Credit Union Loan for $10,000 in Dallas Texas
Many people would be amazed to find out just how many grand parents help their children out financially. In some cases the kids live at home with the parents. In many situations the parents help with monthly bills, pay for cell phones, make car payments and help with medical bills. In some cases, the parents actually jeopardize their retirement well being by spending money they had saved for retirement.
The latest potential client helped his son and daughter in law out by paying almost ten thousand dollars in medical bills when their grand daughter was born. The kids needed help so mom and dad stepped in with their credit cards and paid a portion of the medical bill. Their kids are paying the rest.
Now that the worst is over and their grand daughter is fine, it is time to focus on repaying this ten thousand debt that was charged to a credit card. Although they have the savings, they do not want to cash them in at this time. These investments generate income which they use along with their pensions to live on. This couple is fortunate to have several pension payments each month along with investment income to live on.
Their home is fully paid for and they do not have any other debts. While they will have less money to spend each month, they are comfortable and feel that they can afford these extra payments in addition to their taxes and utility payments. They are a good credit risk since their credit rating is in good shape and they do not have other loans or mortgages to deal with.
Making this kind of decision is actually a difficult one. Obtaining a loan and making monthly payments is pretty standard. However if their investments are generating less income than what the loan will cost them, some people might feel that they really should cash in their savings and repay the debt. One concern that many people will have is that once you cash in savings it is very difficult to save this amount of money again in the future. In addition they lose this income which they feel they need in the long run to live on.
They have also decided that they will not ask their son to repay this loan for them. It is their gift to him and his family. They are helping out as best they can.
We fully expect that this loan will be approved and since they appear to be an excellent credit risk they should expect very competitive interest rates for the loan as well. One option they might consider is to use their home as security against the loan which would likely qualify them for an even better interest rate and terms. Depending on the lender, they may be able to offer a line of credit which would allow this customer to repay the loan as quickly as they like. They could also draw on the line of credit in the future if needed.
This combination which is available to them because of their credit rating gives them a great deal of flexibility.
DEFAULT LOAN APPLICATION FOR BORROWER’S INFORMATION
Home/Mortgage Loan Amount : $10,000
Home Loan Application and Processing Speed (when do you need the funds): within thevnext couple of weeks
Do you currently have a mortgage? : yes, we own our home with no mortgage balance at this time
Bank Name and Branch : Chase Bank, West Village, Dallas Texas
What City/Town, State and County do you live in? : Dallas Texas
Zip : 75204
What is your employment field? : Retired
Employment Position : Retired from an equipment supplier
When are you paid? (monthly/weekly/biweekly): Monthly pension checks
Your credit rating to be – excellent, fair, or bad? : Excellent I think
How did you find us? : Looking online for loans in Dallas Texas
How are you paid? (direct deposit/paper check): Direct deposit
Gross Amount Per Paycheck :$4700 / month
Do you agree to have this information published online, without your PRIVATE information of course? : sure, no problem as long as my personal information is protected
Extra information here please (some detail): We are a retired couple living the good life in the Dallas Fort Worth area. At least that was the story line until our son needed help with medical bills for our grand daughter who was born a few months ago. She needed to stay in the hospital to recover and gain strength since she was born a few weeks earlier than she should have. She is fine now and thriving.
At the time, my son needed the extra money and we obliged. Who wouldn’t when it is your grand daughter who needs help. My son did not have adequate health coverage and was stuck with a very large medical bill which he is paying off. We have agreed that we will not ask him to repay the $10000 we loaned him and will pay it off ourselves. It is causing a bit of a problem in that we used our credit cards to quickly pay the hospital bills.
With high interest rates on credit cards it does not make sense to carry a balance from month to month. At the same time we do not want to cash in our savings. We prefer to live off the income from our savings and the monthly pension checks that we receive. If we can obtain a five year term loan at a reasonable interest rate, we feel that we can meet the monthly payments easily. We have no other debts at the present time.
Our credit rating should be excellent. We have no debts and our home is paid for. Our income is not huge but we are comfortable. Paying this loan off will crimp our lifestyle a bit, however we feel that it is the least we can do to help our son, daughter in law and our new grand baby.
Can you help us find an online loan with an excellent interest rate, five year term for $10,000 and an option to repay early if we find that we are able to?