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Secured Loan Of $36000 For Bad Credit Illinois Resident

$36000 Secured Loan – Cicero Illinois, Credit Score Of 406

  • Experian: 417 – This client had a bad Experian rating
  • Transunion: 394 – Chanel had a bad credit rating with Transunion.
  • Equifax: Chanel’s Experian score was 406, which is a bad credit rating on the Experian system.

Personal Loan for a correction officer named Chanel in Cicero, Illinois to Pay Off Fulton Bank Visa Business Card

Chanel had a tonne of credit card debt on their Briggs & Stratton Credit Card and their Tesoro Fleet Credit Card, and they were starting to get in over their heads. Despite Chanel’s job as a correction officer, they struggled to make payments on the $29,000.00 credit card balance, badly needing assistance in the form of a personal loan.

Chanel has a very low current yearly income, but has a large amount of prospects

Chanel has always wanted to be a forest engineer, but would need attend Kaplan Test Prep again to become one. Chanel has other prospects as well, including petroleum laboratory assistant, fishery worker supervisor, and animal kennel supervisor, which pay $53,000 through to $90,000 per year, on average. For this reason, we think that Chanel can afford this secured loan of $36000.

Chanel’s Overall FICO score at the time of acceptance for a secured loan, taking into account their correction officer job and their future career as a forest engineer

Fico Score: 406

Installment loan for Chanel, a graduate of Kaplan Test Prep and a correction officer working for over $60,000 per year

Chanel, an alumnus at Kaplan Test Prep and a correction officer in Cicero, Illinois wants a secured loan to purchase a house. Chanel has instead decided to get an installment loan for $7,000 and is at present seeking lenders like Old Kent Bank to process their request.

7 Months in the Past, Chanel Tried to Find a High Risk Loan for $21,000.00, and it was Easy

There is an ongoing struggle for borrowers to find high risk loans in a non-harmful manner. Many high risk loans end up originating loan sharks or similar lenders, which can be scary to borrowers like Chanel. Chanel chose not to get a high risk loan this time. High Risk loans are given to very low credit individuals. Individuals with credit scores as low as 358 can apply for a high risk loan and may be be accepted.

Chanel was not approved by Bank One, Illinois, National Association 7 times prior to being approved by Affiliated Bank/Western National at 5801 West Cermak Road

On March 14, 2011, Chanel inquired about borrowing $35,000 from Byron Bank with Venus, their friend from just outside Cicero, and even with the co-signer, Chanel was rejected for this secured loan. With bad credit, it can be very hard to obtain funding, even with collateral and a co-signer.

Client Profile: Chanel Yglesias of Cicero, Illinois
  • Full name (Changed if requested): Chanel Yglesias
  • Current Credit: loans.hit.utils.Fico@7cd84586
  • Current City: Cicero
  • State: Illinois
  • Zip code: 60658
  • Yearly income: $48,000
  • Current Job: correction officer
  • Current County: Cook
  • Goal Yearly Income: $123,000
  • Debt (Personal Loan, Credit Card, Payday Loan, etc): $4000

Chanel’s Transunion score was altered by the secured loan loan, changing to 394 from 406, which is normal in our experience.

Transunion Score: 394

Debt Consolidation Can Help Most Deeply Indebted Borrower to Escape Bad Debts like Payday Loans

Normal debt consolidation loans vary from $23,000.00 to $51,000.00. They are mainly used to pay off existing high interest loans like credit cards. Chanel needed a debt consolidation loan to pay for their existing secured loan and their credit card. Chanel was able to find a secured loan in the end. Debt consolidation, or simply consolidation, is a technique in the debt snowball method which converts your dirty, catastrophically high interest loans to one reduced interest loan. Debt consolidation loans usually have interest rates that are low, like 4.6%.

Several past requests for credit have been made by Chanel in the past, including one from PRP National Bank in Cicero, Illinois before Chanel was approved for the $36000 by Affiliated Bank/Western National

Chanel made 4 previous tries to obtain a secured loan, 2 of which were with PRP National Bank, a lender in Cicero, Illinois known to specialize in secured loans specifically. Prior to finding Affiliated Bank/Western National, Chanel was concerned due to their inexperience and bad credit rating.

Fast Loans for Chanel in Cicero, Illinois to prevent bankruptcy or harm from debt collectors.

Fast loans in Cicero, Illinois aren’t actually that difficult to obtain, especially if you have some gumption like Chanel. Chanel was able to find a fast loan for $36000 from State Bank of Clearing and The State Bank of Geneva, but turned down both offers in favor of their secured loan from Affiliated Bank/Western National. The improvement with a fast loan over a debt consolidation loan is in speed. Fast loans typically are processed within 1 – 3 weeks, versus up to 5 weeks for personal loans. An improvement if you are in a time sensitive situation.

Paraphrased and Standardized Quote from Chanel for this secured loan of $36000, provided by Affiliated Bank/Western National

Hello, I am Chanel and I’m from Cicero in Illinois. Cook, county is where I grew up, and now I need a secured loan in Illinois for $36000 to buy a car. It has been difficult, but Affiliated Bank/Western National really came through for me with this loan for 11.7% interest APR and a term of 1 years. I can probably repay the loan over the 1 year term, including interest. A big thanks to Affiliated Bank/Western National for giving me a chance and my bad credit. It look me 5 years to build my credit to 406, and I won’t harm it any more. I am pleased with Find Texas Loans for helping me this far.

Previous requests on Chanel’s credit

Principle in USD Term Length in Years Annual Percentage Rate Monthly Payment Lender’s Branch Name Date of Request
$116240.00 7 5.5% $1670.37 The Gerber State Bank March 15, 2009
$115660.00 11 8.3% $1339.06 The Belvidere National Bank and Trust Company January 29, 2014
$116270.00 10 11.1% $1608.21 Commerce Bank March 6, 2014
$115560.00 6 7.1% $1975.74 Byron Bank May 2, 2015
$115520.00 9 8.5% $1534.03 Amalgamated Bank of Chicago September 4, 2015

Signature Loan found in Cicero, Illinois for $36000 with bad credit by Chanel

A lot of prospective borrowers have difficulty with obtaining signature loans in Cicero, Illinois, and Chanel is no different. Chanel went to 7 lending institutions or more before finding Affiliated Bank/Western National, who offered Chanel a signature loan for $36000. Most signature loans simply need a client, like Chanel’s signature to get them, up to $43,000 in some cases. Chanel was able to get $36000 as a secured loan, which is very high for a secured loan. Because signature loans do not need a cosigner, these loans tend to need higher credit, as high as 796

When Chanel was 24, they tried to obtain a student loan from 7 alternate lenders, which harmed their credit score. Below is a chronology of Chanel’s prior attempts at finding a student loan:

  • Attempt 1) Loan for $30,000.00 on May 23, 2009
  • Attempt 2) Loan for $26,000.00 on June 14, 2013
  • Attempt 3) Loan for $31,000.00 on November 4, 2008
  • Attempt 4) Loan for $35,000.00 on September 4, 2010
  • Attempt 5) Loan for $35,000.00 on August 21, 2009
  • Attempt 6) Loan for $25,000.00 on August 7, 2011
  • Attempt 7) Loan for $26,000.00 on May 23, 2011

Contact Details for Affiliated Bank/Western National, the provider of this secured loan

  • Affiliated Bank/Western National
  • City: Cicero
  • State: Illinois
  • Address: 5801 West Cermak Road
  • County: Cook
  • Zip code: 60650

Before applying for this secured loan, Chanel had an Experian score of 417, which is bad, so Affiliated Bank/Western National likely cannot provide Chanel a secured loan

Experian Score: 417

Conclusion of Chanel’s secured loan

In the end, Chanel was able to find a secured loan for $36000 with an interest rate of 6.7% interest APR from Affiliated Bank/Western National in Cicero, Illinois repayable over 1 years from now.

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.

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Names of borrowers and lenders have been modified, substituted, or fictionalized for search and privacy purposes. Information presented here is for entertainment purposes only and should not be interpreted as the truth.