I Live In West Georgia With Bad Credit – Please Give Me Loan
This consumer admits that he and his wife have made a number of financial mistakes. He first of all spent more money than he could afford, charged his credit card to the maximum level and then cannot repay his credit card debt. Interest is being charged on the overdue balance at 21%. Then he had a medical emergency and with no health insurance is facing some large health bills. While dealing with this bad luck he made his next major mistake.
Instead of negotiating a payment plan with the hospital, he borrowed money using payday loan services not realizing that the charges and interest rates on payday loans were much higher than he realized. He is having trouble paying off these loans as well and needs help with a low interest loan.
On the positive side he expects to be made full time in the next few months. With full time employment he will receive health benefits which will remove one of his worries for his family. They want to have kids but are waiting because of the fear of large health bills associated with having a family.
He works as a road maintenance contract laborer at the present time and his wife works and runs her own daycare. They both know that they will have much more security if he is made permanent on the county’s road maintenance team. This is a really big worry for them and a costly one. At the moment they do not have health insurance coverage.
With his bad credit rating and payday loan problems it will be difficult to find a lender willing to extend a low interest loan to this consumer. Most lenders will charge a higher interest rate to cover the perceived increased risk associated with lending money to someone with a bad credit rating. Even with a higher interest rate, it should be less than the rate he is currently paying to his credit card company. The interest rate will also be less than what he pays to the payday loan lender, especially when you include the fees as well.
Given the employment status of this consumer and his wife, his openness about his financial mistakes, many lenders will look favorably on this consumers application. Even though he has a bad credit rating, he should have no problem being approved for a loan. In addition, if there are any assets that he can pledge towards the loan, he might qualify for a secured loan which will carry a lower interest rate and save him more money.
With a lower interest rate applied to the loan balance, he will be able to pay more towards his loan balance and pay it off even faster. When the consumer responds to additional questions a lender may decide to extend a loan to him at an appropriate interest rate.
DEFAULT LOAN APPLICATION FOR BORROWER’S INFORMATION
Home/Mortgage Loan Amount :: $6500
Home Loan Application and Processing Speed (when do you need the funds):: as quickly as possible, would prefer by tomorrow please
Do you currently have a mortgage? :: no mortgage, but I have a number of payday loans and one credit card debt
Bank Name and Branch :: Regions Bank, Morningside Dr, Acworth
What City/Town, State and County do you live in? :: Acworth, GA
Zip :: 30101,
What is your employment field? :: Roads Maintenance for the county
Employment Position :: laborer
When are you paid? (monthly/weekly/biweekly):: biweekly
Your credit rating to be – excellent, fair, or bad? :: bad
How did you find us? :: looking for online loans to get me out of this payday loan jam
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 problems, maybe someone will read my story and it will help them too.
Extra information here please (some detail):: My wife and I have made some financial mistakes in the past year. First we spent too much money on our home and a few other items. We charged all of these expenses to our credit card. Then we had some surprise medical bills. I have no medical coverage with my job and have to pay everything on my own.
Instead of just paying so much a month on the medical bills I charges some of the bills to my credit card and then went to a payday loan lender to borrow the rest. Between the payday loan and credit card interest rates, I am barely paying anything towards the principle. The credit card interest rate is at 21% and I will not even tell you what the interest rate is on the payday loan. It is so high. We want to get pay off the payday loans and the credit card if possible and just pay a low interest rate on one loan.
If we can do this, not only will we pay less interest, we could actually get out of debt more quickly and each month we would be able to pay something towards the principle. This is a serious problem for us. We have learned from these mistakes and will not let it happen again.
Note to Lender ::
I work for the county part time as a contract laborer on roads maintenance. I work over 40 hours a week and essentially work full time even though I am a contract laborer. The really good news is that I am supposed to be hired full time in the next few months and will receive benefits. No more worries about how I will pay those surprise medical bills!
My wife runs a local day care and has five to six kids that she looks after every day. She does ok and contributes to meeting our expenses. We have no kids of our own, but would like to have a family one day of our own. Right now we cannot even consider it with the money we owe and also the lack of medical coverage to cover all of the medical bills. It would be just too much of a risk if we were to have a family and end up in even more debt that we are right now.
Can you help us get a loan even with our bad credit situation?