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Private Loan Of $8000 For Terrible Credit Alabama Resident

$8000 Private Loan – Sheffield Alabama, Credit Score Of 375

  • Experian: 394 – This client had a terrible Experian score
  • Transunion: 363 – Maximina had a terrible credit score with Transunion.
  • Equifax: Maximina’s Experian score was 375, which is a terrible credit score using the Experian rating scheme.

Paraphrased and Standardized Quote from Maximina for this private loan of $8000, provided by Bank Independent

Hi, I am Maximina and I’m from Sheffield in Alabama. Colbert, county is where I grew up, and now I need a private loan in Alabama for $8000 to pay bills. It wasn’t easy, but Bank Independent really came through for me with this loan for 7.0% interest APR and a term of 6 years. I can repay the loan over the 6 year term, including interest. A big thanks to Bank Independent for giving me a chance and my terrible credit. It look me 8 years to create my credit to 375, and I won’t harm it any more. I’m happy with Find Texas Loans for helping me this far.

Contact Details for Bank Independent, the provider of this private loan

  • Bank Independent
  • City: Sheffield
  • State: Alabama
  • Address: 710 South Montgomery Avenue
  • County: Colbert
  • Zip code: 35660

Maximina was declined by Bank of Florala 6 times before being accepted by Bank Independent at 710 South Montgomery Avenue

On October 1, 2009, Maximina applied about borrowing $24,000 from BankTrust of Brewton with Whitney, their friend from just outside Sheffield, and even with the co-signer, Maximina was rejected for this private loan. With terrible credit, it can be difficult to obtain funding, even with collateral and a co-signer.

Debt Consolidation Will Help Any Deeply Indebted Borrower to Escape Bad Debts like Payday Loans

Most debt consolidation loans range from $35,000.00 to $48,000.00. They are normally used to pay off existing high interest loans like credit cards. Maximina needed a debt consolidation loan to pay for their existing private loan and their loan shark loan. Maximina was able to find a private loan in the end. Debt consolidation, or simply consolidation, is a technique in the strategic borrowing method which changes your less desirable, catastrophically high interest loans to a single reduced interest loan. Debt consolidation loans usually have interest rates that are low, like 3.1%.

Installment loan for Maximina, a graduate of Clinton Technical School and an agricultural product sorter working for over $74,000 per year

Maximina, an alumnus at Clinton Technical School and an agricultural product sorter in Sheffield, Alabama wants a private loan to purchase a car. Maximina has instead chosen to get an installment loan for $24,000 and is currently seeking lenders like The Citizens Bank of Winfield to provide it.

Maximina has a low current total income, but has a large amount of prospects

Maximina has always wanted to be a farm hand, but would have to attend Clinton Technical School again to become one. Maximina has other possibilities as well, including emergency medical technician, sanitary engineer, and armored assault vehicle crew member, which pay $53,000 through to $103,000 per year, at least. Because of this, we think that Maximina can pay for this private loan of $8000.

Personal Loan for an agricultural product sorter named Maximina in Sheffield, Alabama to Pay Off First Financial Credit Union Credit Cards

Maximina had a tonne of credit card debt on their American Academy of Family Physicians Business MasterCard with WorldPoints Rewards and their National Hot Rod Association Visa Card, and they were starting to get in over their heads. Despite Maximina’s job as an agricultural product sorter, they struggled to make payments on the $22,000.00 credit card balance, desperately needing assistance in the form of a personal loan.

Client Profile: Maximina Schwinghammer of Sheffield, Alabama
  • Full name (Changed if requested): Maximina Schwinghammer
  • Current Credit: loans.hit.utils.Fico@66a29884
  • Current City: Sheffield
  • State: Alabama
  • Zip code: 35669
  • Yearly income: $41,000
  • Current Job: agricultural product sorter
  • Current County: Colbert
  • Goal Yearly Income: $119,000
  • Debt (Personal Loan, Credit Card, Payday Loan, etc): $8000

Previous requests on Maximina’s credit

Principle in USD Term Length in Years Annual Percentage Rate Monthly Payment Lender’s Branch Name Date of Request
$53400.00 10 10.1% $708.65 AuburnBank August 13, 2009
$52810.00 4 8.4% $1299.19 Bank of the South August 22, 2011
$52780.00 4 11.8% $1384.72 Alabama City Bank of Gadsden, Alabama October 1, 2012
$53110.00 4 8.4% $1306.57 The Exchange Bank, Attalla, Alabama November 16, 2012
$52670.00 9 5.1% $609.16 Robertson Banking Company August 28, 2013

When Maximina was 23, they tried to obtain a student loan from 4 alternate lenders, which damaged their credit score. Below is a list of Maximina’s prior attempts at finding a student loan:

  • Attempt 1) Loan for $26,000.00 on October 23, 2013
  • Attempt 2) Loan for $33,000.00 on October 2, 2009
  • Attempt 3) Loan for $21,000.00 on June 29, 2013
  • Attempt 4) Loan for $20,000.00 on March 8, 2010

Fast Loans for Maximina in Sheffield, Alabama to prevent bankruptcy or bodily harm from debt collectors.

Fast loans in Sheffield, Alabama aren’t actually that difficult to obtain, especially if you have some gumption like Maximina. Maximina was able to find a fast loan for $8000 from Bank of the South and Peoples Community Bank, but declined both offers in favor of their private loan from Bank Independent. 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 6 weeks for debt consolidation loans. A big difference if a client is on the go.

Maximina’s Overall FICO score at the time of acceptance for a private loan, taking into account their agricultural product sorter job and their future job as a farm hand

Fico Score: 375

Before applying for this private loan, Maximina had an Experian score of 394, which is terrible, so Bank Independent probably can provide Maximina a private loan

Experian Score: 394

Maximina’s Transunion score was changed by the private loan loan, changing to 363 from 375, which is typical in our experience.

Transunion Score: 363

6 Months Ago, Maximina Tried to Find a High Risk Loan for $48,000.00, and it was Easy

It is an well known struggle for borrowers to get high risk loans in a non-harmful manner. Many high risk loans end up coming from loan sharks or the like, which can be physically harmful to borrowers like Maximina. Maximina decided not to get a high risk loan this time. High Risk loans are generally given by lenders to terrible credit applicants. Clients with credit ratings as low as 430 can inquire for a high risk loan and possibly can be accepted.

Several previous requests for credit have been made by Maximina in the past, including one from Intercounty Savings Association in Sheffield, Alabama before Maximina was approved for the $8000 by Bank Independent

Maximina made 7 prior attempts to obtain a private loan, 2 of which were with Intercounty Savings Association, a lending institution in Sheffield, Alabama known to specialize in private loans specifically. Before finding Bank Independent, Maximina was concerned due to their inexperience and terrible credit rating.

Signature Loan found in Sheffield, Alabama for $8000 with terrible credit by Maximina

A lot of borrowers struggle with finding signature loans in Sheffield, Alabama, and Maximina is the same. Maximina went to 8 lenders or more before finding Bank Independent, who offered Maximina a signature loan for $8000. Most signature loans simply need a client, like Maximina’s signature to obtain them, up to $21,000 in some cases. Maximina was able to get $8000 as a private loan, which is very high for a private loan. Because signature loans don’t require a cosigner, these loans generally require better credit, as high as 702

Conclusion of Maximina’s private loan

In the end, Maximina was able to find a private loan for $8000 with an interest rate of 8.7% interest APR from Bank Independent in Sheffield, Alabama repayable over 6 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.