Bad Credit Personal Loan in Miami, FLA for $20000 — I’m in the process of applying with different on-line lenders in Miami for a fairly quick loan. Speed is of the essence in my case, as I am in danger of losing my home to foreclosure.
How quickly can your lenders approve my loan, and what are the best rates and terms you can find me since I have poor credit.
I got my credit score from FreeCreditScore.com on the weekend and it said that my FICO is 580. Is that REALLY REALLY bad, or is that something I have to repair before I apply with your lenders?
My name is on the pre-application as Sheila H. and I would be very grateful to you and your staff if you could speed up my application. I know there are plenty of others emailing you with sad stories like mine, but I’m hoping you can get my application processed and approved sometime in the next few days. I am willing to cooperate with your team in a timely manner.
I would like to borrow 20,0000 over a period of 4 years if I can, and at rate lower than 9%.
Note from Editor: This Miami resident was approved for a $15,000 loan eventually. She had to clean up her DTI (debt to income ratio) first, as her bills, and outstanding debts were too high for her to get excepted for any kind of financing. She did not have to go into foreclosure after all, and the reason she was approved MAINLY is because she found a willing co-signer who has a strong credit rating and a FICO score of 730. Pretty high FICO compared to most consumers and borrowers out there.
The loan was made from Wells Fargo, and the term of the loan is for 5 years at 14% interest. The 14% APR is high, to be sure, but it did help her get her legs back – so to speak. As it turned out, she managed to clear some negatives off of her credit score as well, and soon after getting approved for the loan she was engaged to be married. She was married in June 2011, and her new husband has full time employment as a teacher. So between the two them there is no imminent risk of losing the house in foreclosure. Recently, she also found a part time job that pays $15 dollars an hour.
When you have a bad credit score, you need to improve your credit rating, AND show that you have solid and steady income going forward. It’s up to every borrower to track their credit rating, and to stay on top of any erronous negatives – it does happen that your FICO score will have a false negative on it from one of the three main credit reporting agencies (TransUnion, Equifax, and Experian). [LL Cite] [Time-Stamp September 21, 2011]
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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