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Low Rate Student Loan For Lenny In Smithfield, Virginia

$116000 Student Loan – Smithfield Virginia, Credit Score Of 773

  • Experian: 790 – This client had an excellent Experian rating
  • Transunion: 754 – Lenny had an excellent credit score with Transunion.
  • Equifax: Lenny’s Experian score was 773, which is an excellent credit rating on the Experian scale.

Multiple previous requests for credit have been made by Lenny in the past, including one from The Bank of Parrish in Smithfield, Virginia before Lenny was approved for the $116000 by The Merchants and Farmers Bank

Lenny made 4 prior attempts to obtain a student loan, 2 of which were with The Bank of Parrish, a bank in Smithfield, Virginia known to specialize in student loans specifically. Prior to finding The Merchants and Farmers Bank, Lenny was concerned due to their inexperience and excellent credit rating.

Paraphrased and Standardized Quote from Lenny for this student loan of $116000, provided by The Merchants and Farmers Bank

Hi, I am Lenny and I’m from Smithfield in Virginia. Isle Of Wight, county is where I grew up, and now I need a student loan in Virginia for $116000 to buy a car. It has been difficult, but The Merchants and Farmers Bank really came through for me with this loan for 7.8% interest APR and a term of 3 years. I can probably repay the loan over the 3 year term, including interest. A big thanks to The Merchants and Farmers Bank for trusting me and my excellent credit. It look me 8 years to create my credit to 773, and I won’t harm it any future. I am pleased with Find Texas Loans for assisting me this far.

9 Months in the Past, Lenny Tried Finding a High Risk Loan for $24,000.00, and it was Hard

It is an well known struggle for borrowers to get high risk loans in a safe way. Many high risk loans end up originating loan sharks or the like, which can be scary to borrowers like Lenny. Lenny decided not to obtain a high risk loan this time. High Risk loans are generally given by lenders to very low credit borrowers. Individuals with credit ratings as low as 393 can apply for a high risk loan and have a chance to be accepted.

When Lenny was 23, they tried to obtain a student loan from 6 different lenders, which damaged their credit score. Below is a list of Lenny’s prior attempts at finding a student loan:

  • Attempt 1) Loan for $37,000.00 on November 3, 2012
  • Attempt 2) Loan for $29,000.00 on April 24, 2010
  • Attempt 3) Loan for $22,000.00 on March 30, 2012
  • Attempt 4) Loan for $21,000.00 on May 31, 2010
  • Attempt 5) Loan for $22,000.00 on February 28, 2010
  • Attempt 6) Loan for $26,000.00 on June 23, 2010

Lenny was rejected by Bank of Virginia – Potomac 5 times before being accepted by The Merchants and Farmers Bank at Main Street

On November 29, 2009, Lenny inquired about borrowing $38,000 from First Virginia Bank of the Southwest with Christina, their in law from just outside Smithfield, and even with the co-signer, Lenny was rejected for this student loan. With excellent credit, it can be a challenge to obtain funding, even with collateral and a co-signer.

Fast Loans for Lenny in Smithfield, Virginia to prevent bankruptcy or broken legs from debt collectors.

Fast loans in Smithfield, Virginia aren’t actually that difficult to obtain, particularly if you have some finesse like Lenny. Lenny was able to find a fast loan for $116000 from Bank of McKenney and First Virginia Bank of the Southwest, but turned down both offers in favor of their student loan from The Merchants and Farmers Bank. The improvement with a fast loan over a personal loan is in speed. Fast loans typically are processed within 1 – 3 weeks, versus up to 7 weeks for debt consolidation loans. Much better in the case that you are in a time sensitive situation.

Lenny has a sad current gross income, but has a large amount of prospects

Lenny has always wanted to be a loan counselor, but would need attend Ashland University again to achieve it. Lenny has other possibilities as well, including tax preparer, radio & tv announcer, and correspondence clerk, which pay $50,000 through to $96,000 per year, at least. For this reason, we believe that Lenny can afford this student loan of $116000.

Previous requests on Lenny’s credit

Principle in USD Term Length in Years Annual Percentage Rate Monthly Payment Lender’s Branch Name Date of Request
$133850.00 7 8.2% $2099.58 Citizens Bank and Trust Company June 1, 2011
$134120.00 8 7.6% $1868.86 Peoples Community Bank January 14, 2014
$134310.00 7 9.3% $2181.43 Crestar Bank November 21, 2014
$134460.00 9 10.8% $1951.76 The Merchants and Farmers Bank December 16, 2014
$133530.00 9 11.7% $2005.03 First Virginia Bank-South Hill May 21, 2015

Contact Details for The Merchants and Farmers Bank, the provider of this student loan

  • The Merchants and Farmers Bank
  • City: Smithfield
  • State: Virginia
  • Address: Main Street
  • County: Isle Of Wight
  • Zip code: 23430

Debt Consolidation Can Assist Most Deeply Indebted Borrower to Escape Bad Debts like Payday Loans

Average debt consolidation loans range from $34,000.00 to $53,000.00. They are normally used to pay off existing high interest loans like credit cards. Lenny needed a debt consolidation loan to pay for their existing student loan and their loan shark loan. Lenny was able to find a student 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 a single lower interest loan. Debt consolidation loans usually have interest rates as low as 4.5%.

Before applying for this student loan, Lenny had an Experian score of 790, which is excellent, so The Merchants and Farmers Bank most likely cannot provide Lenny a student loan

Experian Score: 790

Installment loan for Lenny, a graduate of Ashland University and an airline flight attendant working for over $74,000 per year

Lenny, an alumnus at Ashland University and an airline flight attendant in Smithfield, Virginia needs a student loan to purchase a car. Lenny has instead decided to get an installment loan for $10,000 and is currently seeking lenders like First Virginia Bank-South Hill to process their request.

Personal Loan for an airline flight attendant named Lenny in Smithfield, Virginia to Pay Off Five Star Bank Visa Business Card

Lenny had a tonne of credit card debt on their Bar Harbor Bank & Trust Visa and their Frontier Airlines World MasterCard with No Annual Fee, and they were starting to get in over their heads. Despite Lenny’s job as an airline flight attendant, they struggled to make payments on the $21,000.00 credit card balance, desperately needing assistance in the form of a personal loan.

Lenny’s Overall FICO score at the time of acceptance for a student loan, taking into account their airline flight attendant job and their future job as a loan counselor

Fico Score: 773

Signature Loan acquired in Smithfield, Virginia for $116000 with excellent credit by Lenny

A lot of clients have difficulty with obtaining signature loans in Smithfield, Virginia, and Lenny is not an exception. Lenny went to 6 lending institutions or more before settling on The Merchants and Farmers Bank, who offered Lenny a signature loan for $116000. Most signature loans simply need a client, like Lenny’s signature to get them, up to $28,000 in some cases. Lenny was able to get $116000 as a student loan, which is very high for a student loan. Because signature loans do not need collateral, they generally need higher credit, as high as 763

Client Profile: Lenny Brdar of Smithfield, Virginia
  • Full name (Changed if requested): Lenny Brdar
  • Current Credit: loans.hit.utils.Fico@5197848c
  • Current City: Smithfield
  • State: Virginia
  • Zip code: 23439
  • Yearly income: $52,000
  • Current Job: airline flight attendant
  • Current County: Isle Of Wight
  • Goal Yearly Income: $105,000
  • Debt (Personal Loan, Credit Card, Payday Loan, etc): $1000

Lenny’s Transunion score was changed by the student loan loan, changing to 754 from 773, which is typical in our experience.

Transunion Score: 754

Conclusion of Lenny’s student loan

In the end, Lenny was able to find a student loan for $116000 with an interest rate of 11.4% interest APR from The Merchants and Farmers Bank in Smithfield, Virginia repayable over 3 years from today.

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.