How To Get Approved For a $5000 Dollar Personal Loan
It can be difficult to get approved for a $5000 dollar personal loan when you are applying for personal reasons, however a loan for a business start up is even more difficult. Aside from the business issues this client has identified, most consumers need to focus on maintaining an excellent cash flow, always pay all of their bills on time and ensure that all income is identified when applying for a personal loan.
Consumers with excellent credit can enjoy low interest rates on their personal loans, while consumers with less than stellar credit ratings may have to pay a higher interest rate. This usually means that the monthly payments will be higher and the total amount of interest paid will be higher. One way to deal with higher monthly payments is to extend the payment period out by several years providing more time to repay the loan and lowering the monthly payments. Even if the interest rate is higher for a longer term loan the monthly payments will be much lower due to the longer term. The chart at the end of this post illustrates this combination effect of short terms vs. long terms vs. interest rates. Consumers may want to request several different quotations when they apply for a personal loan.
For example if a short term loan means high monthly payments which places your total cash flow beyond what can be afforded by the client, recalculating the monthly payment with a longer term can usually help to qualify the client based on monthly cash flow since the loan payment will be quite a bit smaller. This is one way to get approved for a $5000 personal loan. In addition consumers can work with a loan broker to find personal loans that may have higher fees, but will be approved even when the client is considered high risk.
The current client generates his income from a full time job as a security analyst for a local casino and also from renting two rooms in his apartment. His cash flow should also improve once his car loan is fully paid for. Further discussion will need to take place regarding the intended use of the $5000 personal loan and whether it can be justified as a personal loan or a business loan.
DEFAULT LOAN APPLICATION FOR BORROWER’S INFORMATION
Home/Mortgage/Personal Loan Amount :: $5,000
Home Loan Application and Processing Speed (when do you need the funds):: Within in the next few days if possible
Do you currently have a mortgage? :: no, I rent an apartment and I also have a car loan
Bank Name and Branch :: Wells Fargo, Water St
What City/Town, State and County do you live in? :: Henderson, Nevada
What is your employment field? :: Casino Operations
Employment Position :: Security Detail
When are you paid? (monthly/weekly/biweekly)::biweekly
Your credit rating to be – excellent, fair, or bad? :: Not sure, Fair to excellent I guess
How did you find us? :: searching online re how to get approved for a $5000 personal loan
How are you paid? (direct deposit/paper check):: direct deposit
Gross Amount Per Paycheck :: $1200
Do you agree to have this information published online, without your PRIVATE information of course? :: sure , no problem
Extra information here please (some detail):: I am trying to figure out how to get approved for a $5000 personal loan. I have applied at several brick and mortar banks including my own bank and have been turned down. They want perfect credit scores and will not approve a small personal loan like this because they claim I do not make sufficient money to pay my rent, my car loan and this loan payment let alone buy groceries.
They are right that I do not make that much money, however I supplement my rental and utility costs by renting out two rooms in my apartment which almost pays for the rent. In addition I have an old car which is almost paid for and will be paid off in another couple of months. My cash flow is actually pretty good as a result and yet they will not approve the personal loan. I would like a 5 year loan and would be prepared to pay a little higher interest rate if I can be approved for this loan. The money is going to be used to start my own business in the security area. I have learned a lot about providing security to the casinos and now I am ready to branch out on my own. I just need $5000 to get started.
Note to Lender :: My current job is providing security at a local casino. I look after all of the tables through a monitoring systems that has been customized by myself. I feel that I am in an unique position to really make something of this if I can only get the funding to get started. Obviously I do not want to share details here, but I think that I really have a winner.
Can you help guide me in terms of being approved for a personal loan.
|Category: Home Mortgage Loan||APR 4%||APR 5%||APR 7%|
|Length of Term||2||3||5|
|Amount to be paid||$5,208.29||$5,385.34||$5,889.42|
|Total interest paid||$208.29||$385.34||$889.42|
|Paid per installment||$214.04||$147.54||$96.81|