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A Houston based applicant recently approached us here at Find Texas Loans with an unusual request involving a personal loan for debt consolidation. There is nothing strange about personal debt consolidation loans on their own, don’t get me wrong, but what this applicant aimed to do with it was nothing short of incredibly weird. This Houston man had accumulated a fairly large amount of debts from a wide variety of sources, each with varying interest rates. Some of his loans were fairly reasonable, his car loan for example was only 5% per annum. Others had ridiculous interest rates upwards of 30%, as they were gambling loans taken out from highly questionable sources. In the end, the applicant aimed to consolidate a total of nine loans into a single debt. This single loan to consolidate debt was for in excess of $200,000. I’ll now explain exactly why this is such a good idea and later I’ll get to why this client’s request was so unusual.
The reasoning why debt consolidation works so well is simple and I’m sure everyone knows it well. Reducing bad debts by rolling them all into a single, less bad debt is a fairly simple concept to grasp. Something that you may not of thought of is just how this will affect your credit rating in the future. Credit ratings can be cruel or kind, for this client I’m afraid it is much more of the former and much less of the latter. By reducing the total number of debts possessed by this applicant, his credit rating will actually benefit significantly. The amount of debt sources is actually one of the factors used to calculate credit scores, with more sources of debt displaying negatively on your credit rating. Thinking about this, it seems like a reasonable thing to do. Several sources of debt are indicative of an irresponsible spender, someone who takes out loans from anywhere that will give them a chance. If this person were to take out a single, personal loan to consolidate debts into a single debt with a lower interest rate than the rest, it would reflect positively on their credit score. Consolidated debt is good debt when compared to the alternative. It makes an applicant look like they have been more responsible and selective with their choices of lenders, as opposed to taking money from whatever source will lend it to them.
Now to get into exactly why this client’s consolidated debt loan was so unusual. Most of my applicants simply are looking for a loan to reduce their bad debts and save them money. This is a great cause, but I suppose it’s not the only thing you can use these loans to do. This client, for example wanted a loan to consolidate all of his bad debts into one for the sole purpose of improving his credit score. He wanted to improve his credit score so he could take out another loan for another purpose… to build a zoo. He had found a plot of land about 50 miles north of Houston and he planned to place a full African safari adventure on the land. In total, his loan was to amount to $250,000 to consolidate his bad debts down to a single debt source at an interest rate no higher than 7% per year. We were actually able to find him a loan for significantly less than that, but I’ll get to that later. For now, the zoo. The land in question was quite valuable, and the scope of his design was fairly incredible. In total, he would need another loan somewhere in the millions to complete it. I suppose this is that Texas entrepreneurial spirit they like to talk about back home, but either way this was an enormous undertaking. He aimed to purchase lions, giraffes, zebras, the works. His plan was stalled, though by bad credit. All of his loans from all of these bad loan sources have lead him to be rejected by many of the major business banks. This is why we aim to improve his credit through debt consolidation, and why we have worked so hard to procure this man a loan.
$100,000 – $400,000 Personal Debt Consolidation Loan in Houston, TX
Standard Find Texas Loan’s Borrower Information :
Loan Amount : $250,000
Type of Loan : Personal loan for debt consolidation
Loan Processing Speed (Time frame when money is needed) : In less than two weeks, the land is going fast!
Bank Name and Branch : Citibank on Cypruswood Drive in Houston, Texas
Where do you live (City/Town, State) : Houston, Texas
Zip : 77070
What is your field of employment? : Self-employed
Employment Position : I am something of a jack of all trades
How often are you paid? : When I finish a job, no sooner no later
What is your credit like (Good, fair, bad)? : Bad. Something like 450
How did you find us? : A friend of a friend
Are you paid in direct deposit or paper check? : Cash
Gross Amount Per Paycheck : It varies every time
Do you agree to have this information published online? : Yeah
Extra information : Hopefully now that my debt has been consolidated I will be able to get that business loan that I need. A safari isn’t such a crazy idea, especially not in the heat of Texas. They have one of these up in Oregon and theirs seems to be doing pretty well!
Note to Lender : Thanks, boys!