Desperate for a $7000 Loan Approved for Bad Credit
This consumer is fortunate that he only needs to borrow $7000. There was a small fire in the small trailer in which he lives, damaging part of the trailer and also some of the items that were in the trailer. His total damages according to him is about $7000 in material. Fortunately the damage was not major and the repairs are easy to look after. He plans to do all of the repairs himself and save quite a bit of money in labor charges.
He is desperate for a $7000 loan to be approved with a bad credit situation. He did not have fire insurance and cannot make a claim to the insurance company. He was trying to save money by not having fire insurance, however in this case it will actually cost him a lot more money than what he would have paid for fire insurance. There were no damages to surrounding trailers which is a good thing since he could have been liable for a much higher amount.
He works as a landscaper for a local landscaping company. They are very busy and he has worked at this company steadily for the past two years. He makes $15 an hour and works a 40 hour week. He has no debt and his utilities etc are actually quite low. The problem is actually his credit rating.
He has a bad credit rating and needs this $7000 loan approved. Someone in this position may be approved for a loan of this size, however due to his bad credit rating the interest rate on the loan and the fees may be higher to reflect the perceived increased risk. Consumers with bad credit are perceived to be high risk by lenders. They tend to offset this higher risk by charging higher interest rates or just not lending them money at all.
This person did not indicate if he was able to still live in the trailer or not. We do not know if the smoke damage etc. will require him to live elsewhere for a short time. If he has to find an alternate place to live while repairs are being completed, he may have to find additional funds. At this point he is considered high risk and even though he will do most of the work himself, lenders will be reluctant to lend money to him.
DEFAULT LOAN APPLICATION FOR BORROWER’S INFORMATION
Home/Mortgage Loan Amount :: $7000
Home Loan Application and Processing Speed (when do you need the funds):: I am desperate for a $7000 loan so I can restart my life after a devastating fire and damage to my home.
Do you currently have a mortgage? :: no. I own a trailer and live in a trailer park. I rent the space the trailer is parked on and pay monthly utilities. I have lived in this trailer for quite a few years and it is my home.
Bank Name and Branch :: Bank of the West, Haven Ave
What City/Town, State and County do you live in? :: Cucamonga. Riverside , California
What is your employment field? :: Landscaping
Employment Position :: Laborer with a local landscaping company
When are you paid? (monthly/weekly/biweekly):: Weekly
Your credit rating to be – excellent, fair, or bad? :: I have bad credit due to some previous issues with credit cards.
How did you find us? :: looking online for loans for people with bad credit
How are you paid? (direct deposit/paper check):: direct deposit
Gross Amount Per Paycheck :: $600
Do you agree to have this information published online, without your PRIVATE information of course? :: Sure, it is no problem, maybe someone else will learn from this situation.
Extra information here please (some detail):: I do not need a lot of money to live on, but I do not have any savings either. I am basically living from paycheck to paycheck. There is no extra money for fancy things that a lot of other people have, however we have lots of food, we are warm and we have clean clothes. We like the neighborhood we live in. Everyone watches out for everyone and thanks to our neighbors the damage to the trailer was minimized.
The problem I have is that there was a small fire inside the trailer that I live in with my wife. Some grease caught fire on the stove and did about $7000 damage to the trailer and our clothing and other possessions. Fortunately the firemen got there quickly and with the help of neighbors the fire was quickly put out.
We never invested in any property insurance for the trailer or our possessions. We have to pay for the repairs ourselves or just junk the trailer and buy a new one. We really cannot afford a new trailer so we will need to make repairs ourselves. I can do most of the work and will not need to hire any trades people. But the material and the other stuff will still come to around $7000. I need a loan quickly so I can get started and unfortunately my credit is not very good.
Note to Lender :: I work for a local landscaping company, installing, repairing and maintaining customer yards. We have been really busy the last few years. There has been a bad drought in California and many customers are converting their lawns to what is called desertscape. This uses a lot less water and is good for the environment.
I do not make a lot of money, but it is pretty stable and there is lots of work for us. We often work additional hours during the week and can make extra money. My bad credit rating stems from several credit cards I had a few years ago when I missed several monthly payments. Since that time, I have limited myself to one credit card and always pay the balance on time every month. My credit rating is gradually improving, but apparently it takes several years to bring it back to a good rating. Can you help us with this loan and the repairs I need to fix up our home.