$20,000 Bad Credit Personal Loan, Dallas TX

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Helpful Information for Repairing Your Credit ScoreA client approached us this last week seeking a personal loan for the amount of $20,000 in the Dallas area. The loan was to be used for renovating his current home, as he and his wife are expecting a child and need an additional bedroom as a result. Obtaining a loan for this purpose is generally quite easy, however this client has a very bad credit score. A bankruptcy about six years ago is the cause of his bad credit, which is all the more frustrating. In 13 months the bankruptcy will be removed from his record and his credit score will improve, but this is far too late since his baby is due in just 3 months time. A bad credit personal loan is the solution to this man’s problems, and it is just that which we are working to get for him.

Before we get into the loan details and how we solved this young father-to-be’s bad credit problems, we should give you some more information about the applicant himself. About 6 years ago prior to his bankruptcy, he was an aspiring entrepreneur. He attempted to start his own small oil and gas drilling company with the hopes of getting at least five pump jacks operational. With a small staff he would have maintained a high profit margin and the company could have been highly successful. He took the business all the way to drilling but in the end was given bad advice by his geological survey team. All of his wells were dry. He went bankrupt shortly after and started work at another small oil and gas company as an assistant. He has worked there ever since making a modest income.

Despite having bad credit, he certainly has not acted like someone who was not financially responsible. Due to the consistency offered by being an employee of an established company, all of this applicants bills have been paid in full and on time since his bankruptcy. This includes car loans and credit cards taken out in his wife’s name. Her name has been used since she has maintained good credit throughout the ordeal. The reason we have opted not to use her credit rating for this further $20,000 personal loan is simple – the banks. The applicants wife has already taken several loans out on the applicants behalf. This includes car loans, credit cards, and an RV loan. All of this debt on one person does not look good from a banks perspective. In their minds, if they loan her money they will just join a line of others waiting to be repaid. For this reason we opted not to take out this loan in the applicant’s wife’s name. What it also means is that this would have to be a bad credit loan.

Bad credit loans also mean high interest rates, which is not what this couple wanted. Normal interest rates for a personal loan are around 6%, while this one was likely to be nearly 9%. The couple agreed that the needs of their future child should come first and so we set to work querying banks about their interest rates for bad credit personal loans. Many banks rejected us immediately, stating a strong aversion to risk. Others presented us with interest rates greater than 10% over 5 year periods. Others yet told us to consult loan sharks as no one would lend to this type of client. In the end we reached a local bank. A kind old woman greeted us and heard this couple’s story, understanding the issues they were having and sympathizing with their case. She agreed to help them by providing this bad credit client with a bad credit personal loan minus the ridiculous interest rates. Often it is the prerogative of the loan agent to choose to reject or accept borrowers, as was fortunately the case here. Don’t expect to get so lucky all of the time, taking on bad credit clients who end up defaulting on loans is not in the best interest of bank employees.

All of this aside, the terms of this bad credit personal loan were as follows: The principle was set to be $20,000 with amortization period of 5 years. The loan agent was able to lend this money to the applicant at just 5.5% interest, which is well on the low side of the national average for personal loans. Interest rates this low are almost unheard of for bad credit applicants, and so we got really lucky here. This was to be a closed ended, conventional loan for the purpose of remodeling a home. The loan itself was to be secured against the car but was not cosigned by the wife for purposes mentioned earlier in this post. Occasionally for applicants with better credit we attempt to suggest to the loan agents that a line of credit might be beneficial, but this was out of the question here. Due to the nature of lines of credit, this would have been far more convenient for this client as with any applicant, but we dared not try our luck.

Standard Find Texas Loan’s Borrower Information :

Loan Amount : $20,000

Type of Loan : Conventional bad credit personal loan

Loan Processing Speed (Time frame when money is needed) : Within one month, we would like to complete renovations before the baby arrives

Where do you live (City/Town, State) : Dallas, Texas

Zip : 75201

What is your field of employment? : The oil patch

Employment Position : Assistant to the president of the company

How often are you paid? : Biweekly

What is your credit like (Good, fair, bad)? : Bad credit (FICO score of 450)

How did you find us? : Through the internet

Are you paid in direct deposit or paper check? : Direct deposit

Gross Amount Per Paycheck : I am paid $3,000 twice monthly with bonuses every quarter

Do you agree to have this information published online? : Yes

Extra information : Renovating my home to create a positive environment for my first child is imperative to me, so it means so much that we were able to make this happen. A bad credit loan is no laughing matter, with some interest rates being close to credit card rates. We were so happy when the woman at Citibank helped us the way that she did. It means more than she could imagine.

Note to Lender : We realize that you are taking a significant risk on a client with such bad credit like myself, and my lack of collateral probably didn’t help the situation. I am so glad my wife didn’t have to cosign this and bail me out once again like she has been doing so often for the last 6 years. Thank you for believing in me.