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Consolidation Loan Of $172000 For Fair Credit South Dakota Resident

$172000 Consolidation Loan – Mellette South Dakota, Credit Rating Of 589

  • Experian: 602 – They had a fair Experian score
  • Transunion: 576 – Letty had a fair credit rating with Transunion.
  • Equifax: Letty’s Experian score was 589, which is a fair credit rating using the Experian system.

Fast Loans for Letty in Mellette, South Dakota to prevent bankruptcy or harm from debt collectors.

Fast loans in Mellette, South Dakota aren’t actually that difficult to obtain, especially if you have some finesse like Letty. Letty was able to find a fast loan for $172000 from Dacotah Bank and Parker State Bank, but turned down both offers in favor of their consolidation loan from Farmers State Bank of Mellette. The difference with a fast loan over a debt consolidation loan is in speed. Fast loans usually are processed within 1 – 3 weeks, versus up to 6 weeks for personal loans. A big difference in the case that a borrower is in a time sensitive situation.

Previous requests on Letty’s credit

Principle in USD Term Length in Years Annual Percentage Rate Monthly Payment Lender’s Branch Name Date of Request
$86440.00 7 10.3% $1448.44 The Peoples Bank July 14, 2012
$85770.00 10 7.1% $1000.29 First State Bank of Claremont January 11, 2014
$86200.00 10 6.5% $978.78 Security State Bank May 12, 2015
$86230.00 10 5.4% $931.56 First Western Bank September 7, 2015
$85740.00 11 11.2% $1132.49 Western Dakota Bank September 23, 2015

Personal Loan for a directory assistance operator named Letty in Mellette, South Dakota to Pay Off The Limited Couture Credit Card

Letty had a lot of credit card debt on their Kansas City Chiefs NFL Extra Points Visa Signature Card and their First Bank WorldPoints Rewards for Business, and they were starting to get in over their heads. Despite Letty’s job as a directory assistance operator, they struggled to make payments on the $25,000.00 credit card balance, badly needing assistance in the form of a personal loan.

Before applying for this consolidation loan, Letty had an Experian score of 602, which is fair, so Farmers State Bank of Mellette likely cannot provide Letty a consolidation loan

Experian Score: 602

Signature Loan easily acquired in Mellette, South Dakota for $172000 with fair credit by Letty

A lot of clients have difficulty with finding signature loans in Mellette, South Dakota, and Letty is no exception. Letty went to 7 lending institutions or more before settling on Farmers State Bank of Mellette, who offered Letty a signature loan for $172000. Typical signature loans simply need a client, like Letty’s signature to get them, up to $24,000 in some cases. Letty was able to get $172000 as a consolidation loan, which is very high for a consolidation loan. Since signature loans don’t need a cosigner, they tend to require improved credit, as high as 739

Letty’s Overall FICO score at the time of acceptance for a consolidation loan, taking into account their directory assistance operator job and their future career as a narcotics investigator

Fico Score: 589

Letty has a sad current yearly income, but has several of prospects

Letty has always wanted to be a narcotics investigator, but would have to attend Concordia University Wisconsin again to achieve it. Letty has other prospects as well, including fire protection engineering technician, appeals referee, and math professor, which pay $52,000 through to $101,000 per year, on average. For this reason, we think that Letty can afford this consolidation loan of $172000.

Paraphrased and Standardized Quote from Letty for this consolidation loan of $172000, provided by Farmers State Bank of Mellette

Hello, I am Letty and I’m from Mellette in South Dakota. Spink, county is where I grew up, and now I need a consolidation loan in South Dakota for $172000 to buy a car. It wasn’t easy, but Farmers State Bank of Mellette really came through for me with this loan for 7.4% interest APR and a term of 14 years. I will repay the loan over the 14 year term, including interest. A big thanks to Farmers State Bank of Mellette for giving me a chance and my fair credit. It look me 5 years to build my credit to 589, and I won’t harm it any more. I’m pleased with Find Texas Loans for helping me this far.

Multiple past requests for credit have been made by Letty in the past, including one from First Security Bank, National Association in Mellette, South Dakota before Letty was approved for the $172000 by Farmers State Bank of Mellette

Letty made 5 prior attempts to obtain a consolidation loan, 2 of which were with First Security Bank, National Association, a lending institution in Mellette, South Dakota known to specialize in consolidation loans specifically. Prior to finding Farmers State Bank of Mellette, Letty was desperate due to their inexperience and fair credit rating.

Letty was rejected by Hamlin County Bank 4 times prior to being approved by Farmers State Bank of Mellette at Main Street

On May 8, 2010, Letty applied about borrowing $15,000 from Farmers State Bank with Hattie, their friend from just outside Mellette, and even with the co-signer, Letty was rejected for this consolidation loan. With fair credit, it can be difficult to procure funding, even with collateral and a co-signer.

Debt Consolidation Will Help Any Highly Indebted Borrower to Escape Bad Debts like Payday Loans

Average debt consolidation loans vary from $24,000.00 to $49,000.00. They are normally used to pay off existing high interest loans like credit cards. Letty needed a debt consolidation loan to pay for their existing consolidation loan and their credit card. Letty was able to find a consolidation loan in the end. Debt consolidation, or just consolidation, is a tactic in the strategic borrowing method which transfers your less desirable, high interest loans to one reduced interest loan. Debt consolidation loans generally have interest rates that are low, like 2.0%.

Letty’s Transunion score was changed by the consolidation loan loan, changing to 576 from 589, which is typical in our experience.

Transunion Score: 576

Client Profile: Letty Wear of Mellette, South Dakota
  • Full name (Changed if requested): Letty Wear
  • Current Credit: loans.hit.utils.Fico@685f4c2e
  • Current City: Mellette
  • State: South Dakota
  • Zip code: 57469
  • Yearly income: $57,000
  • Current Job: directory assistance operator
  • Current County: Spink
  • Goal Yearly Income: $147,000
  • Debt (Personal Loan, Credit Card, Payday Loan, etc): $6000

When Letty was 21, they attempted to obtain a student loan from 7 different lenders, which harmed their credit rating. Below is a chronology of Letty’s prior attempts at finding a student loan:

  • Attempt 1) Loan for $25,000.00 on May 28, 2012
  • Attempt 2) Loan for $34,000.00 on September 17, 2012
  • Attempt 3) Loan for $38,000.00 on September 3, 2011
  • Attempt 4) Loan for $32,000.00 on September 3, 2013
  • Attempt 5) Loan for $27,000.00 on March 28, 2013
  • Attempt 6) Loan for $31,000.00 on January 9, 2010
  • Attempt 7) Loan for $25,000.00 on February 25, 2010

9 Months in the Past, Letty Attempted Finding a High Risk Loan for $27,000.00, but They Didn’t Find What They were Expecting

There is an existing struggle for borrowers to get high risk loans in a non-harmful manner. Many high risk loans end up coming from loan sharks or the like, which can be scary to borrowers like Letty. Letty chose not to obtain a high risk loan this time. High Risk loans are the instrument of choice, and are given to bad credit individuals. Borrowers with credit ratings as low as 317 can inquire for a high risk loan and possibly can be accepted.

Contact Details for Farmers State Bank of Mellette, the provider of this consolidation loan

  • Farmers State Bank of Mellette
  • City: Mellette
  • State: South Dakota
  • Address: Main Street
  • County: Spink
  • Zip code: 57461

Installment loan for Letty, a graduate of Concordia University Wisconsin and a directory assistance operator working for over $65,000 per year

Letty, an alumnus at Concordia University Wisconsin and a directory assistance operator in Mellette, South Dakota wants a consolidation loan to purchase a new cell phone. Letty has instead chosen to get an installment loan for $20,000 and is at present seeking lenders like Farmers and Merchants State Bank to process their request.

Conclusion of Letty’s consolidation loan

In the end, Letty was able to find a consolidation loan for $172000 with an interest rate of 8.5% interest APR from Farmers State Bank of Mellette in Mellette, South Dakota repayable over 14 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.