For this loan a prospective applicant came to us in need of a personal loan for between $5,000 and $10,000. This Garland, Texas man is one of our few good credit applicants to date and we were confident in our ability to obtain a loan for this man. Given the ease with which good credit loans can be obtained, this is a shorter informational post than the rest of those on this website. Even with good credit, challenges still exist when seeking personal loans. These challenges can arise when an applicant lacks collateral, a cosigner, a down payment, or other reasons. This post should describe several barriers to good credit loans as encountered while helping this applicant.
As always, we must start by describing this client’s back story. We always do this, but it has a real purpose. In order to get a sense of exactly why our applicants get loans while you may be struggling, it is necessary to know more about them. Today’s applicant is a Garland man who was originally from Houston, TX. He moved to Garland chasing a job, the very same job which he still holds today. This applicant works at the local museum as a janitor and he loves his job. He originally wanted to be an archaeologist, so his love of ancient artifacts keeps him working in this low-paying job. All interest in his job aside, his low wages factored in heavily into this client’s ability to find a loan.
We were rejected by several lenders due to the issue with wages. The amount of excess income he possesses is relatively high compared to his total salary, but compared to the “ideal applicant,” the excess is insufficient. We had to fall back on this man’s other strong suits, which are his lack of other debts, his excellent history of repayment, and the stability of his government job. These credentials earned us several offers, but they weren’t quite what we were interested in.
The reason these offers were less desirable is due to the previously mentioned factors – the need for collateral, down payments, and cosigners. Our applicant lacks both collateral and a cosigner but does possess a significant down payment for this loan. The principle which we are applying for is $7,500 but he has a $2,000 down payment to contribute, meaning the total amount borrowed will be $5,500. His low wages were a substantial enough factor to cause his rejection from several institutions despite this down payment. We still received several offers for this personal loan, but of course they are not perfect.
The first offer was made to us by a Chase bank in Dallas, TX. This bank offered us the $7,500 personal loan at an interest rate of 8% over 5 years. This seemed like an excessive APR to us so we considered our other options. The second offer was made by a credit union in Garland, they offered us an interest rate of just 7% for this loan but a term of 7 years. This longer term actually would make this loan cost our applicant more than the first loan, so this wasn’t the one we were interested in either. Our Goldilocks solution came from an online lender who provided us our personal loan at an interest rate of just 6.9% over a 5 year period.
With this option available to us, we of course encouraged our client to accept. Offers rarely come better than this for low-income applicants and so we were reasonably pleased for our client. If you need a personal loan for between $5,000 and $10,000 write to us in the comments of this loan and we will get back to you within the week. Alternatively, you can email us at findTexasloans@gmail.com.
|Line of Credit||6.9% APR||7% APR||8% APR|
|Length of Term||5 Years||7 Years||5 Years|
|Amount to be paid||6518.84||6972.82||6691.2|
|Total interest paid||1018.84||1472.82||1191.21|
|Paid per installment||108.64||83.00||111.52|
Standard Find Texas Loan’s Borrower Information :
Loan Amount : $7,500
Type of Loan : Good credit personal loan
Loan Processing Speed (Time frame when money is needed) : Within a week or two would be nice
Bank Name and Branch : Online lender
Where do you live (City/Town, State) : Garland, TX
Zip : 75044
What is your field of employment? : I work for the government
Employment Position : Janitor
How often are you paid? : Biweekly
What is your credit like (Good, fair, bad)? : Good credit
How did you find us? : We caught one of your fliers in Houston, funny enough.
Are you paid in direct deposit or paper check? : Direct deposit
Gross Amount Per Paycheck : $1,200
Do you agree to have this information published online? : Yeah, sure
Extra information : At the moment I may seem like a humble janitor, but when I was younger I had bigger aspirations. I really wanted to be an archaeologist, to dig up fossils all around the world. I never managed to make enough money to go to college, and so now I have to do the next best thing. For me that means working around all of the fossils at the museum, I just love dinosaurs.
The reason why I need this loan is to repair my house. My roofing has been pretty severely damaged by the sun over the years and it’s time to replace it. I think you’ll find that replacing roofs is not cheap. If I can’t do this within the next few weeks it won’t get done this summer and I don’t think we can handle another winter without a new one. The leaks last winter were so bad we had to set up pots and pans all over the house to catch the drips.