This installment loan request originated in an area of Houston TX known as Jersey Village (just Northwest of Downtown Houston). The borrower/applicant applied for a $15000 dollar loan that would be paid back over a 5 year period. The five year period and the 15k loan could have been approved on term if the original online application was completed with a transparent manner.
Unfortunately for all involved (lenders, borrower, and LL) this exercise was a complete waste of time as the applicant failed badly to provide all information regarding his personal debt, and his outstanding loans.
We were not able to find a lender that would qualify him for fifteen thousands dollars for a consolidation type product. His credit rating (FICO SCORE) turned out to be very low at 560 and his DTI was high as well. He has recently had a loss of income due to cut-backs in weekly hours, and his spouses job loss in Harris County.
You can read the full application, the problem with lender approval, the borrower’s mistakes made when applying for the loan. This application for a loan fits into our series on loans in Houston, Texas.
Personal Installment Loan – Loan Product Required
Loan Product Description :: Needing a bad credit loan for personal reasons, to pay off family members, credit card creditors, and other smaller personal loans I have with a local bank here in Jersey Village (Houston – Harris Cty). I need/require at least 15 thousand dollars to get all of these annoying debts paid off once and for all. Seeking a lender who lend money to a bad credit borrower like myself. Like I said on the phone, I’m not quite sure what the state of my credit status is really actually at.
Why do you need a loan? :: I have three main entities that I have to pay of loans with. I have to pay back my in-laws $5000 dollars in the next month and they are starting to get inpatient with me and my wife (their daughter). This money that we owe to them is becoming very stressful for the both of us. Our debt to them has been on our minds almost every minute of every day, and we need some debt relief fast if my wife and I want to “keep our sanity”.
$15,000 Personal Installment Loan to Pay Back Credit Union
The other creditor is a professional conventional personal loan I have with our neighborhood credit union here in Jersey Village of Houston. We have always lived in Harris County in our youth and adult lives, and we cherish our relationships within the financial establishments in our precious home State of Texas. We want to pay this bank branch back for $7500 that we owe them on a personal loan we had approved in 2008. We have missed a few payments on this loan over the last 2 years, and we want to come clean with this lender ASAP.
The third creditor(s) we have are the credit card companies we hold credit lines with. We don’t owe them much money, for a complete sum of $2000 dollars for the Visa and Mastercard. I know this is not allot of money compared to most of your applicants who want to get rid of credit card debt, but we need to pay off ALL our credit accounts no matter what their origin and nature.
Personal Installment Loan – Jersey Village Houston Texas
We are seeking an installment type loan like normal, where we pay down our overall debt(s) with one bank over a period of 3-5 years time. I know that because of my bad credit score that I will be forced to pay more interest than a borrower in Houston that is has a perfect credit rating, but it’s still better than having all this stress. I HATE owning people money – especially family loans.
How Much Do You Want To Borrow? :: Fifteen thousand dollars (15,000$) in two weeks please.
Your employment field :: I work full time for a cable company in Houston, Texas.
Your job title :: Installer
Length of Employment :: 12 years – high seniority number for great employment security.
Time at Address :: 7 years – 6 months – 3 days – 3 hours (enough information for ya??? Enough detail for you?)
Age :: 45
Personal Installment Loan – Harris County Texas – Plea for Approval
Anything else you can tell us to speed up approval? :: My wife and I are very solid when it comes to making sure we are earning enough to keep our DTI ratio low. We don’t normally over-extent ourselves like we have in the last 2 years, but we are getting things sorted out on the financial front every month, and this consolidation loan is going to help us get things back on a better track.
Sex :: Male
Marital Status :: Married for 15 years.
Ever Claimed Bankruptcy? :: No, but if this keeps up with getting wage reductions and if my wife can’t find a job soon (cleaning houses in Houston) then I might be considering personal bankruptcy. It’s really gotten that bad in the last two years with the economy, my employer’s financial cash on hand deficit, etc.
What City/Town, County/Parish/District and State is your primary address? :: Jersey Village, Houston, Texas in Harris County
Zip: 77040
Have you checked your credit report lately? :: No. I checked three or four years ago, so I don’t have an accurate account of my actual personal credit rating score.
Would you consider your credit rating to be? :: Poor credit to really bad credit. Have not checked credit score in the last 3 years. Can you check with the credit agencies for me please?
Collateral? :: N/A
Down Payment? :: N/A
If down payment, how much? Explain please. :: N/A
Do you a have co-signer or co-borrower? :: N/A
Personal Installment Loan – 15000$ Concluded Outcome from Lender
Loan Officer Conclusion(s) :: This borrower turned out to have other debts that were not disclosed on the full application form submitted online. His inability to fully disclose all of his outstanding responsibilities made it virtually impossible to get him approved with a quality lender.
After a lengthy discussion with the applicant via telephone, we got him to resubmit his loan request using a different web form, and encouraged him to attempt to recall ALL of his debts.
He forgot to mention that he pays alimony of $1300 each month, which increases his DTI (debt to income ratio) substantially. This oversight was fixed and he included another creditor responsibility for an RV loan that he has had for the past 5 years, which has another principal owing of $80,000.
When the new application was submitted, none of our lenders would touch his loan with ten foot pool. A sorry ending to this application and request. At Lazer Loan we try to encourage all applicants to fully disclose all of their debts the first time, so we don’t want the borrower’s time, the lender’s time, and our time.
Disclaimer: The views expressed by this author don't necessarily reflect the opinions of Lazerloan.com, it's owners, or it's affliates.
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