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Low Rate Secured Loan For Elba In Oak Lawn, Illinois

$156000 Secured Loan – Oak Lawn Illinois, Credit Score Of 603

  • Experian: 616 – The client had a good Experian score
  • Transunion: 591 – Elba had a good credit score with Transunion.
  • Equifax: Elba’s Experian score was 603, which is a good credit rating using the Experian system.
Client Profile: Elba Deblauw of Oak Lawn, Illinois
  • Full name (Changed if requested): Elba Deblauw
  • Current Credit: loans.hit.utils.Fico@4d405ef7
  • Current City: Oak Lawn
  • State: Illinois
  • Zip code: 60456
  • Yearly income: $63,000
  • Current Job: chemical equipment operator
  • Current County: Cook
  • Goal Yearly Income: $87,000
  • Debt (Personal Loan, Credit Card, Payday Loan, etc): $7000

Installment loan for Elba, a graduate of Central Tech – Sapulpa and a chemical equipment operator working for over $73,000 per year

Elba, an alumnus at Central Tech – Sapulpa and a chemical equipment operator in Oak Lawn, Illinois wants a secured loan to purchase a house. Elba has instead decided to get an installment loan for $2,000 and is at present seeking lenders like The National Republic Bank of Chicago to process their request.

8 Months in the Past, Elba Tried Finding a High Risk Loan for $33,000.00, but They Didn’t Find What They were Expecting

There is an ongoing struggle for clients to find high risk loans in a safe way. Many high risk loans end up originating loan sharks or the like, which can be physically harmful to borrowers like Elba. Elba chose not to get a high risk loan this time. High Risk loans are the instrument of choice, and are given to bad credit individuals. Borrowers with credit scores as low as 505 can apply for a high risk loan and have a chance to be approved.

Previous requests on Elba’s credit

Principle in USD Term Length in Years Annual Percentage Rate Monthly Payment Lender’s Branch Name Date of Request
$10390.00 3 10.7% $338.68 The Gerber State Bank March 4, 2013
$10280.00 3 8.1% $322.61 The Belvidere National Bank and Trust Company September 21, 2014
$10430.00 10 6.1% $116.32 Commerce Bank July 28, 2015
$9770.00 6 6.4% $163.77 Byron Bank August 24, 2015

When Elba was 18, they attempted to obtain a student loan from 6 different banks, which harmed their credit rating. Below is a chronology of Elba’s prior attempts at finding a student loan:

  • Attempt 1) Loan for $25,000.00 on May 14, 2010
  • Attempt 2) Loan for $25,000.00 on July 29, 2012
  • Attempt 3) Loan for $20,000.00 on May 2, 2014
  • Attempt 4) Loan for $36,000.00 on November 29, 2008
  • Attempt 5) Loan for $30,000.00 on June 26, 2013
  • Attempt 6) Loan for $36,000.00 on June 3, 2011

Elba’s Transunion score was altered by the secured loan loan, changing to 591 from 603, which is normal in our experience.

Transunion Score: 591

Fast Loans for Elba in Oak Lawn, Illinois to prevent bankruptcy or harm from debt collectors.

Fast loans in Oak Lawn, Illinois aren’t actually that difficult to obtain, particularly if you have some gumption like Elba. Elba was able to find a fast loan for $156000 from Farmers & Mechanics Bank and Merchandise National Bank of Chicago, but declined both offers in favor of their secured loan from First National Bank of Oak Lawn. The improvement with a fast loan over a personal loan is in speed. Fast loans normally are processed within 1 – 3 weeks, versus up to 7 weeks for installment loans. Much better in the case that a borrower is in a pinch.

Elba was rejected by Bank One, Illinois, National Association 4 times before being granted funding by First National Bank of Oak Lawn at 9400 South Cicero Avenue

On December 20, 2010, Elba applied about borrowing $13,000 from Greatbank Chicago with Karine, their friend from just outside Oak Lawn, and even with the co-signer, Elba was rejected for this secured loan. With good credit, it can be challenging to procure financing, even with collateral and a co-signer.

Personal Loan for a chemical equipment operator named Elba in Oak Lawn, Illinois to Pay Off Amalgamated Bank of Chicago Union MasterCard

Elba had a lot of credit card debt on their Universal Studios American Express Card from GEMB and their Philadelphia Phillies BankAmericard Cash Rewards MasterCard, and they were starting to get in over their heads. Despite Elba’s job as a chemical equipment operator, they struggled to make payments on the $28,000.00 credit card balance, desperately needing assistance in the form of a personal loan.

Before applying for this secured loan, Elba had an Experian score of 616, which is good, so First National Bank of Oak Lawn probably cannot provide Elba a secured loan

Experian Score: 616

Contact Details for First National Bank of Oak Lawn, the provider of this secured loan

  • First National Bank of Oak Lawn
  • City: Oak Lawn
  • State: Illinois
  • Address: 9400 South Cicero Avenue
  • County: Cook
  • Zip code: 60454

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

Normal debt consolidation loans range from $37,000.00 to $45,000.00. They are normally used to pay off existing high interest loans like credit cards. Elba needed a debt consolidation loan to pay for their existing secured loan and their loan shark loan. Elba was able to find a secured loan in the end. Debt consolidation, or just consolidation, is a tactic in the debt snowball method which changes your less desirable, high interest loans to a single lower interest loan. Debt consolidation loans usually have interest rates as low as 3.7%.

Elba’s Overall FICO score at the time of acceptance for a secured loan, taking into account their chemical equipment operator job and their future job as a forest fire prevention supervisor

Fico Score: 603

Signature Loan easily acquired in Oak Lawn, Illinois for $156000 with good credit by Elba

Most clients have difficulty with finding signature loans in Oak Lawn, Illinois, and Elba is no different. Elba went to 4 lending institutions or more before settling on First National Bank of Oak Lawn, who offered Elba a signature loan for $156000. Most signature loans simply require a client, like Elba’s signature to get them, up to $28,000 in some cases. Elba was able to get $156000 as a secured loan, which is very high for a secured loan. Since signature loans don’t require a cosigner, these loans tend to require higher credit, as high as 728

Paraphrased and Standardized Quote from Elba for this secured loan of $156000, provided by First National Bank of Oak Lawn

Hello, I am Elba and I am from Oak Lawn in Illinois. Cook, county is where I grew up, and now I need a secured loan in Illinois for $156000 to renovate my home. It wasn’t easy, but First National Bank of Oak Lawn really came through for me with this loan for 8.0% interest APR and a term of 13 years. I will repay the loan over the 13 year term, including interest. A big thanks to First National Bank of Oak Lawn for trusting me and my good credit. It look me 4 years to create my credit to 603, and I won’t harm it any more. I am pleased with Find Texas Loans for assisting me this far.

Elba has a sad current gross income, but has a high number of prospects

Elba has always wanted to be a forest fire prevention supervisor, but would need attend Central Tech – Sapulpa again to achieve it. Elba has other prospects as well, including high school guidance counselor, cardiologist, and athletic coach, which pay $52,000 through to $103,000 per year, on average. For this reason, we believe that Elba can pay for this secured loan of $156000.

Many previous requests for credit have been made by Elba in the past, including one from Citizens State Bank in Oak Lawn, Illinois before Elba was accepted for the $156000 by First National Bank of Oak Lawn

Elba made 4 previous attempts to obtain a secured loan, 2 of which were with Citizens State Bank, a lending institution in Oak Lawn, Illinois known to specialize in secured loans specifically. Prior to finding First National Bank of Oak Lawn, Elba was very concerned due to their inexperience and good credit rating.

Conclusion of Elba’s secured loan

In the end, Elba was able to find a secured loan for $156000 with an interest rate of 11.2% interest APR from First National Bank of Oak Lawn in Oak Lawn, Illinois repayable over 13 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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