Guaranteed High Risk Loan in Oak Ridge, Orlando Florida
The applicant wants fifteen hundred dollars to buy a Christmas present for his wife that will really make her happy. She has changed employers and job duties so he wants to buy her a new laptop for her work. This is a cash advance that is being requested as an instant approval or one hour acquisition.
The only way most payday cash advance companies will approve and fund a customer is if they have some prior history to go on. These PDL companies have their own problems moving their high interest small loans. A big proportion of the customers will not even be paying back their advance. This wrecks their credit rating and leaves the lender high and dry. this applicant does not have any history with any of our lenders.
This idea of a guarantee on small personal loans is not realistic. There is no such thing as a guarantee on any lending product, no matter what anyone tells you. If a lender claims they will make sure you get the loan, then they are full of it. All lenders HAVE to protect themselves and secure their loans as best they can. There are just too many people who need money and have no means to repay the loan.
Small personal loans of this type usually come with a high interest rate and a processing fee which can add to the cost of the guaranteed high risk loan. When you compare the cost of the loan to charging this purchase to a credit card, he might be further ahead to use the credit card. After all the credit card will give him 20 to 25 days grace before the balance is due without interest charges. On the due date, interest will be charged on the unpaid balance.
If he really plans to repay this loan with his next paycheck, then using a credit card would be the better approach. He will have the money to repay his credit card balance. This client claims he has a credit card which currently carries a zero balance, why not use it for this purchase.
In addition there are a number of red flags with this applicant’s application. Not having a credit rating with a lender is one thing, but the information provided about his address is suspicious since he has not lived at this address for 17 months and only goes there if has to. What does this really mean? He works at Ralphs making minimum wage and we are wondering where he will get the money to repay this loan. This loan will cost him more than just using his credit card. We are wondering if he and his wife actually have a credit card. Finally for a loan like this one some lenders will want both parties to sign of the loan which will ruin the surprise. We do not believe that that he will qualify for a guaranteed high risk loan.
The details of his loan application follow:
Loan Type :: $1500 payday cash advance with bad credit.
Loan purpose :: Need to buy a laptop for my wife for Christmas. I really want to surprise her with the latest Apple Notebook. The Air one. She is starting a new job and I want to blow her away with a gift that she will really like. She may even use this computer for work.
Loan Amount :: $1500 dollars.
Loan Speed :: One hour or 15 minute approval – please make this a 100 percent online payday loan application and approve. I would like to head down to the Apple Store today and make my purchase.
Employment :: I stock shelves at Ralphs – night shift. I have been employed by Ralphs for the past seventeen months and expect to remain here for some time. My wife’s new job is a big wage increase for her which will help us tremendously with our monthly expenses.
Residence :: Oak Ridge Florida or Orlando if I have to go there.
Time at Address :: 17 months ago.
Age :: 25
Credit Score :: Fair credit – I’m just in a rush. We always pay our bills on time. We have never missed a bill payment and we only have one credit card between us which has a zero balance. We try not to use it unless we really have to. Our credit rating should be pretty good.
We have been married for less than 6 months and are really doing well. We like to buy each other little gifts to celebrate things like new jobs, birthdays etc and this gift of a computer will really surprise her. She probably will tell me that the gift is really for me since we will both use it. Our current computer is an old hand me down from our parents and is really only good for doing emails.