Unsecured Bad Credit Loan in Philadelphia, PA – Quick $700 –> Hey my name is A. Reilly and I am in Philadelphia, PA and need a quick 700 on an unsecured loan. I have bad credit, but can pay you back in about four months.
I need the money to get some equipment so I can get a new venture started. The lights and tables and reflective panels aren’t cheap, but I think I can put it together for about 700 if you can help finance it.
When the plants are done in a few months, they’ll be worth a small fortune and you will definitely get paid back and then some. I can cut you in on profits or pay a percentage on the loan.
Up to you on that. If it were me, I’d ask for a piece of profit, but you decide how you want to do this. Either way, I got all of the stuff together except this equipment.
Lender’s Notes: In this case the borrower does have a very poor credit rating, but he a very clean Teletrack record, and he has already successfully borrowed money from a Pennsylvania PDL company for $500. We don’t quite understand why he didn’t just use the same lender to borrow his $700 here. The reason he couldn’t get approved with a new company for the cash advance is because he have never borrowed a smaller amount of between $100 and $500. We steered him towards the first lender he had done business with and he borrowed $1000 in the end. He paid it back after two paychecks and a total of 28 days in the term as per the lending agreement. His fee per $100 was $15.
We disregarded his very strange request for us to “take a cut” of his profits for whatever he was planning to produce. Reading about some of the products he is buying, and going to be buying, we have a very good idea of what he is up to. None of our business – it’s never any of our business.
Here is the breakdown of fees and effective APR for this PDL;
- PDL Amount = $1000
- PDL Fee Per $100 = $15
- Total Fees Paid On Closing = $150
Effective APR = 195%
This is actually a very low interest rate when you look at the effective APR – this is as low as some conventional loans in the lending market. We never did find out which lender he was using, but suffice to say, this is a pretty darn good deal – as far as cash advance deals go.
If you want to borrow more than $500 you will likely have to have already taken out a small consumer based loan from a PDL institution in the past. Various PDL companies will lend even more that $1,500 to repeat customers who have never defaulted in the past. There are some small consumer loan vendors that will even lend $3000+ over an extended term with an installment type loan. The APR is often very high as well. [LL Cite] [Time-Stamped: 2011-09-25, 23:16:20]
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