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Low Rate Secured Loan For Monroe In Alton, Illinois

$104000 Secured Loan – Alton Illinois, Credit Score Of 692

  • Experian: 710 – This individual had a good Experian rating
  • Transunion: 678 – Monroe had a good credit rating with Transunion.
  • Equifax: Monroe’s Experian score was 692, which is a good credit rating with the Experian rating scheme.

Installment loan for Monroe, a graduate of Futura Career Institute and a cosmetologist working for over $68,000 per year

Monroe, an alumnus at Futura Career Institute and a cosmetologist in Alton, Illinois wants a secured loan to purchase a house. Monroe has instead chosen to obtain an installment loan for $27,000 and is currently seeking lenders like Citizens State Bank of Milford to provide it.

Before applying for this secured loan, Monroe had an Experian score of 710, which is good, so Anchor Federal Savings and Loan Association likely cannot provide Monroe a secured loan

Experian Score: 710

Debt Consolidation Can Help Any Highly Indebted Borrower to Escape Bad Debts like Credit Card Debt

Normal debt consolidation loans vary from $37,000.00 to $54,000.00. They are normally used to pay off existing high interest loans like credit cards. Monroe needed a debt consolidation loan to pay for their existing secured loan and their payday loan. Monroe was able to find a secured loan in the end. Debt consolidation, or simply consolidation, is a tactic in the strategic borrowing method which changes your bad, high interest loans to one reduced interest loan. Debt consolidation loans generally have interest rates as low as 4.8%.

Paraphrased and Standardized Quote from Monroe for this secured loan of $104000, provided by Anchor Federal Savings and Loan Association

Hi, I am Monroe and I’m from Alton in Illinois. Madison, county is where I grew up, and now I need a secured loan in Illinois for $104000 to buy a car. It has been difficult, but Anchor Federal Savings and Loan Association really came through for me with this loan for 7.7% interest APR and a term of 20 years. I can repay the loan over the 20 year term, including interest. A big thanks to Anchor Federal Savings and Loan Association for giving me a chance and my good credit. It look me 4 years to build my credit to 692, and I won’t harm it any more. I am happy with Find Texas Loans for helping me this far.

Monroe’s Transunion score was changed by the secured loan loan, changing to 678 from 692, which is typical in our experience.

Transunion Score: 678

Signature Loan found in Alton, Illinois for $104000 with good credit by Monroe

A lot of borrowers have difficulty with finding signature loans in Alton, Illinois, and Monroe is not an exception. Monroe went to 4 lenders or more prior to finding Anchor Federal Savings and Loan Association, who offered Monroe a signature loan for $104000. Typical signature loans simply need a client, like Monroe’s signature to get them, up to $33,000 in some cases. Monroe was able to get $104000 as a secured loan, which is very high for a secured loan. Since signature loans don’t need collateral, these loans generally require higher credit, as high as 756

Personal Loan for a cosmetologist named Monroe in Alton, Illinois to Pay Off IMA Business MasterCard with WorldPoints Rewards

Monroe had a tonne of credit card debt on their Navy Federal Credit Union nRewards Visa and their Wallis State Bank Visa Credit Cards, and they were starting to get in over their heads. Despite Monroe’s job as a cosmetologist, they struggled to make payments on the $27,000.00 credit card balance, desperately needing assistance in the form of a personal loan.

Monroe’s Overall FICO score at the time of acceptance for a secured loan, taking into account their cosmetologist job and their future job as a religious institution education coordinator

Fico Score: 692

Contact Details for Anchor Federal Savings and Loan Association, the provider of this secured loan

  • Anchor Federal Savings and Loan Association
  • City: Alton
  • State: Illinois
  • Address: 620 East Third St
  • County: Madison
  • Zip code: 62002

Monroe was rejected by Lake Shore National Bank 6 times prior to being granted funding by Anchor Federal Savings and Loan Association at 620 East Third St

On April 11, 2009, Monroe applied about borrowing $2,000 from Old Kent Bank with Fermina, their friend from just outside Alton, and even with the co-signer, Monroe was rejected for this secured loan. With good credit, it can be very hard to procure funding, even with collateral and a co-signer.

Previous requests on Monroe’s credit

Principle in USD Term Length in Years Annual Percentage Rate Monthly Payment Lender’s Branch Name Date of Request
$107580.00 9 9.5% $1485.61 The Gerber State Bank April 12, 2011
$108480.00 4 11.5% $2830.14 The Belvidere National Bank and Trust Company December 13, 2011
$107700.00 3 8.2% $3384.87 Commerce Bank November 13, 2012
$108340.00 7 7.6% $1667.1 Byron Bank August 4, 2014
$107730.00 6 10.3% $2012.12 Amalgamated Bank of Chicago August 31, 2014
Client Profile: Monroe Chauhan of Alton, Illinois
  • Full name (Changed if requested): Monroe Chauhan
  • Current Credit: loans.hit.utils.Fico@7eda2dbb
  • Current City: Alton
  • State: Illinois
  • Zip code: 62009
  • Yearly income: $64,000
  • Current Job: cosmetologist
  • Current County: Madison
  • Goal Yearly Income: $149,000
  • Debt (Personal Loan, Credit Card, Payday Loan, etc): $7000

Monroe has a sad current yearly income, but has a large amount of prospects

Monroe has always wanted to be a religious institution education coordinator, but would have to attend Futura Career Institute again to become one. Monroe has other prospects as well, including cost analysis engineer, structural drafter, and orthodontic assistant, which pay $52,000 through to $105,000 per year, at least. Because of this, we think that Monroe can pay for this secured loan of $104000.

Many past requests for credit have been made by Monroe in the past, including one from Frontier Federal Savings Association in Alton, Illinois before Monroe was accepted for the $104000 by Anchor Federal Savings and Loan Association

Monroe made 9 previous tries to obtain a secured loan, 2 of which were with Frontier Federal Savings Association, a lending institution in Alton, Illinois known to specialize in secured loans specifically. Before finding Anchor Federal Savings and Loan Association, Monroe was desperate due to their inexperience and good credit rating.

When Monroe was 20, they attempted to obtain a student loan from 6 different banks, which harmed their credit score. Below is a chronology of Monroe’s prior attempts at finding a student loan:

  • Attempt 1) Loan for $33,000.00 on February 7, 2012
  • Attempt 2) Loan for $34,000.00 on June 29, 2012
  • Attempt 3) Loan for $30,000.00 on March 15, 2009
  • Attempt 4) Loan for $38,000.00 on December 27, 2012
  • Attempt 5) Loan for $28,000.00 on March 17, 2011
  • Attempt 6) Loan for $35,000.00 on September 7, 2011

Fast Loans for Monroe in Alton, Illinois to prevent bankruptcy or broken legs from debt collectors.

Fast loans in Alton, Illinois aren’t actually that difficult to obtain, particularly if you have some gumption like Monroe. Monroe was able to find a fast loan for $104000 from Bank One, Illinois, National Association and Bank One, Illinois, National Association, but turned down both offers in favor of their secured loan from Anchor Federal Savings and Loan Association. The improvement with a fast loan over a debt consolidation loan is in speed. Fast loans usually are processed within 1 – 3 weeks, versus up to 7 weeks for personal loans. A big difference if a borrower is in a pinch.

7 Months Ago, Monroe Attempted to Find a High Risk Loan for $32,000.00, and it was Hard

There is an ongoing struggle for clients to find high risk loans in a non-harmful manner. Many high risk loans end up coming from loan sharks or similar lenders, which can be scary to borrowers like Monroe. Monroe chose not to get a high risk loan this time. High Risk loans are given to terrible credit borrowers. Borrowers with credit scores as low as 345 can inquire for a high risk loan and possibly can be accepted.

Conclusion of Monroe’s secured loan

In the end, Monroe was able to find a secured loan for $104000 with an interest rate of 8.7% interest APR from Anchor Federal Savings and Loan Association in Alton, Illinois repayable over 20 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.