan with a low interest rate compared to one that has a high rate. It will be difficult for this customer to find a lender who will be willing to lend money at a low APR rate. He really needs to focus on repaying this loan and recovering his credit rating.
DEFAULT LOAN APPLICATION FOR BORROWER’S INFORMATION
Home/Mortgage Loan Amount :: $10,000
APR Loan Application and Processing Speed (when do you need the funds):: I need the fund pretty quickly and really want to know if I can get a loan with low interest rates even though I have a bad credit rating
Do you currently have a mortgage? :: no, I currently rent a home
Bank Name and Branch :: Wells Fargo Bank, Ocean Ave
What City/Town, State and County do you live in? :: Laguna Hills, California
Zip :: 92651
What is your employment field? :: Providing Home Security
Employment Position :: Patrol officer for a Security Company
When are you paid? (monthly/weekly/biweekly)::Bi weekly
Your credit rating to be – excellent, fair, or bad? :: bad
How did you find us? :: searching for Low APR loans for people with bad credit
How are you paid? (direct deposit/paper check):: direct deposit
Gross Amount Per Paycheck :: $ 800
Do you agree to have this information published online, without your PRIVATE information of course? :: sure, no problem, I just need to make sure that my company does not become aware of this application or my debt situation.
Extra information here please (some detail)::
Hello, I need a small $10,000 loan to consolidate some loans that I have and a credit card bill. I also need to be able to pay this month’s rent and I am coming up a little short due to the high monthly payments that I have for all of the credit card payments that I have to pay. I just need $10,000 and I will be in much better shape provided that I can find someone to lend me the money at a low interest rate.
This is the problem that I have been having in terms of finding a lender that will give me a loan at a decent interest rate. My credit rating is low, probably considered bad and as soon as they see that they immediately jack up the interest rate to cover what they call the perceived risk associated with lending me money. I made some mistakes for sure, but now I am trying to fix all of that and pay off my debts. In order to save some money and allow me to pay off my debt more quickly I am trying to find a low interest APR loan, but with my bad credit no one seems to want to help me.
Note to Lender: I have a decent job providing security services for a company here in the city. I am one of the patrol officers that respond to break ins and other situations identified by our security alarm service. Most of the time it is pretty boring, but once and awhile there is some excitement and we encounter situations where we need to bring in the police to deal with situations.
I have been with the company for over 3 years and have a good record with them. I really need to fix this debt problem and my credit rating. I also need the information to be kept secret to avoid any issues with my company. I am not sure how they would look at one of their employees being in a bad credit situation and having a lot of debt. They are pretty careful about security and the reputation of their employees and might view my situation as a potential security risk.
Do you think you can help with this loan? Especially the low interest APR portion of this request?
|Category: Home Mortgage Loan||APR 5%||APR 7%||APR 15%|
|Length of Term||5||5||5|
|Amount to be paid||$11,270.59||$11,778.83||$13,811.78|
|Total interest paid||$1,270.59||$1,778.83||$3,811.78|
|Paid per installment||$185.27||$193.62||$227.04|