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Low Rate Personal Loan For Stephen In Jordan, Minnesota

$42000 Personal Loan – Jordan Minnesota, Credit Score Of 501

  • Experian: 519 – This individual had a fair Experian score
  • Transunion: 487 – Stephen had a fair credit score with Transunion.
  • Equifax: Stephen’s Experian score was 501, which is a fair credit score with the Experian scale.

Installment loan for Stephen, a graduate of Miami Dade College and a business service specialist working for over $74,000 per year

Stephen, an alumnus at Miami Dade College and a business service specialist in Jordan, Minnesota wants a personal loan to purchase a new cell phone. Stephen has instead decided to get an installment loan for $6,000 and is at present seeking lenders like O’Connor Bros. State Bank of Renville to process their request.

When Stephen was 21, they attempted to obtain a student loan from 6 different banks, which damaged their credit score. Below is a list of Stephen’s prior attempts at finding a student loan:

  • Attempt 1) Loan for $24,000.00 on February 12, 2014
  • Attempt 2) Loan for $39,000.00 on May 30, 2013
  • Attempt 3) Loan for $39,000.00 on February 28, 2010
  • Attempt 4) Loan for $25,000.00 on January 13, 2012
  • Attempt 5) Loan for $36,000.00 on October 30, 2011
  • Attempt 6) Loan for $32,000.00 on September 27, 2012

Debt Consolidation Will Assist Most Deeply Indebted Borrower to Escape Bad Debts like Loan Sharks

Most debt consolidation loans vary from $31,000.00 to $49,000.00. They are normally used to pay off existing high interest loans like credit cards. Stephen required a debt consolidation loan to pay for their existing personal loan and their credit card. Stephen was able to find a personal loan in the end. Debt consolidation, or just consolidation, is a technique in the debt snowball method which converts your dirty, high interest loans to one lower interest loan. Debt consolidation loans usually have interest rates as low as 3.5%.

Stephen was not approved by Lakeland State Bank 6 times prior to being granted funding by Valley Bank Minnesota at 200 Creek Lane

On October 15, 2009, Stephen inquired about borrowing $13,000 from Lakes State Bank with Brian, their friend from just outside Jordan, and even with the co-signer, Stephen was rejected for this personal loan. With fair credit, it can be difficult to procure financing, even with collateral and a co-signer.

Personal Loan for a business service specialist named Stephen in Jordan, Minnesota to Pay Off State Farm Student Visa Credit Card

Stephen had a tonne of credit card debt on their Amalgamated Bank MasterCard Standard Plus and their Wells Fargo Cash Back College Card, and they were starting to get in over their heads. Despite Stephen’s job as a business service specialist, they struggled to make payments on the $23,000.00 credit card balance, badly needing assistance in the form of a personal loan.

Fast Loans for Stephen in Jordan, Minnesota to prevent bankruptcy or harm from debt collectors.

Fast loans in Jordan, Minnesota aren’t actually that difficult to obtain, especially if you have some gumption like Stephen. Stephen was able to find a fast loan for $42000 from Arlington State Bank and Frandsen Bank & Trust, but turned down both offers in favor of their personal loan from Valley Bank Minnesota. 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 improvement in the case that a client is on the go.

Before applying for this personal loan, Stephen had an Experian score of 519, which is fair, so Valley Bank Minnesota most likely cannot provide Stephen a personal loan

Experian Score: 519

Client Profile: Stephen Burden of Jordan, Minnesota
  • Full name (Changed if requested): Stephen Burden
  • Current Credit: loans.hit.utils.Fico@6576fe71
  • Current City: Jordan
  • State: Minnesota
  • Zip code: 55356
  • Yearly income: $55,000
  • Current Job: business service specialist
  • Current County: Scott
  • Goal Yearly Income: $111,000
  • Debt (Personal Loan, Credit Card, Payday Loan, etc): $4000

Paraphrased and Standardized Quote from Stephen for this personal loan of $42000, provided by Valley Bank Minnesota

Hi, I am Stephen and my hometown is Jordan in Minnesota. Scott, county is where I grew up, and now I need a personal loan in Minnesota for $42000 to buy a big ticket item. It wasn’t easy, but Valley Bank Minnesota really came through for me with this loan for 11.7% interest APR and a term of 4 years. I will repay the loan over the 4 year term, including interest. A big thanks to Valley Bank Minnesota for trusting me and my fair credit. It look me 5 years to build my credit to 501, and I won’t harm it any future. I am happy with Find Texas Loans for assisting me this far.

Stephen’s Overall FICO score at the time of acceptance for a personal loan, taking into account their business service specialist job and their future career as a fashion coordinator

Fico Score: 501

Multiple other requests for credit have been made by Stephen in the past, including one from Plainfield Savings and Loan Association in Jordan, Minnesota before Stephen was accepted for the $42000 by Valley Bank Minnesota

Stephen made 5 prior attempts to obtain a personal loan, 2 of which were with Plainfield Savings and Loan Association, a lender in Jordan, Minnesota known to specialize in personal loans specifically. Before finding Valley Bank Minnesota, Stephen was desperate due to their inexperience and fair credit rating.

Signature Loan acquired in Jordan, Minnesota for $42000 with fair credit by Stephen

A lot of borrowers have difficulty with finding signature loans in Jordan, Minnesota, and Stephen is the same. Stephen went to 6 lending institutions or more before finding Valley Bank Minnesota, who offered Stephen a signature loan for $42000. Most signature loans simply need a client, like Stephen’s signature to obtain them, up to $30,000 in some cases. Stephen was able to get $42000 as a personal loan, which is very high for a personal loan. Since signature loans do not require a cosigner, they tend to need improved credit, as high as 725

Stephen’s Transunion score was altered by the personal loan loan, changing to 487 from 501, which is typical in our experience.

Transunion Score: 487

Stephen has a disappointing current total income, but has a large amount of prospects

Stephen has always wanted to be a fashion coordinator, but would have to attend Miami Dade College again to become one. Stephen has other prospects as well, including medical secretary, executive secretary, and industrial therapist, which pay $50,000 through to $98,000 per year, at least. For this reason, we believe that Stephen can afford this personal loan of $42000.

9 Months in the Past, Stephen Attempted Finding a High Risk Loan for $40,000.00, and it was Easy

There is an well known struggle for borrowers to get high risk loans in a non-harmful way. a lot of high risk loans end up coming from loan sharks or the like, which can be frightening to borrowers like Stephen. Stephen chose not to obtain a high risk loan this time. High Risk loans are given to terrible credit applicants. Individuals with credit scores as low as 584 can apply for a high risk loan and possibly can be approved.

Contact Details for Valley Bank Minnesota, the provider of this personal loan

  • Valley Bank Minnesota
  • City: Jordan
  • State: Minnesota
  • Address: 200 Creek Lane
  • County: Scott
  • Zip code: 55352

Previous requests on Stephen’s credit

Principle in USD Term Length in Years Annual Percentage Rate Monthly Payment Lender’s Branch Name Date of Request
$98460.00 11 5.7% $1005.74 Marquette Bank Cannon Falls August 28, 2010
$98260.00 4 9.1% $2449.87 Root River State Bank December 15, 2010
$98260.00 8 6.1% $1296.07 Clinton State Bank April 26, 2012
$98260.00 3 10.6% $3198.33 Peoples State Bank of Plainview January 18, 2013

Conclusion of Stephen’s personal loan

In the end, Stephen was able to find a personal loan for $42000 with an interest rate of 10.4% interest APR from Valley Bank Minnesota in Jordan, Minnesota repayable over 4 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.