Unsecured Personal Signature Loans in Miami-Dade (3K, 5K, 7.5K, 9.5k)

Where Borrowers Find Loan Approvals

Unsecured Personal Signature Loans in Miami-Dade (3K, 5K, 7.5K, 9.5k)

Notice: Before entering into a loan agreement for debt consolidation (whether you have bad credit or good credit) you should be aware of the usury laws in your State. Know the law and protect yourself.

This will be our first post that singles out one particular city for bad credit borrowers (and lenders) who provide small consumer-based loans. We will be starting in the city of Miami, Florida, and we will be discussing lenders who provide unsecured loans to applicants who have poor credit scores, or FICO scores that are lower than 600.

For this project we have amended our tables to present the loan information and the loan values for each data point – viewing one of the tables below will explain all of that better than I can in this sentence. What we have added to the tables in the lending data column is the applicant’s area of residence, the applied principal increments which are averaged out for the area, the finalized APR on the lending agreement, the neighboring areas of service that unsecured loans are funded, the main city center of focus in our data collection, and we have also changed the loan product type just a little bit – we now call it the “loan product nomenclature” (see our new page which shows loan product nomenclature and acronyms).

We have, as you can well imagine, allot of lenders who are operating in the state of Florida, with the highest concentration of lenders located in Miami, St. Petersburg, Jacksonville, and on a lesser degree, Tallahassee. Today we will be setting out to specifically point out the different unsecured lending increments that are most frequently requested by borrowers in the Miami area, including some of the neighboring cities, and districts. The largest focus of lending activity would be best described as being in Miami-Dade County.

So today’s focus will start with a loan application in downtown Miami, then move on to South Miami in the areas of Pinecrest, Palmetto Bay, Olympia Heights, and Palmetto Estates. This particular borrower was asking for a six month term (personal and unsecured) and they have a very poor credit rating with the FICO of 591. The range of loan increments will be discussed below.

After we have covered the first two lending agreements, we will move on to Florida City where the applicant wanted an APR of 5% or lower on an unsecured loan. We had to explain to this borrower that 5% interest rates don’t exist when it comes to applicants the don’t have any kind of good standing credit rating, collateral, or cosigner.

For the fourth (and final) loan application and approval we are going to finish up in North Miami-Dade County where the borrower lives in Hollywood, FLA, and was asking for a loan to be approved between $9000 and $10,000. You can see the details of this borrower’s application, and ultimate approval, in the table. This was also an unsecured loan.

You will noticed that only one of these borrowers/customers was actually approved for an APR close to what they had requested. This was the loan that was based on a three month term, and this will be the first one we focus our attention on. You will notice that these individual city studies are formatted a little bit different than the all purpose loan case studies we have done in the past.

As far as images go, we are including the loan application data area pictured at the top of every post, courtesy of Google maps.

$3000 Bad Credit Personal Signature Loan in Downtown Miami

So we have allot to cover here, so I will try to keep things as simple and as succinct as possible as we do our first city focused post on loans applied for (and approved) in the Miami area. This first borrower was requesting a loan between $2000 and $3000 and they wanted to get approved without collateral, or a cosigner. They wanted a purely unsecured loan and they were asking for an APR below 10%.

This young woman is a student who had (she has recently cleaned up her credit score) let her debt get out of control, and her credit cards had a total balance of $2700, and she had a cell phone bill that was almost one month overdue. She was a little bit frantic and sounded desperate in regards to her pre-application, and had been applying at some other places online, and at some of the local banks in Miami.

Her loan ended up being approved with a private lender who lives and operates in Miami Springs, and has been legally providing unsecured loans to lenders who have poor credit. He was willing to go as low as 9.23% on the note, but wanted the principal and interest paid back in a three month term, and no longer than that (he was adamant about this part of the deal).

With a 9.23% interest rate, and the $3000 principal, the total interest paid back to the lender was $46.14. The monthly installment payment was $1015.38, which you can see boldly typed in the table below.

This applicant had an extremely low FICO score of 578 which clearly put her in a position whereby her own bank wouldn’t consider her for any kind of further credit. She tried to get approved with her branch, the Ocean Bank, which is on SE. 2nd Ave. (downtown). The loan officer she had her meeting with was very much considerate, and cordial in the discussions, but unfortunately her low credit score, and recent divorce, that pummeled her finances, put her in the worst position possible in regards to getting approved for an unsecured loan.

The loan officer at Ocean Bank said that the only way she could get approved for credit with their bank was if she had some equity in real estate, and asked her if she had any equity in the family home. She explained that her marriage was just dissolving, and that she wouldn’t have access to any liquidity from the property for at least a year (perhaps even longer).

Being turned down by her own bank didn’t really bother her that much because her loan officer was so good about it and thoroughly explained how her application was assessed, and what she could do to improve your credit score. However, she decided to go and find a different bank in Miami that could help her out with perhaps a low interest credit card, or a consolidation style loan. A consolidation wouldn’t really be applicable in this case though, because she hadn’t even accumulated enough debt to make qualify for such a loan.

She tried the Bank of America on SE. 3rd Ave., but that was a bit of a disaster in that they were gruff and somewhat rude to her (her words). As a matter of fact, she didn’t even get to have an appointment with the loan officer there.

The next financial institution she tried to get approved with was the First Bank Of Miami Downtown, but unfortunately that was a no-go as well. The last bank she tried to get approved with was the Helm Bank on Brickell Avenue, and after that she was pretty well done with applying with anymore local banks. A friend of hers told her she should try a credit union, but she passed on that one – enough frustration in one week.

The applicant is gainfully employed and she works as a hostess in a popular restaurant on Flagler Street (not far from Miami Pepe’s Hardware), and that’s all we’re going to give you on the details of her workplace (to protect her privacy). Currently she lives in an apartment with two roommates not far from her work near the Miami Police Benevolent Association Park, with a beautiful view of the river, and would be perfect it wasn’t for some of the noise that comes from the Dolphin Expressway.

Because of her employment history, and her ability to be patient with the online application process, she was able to get approved as described above, and entered in the table below.

Loan Data Title Loan Values
Applied Principal Increments (avg. in area) $1000, $1500, $2000, $2500, $3000
Loan Principal Finalized $3000
Loan Product Nomenclature Bad Credit Personal Loan (BCPL) Unsecured
Loan Cost Per $100 n/a – 3 month term
Effective APR Request Below 10% APR
Finalized APR on Loan Agreement 9.23%
Total Interest Paid to Lender $46.14
Total Paid Back To Lender $3046.14
Monthly Installment Payment $1015.38
Closing Payment N/A
Loan Term/Period 3 month term
Applicant’s Area of Residence Downtown Miami/Miami Beach/Miami Springs
Neighbouring Areas Lenders Service Coral Beach, Coral Terrace-Groves-Gables, Tamiami
Main City Center of Loan Origin Miami
State Florida
Classification of Lender Unsecured Personal Loan – Signature/Personal
FICO Score 578

$5000 Bad Credit Personal Signature Loan in South Miami

Our second borrower who had a bad credit rating at the time of application lives in South Miami in the neighborhood of Sunset, and was requesting a loan of $5000 to be paid back over a six month term.

She has been struggling with her credit score for over two years due to a very low paying job and a lot of personal expenses because of her diabetes and her medical costs. She is also raising two children, ages six and eight, by herself as a single mother. She isn’t getting any kind of help from her ex-husband who has neglected to pay child support payments since they were divorced.

She has a full-time job but the pay is very low at around $8.50 an hour before tips, and after tips she makes approximately $11 an hour total. She only claims half of her gratuity money on her IRS tax returns just try and keep the money coming in to pay for their rent, clothing, food, utilities, and everyday expenses.

She tried to get a personal loan of $5000 with the First National Bank of South Miami which is on Sunset Drive (5750) but was defined as a high risk customer by her branch, and the loan officer that she had her appointment with. She also tried to get approved with a different bank that she doesn’t have any accounts with. At the Inter-Credit Bank on SW. 40th St. but unfortunately they declined her request for an unsecured loan as well.

The last bank that she tried to get approved with for the $5000 was the Florida Community Bank on Bird Road. She had heard good things about the Florida Community Bank from a coworker who has all of her accounts with them, but considering that her FICO score was only 591 at the time, she was unable to get any kind of approval.

One of the biggest things she wanted with an unsecured BCPL (see nomenclatures) was a low interest rate – below 9% at least. Once again, this is a tall order when you have such a low credit score. She did her due diligence by getting a credit score report from one of the credit score companies online – for a small fee of approximately $30. At least now she knew full well that her credit was bad and that she was going to have to shop around to try and find a lender that would do business with her. She really didn’t want to go online to look for a loan because she didn’t really trust these anonymous websites, and was concerned about some of the high interest rates that loan shark lenders charge. This was a prudent strategy for her, but ultimately she ended up using the Internet to find a lender that lends money to people who have bad credit in the Miami area.

As we said at the beginning of this publication, there are numerous lenders in the Miami area who will provide loans to people with bad credit, and our job here is to try and find reputable and legit lenders who will do business with applicants who have credit scores below a FICO of 600. There are a handful of decent lenders that service areas such as Olympia Heights, Glenvar Heights, Pinecrest, Kendall, Palmetto Bay, and Palmetto Estates. As you can see in the table, some of the most common loan requests range between increments of $500 ($3500, $4000, $4500, $5000, and $5500). These numbers are garnished from our database of different borrower requests in the South Miami area. This is the group of lenders that this borrower was trying to attract.

The final terms of her loan agreement, which she negotiated on the phone, using a fax machine and scanner to send her personal information via email, including her recent pay stubs, last two months of her checking account statements, and her photo identification in the form of a Florida drivers license. She did not get her 9% APR that she requested and ended up having to settle for a 12.12% interest rate over a six-month term. The total amount of interest that she had to pay back to the lender was $176.72, and she made monthly payments of $851. In the table you can see her final payment as well.

Loan Data Title Loan Values
Applied Principal Increments (avg. in area) $3500, $4000, $4500, $5000, $5500
Loan Principal Finalized $5000
Loan Product Nomenclature Bad Credit Personal Loan (BCPL) Unsecured
Loan Cost Per $100 n/a – 6 month term
Effective APR Requested Below 9% APR
Finalized APR on Loan Agreement 12.12%
Total Interest Paid to Lender $176.72
Total Paid Back To Lender $5176.72
Monthly Installment Payment $850.97
Closing Payment $70.90
Loan Term/Period 6 month term
Applicant’s Area of Residence South Miami, Olympia Heights, Glenvar Heights
Neighbouring Areas Lenders Service Pinecrest, Kendall, Palmetto Bay, Palmetto Estates
Main City Center of Loan Origin Miami
State Florida
Classification of Lender Unsecured Personal Loan – Signature/Personal
FICO Score 591

$7500 Bad Credit Personal Signature Loan in Florida City

On our third Miami-based borrower’s application we had a man in his late 20s requesting a loan of $7500 and his address on his pre-application was Florida City, but his work place was actually in South Miami Heights. He spends a lot of time in Leisure City as well because his sister lives there and he often stays there overnight instead of commuting back South on the Homestead Extension of Florida’s Turnpike (toll road 821). He is looking at perhaps moving in with a friend and coworker in the Cutler Bay area so that he doesn’t have so far to drive. He has been with the same employer for 14 months now and he likes his job, so he is going to have to make some changes in regards to his residence.

Just like all of the borrowers in this publication, this borrower has a low FICO score. In his case his score was above the 600 mark, but that doesn’t do much for you these days when you’re trying to get approved for an unsecured personal loan.

His choice of bank and branch is the Community Bank of Florida on SW. 157th Ave., which is in Homestead. He also became a member of the FAA Credit Union (a.k.a. Jetstream Federal Credit Union), in the hopes that he could get approved for a unsecured personal loan, but that was to no avail. He figured that a personal loan may be unattainable for him and was pretty much giving up hope on securing any kind of credit.

His debts were from various every-day forms such as credit card debt, overdue utility bills, and a small bit of student loan debt that was still hanging around from his education at the University of Miami which is north of where he grew up on Memorial Drive in Coral Gables. Unfortunately he was not able to get employment in his chosen field and his university degree never resulted in a good paying job as a microbiologist. He wasn’t willing to leave his home in Southern Florida to pursue his career.

He was of course extremely frustrated with the whole financial situation that he got himself into, and was getting quite angry about it. At that point he was trying to find any lenders that would accommodate people with bad credit scores near his home, or anywhere in the state of Florida. He was looking for lenders that service the areas of Homestead, Leisure Ccity, Princeton, Florida City, South Miami Heights, and Goulds. Instead of applying at every single bank along the Southeast coast of Florida, he decided to use the Internet to do some research – he thought that perhaps he could narrow down his search for subprime lenders and save himself a lot of driving around and allot of futile appointments with loan officers.

His experience so far with a couple of banks gave them the perception that he was somehow a a loser or something – I hope that other people who have bad credit ratings don’t assume the same thing, because you aren’t alone. Your humble narrator has even claimed personal bankruptcy at one time, and I am here to tell you that there is life after no credit and/or personal bankruptcy.

None of the applicants in this particular publication ever had to claim personal bankruptcy, and if they get their financial act in order, they should never be in the position to do so. This is another discussion for a different publication though, because budgeting and DTI management is another whole can of worms altogether.

Please see the table below if you are interested in the loan that this applicant got approved for. He was asking for an extremely low interest rate on an unsecured loan (5%), which is unheard of for a bad credit applicant if they don’t have some form of solid security, with a cosigner, and/or some home-equity. He ended up getting approved for an interest rate just shy of 9%, with a nine month term for the total principal of $7500. You can see the table to see his monthly payments and his final payment.

Loan Data Title Loan Values
Applied Principal Increments (avg. in area) $6000, $6500, $7000, $7500, $8000
Loan Principal Finalized $7500
Loan Product Nomenclature Bad Credit Personal Loan (BCPL) Unsecured
Loan Cost Per $100 n/a – 9 month term
Effective APR Requested Below 5% APR
Finalized APR on Loan Agreement 8.92%
Total Interest Paid to Lender $278.70
Total Paid Back To Lender $7778.70
Monthly Installment Payment $852.46
Closing Payment $106.56
Loan Term/Period 9 month term
Applicant’s Area of Residence Florida City/South Miami Heights
Neighbouring Areas Lenders Service Homestead, Leisure City, Naranja, Princeton, Goulds
Main City Center of Loan Origin Miami
State Florida
Classification of Lender Unsecured Personal Loan – Signature/Personal
FICO Score 607

$9500 Bad Credit Personal Signature Loan in North Miami-Dade County

Our last applicant lives in North Miami-Dade, halfway between Pembroke Pines, and Hollywood, FL. He works at the North Perry Airport as passenger assistant, and makes very little money per month. His actual net income after taxes is under $2500, and he too works on gratuities. His job is to help people in wheelchairs navigate from the check-in counters, through security, to the gate, and down the ramp and into the aircraft.

His request for an unsecured loan was for an APR of less than 8%, and he almost got there. In the table you can see that he paid an interest rate of just over 8%. His personal financial situation was exacerbated by a recent separation from his common law wife who now lives in Pembroke Pines. He moved out to an area called Westpark which isn’t far from Hallandale and Ives Estates. His quest for an unsecured loan was quite adventurous when you consider how many banks he applied with, and the list grew to over half a dozen different applications for credit.

He wanted to borrow close to $10,000, which made it even more difficult with his low credit score of 594. He tried getting approved with Bank Atlantic, on 6th Ave. in North Miami, the City National Bank of Florida, the BB&T Bank on NE. 16th Ave., the Ocean Bank on West 49th St. in Hialeah, and the Bank of America on Palm Avenue also in North Hialeah. It was quite the all-intensive effort on his part to try and get approved for an unsecured credit line, or a fixed rate personal loan. Needless to say, nothing worked out.

He asked his family to bail him out of his high interest debt, but he had already exhausted that avenue/resource, but was not about to deal with the shame of that again. He did manage to pay back his parents for a n0-interest cash loan of $17,000, but it took him seven years to do it, and he never wanted that many strings attached again. He spoke with a friend who also had a bad credit rating – he worked with him at the airport, and he suggested giving the Internet a chance, and gave him some tips on what to watch out for in regards to borrowing online.

His friend told him that there was only really a select few lenders in the Miami area that will provide personal loans to people with poor credit scores, and suggested using some peer to peer lending sites to put in his requests for a $10,000 loan. This way the credit agencies such as TransUnion, or Experian wouldn’t see a record of him making another request for credit. What he didn’t know before they started applying for a loan was that the banks share information with each other on the credit scoring databases so that they know when consumers have been requesting credit. The more you get turned down, the worse it looks on your credit score. This was a lesson our borrower learned the hard way.

He took his friends advice and began making pre-applications on websites like Prosper.com, but realized that most of the borrowers on that website were getting approved for small business loans, and this is not what he was looking for. In reality he was looking for a debt consolidation loan, and he was going to have to try and find a private lender (or a conventional bank) that would offer him a deal.

Ultimately he ended up getting approved for exactly $9500, with an 8.31% interest rate, with a monthly payment of $816. His final payment on the loan was $136.02. More in the table below.

Loan Data Title Loan Values
Applied Principal Increments (avg. in area) $8500, $9000, $9500, $10000
Loan Principal Finalized $9500
Loan Product Nomenclature Bad Credit Personal Loan (BCPL) Unsecured
Loan Cost Per $100 n/a – 12 month term
Effective APR Requested Below 8% APR
Finalized APR on Loan Agreement 8.31%
Total Interest Paid to Lender $427.54
Total Paid Back To Lender $9927.54
Monthly Installment Payment $815.96
Closing Payment $136.02
Loan Term/Period 12 month term
Applicant’s Area of Residence N. Miami-Dade County, Hialeah, N. Miami Beach
Neighbouring Areas Lenders Service Miami Lakes, Hollywood, Pembroke Pines, Hallandale
Main City Center of Loan Origin Miami
State Florida
Classification of Lender Unsecured Personal Loan – Signature/Personal
FICO Score 594

This wraps up our publication in regards to Miami area borrowers and lenders. We will be exploring some of the other areas in Florida where borrowers were/are looking for personal loans that are unsecured. We will be visiting Pompana Beach, Fort Lauderdale, Coral springs, Boca Raton, Boynton Beach, Lake Worth area, West Palm Beach, Palm Beach Gardens, Port St. Lucie, Fort Pierce, Palm Bay, Orlando, Tallahassee, over to Pensacola, Panama City, and of course Jacksonville, Gainesville, and Daytona Beach. We will be presenting another publication that is fairly extensive for the areas of Tampa Bay, Clearwater, and St. Petersburg. We were going to include Fort Myers, Cape Coral and Sarasota, decided against that as this post was getting a little bit too large in size. We wanted to break things up a little bit, and have a few different publications for borrowers and lenders throughout Florida.

Thank you for coming by and visiting us at Financing-USA.com.