Low Interest Personal Loan in Lindenhurst, NY – Same Day $10000 — I need a low interest personal loan on the same day for $10,000. I’m a paper hanger in Lindenhurst, NY and have a big job coming up that requires that I pre-purchase some equipment and supplies to get it done.
The ten thousand will be used to do that so that I can get the work done. I have some friends who are coming in on the job with me and we’ll have it done in about three weeks and I can start paying you back then.
I have good credit and may be able to offer collateral if required. Contact me quickly and let me know if you can do this, my name is Buckley.
Lender Notes: This is a loan application for $10,000 in New York (Lindenhurst to be more precise) and it’s actually for a small business that hangs wall paper. Buckley lives in NY State and he operates his business there. He requires a cash infusion to purchase various supplies, and to hire a couple of employees to get a bigger job than normal done. As you can see above, this applicant wants the lowest interest deal he can find in the area. For most small business owners, the best option for small seed money loans like this, is to have a HELOC set up use to keep day to day operations running smoothly, but in this case the applicant does have a line of credit, or any equity to use to even get a HELOC.
When we had Buckley check out his credit score with Equifax, and the other credit bureaus, we discovered that his FICo score was 660 – not all that bad, but not amazingly great either. Certainly for a personal loan that isn’t secured with some form of collateral, he will be paying a higher APR than he would like. If he got a co-signer who has a stellar credit rating (high FICO - 700 +), he could get much lower rate. In this case he took our advice and did find a co-signer, so below we show you the breakdown of the loan agreement he got with his bank.
One more note regarding this application – he did ask for a same day loan, but that was not likely for $10,000 unless he had a recent history of borrowing and paying back lump sums of cash from his bank, or another bank in his area of New York.
Also, below you will notice the amount of the loan was 12K and not 10K – he figured out that he would need a little more cash than that. So here we go into calculator land;
- Amount of Loan = $12,000
- APR/Interest Rate = 7%
- Term Length = 9 months
———————————— - To Be Paid: $12,349.93
- Total Interest $349.93
- Monthly Installments: $1353.42
You will notice that the bank wanted their money back in nine months, and that is fine. Usually they don’t go for nine months on a personal loan, and go for interval terms of 12 months, or 6 months. Buckley couldn’t afford monthly installments more that $1400 on the loan if he decided to pay it back over the nine months. What actually happened is that he ended up paying back the full $12, 350 all in one payment. He was locked in for that interest amount regardless of when and how he paid it back. Just fine. As soon as his big job was done, he paid his two employees, paid himself, and paid off the bank. In this case it was the BOA in Lindenhurst.
When you are getting an unsecured loan with a conventional bank, AND your FICO score is around 650-680, we suggest getting a co-signer to secure the loan with bank and getting the lowest APR possible. [LL Cite] [Time-Stamped 2011-09-26, 08:28:36]
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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