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Secured Loan Of $51000 For Bad Credit New York Resident

$51000 Secured Loan – New York City New York, Credit Rating Of 425

  • Experian: 440 – They had a bad Experian score
  • Transunion: 410 – Brenton had a bad credit rating with Transunion.
  • Equifax: Brenton’s Experian score was 425, which is a bad credit rating using the Experian scale.

Personal Loan for an animal breeder named Brenton in New York City, New York to Pay Off BankFIRST Visa Signature Card

Brenton had a lot of credit card debt on their BankFIRST Visa Signature Card and their Sunoco Corporate Fleet Card, and they were starting to get in over their heads. Despite Brenton’s job as an animal breeder, they struggled to make payments on the $21,000.00 credit card balance, badly needing assistance in the form of a personal loan.

Signature Loan found in New York City, New York for $51000 with bad credit by Brenton

A lot of clients struggle with finding signature loans in New York City, New York, and Brenton is no exception. Brenton went to 6 lending institutions or more prior to settling on Home Savings of America, FSB-NY, who offered Brenton a signature loan for $51000. Typical signature loans simply need a client, like Brenton’s signature to get them, up to $24,000 in some cases. Brenton was able to get $51000 as a secured loan, which is very high for a secured loan. Since signature loans don’t need collateral, they generally require higher credit, as high as 766

Debt Consolidation Can Assist Most Deeply Indebted Borrower to Escape Bad Debts like Credit Card Debt

Normal debt consolidation loans range from $34,000.00 to $59,000.00. They are normally used to pay off existing high interest loans like credit cards. Brenton needed a debt consolidation loan to pay for their existing secured loan and their credit card. Brenton was able to find a secured loan in the end. Debt consolidation, or simply consolidation, is a technique in the debt snowball method which changes your dirty, high interest loans to a single lower interest loan. Debt consolidation loans usually have interest rates as low as 3.1%.

Before applying for this secured loan, Brenton had an Experian score of 440, which is bad, so Home Savings of America, FSB-NY likely cannot provide Brenton a secured loan

Experian Score: 440

Multiple other requests for credit have been made by Brenton in the past, including one from Lincoln Trust Company in New York City, New York before Brenton was accepted for the $51000 by Home Savings of America, FSB-NY

Brenton made 5 previous attempts to obtain a secured loan, 2 of which were with Lincoln Trust Company, a lending institution in New York City, New York known to specialize in secured loans specifically. Before finding Home Savings of America, FSB-NY, Brenton was very concerned due to their inexperience and bad credit score.

Paraphrased and Standardized Quote from Brenton for this secured loan of $51000, provided by Home Savings of America, FSB-NY

Hello, I am Brenton and I’m from New York City in New York. Kings, county is where I grew up, and now I need a secured loan in New York for $51000 to avoid bankruptcy. It wasn’t easy, but Home Savings of America, FSB-NY really came through for me with this loan for 5.5% interest APR and a term of 11 years. I can probably repay the loan over the 11 year term, including interest. A big thanks to Home Savings of America, FSB-NY for giving me a chance and my bad credit. It look me 7 years to create my credit to 425, and I won’t tarnish it any more. I’m happy with Find Texas Loans for assisting me this far.

When Brenton was 23, they tried to obtain a student loan from 6 alternate lenders, which damaged their credit rating. Below is a list of Brenton’s previous attempts at finding a student loan:

  • Attempt 1) Loan for $34,000.00 on March 6, 2012
  • Attempt 2) Loan for $28,000.00 on May 23, 2012
  • Attempt 3) Loan for $33,000.00 on September 15, 2010
  • Attempt 4) Loan for $34,000.00 on August 7, 2012
  • Attempt 5) Loan for $25,000.00 on November 29, 2008
  • Attempt 6) Loan for $34,000.00 on February 2, 2010

Brenton was declined by Partners Trust Municipal Bank 7 times before being granted funding by Home Savings of America, FSB-NY at 315 Wyckoff Avenue

On December 31, 2012, Brenton applied about borrowing $46,000 from The Cohocton State Bank with Isobel, their friend from just outside New York City, and even with the co-signer, Brenton was rejected for this secured loan. With bad credit, it can be very hard to procure funding, even with collateral and a co-signer.

Client Profile: Brenton Bubolz of New York City, New York
  • Full name (Changed if requested): Brenton Bubolz
  • Current Credit: loans.hit.utils.Fico@7c3df479
  • Current City: New York City
  • State: New York
  • Zip code: 11242
  • Yearly income: $60,000
  • Current Job: animal breeder
  • Current County: Kings
  • Goal Yearly Income: $140,000
  • Debt (Personal Loan, Credit Card, Payday Loan, etc): $0

Installment loan for Brenton, a graduate of Anthem College – Phoenix and an animal breeder working for over $72,000 per year

Brenton, an alumnus at Anthem College – Phoenix and an animal breeder in New York City, New York wants a secured loan to purchase a house. Brenton has instead decided to obtain an installment loan for $5,000 and is currently seeking lenders like Tompkins Trust Company to process their request.

Brenton has a very low current total income, but has a large amount of prospects

Brenton has always wanted to be a sales representative, but would have to attend Anthem College – Phoenix again to achieve it. Brenton has other possibilities as well, including railroad engineer, marina boat charter administrator, and it administrator, which pay $56,000 through to $109,000 per year, at least. For this reason, we think that Brenton can afford this secured loan of $51000.

Brenton’s Transunion score was altered by the secured loan loan, changing to 410 from 425, which is typical in our experience.

Transunion Score: 410

Previous requests on Brenton’s credit

Principle in USD Term Length in Years Annual Percentage Rate Monthly Payment Lender’s Branch Name Date of Request
$23140.00 9 6.6% $284.73 Bankers Trust Company of Albany, National Association February 15, 2012
$23320.00 10 5.4% $251.93 Montgomery County Trust Company April 20, 2014
$23260.00 6 10.7% $439.17 Bank of Avoca March 10, 2015
$23460.00 5 8.8% $484.72 The State Bank of Belmont May 17, 2015

Contact Details for Home Savings of America, FSB-NY, the provider of this secured loan

  • Home Savings of America, FSB-NY
  • City: New York City
  • State: New York
  • Address: 315 Wyckoff Avenue
  • County: Kings
  • Zip code: 11237

Fast Loans for Brenton in New York City, New York to prevent bankruptcy or broken legs from debt collectors.

Fast loans in New York City, New York aren’t actually that difficult to obtain, especially if you have some gumption like Brenton. Brenton was able to find a fast loan for $51000 from Partners Trust Municipal Bank and The Merchants Bank of New York, but turned down both offers in favor of their secured loan from Home Savings of America, FSB-NY. The difference with a fast loan over a debt consolidation loan is in speed. Fast loans normally are processed within 1 – 3 weeks, versus up to 6 weeks for installment loans. Much better in the case that a client is in a time sensitive situation.

Brenton’s Overall FICO score at the time of acceptance for a secured loan, taking into account their animal breeder job and their future career as a sales representative

Fico Score: 425

6 Months in the Past, Brenton Attempted Finding a High Risk Loan for $21,000.00, and it was Easy

It is an existing struggle for clients to get high risk loans in a non-harmful manner. a lot of high risk loans end up coming from loan sharks or similar lenders, which can be frightening to borrowers like Brenton. Brenton chose not to obtain a high risk loan this time. High Risk loans are given to terrible credit applicants. Clients with credit scores as low as 406 can apply for a high risk loan and possibly can be accepted.

Conclusion of Brenton’s secured loan

In the end, Brenton was able to find a secured loan for $51000 with an interest rate of 8.6% interest APR from Home Savings of America, FSB-NY in New York City, New York repayable over 11 years from today.

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.