$116000 Secured Loan – Chicago Illinois, Credit Rating Of 472
- Experian: 489 – The client had a bad Experian rating
- Transunion: 453 – Germaine had a bad credit score with Transunion.
- Equifax: Germaine’s Experian score was 472, which is a bad credit rating on the Experian rating scheme.
Installment loan for Germaine, a graduate of Mountain State University and a food batchmaker working for over $64,000 per year
Germaine, an alumnus at Mountain State University and a food batchmaker in Chicago, Illinois wants a secured loan to purchase a house. Germaine has instead decided to get an installment loan for $20,000 and is currently seeking lenders like Byron Bank to process their request.
Fast Loans for Germaine in Chicago, Illinois to prevent bankruptcy or harm from debt collectors.
Fast loans in Chicago, Illinois aren’t actually that difficult to obtain, especially if you have some finesse like Germaine. Germaine was able to find a fast loan for $116000 from Mercantile National Bank of Chicago and Amalgamated Bank of Chicago, but declined both offers in favor of their secured loan from Mid Town Bank & Trust Company of Chicago. 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 7 weeks for personal loans. An improvement if a borrower is in a pinch.
9 Months Ago, Germaine Tried Finding a High Risk Loan for $39,000.00, and it was Hard
There is an well known struggle for borrowers to get high risk loans in a non-harmful manner. Many high risk loans end up originating loan sharks or similar lenders, which can be frightening to borrowers like Germaine. Germaine chose not to get a high risk loan this time. High Risk loans are the instrument of choice, and are given to very low credit clients. Clients with credit scores as low as 377 can apply for a high risk loan and may be be approved.
- Full name (Changed if requested): Germaine Needels
- Current Credit: loans.hit.utils.Fico@7530d0a
- Current City: Chicago
- State: Illinois
- Zip code: 60622
- Yearly income: $69,000
- Current Job: food batchmaker
- Current County: Cook
- Goal Yearly Income: $112,000
- Debt (Personal Loan, Credit Card, Payday Loan, etc): $0
Germaine has a sad current total income, but has a high number of prospects
Germaine has always wanted to be an occupational physician, but would need attend Mountain State University again to become one. Germaine has other possibilities as well, including photographic equipment mechanic, fence installer, and casino dealer, which pay $50,000 through to $98,000 per year, at least. Because of this, we think that Germaine can pay for this secured loan of $116000.
Paraphrased and Standardized Quote from Germaine for this secured loan of $116000, provided by Mid Town Bank & Trust Company of Chicago
Hi, I am Germaine and my hometown is Chicago in Illinois. Cook, county is where I grew up, and now I need a secured loan in Illinois for $116000 to pay bills. It has been difficult, but Mid Town Bank & Trust Company of Chicago really came through for me with this loan for 9.2% interest APR and a term of 6 years. I can repay the loan over the 6 year term, including interest. A big thanks to Mid Town Bank & Trust Company of Chicago for trusting me and my bad credit. It look me 7 years to create my credit to 472, and I won’t tarnish it any future. I’m pleased with Find Texas Loans for assisting me this far.
Previous requests on Germaine’s credit
|Principle in USD||Term Length in Years||Annual Percentage Rate||Monthly Payment||Lender’s Branch Name||Date of Request|
|$129790.00||11||11.6%||$1744.65||The Gerber State Bank||October 23, 2008|
|$129700.00||8||7.3%||$1787.72||The Belvidere National Bank and Trust Company||March 31, 2011|
|$130410.00||3||11.4%||$4294.2||Commerce Bank||November 1, 2013|
|$130440.00||8||8.7%||$1890.73||Byron Bank||January 2, 2014|
Multiple past requests for credit have been made by Germaine in the past, including one from Union National Bank of Chicago in Chicago, Illinois before Germaine was approved for the $116000 by Mid Town Bank & Trust Company of Chicago
Germaine made 4 prior attempts to obtain a secured loan, 2 of which were with Union National Bank of Chicago, a bank in Chicago, Illinois known to specialize in secured loans specifically. Before finding Mid Town Bank & Trust Company of Chicago, Germaine was very concerned due to their inexperience and bad credit score.
When Germaine was 24, they attempted to obtain a student loan from 7 alternate lenders, which harmed their credit score. Below is a list of Germaine’s prior attempts at finding a student loan:
- Attempt 1) Loan for $21,000.00 on May 24, 2009
- Attempt 2) Loan for $26,000.00 on January 28, 2011
- Attempt 3) Loan for $27,000.00 on February 1, 2013
- Attempt 4) Loan for $38,000.00 on January 8, 2011
- Attempt 5) Loan for $28,000.00 on June 13, 2010
- Attempt 6) Loan for $23,000.00 on November 4, 2011
- Attempt 7) Loan for $35,000.00 on February 1, 2010
Debt Consolidation Can Help Any Highly Indebted Borrower to Escape Bad Debts like Credit Card Debt
Most debt consolidation loans range from $37,000.00 to $57,000.00. They are normally used to pay off existing high interest loans like credit cards. Germaine required a debt consolidation loan to pay for their existing secured loan and their credit card. Germaine was able to find a secured loan in the end. Debt consolidation, or simply consolidation, is a tactic in the strategic borrowing method which converts your bad, catastrophically high interest loans to one lower interest loan. Debt consolidation loans generally have interest rates that are low, like 3.7%.
Germaine’s Overall FICO score at the time of acceptance for a secured loan, taking into account their food batchmaker job and their future career as an occupational physician
Germaine’s Transunion score was changed by the secured loan loan, changing to 453 from 472, which is typical in our experience.
Personal Loan for a food batchmaker named Germaine in Chicago, Illinois to Pay Off Pancreatic Cancer Action Network Visa Card
Germaine had a lot of credit card debt on their University of Miami WorldPoints Platinum Plus MasterCard and their Menard’s Big Card, and they were starting to get in over their heads. Despite Germaine’s job as a food batchmaker, 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 secured loan, Germaine had an Experian score of 489, which is bad, so Mid Town Bank & Trust Company of Chicago most likely cannot provide Germaine a secured loan
Contact Details for Mid Town Bank & Trust Company of Chicago, the provider of this secured loan
- Mid Town Bank & Trust Company of Chicago
- City: Chicago
- State: Illinois
- Address: 2021 North Clark Street
- County: Cook
- Zip code: 60614
Signature Loan easily acquired in Chicago, Illinois for $116000 with bad credit by Germaine
Most borrowers have difficulty with finding signature loans in Chicago, Illinois, and Germaine is no exception. Germaine went to 6 lending institutions or more before finding Mid Town Bank & Trust Company of Chicago, who offered Germaine a signature loan for $116000. Typical signature loans simply require a client, like Germaine’s signature to obtain them, up to $30,000 in some cases. Germaine was able to get $116000 as a secured loan, which is very high for a secured loan. Because signature loans don’t need a cosigner, these loans generally require better credit, as high as 766
Germaine was rejected by The State Bank of Geneva 7 times before being approved by Mid Town Bank & Trust Company of Chicago at 2021 North Clark Street
On December 29, 2011, Germaine inquired about borrowing $35,000 from The Gerber State Bank with Marielle, their friend from just outside Chicago, and even with the co-signer, Germaine was rejected for this secured loan. With bad credit, it can be very hard to obtain financing, even with collateral and a co-signer.
Conclusion of Germaine’s secured loan
In the end, Germaine was able to find a secured loan for $116000 with an interest rate of 11.2% interest APR from Mid Town Bank & Trust Company of Chicago in Chicago, Illinois repayable over 6 years from now.