Please Approve My $10000 Loan
This applicant needs to be approved for a $10,000 loan. As this writer mentions in his application, life throws curve balls at us and we have to be ready. In his family’s case they were doing everything right. They were both working, keeping their costs down and setting aside money for emergencies. They only have one car preferring to avoid the extra expense of two cars. The car is on the road a lot and needs to be operational. Unfortunately, it needed $4000 in repairs just at the wrong time.
His company closed for 2 weeks and he was laid off for that period. He was rehired immediately, but lost two weeks of salary in the process. They also do not have health insurance or other benefits. The company appears to be doing fine now with quite a few future sales in the funnel.
The final issue that really got them into financial difficulty was that one of their children needed an operation. Fortunately, they had some savings, but the operation ate up all of their savings and then some. They had to also charge some of these expenses to their credit card and now owe a total of $10000 which is due next week. They would really like to obtain a small personal loan of $10,000 at a lower interest rate than what they will pay on their credit card.
This couple has a decent credit rating and will likely qualify for a loan at a lower interest rate than their credit card. They do not have any defaults on any payments and they are virtually debt free with the exception of this credit card balance. Their car is fully paid for and they pay their rent in advance and all of their utilities are up to date. They are doing everything the right way.
His wife who has a part time job now plans to go back to working full time to make extra money. They plan to repay this loan in one year and have requested a one-year term for the loan. They will be able to repay the loan more quickly with the extra income and if there are no more financial hits. These things usually come in threes, so let’s hope they have no other major expenses.
DEFAULT LOAN APPLICATION FOR BORROWER’S INFORMATION
Home/Mortgage Loan Amount :: $10,000
Home Loan Application and Processing Speed (when do you need the funds):: within the next two weeks
Do you currently have a mortgage? ::no, we rent our home
Bank Name and Branch :: Wells Fargo, S bristol St
What City/Town, State and County do you live in? :: Santa Ana, California
Zip :: 92704
What is your employment field? :: Hi Tech manufacturing
Employment Position :: Printed circuit board assembly
When are you paid? (monthly/weekly/biweekly):: biweekly
Your credit rating to be – excellent, fair, or bad? :: excellent
How did you find us? :: looking online for a $10,000 loan
How are you paid? (direct deposit/paper check):: direct deposit
Gross Amount Per Paycheck :: $2000
Do you agree to have this information published online, without your PRIVATE information of course? :: sure, no problem
Extra information here please (some detail)::
Please approve my wife and I for a $10,000 loan. My wife and I have credit card debt that stems from medical bills for the kids and purchases we needed to make for repairs to our car. The whole debt situation got started when one of the kids needed a small operation. We do not have health insurance so we had to pay for the medical charges out of pocket.
We were in good shape financially up until then. We had a small amount of savings for emergencies which this obviously was, but unfortunately for us it was not large enough to cover all of the medical bills. Then we had car maintenance problems and that costs us another $4000. We need a car to be running all of the time. Between work and the kid’s activities and general errands, this car seems to be on the road all of the time. We are trying to make do with one car to avoid the extra expense of maintenance and insurance on two cars.
Then I got laid off for two weeks while the company restructured. Fortunately, I was rehired at the same salary right away. The combination of the medical bills, the car repairs and the two weeks lost salary really contributed to our current debt situation. Now we need help or we have to pay at least 21% interest on the credit card debt.
Note to Lender ::
We have a plan to repay the debt we owe and should be able to repay everything within a year providing that nothing else comes along that puts pressure on our budget. We are going to control our expenses and really focus on getting rid of this debt. It is not something we like having hanging over our heads.
Our credit rating should be in good shape. We have never missed a payment on anything. Our utility bills are all paid up to date. The rent is paid in advance and we have never missed a rent payment either.
I work full time and have been at my current company for the last 4 years. They had a bit of trouble financially and that is why everyone got laid off for 2 weeks. Most of us were rehired, but not everyone. Management tell us that everything is good now, they have lots of sales and the future for the company looks great.
My wife works part time as a receptionist. Now that our child is ok, she is planning to take a full time job, so that will help with the income and the extra money will go towards the debt we owe. We do not anticipate any more medical bills. Our child has made a full recovery which is really what counts.
Do you think you can help us with this $10,000 loan request? Basically we are looking for a one-year term with an interest rate as low as possible. We should have no problem paying it off within the year. We do not have a car loan and we have no other debts. We tried to do everything the right way financially, but sometimes life just throws curve balls at you and you have to deal with them as they arrive.