This retired man living in Greensboro North Carolina needs a personal loan for $30,000 dollars soon, and in this case the applicant has extremely good credit. His FICO score is over 700 which is very high compared to most applicants we talk to or communicate with via online application forms.
As you will read, this borrower does not disclose what he needs the money for exactly. Banks, private lenders, and Credit Unions always want to know what you actually need the loan for.
They feel more secure if they know that the loan is going towards buying a new car or truck too – because they have collateral security on the note. Otherwise, it’s really difficult to get approved for a straight up cash loan for an amount as high as ten thousand, twenty thousand, or thirty thousand dollars.
This man living with his Son and Grandson was unfortunately not able to qualify for this loan request. Sad, considering we are going into the Holiday Season as well. We never did get the full details as to why he needed 30K in a hurry. Will never know now.
Excellent Credit Personal Loan for Retired Person
A better description would be that this $30,000 personal loan is “Excellent Credit Personal Loan for Retired Person”, because that is where the rub is here.
So many applicants think that if they have a superior credit rating from years of perfect installment payments, and excellent histories with all of their creditors, they will automatically be guaranteed a loan approval with the first bank or private lender they apply with. It’s just not the case.
Even with a perfect credit score, the lender wants to see a secure and steady income from some kind of source – a source of monthly or biweekly income that has little chance of ever being cut off. In the last two years it’s even harder to get a loan. Even if you have excellent credit, a steady retirement income, AND social security income, you can be turned down by ALL the lenders.
Once the loan officer adds up what your benefit checks come to each month in income, and subtracts how much you need to feed yourself, pay your utilities, clothing, fuel , rent, etc., they will make a qualification judgment based on these numbers. They’re using a database that uses past consumer and borrower spending habits, and they cross-compare data from millions of users who have borrowed money in a very similar financial situation as you.
Their database crunches all the numbers and simply decides for the loan office. Loan officers no longer have much say when it comes to approving and qualifing a customer application. It’s all in the numbers baby. There was a time when a person who had a bad credit rating, but a great idea, decent job, and a good relationship with a particular loan officer, could get approved for funding. Those days are long gone friends, so you have to come up with other ways to qualify for a personal loan. We provide the tip for borrowers like this North Carolinian at the bottom of this post.
Personal Loan in Greensboro, Durham, or Raleigh for Retiree
Why do you need a loan? :: I’m trying to find a legitimate lender to get a $30,000 personal loan. I’m retired and receive $1,289 a month from social security. I also get $500 a week from my son (he and his son/my grandson live with me.
The bank says they can’t count what my son gives me as my income. Is there anywhere that would approve me? I neglected to tell you that my credit rating is EXCELLENT (over FICO 730) and I’ve never had any late payments.
Also, my son has poor credit so using him as a co-signer is not possible. I just can’t understand why a bank wouldn’t give me a loan just by going with my credit score/rating. I thought that after over 40 years with excellent credit a bank could see that I’m someone who ALWAYS pays my debts/bills on time, if not earlier than they’re due. Any help/advice you can give will be greatly appreciated. Thank you for your time.
How Much Do You Want To Borrow? :: $30,000 – how many times do I need to tell you that?
Your employment field :: Retired – Was in the Army for just shy of 30 years.
Your job title :: N/A
Length of Employment :: N/A
Time at Address :: 19 years
Age :: 61
Anything else you can tell us to speed up approval? ::
Sex :: Male
Marital Status :: Widower
Ever Claimed Bankruptcy? :: No – perfect credit rating
What City/Town, County/Parish/District/Burrough, and State is your primary address? :: Greensboro, North Carolina in Guilford County
Zip: 27405
Excellent to Perfect Credit Personal Loan – FICO Over 700 Pts.
Have you checked your credit report lately? :: Yes and it’s very high – FICO over 700 points. Always paid back my bills, personal loan payments, credit card payments, etc., on time. Like I said, I often make payments to creditors for more than what I owe them and long before the due date. Always been very serious about making all installment payments with time to spare.
Would you consider your credit rating to be? :: Excellent, great, superb, fantastic
Collateral? :: No
Down Payment? :: N/A
If down payment, how much? Explain please. :: N/A
Do you a have co-signer or co-borrower? :: No – I don’t have a co-signer for this loan
Personal Loan in Greensboro, Durham, or Raleigh North Carolina – Conclusion
Loan Officer Conclusion(s) :: This applicant/borrower was denied by all of the lenders because of his low monthly income, his debt to asset ratio, lack of security, lack of collateral, lack of co-borrower. His only way out of this mess is to find a way to earn some income to increase his cash flow on a monthly basis. This is why so many retired people living in America (and in this case the area of Durham, Greensboro, and Raleigh) try to maintain part time or full time jobs at places of work such as department stores like Target or Wal-Mart.
When the retired person does procure a steady job, he or she then has a stronger cash flow monthly, possible health and dental insurance, and borrowing power with their local lenders, banks, or credit unions.
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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