Cash Advance Loan in Flower Mound, Carrollton, Dallas Tx – Denton County
Loan Product Description:: $4000-$5000 cash advance loan over one year period.
Why do you need a loan? :: I’m looking for a cash advance loan because I know that I have really bad credit and I will be guaranteed to end up with a high interest rate along the lines of a payday loan or cash advance loan rate. I know that it will be up to me to make sure I make the payments on time. The catch is that I can’t pay this back in 1,2,3 weeks or 1 month. I have to pay this back over 1 year. I need to make an installment payment every month for 24 months. I am trying to rebuild my credit rating and that is why I also want to extend this loan over 24 months.
How Much Do You Want To Borrow? :: I want to borrow between 4-5 thousand dollars and I want to pay it back over 24 months in 24 equal payments.
Your employment field :: I am a data analyst for a brokerage firm based exactly at the boundary between Flower Mound and Carrollton Texas, which is in Denton and Carrollton Counties just North of Dallas. I am a research and data analyst and have been working in the software development area for the last 7 years and am a Graduate of Computer Science at the Southern Methodist University. I have worked for three years at the same company and have no plans to change companies at this time.
Your job title :: Software R&D Team Leader
Length of Employment :: 3 years at this same company
Time at Address :: 8 months, just moved into a new apartment so I could have more room
Age :: 24
Anything else you can tell us to speed up approval? :: I dunno – I’m a good girl.
Sex :: Female
Marital Status :: Single, I have no significant other at this time
Ever Claimed Bankruptcy? :: No and I have never missed any payments on my credit cards or any other payments for that matter.
What City/Town, County/Parish/District, and State is your primary address? :: Carrollton and Flower Mound, Dallas Texas – Denton and Carrollton Counties.
Zip: 75007 (Carrollton, Tx) – 75028 (Flower Mound, Tx)
Have you checked your credit report lately? :: No and to tell you the bone honest truth….I’m terrified to even ask what my score is. The last time I found out what it was, it was really bad and I am not sure I want to know now. I really do no tthink it will be very good.
Would you consider your credit rating to be? :: Poor, bad, gross, ugly, and putrid.
Collateral? :: No, I have nothing that I could provide as security
Down Payment? :: No, why would I make a down payment on a loan, this question does not make sense
Do you a have co-signer or co-borrower? :: No, my parents will not sign, they do not have any money either
Loan Officer Conclusion(s) :: The only lending product that “sort of” describes what this applicant wants, and that is an installment loan, which is approved by the same kinds of predatory short term lenders that are heavily invested in the payday loan and cash advance business.
She also did not really indicate what the loan was for other than she is trying to improve her credit rating and wants to make this loan repayable over a 24 month period. Actually we are not sure if she wants a loan for 12 months or 24 months since she mentioned a 12 month cash advance loan in the description and then switches to a 24 month cash advance loan in the details. The last time we checked a year had 12 months not 24 months. She really needs to make this clear regarding how long she wants to take to repay the loan. The monthly payments will be much higher with a 12 month loan vs. a 24 month loan.
This applicant certainly did not answer the questions very well, although they appear to be honest in the sense that her actual credit rating is pretty bad. We are actually not sure why it is so bad because she tells us she has not missed a payment on anything and the credit rating agency verifies this or at least there have been no reports to it regarding nonpayment of debts or utilities.
She does have a number of credit cards, the more credit cards you have, the lower your credit rating will be. She has not borrowed money in the past and has not established a record of repaying debt. This may also be impacting her credit rating and he ability to a cash advance loan.
Cash advance loans can be very expensive and especially for larger amounts that are going to be paid back over a longer term such as 24 months. There is more perceived risk for longer term cash advance loans to someone who has bad credit. Most cash advance lenders will increase the interest rate and fees to cover this risk making it very expensive to the person borrowing the money.
We really are not sure if lenders will lend this women any money based on her current application and some of the concerns and questions that the application triggers. The lenders will need more information before they can approve this cash advance loan.