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Mortgage For $20000 Near 62881, Illinois With A Credit Score Of 410

$20000 Mortgage – Salem Illinois, Credit Rating Of 410

  • Experian: 425 – They had a bad Experian score
  • Transunion: 395 – Verlene had a bad credit rating with Transunion.
  • Equifax: Verlene’s Experian score was 410, which is a bad credit rating with the Experian scale.

Installment loan for Verlene, a graduate of Valley Adult School – Correctional Training Facility and a door to door salesmen working for over $76,000 per year

Verlene, an alumnus at Valley Adult School – Correctional Training Facility and a door to door salesmen in Salem, Illinois wants a mortgage to purchase a house. Verlene has instead chosen to get an installment loan for $26,000 and is at present seeking lenders like State Bank of Clearing to provide it.

Fast Loans for Verlene in Salem, Illinois to prevent bankruptcy or bodily harm from debt collectors.

Fast loans in Salem, Illinois aren’t actually that difficult to obtain, particularly if you have some finesse like Verlene. Verlene was able to find a fast loan for $20000 from Mercantile National Bank of Chicago and NBD Bank Evanston, National Association, but turned down both offers in favor of their mortgage from Marion County Savings Bank. The difference 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 personal loans. A big difference in the case that you are in a pinch.

Verlene’s Overall FICO score at the time of acceptance for a mortgage, taking into account their door to door salesmen job and their future job as a high school teacher

Fico Score: 410

Verlene was not approved by Merchandise National Bank of Chicago 7 times before being approved by Marion County Savings Bank at 301 W Main Street

On March 16, 2012, Verlene applied about borrowing $16,000 from Merchandise National Bank of Chicago with Leandro, their friend from just outside Salem, and even with the co-signer, Verlene was rejected for this mortgage. With bad credit, it can be challenging to procure financing, even with collateral and a co-signer.

Paraphrased and Standardized Quote from Verlene for this mortgage of $20000, provided by Marion County Savings Bank

Hello, I am Verlene and my hometown is Salem in Illinois. Marion, county is where I grew up, and now I need a mortgage in Illinois for $20000 to buy a car. It wasn’t easy, but Marion County Savings Bank really came through for me with this loan for 6.8% interest APR and a term of 24 years. I will repay the loan over the 24 year term, including interest. A big thanks to Marion County Savings Bank for giving me a chance and my bad credit. It look me 5 years to build my credit to 410, and I won’t harm it any more. I’m happy with Find Texas Loans for helping me this far.

Previous requests on Verlene’s credit

Principle in USD Term Length in Years Annual Percentage Rate Monthly Payment Lender’s Branch Name Date of Request
$91210.00 5 6.5% $1784.63 The Gerber State Bank February 19, 2012
$91230.00 6 10.2% $1699.33 The Belvidere National Bank and Trust Company November 6, 2012
$90530.00 9 9.3% $1240.48 Commerce Bank November 4, 2013
$90630.00 9 5.1% $1048.19 Byron Bank December 5, 2013
$91160.00 5 8.8% $1883.5 Amalgamated Bank of Chicago April 13, 2014

Before applying for this mortgage, Verlene had an Experian score of 425, which is bad, so Marion County Savings Bank likely cannot provide Verlene a mortgage

Experian Score: 425

Client Profile: Verlene Pipho of Salem, Illinois
  • Full name (Changed if requested): Verlene Pipho
  • Current Credit: loans.hit.utils.Fico@37f8bb67
  • Current City: Salem
  • State: Illinois
  • Zip code: 62885
  • Yearly income: $32,000
  • Current Job: door to door salesmen
  • Current County: Marion
  • Goal Yearly Income: $132,000
  • Debt (Personal Loan, Credit Card, Payday Loan, etc): $3000

Verlene’s Transunion score was altered by the mortgage loan, changing to 395 from 410, which is normal in our experience.

Transunion Score: 395

6 Months in the Past, Verlene Attempted Finding a High Risk Loan for $39,000.00, and it was Easy

There is an well known struggle for borrowers to find high risk loans in a non-harmful way. a lot of high risk loans end up originating loan sharks or the like, which can be frightening to borrowers like Verlene. Verlene chose not to get a high risk loan this time. High Risk loans are the instrument of choice, and are given to terrible credit clients. Borrowers with credit scores as low as 378 can apply for a high risk loan and have a chance to be accepted.

Verlene has a disappointing current gross income, but has a large amount of prospects

Verlene has always wanted to be a high school teacher, but would have to attend Valley Adult School – Correctional Training Facility again to achieve it. Verlene has other prospects as well, including criminal justice professor, water pollution control inspector, and corporation lawyer, which pay $55,000 through to $91,000 per year, at least. Because of this, we think that Verlene can pay for this mortgage of $20000.

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

Average debt consolidation loans range from $27,000.00 to $57,000.00. They are typically used to pay off existing high interest loans like credit cards. Verlene needed a debt consolidation loan to pay for their existing mortgage and their credit card. Verlene was able to find a mortgage in the end. Debt consolidation, or just consolidation, is a technique in the debt snowball method which transfers your dirty, high interest loans to one lower interest loan. Debt consolidation loans generally have interest rates that are low, like 3.7%.

Personal Loan for a door to door salesmen named Verlene in Salem, Illinois to Pay Off Banana Republic Visa Card

Verlene had a tonne of credit card debt on their Frontier World MasterCard with NO Annual Fee and their Seattle Mariners BankAmericard Cash Rewards MasterCard, and they were starting to get in over their heads. Despite Verlene’s job as a door to door salesmen, they struggled to make payments on the $23,000.00 credit card balance, desperately needing assistance in the form of a personal loan.

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

  • Attempt 1) Loan for $39,000.00 on October 30, 2010
  • Attempt 2) Loan for $20,000.00 on December 8, 2008
  • Attempt 3) Loan for $36,000.00 on October 16, 2008
  • Attempt 4) Loan for $39,000.00 on January 8, 2010
  • Attempt 5) Loan for $31,000.00 on September 24, 2009
  • Attempt 6) Loan for $24,000.00 on December 26, 2012

Many past requests for credit have been made by Verlene in the past, including one from Fidelity National Bank in Salem, Illinois before Verlene was accepted for the $20000 by Marion County Savings Bank

Verlene made 7 previous attempts to obtain a mortgage, 2 of which were with Fidelity National Bank, a lender in Salem, Illinois known to specialize in mortgages specifically. Prior to finding Marion County Savings Bank, Verlene was very concerned due to their inexperience and bad credit rating.

Signature Loan easily acquired in Salem, Illinois for $20000 with bad credit by Verlene

A lot of borrowers struggle with obtaining signature loans in Salem, Illinois, and Verlene is no exception. Verlene went to 4 lenders or more prior to settling on Marion County Savings Bank, who offered Verlene a signature loan for $20000. Typical signature loans simply require a client, like Verlene’s signature to obtain them, up to $47,000 in some cases. Verlene was able to get $20000 as a mortgage, which is very high for a mortgage. Since signature loans do not require a cosigner, they tend to require better credit, as high as 773

Contact Details for Marion County Savings Bank, the provider of this mortgage

  • Marion County Savings Bank
  • City: Salem
  • State: Illinois
  • Address: 301 W Main Street
  • County: Marion
  • Zip code: 62881

Conclusion of Verlene’s mortgage

In the end, Verlene was able to find a mortgage for $20000 with an interest rate of 6.8% interest APR from Marion County Savings Bank in Salem, Illinois repayable over 24 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.