This loan application is based on an applicant living and working in Chicago Illinois. She need a loan to pay off her Mastercard, and her husbands Visa card. They have a total credit card debt of $5000 dollars.
Underwriter’s Loan Description :: This Chicago resident is applying for $5000 dollar personal loan and has poor credit. Her and her husband both have bad credit and they need a loan to pay off some bills in a hurry. She has a credit card balance of $3500, and her husband’s Visa card balance is at $1500. If they can get a personal loan for $5000 they can pay of their bad debt, and start off fresh. Their challenge has come about because she was laid off from her job as bar tender located downtown Chicago. This applicant’s credit rating is showing a FICO score of 580. This has made it very difficult for her to get approved any kind of conventional funding. She is open to a private lender at this time.
$5000 Personal Loan to Pay Off Credit Card Debt – Chicago Illinois – Applicant’s Need
Why do you need a loan? :: I need a loan quickly to pay off my Mastercard debt of $3500, and my husband’s Visa card debt of $1500. He has job as a mechanic in Oak Park, which is an area of Chicago. His job is secure but he is under allot of stress these days financially. I really want to help us by clearing off our credit cards debts. This would really make him happy to have these debts cleaned up and out of our lives. He comes home every day, tired, and stressed out about our financial situation. He does not know that I am applying for this loan. I have tried to get a loan with some of the local banks in the Chicago area, but none of them will approve me.
How Much Do You Want To Borrow? :: Between $5K – $6K
Time at Address :: Over 5 Years
Age :: Over 25
$5000 Personal Loan to Pay Off Credit Card Debt – Chicago Illinois – More Detail
Anything else you can tell us to speed up approval? :: We have three kids, and one of them suffers from diabetes. We really need some help right now to get by, and if I could get rid of the credit card debt we would be able to afford the insulin and equipment easier. We are so cash-strapped now that I have beem in between jobs for the last year. I have always paid back money I owe to lender in the past, and will of course pay you back over time. I need to get this money quickly though, so if there is any information I can give you, then please ask for it. I’ll get it to you immeadiatly OK.
Sex :: Female
Marital Status :: Married
What State/Province is your primary address in? :: IL
Would you consider your credit rating to be? :: Poor
Collateral? :: No
Down Payment? :: No
If down payment, how much? Explain please. :: There is no down payment. I need to get this loan without a down payment of any kind. This is a personal cash loan to paid back over time please.
$5000 Personal Loan to Pay Off Credit Card Debt – Chicago Illinois – Employment
Employment Background :: I have worked on and off as a bartender since I was 21 years old. I have formal training as a bartender as well. I have started a new job serving drinks at a local pub which is walking distance fro my house. I have good references from past employers which I can provide to you if need be. I am working 30 hours a week, plus tips, and I take home about $1700 a month income. I can afford to make a payment of $600 a month to pay off this loan. Please consider my application so that I can get approved and start all over again. This is our second chance, and I am willing to work very hard to make ends meet. Thanks taking my application today.
$5000 Personal Loan to Pay Off Credit Card Debt – Chicago Illinois – Conclusion
Loan Officer Conclusion(s) :: This applicant was approved for a $3000 dollar personal loan from a private lender. This was an online line, and we did not have anything to with it’s approval or dispersement. The loan agreement she signed was for a 2 year term and interest rate of 12%. Fairly expensive lending product from a private lender. She borrowed money from her parents for the rest of the balance, and managed to pay off her credit card in full, and her husband’s credit card. We did not process this application because it did not pass the filter, and is considered too high of risk.
Tips for Borrowers :: What we can suggest to borrowers to avoid a situation like this – as soon as you have been laid off from work, and you don’t see any new income in the near future, make plans to drastically reduce spending. Make a new budget.
Avoid letting your credit card balance from getting too high. Only use your credit card when absolutely necessary. You must learn to live within your means. Credit card debt is the most common way families find themselves getting into financial trouble.
Once you have paid off your credit card debts, like this debtor did in Chicago, it’s critical that you do not go ahead and start spending on your card again. This is how consumers bury themselves in even more bad debt.
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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