Getting Approved for 20000-30000 Loan With Bad Credit in 2016

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Getting Approved for 20000-30000 Loan With Bad Credit in 2016

This consumer is experiencing a common problem that most people run into sometime in their lifetimes. They owe money, (most of us do), and they have an emergency of some kind which requires them to dig into their savings or to take out a loan to cover the emergency.

In their case they have an air conditioner that has stopped working and is not repairable. Air conditioners can be very expensive to replace depending on the size of the home that needs to be cooled. In his case he feels he needs $10,000 just to replace he air conditioner. It is also urgent for them since the cooling season is starting and they are finding the heat unbearable. He does not have an emergency fund set aside to deal with this sort of thing.

In addition he has almost $12,000 in credit card debt that he would like to consolidate into one $22,000 low interest loan. These problems are not insurmountable, however he also has a bad credit rating which makes it difficult to find a lender willing to approve a loan at low interest rates. He is doing the right thing by consolidating and paying much less interest, however he is struggling to find a lender as we mentioned.

Many consumers find themselves in this position and we cannot stress enough that everyone needs to have emergency savings set aside to deal with lifestyle emergencies. In addition, always pay your credit card balances on the statement due date. If you cannot meet the payment terms, you really should not purchase the items until you can afford to. The cost of paying interest at 19% on unpaid credit card balances is just too high and negates any savings you might have received by purchasing something on sale.

He has a stable job, his pay check is deposited into his bank account and his wife is also working. They have sufficient income to carry his existing debt and this new loan he is applying for. he needs to be able to meet all of his payments each and every month without fail. The combination of reducing his debt, meeting his monthly payments will improve his credit rating over time.

The applicants credit rating fell because he missed payments and he has several credit cards with large balances on them. He has learned that this is not good financial practice and is confident that this situation will not be repeated. He has also learned that because his credit rating is bad, it is difficult to find a lender willing to lend him the loan he is looking for and also that he may have to pay a higher interest rate than many other consumers would with their excellent credit rating.


Home/Mortgage Loan Amount :: $22,000

Home Loan Application and Processing Speed (when do you need the funds):: urgent, I need to arrange for a new air conditioning unit and consolidate a credit card

Do you currently have a mortgage? :: yes, it is about 65% of the value of the home

Bank Name and Branch :: Wells Fargo Bank, 20th Street

What City/Town, State and County do you live in? :: Lancaster, California

Zip :: 93534

What is your employment field? :: Packaging Delivery

Employment Position :: Driver

When are you paid? (monthly/weekly/biweekly):: Biweekly

Your credit rating to be – excellent, fair, or bad? :: It is considered bad due to too many credit cards

How did you find us? :: Looking online for bad credit loans

How are you paid? (direct deposit/paper check):: Direct deposit to my checking account

Gross Amount Per Paycheck :: $2000

Do you agree to have this information published online, without your PRIVATE information of course? :: Sure as long as there is no personal information released

Extra information here please (some detail):: Hi I need a quick loan approval so that I can replace my air conditioner. The AC unit quit on me last week and the repairman tells me that nothing can be done to repair it. A new unit is needed and it will cost in the neighborhood of $12,000. We are only replacing the AC unit and not the furnace which thankfully is still in good shape. I have a bad credit rating and in fact I owe another $10000 spread across three credit cards along with my mortgage and car loan.

I missed a couple of payments and that dropped my credit rating like a stone. The payments were missed due to a cash flow issue that my wife and I had. We will not let this happen again. In fact if we can consolidate the credit card debt and the loan for the AC unit, our monthly payments will not be much different that they are now provided that I can find a loan with a decent interest rate.

The credit card interest rate is at 19% and I pay the minimum, so most of the payment is interest and the balance on the cards changes only slightly. This is going to take forever to repay this debt and it will cost me a great deal of money. Do you think you can find an inexpensive loan with a low interest rate even though I have a bad credit situation?

Note to Lender :: I work as a package delivery driver for a major delivery company. I have been there for many years and have a good record with them. With the package industry exploding due to online sales, I think my job is pretty secure. I work a regular 40 hour work week and can sometimes add a few hours of overtime to add a little income.

My wife also works in retail. She makes minimum wage, but she is able to add some income to our family. She can also work more hours if needed to make ends meet. Fortunately she has been working a lot and the extra income really helps a great deal.

We really need this loan approved. The heat is unbearable without AC working and we are finding it very difficult to sleep at night. Please help us find a lender to set up this loan for us at low interest rates?