Low FICO Score Loan — Below 640 in Mobile, Alabama – Need $1500 — My name is A. Collins and I am a truck mechanic for one of the interstate trucking companies here in Mobile.
We run big rigs from here to LA and back and of course once and awhile they break down. My job is to go to the location and make the repairs if it cannot be done by someone locally. Most of the time I am doing regular maintenance on the trucks here in Mobile.
I need a small loan to pay for some upgrades my wife and I want to do for our home. A couple of the windows need to be replaced and we need to replace the linoleum in the kitchen.
It is getting pretty worn. I would do it myself, but fortunately I am just too busy with work down at the shop.
We do not need to borrow much and we can repay the loan within a couple of months. I get to work a lot of overtime and will be able to pay the loan off with my overtime pay. Please call my wife at home to discuss any details of the loan, since I will be at work.
Loan Officer Notes: This applicant needed to borrow $1,500 dollars to do some home reno upgrades to his house and was attempting to get approved for a very small loan so he could get some flooring done. $1500 should cover the work he wants done, and we were told the square footage was only 145, and he is doing his own work mostly.
This applicant ultimately got a HELOC on his house for $10,000 as he has equity in his for $74,000. So getting the cash was no problem, and he never needed a loan approved through one of our lenders.
It always amazes me when someone has a low credit score like this applicant. His FICO (Fair Isaac Company) was 620 at the time of his submission, but he has equity power at play. He was willing to try and get a really high APR loan from payday loan company (APRs reaching 500% and up) without realizing how expensive it is. Luckily, he came to his sense and went to his local bank (CITIBANK) and applied for a line of credit using his equity.
Borrowers need to know that PDL advances have to be your very last resort when looking for small amounts of cash in credit. Consumers have to consider all other options before using a payday loan company, such as bank account overdrafts, lines of credit, and perhaps selling some kind of asset. [LL Cite] [Time-Stamp September 22, 2011]
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