Fast Loans for People Collecting Financial Assistance
This applicant is applying for a fast loan for people collecting financial assistance and working part time as a sales clerk at a local store. They do not make enough money to get off of financial assistance and they cannot seem to find more work or obtain more hours at the location where they work.
Most online lenders do charge high APR’s for fast loans and this is something that the applicant indicates they cannot afford since the cost and the payments will be far too high in their opinion. At low interest rates the monthly payments over a year or two years would be quite reasonable, but at the typical APR that are charged by some lenders, the monthly payment might not he affordable for this applicant. This is a difficult position to be in and a tough decision to make regarding whether to proceed with a loan or not.
The lenders will need to review this application and make a decision regarding the risk profile of this client and the subsequent loan that they might be offered. They have applied for a $1500 loan which is a typical loan amount for people who are applying for fast loans who are also on financial assistance.
They also have a bank account where their existing payments are deposited and where this loan will be deposited as well using electronic funds transfer. The payments would also be withdrawn in the same manner from their account. This process makes lending and repayment of loans much easier to manage than it used to be.
Fast Loan Amount :: $1500
Fast Loan Application and Processing Speed (when do you need the funds):: quickly, I need the money tomorrow to pay for my kids medicine
Do you currently have a mortgage? :: no, I rent an apartment
Bank Name and Branch :: California Bank and Trust, 5th avenue
What City/Town, State and County do you live in? :: San Diego, California
Zip :: 92103
What is your employment field? :: Retail sales at a mall
Employment Position :: Sales Clerk, part time, financial assistance
When are you paid? (monthly/weekly/biweekly):: biweekly
Your credit rating to be – excellent, fair, or bad? :: ok I guess, I just do not make much money
How did you find us? :: searching for loans for people who are collecting financial assistance
How are you paid? (direct deposit/paper check):: direct deposit
Gross Amount Per Paycheck :: $ 1200, this includes what I make part time and the money I receive from Financial Assistance.
Do you agree to have this information published online, without your PRIVATE information of course? ::yes, as long as my personal information dos not become public.
Extra information here please (some detail):: I am really struggling financially. I am on financial assistance and I have a part time job as a sales clerk, but I do not get enough hours at the store where I work. I can work a minimum number of hours before financial assistance will cut me off. In fact they encourage people to work to help them eventually get off of financial assistance.
I need extra money and a friend told me that I should apply for a fast loan which I could pay back over a year or maybe two years. I read on one site that the maximum that a loan would be approved for someone like me would be $1500, which would be a huge help of I could get it.
When I search online for loans, many of them are at very high APR’s which makes it very expensive to borrow money like this. If I can get a fast loan with a low APR, I can afford this loan, but otherwise I may not be able to go ahead with the loan. I am only getting about 10 to 15 hours a week at the store where I work so that is not a huge source of income for me.
Note to Lender :: There are lots of financial assistance agencies available, however most of these agencies are just government workers that do not know what it is like to be in financial assistance and cannot really help. There are just not enough jobs available with enough hours to allow someone like me to make enough money to make it on our own.
My income is very low and I probably do not have a very good credit rating. I have never not paid a bill or missed any rent payments etc. I do not even have a credit card. I do have a bank account which is a low cost account that does not charge me much for transactions and all of my meager incomes is electronically deposited to my account. This loan could also be deposited to my account electronically as well. Can you get back to me quickly so that I will know if this is a loan that can be approved for me? Thanks for your help; I can use all of the help I can get for a loan application.
|Category: Home Mortgage Loan||APR 5%||APR 6%||APR 8%|
|Length of Term||1||2||3|
|Amount to be paid||$1540.62||$1593.73||$1684.97|
|Total interest paid||$40.62||$93.73||$184.97|
|Paid per installment||$126.63||$62.50||$46.16|