Debt Relief Consolidation Loan For $50,000 In Modesto CA
This applicant is actually pretty typical. They used their credit cards to take advantage of a deal offered by the store, coupled with plans they have to fix up their home and next thing they know they have this high credit card debt at high interest rates on the unpaid balance. In our current clients case he is looking for a debt relief consolidation loan for $50,000 and lives in Modesto, California. He has three credit cards that are charged up to their maximum of $8000 each and he also has several small loans as well as a car loan that he would like to consolidate. We suspect that the small existing loans are from a previous consolidation loan that he may have arranged for previously. This suspicion is based on his credit history, which is actually very good given that he has not missed any payments.
Never the less, we suspect that he will be a good candidate for this loan as well with his history of always meeting his payments and his stable job. We would caution him to avoid charging his credit cards to the limit once again unless he has some method of repaying them. He would be unable to arrange for another debt relief consolidation loan unless he had substantially repaid his current loan and / or his mortgage on his home.
He might also qualify for a remortgage solution on his home depending on how much equity he has in his home. This solution would help him qualify for a lower interest rate and a lower monthly payment as well, however it would likely add years to his mortgage which he may or may not be interested in. Many of our customers would like to fully repay their mortgage as quickly as possible and then focus on repaying any loans they have also as quickly as possible.
DEFAULT LOAN APPLICATION FOR BORROWER’S INFORMATION
Home/Mortgage Loan Amount :: $50,000
Home Loan Application and Processing Speed (when do you need the funds):: would like to have the proceeds of the loan by the end of the month so we can make one final payment on several credit cards and consolidate them into one low interest loan.
Do you currently have a mortgage? :: yes, it has about ten years left on it and it is in good standing.
Bank Name and Branch :: F&M Bank, N Carpenter Road
What City/Town, State and County do you live in? :: Modesto, California
What is your employment field? :: Post Office
Employment Position :: Post Office Manager
When are you paid? (monthly/weekly/biweekly):: Biweekly
Your credit rating to be – excellent, fair, or bad? :: fair to excellent as far as I am aware
How did you find us? :: looking for a debt relief consolidation loan online
How are you paid? (direct deposit/paper check):: direct deposit to my checking account
Gross Amount Per Paycheck :: $2500
Do you agree to have this information published online, without your PRIVATE information of course? :: no problem as long as my personal information is not shared online
Extra information here please (some detail):: I need $50,000 to consolidate my credit card debt and a couple of small loans that I have. I have three credit cards that have a credit limit of $8000 each and they are all charged up to the maximum. I am not really sure how this happened, but I have to do something about this because the interest I am paying on these cards is ridiculous. Two of the cards carry an interest rate of 19.5% and the other one is a store card and the interest rate is almost 28%. I did not realize that it was so high until I saw the first statement after I had only paid the minimum payment for the first time and carried a balance over the end of the month.
I also have a car loan and another small loan that I applied for and was approved for a couple of years ago. Both these loans carry a more reasonable interest rate, however I would just like to get to where I am making one monthly payment. It is too much work to make sure that I have payments for all of the loans. I just need one payment a month at a low interest rate.
Note to Lender :: I have a steady job, I have never missed a payment of any kind and other than this debt along with my mortgage, I have no other major debts. I believe that my credit rating is excellent, however would like someone to confirm this to me. We got carried away with charging too much to our cards and we made purchases for our home that we should have either delayed or made arrangements for a small loan before hand. If we had done this we would not be paying such high interest rates.
We purchased new appliances for the kitchen from a department store using their credit card, not realizing that the interest rate was at 28%. We also purchased furniture for the bedrooms and did some updates to the rest of the house and used the other two cards to pay for these upgrades. Next time we will do things differently.
Can you help us with this debt relief consolidation loan.
|Category: Home Mortgage Loan||APR 4%||APR 5%||APR 6%|
|Length of Term||5||6||7|
|Amount to be paid||$55,082.38||$57,602.74||$60,623.49|
|Total interest paid||$5,082.38||$7,602.74||$10,623.49|
|Paid per installment||$905.46||$789.08||$711.82|