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$20,000 Bad Credit Personal Loan, Dallas TX

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Helpful Information for Repairing Your Credit Score20000-personal-loan-bad-creditA 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.

Will Alexander

Will Alexander has over 10 years of experience as a financial expert and writer. The goal of his work is to assist the people of Texas in finding loans for lower interest rates than they thought were possible. Will specializes in bad credit loans.

39 thoughts on “$20,000 Bad Credit Personal Loan, Dallas TX

    1. Hey Dennis,

      Sounds like you’re looking for a short term loan, do you have access to a line of credit or a credit card? If you’re able to repay a credit card in less than thirty days you actually pay no interest, so this may be the best bet for you.

      Let us know!


    2. Hi Will Alexander
      Need some help in acquiring a loan for about 2,000. Have been working on my credit and have brought them up through disputes and deletions. I have a couple of things I need to pay off. Got behind when I start receiving medical bills and also want to pay them off. I want a loan to pay off about 2,000 worth of bills then I am going to work on paying the part my insurance did not cover on medical bills maybe even consolidating the medical bills. Can you please help or suggest to me what to do. My Transunion score as of now is 571, Equifax is 561 and I am waiting on an updated score from Experian as they have deleted some items also. Hard inquires was another problem for me. When I purchased my car back in 2015 I told the dealership I had my own financing company and I asked them not to run me through the red robin but they did so a lot of inquires came on my score. Please give me some advice or could you direct me in the right direction with a loan. I want to be financial healthy.

    1. I’m looking for a personal loan to pay off my mother debt. My mother past in October 2013, i have been trying to pay this on bill she have, I’m having a hard time paying off this title loan she have, I’m barely paying my bills. If i can get a personal loan for $1,600.00 this will help me a lot. Thanks to anyone that can help.

  1. I have a few things I need to pay off to be financially stable until I get my raise from work and able to help keep my home.

  2. My husband and I are in desperate need of a $20,000. loan to catch up on some unexpected expenses, get our mortgage caught up and to pay our son’s college tuition. Our credit is not good (approx. 520-580 range). The last few years have been tough with several family members either passing away from, or battling cancer. My husband is self employed and I have a decent job and if we could just get caught up then we would be fine. Any help would be greatly appreciated.

  3. Hi Will,
    I need a loan of 7,000 for medical and educational expenses. Please contact me with details on how to qualify for loans with your company and how long it takes to get funded. Thanks

  4. Hey, looking for a loan to help with my inventions/business plans… I have a settlement coming soon, can pay back then in full or monthly or however you want it…

  5. Hi need to consolidate high interest loans to get back on track .Credit right under 600 but cannot get approvals to make this happen can you help…Looks to be about $10,000 to make this happen..please advise..Thank You..

  6. I need a loan of 20,000 to clear up medical bills and education expenses for my daughter. I am a recent breast cancer survivor, I lost my marriage and I am now in the process of rebuilding my life, I have a good job but, I have a FICO score of 520 due to a bankruptcy and am in need of some help.

  7. After my divorce the bills kept piling up. I am a single mother of two and I work full time. Their father is not around to help, so everything falls on my shoulders. I am swimming in debt from helping to pay for funeral costs of my mother to medical bills. I think 10,000.00 will be enough to get out of debt and get into a house that will allow the kids to have a room of their own. Please tell me what I can do to help make this happen.

  8. I’m needing $5,000 to fund my etrade acct. I trade daily and need more money to grow and produce major profits within my acct. no matter the interest rate i plan to pay the loan in full with interest by March 2015

  9. My wife and I lost our jobs about 4 years ago for a two year period. During that time we had to make some big decisions on what would be paid (mortgage vs credit cards) of course our house won the debate…which in turn made us fall behind on credit cards and our HOA payments. We now how some funds to the HOA that if we don’t pay off soon they will put a judgment against us. Our credit is awful as we try to work on repairing it, but we are seeking a $20,000 loan to pay off the HOA. Any way you could help?

  10. My husband and i need a $20,000 loan for debt consolidation and auto repairs or to just trace in the car. I am a home maker, as he works. His credit score is about 593-613. Can you help?

  11. Good News,
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  12. I need 20000 to pay off student loans, and other debt, I don’t have the best of credit and I’m hoping that I can find someone that can help me so that I can build a better life for my children and I.

  13. I need a 20,000 loan to pay off debt and move to another state for a great job opportunity. Please is there anyway you can help me? My credit is between 554 -565, I want to build my credit up and start a new life but I need to pay my current debt off in order to do that.

  14. I need a loan for 4500 my credit is bad I filed bankruptcy and it has been discharged, I have been in a spiral since then and need some help please

  15. I need to borrow 1600 to pay for the coinsurance on my son’s surgery. I have proof of surgery. Pleased direct me to a company that will help. I am willing to sign documents for direct draft from my pay

  16. I need to borrow $18,000 to consolidate all my debt into one monthly payment. My credit score is not good at all. Approx 540. Can you help me?

  17. I am in need for a $5550 loan. A portion of it would go towards a down payment on an rv trailer that we will soon need to live in full time. My credit is horrible around a 416. My husbands is around a 549 he has a repo on it though. Are we hopeless?

  18. I need $6000.00 as soon as possible. I have been out of a job for the last 2 months. I am starting a new job next week. It will more than cover my expenses forward. This will cover back bills. My credit has dropped to 580.

  19. Need a $6000 loan for two weeks to pay off current 401k loan to obtain another in the amount of $18,000. Will pay back loan once the new 401k loan is complete.

  20. I need a loan for $6000 to pay my fiancee’s double treaty taxes in the UK so he can come home to Texas and me. He is an oil engineer and needs to get back here to receive his deposit from the oil company, totalling $500,000 and his $45,000 deposit from the security company in Wales. He is willing to pay high interest for a short term loan of 90 days. Please help us, he is not a British citizen and cannot get a loan there. Thank you.

  21. I have a home 8n Texas but currently reside in Texas. I need a $10000 loan for 6 mo. I’m expecting a settlement

  22. Here comes an Affordable loan that will change your life for ever, I am Dr.Hawkins Robert a certified loan lender, I offer loan to individual and public sector that are in need of financial Assistance in a low interest rate of 2%. Bad credit acceptable,The Terms and Conditions are very simple and considerate.You will never regret anything in this loan transaction because i will make you smile. Our company has recorded a lot of breakthroughs in the provision of first class financial services to our clients, especially in the area of Loan syndication and capital provision for individuals and companies.

    We have brought ailing industries back to life and we back good business ideas by providing funds for their up start. We have a network of Investors that are willing to provide funds of whatever amount to individuals and organizations to start business and operations.i want you to understand the fact that i Dr.Hawkins Robert is out to help the less financial privilege get back on track by providing all type of loans to them (E.G) mortgages, home loans business loans and bad credit loans commercial loans, start-up- working capital loans, construction loans ,car loans, hotel loans,and student loans, personal loans, Debts Consolidation Loans, what are you waiting for asap why don’t you try Dr.Hawkins Robert Loan home and be free from debts any interested client should contact me asap (

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  23. Hi Will,
    I need a loan for $7500 to pay for moving expenses and pay of some bills. My husband was laid off about a month ago, but has since secured a great new job that pays very well. I have two incomes; we just need to get our heads above water. His credit scores have been lingering between 547-609. Please help us; we were really on our way to something great before this layoff.

    Thanks in advance

  24. I need a loan for $20,000. My credit score is 646. I own my own home, paid off, for 34 years. I own an acre of land right next to it, paid off. My vehicle is paid off. I have one Conn’s credit card which I pay automatic deduction for a dishwasher I bought. I would like to use the money to build a second story onto my house, which later will be rented out for extra income.

    I would prefer to get an unsecured loan with a low interest-rate or Second choice would be borrow against the acre of land I own, worth $27,000.
    I do not want to use my house as collateral, as I just paid it off.

    I have worked my whole life, 40 years, but now live on retirement from Lockheed and Disability because of a back injury.

    Please let me know what is available as soon as possible.


  25. I am James Craig, A private loan lender who is ready to assist you with the loan you are looking for at 3% interest rate We offer installment loans. Quick and simple application process. Apply by Email or Call. Friendly service. Monthly payments. Debit card payments accepted. Email, Text or Call today!, (301) 327-8289

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