Getting Approved For Fast Loan For $3000 If Your Credit Score Is Damaged

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Getting Approved For Fast Loan For $3000 If Your Credit Score Is Damaged

A consumer is applying for a $3000 loan, needs the money quickly and their credit score is damaged making it very difficult for them to find a company who will approve a loan of this type. They had some credit issues in the past year which damaged their credit rating and also meant that they could not be approved for any credit cards. As a result when an emergency occurred, this one a medical emergency, they did not have sufficient savings to pay for the emergency. They turned to a payday loan solution and found that the interest rate and fees were much higher than expected.  This is something that many consumers are not aware of and do not realize until they apply for and are accepted as clients for a payday loan.

This client has a low paying job, however based on their employment history and the fact that they have no other debts due to earlier financial issues which were resolved in the past year this client can probably be approved for a loan. The loan would likely be at a lower rate than a payday loan rate, however since they have a bad credit rating and no assets, the unsecured loan interest rate will be higher than most secured loans to customers with excellent credit ratings.

This client also understands the need to have savings for emergencies, however they had used all of their savings to deal with just this kind of emergency. Once they have repaid this loan, we are also confident that they will reestablish their savings program to deal with emergencies that may occur in the future. With the money they save on interest payments alone by not having to deal with a payday loan, they may also be able to start their savings much earlier.


Fast Loan Amount :: $3000

Fast Loan and Processing Speed (when do you need the funds):: right away, I need to repay another debt that I have which is due in the next two days. I am looking for a lower interest rate and no fees.

Do you currently have a mortgage? :: No, we rent an apartment

Bank Name and Branch :: Bank of America, Canyon Crest Dr

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

Zip :: 92507

What is your employment field? :: Delivery driver for a local company

Employment Position :: Driver for a local company

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

Your credit rating to be – excellent, fair, or bad? :: not so good, based on the last year

How did you find us? :: searching online using Google for fast loans

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

Gross Amount Per Paycheck :: $1200

Do you agree to have this information published online, without your PRIVATE information of course? :: Sure no problem as long as I am approved for the loan

Extra information here please (some detail):: I am in a bit of a bind financially. I need a fast loan for $3000 to cover a previous payday loan that I negotiated just last week. I did not realize just how expensive a payday loan was and how quickly I needed to repay the loan. A payday loan carries very high interest rates and fees and is definitely something consumers should stay away from unless they have no other choice and need to borrow money for some kind of emergency. I was in this kind of situation and felt that I needed to have the money, but now I need to repay this loan and I really would like to have a loan that I could take more time repaying with a much lower interest rate.

My credit score is not very good and some people would call it damaged. Basically I almost had to declare bankruptcy last year due to credit card payments and balances that I was not paying. Fortunately I was able to repay these credit card accounts, however in the process, I lost those accounts and now cannot obtain a credit card due to my damaged credit rating. This is not a bad thing in my mind since it means I must have cash to spend money and I cannot spend money unless it is available. Sometimes it makes things a bit difficult especially if there is an emergency to deal with.

Note to Lender :: I am working as a delivery man for a local company. I have been with them for a year and quite enjoy the work. I get paid twice a month and I am making a little better than the minimum wage. Unfortunately I do not have any savings, having used the savings we did have to deal with a medical emergency for a family member. I would really appreciate being approved for this small loan with a low interest rate. Anything under 10% would be a vast improvement to what I am currently faced with based on the pay day loan rates that are being charged.

Do you think you can help with this application? Please do not release any information that is personal.

Category: Home Mortgage Loan APR 8% APR 6% APR 10%
Loan Principal $3,000 $3,000 $3,000
Payment Schedule Monthly Monthly Monthly
Length of Term 1 5 7
Amount to be paid $3,129.98 $3,457.41 $4,062.35
Total interest paid $129.98 $457.41 $1,062.35
Paid per installment $257.26 $56.83 $47.70