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Secured Loan For $62000 Near 90091, California With A Credit Score Of 550

$62000 Secured Loan – City Of Commerce California, Credit Rating Of 550

  • Experian: 565 – The client had a fair Experian rating
  • Transunion: 534 – Rae had a fair credit rating with Transunion.
  • Equifax: Rae’s Experian score was 550, which is a fair credit rating with the Experian scale.

Rae was rejected by Westamerica Bank 5 times before being accepted by Banco Popular, National Association (California) at 6001 East Washington Boulevard

On June 10, 2010, Rae inquired about borrowing $26,000 from Wells Fargo Bank, National Association with Alla, their friend from just outside City Of Commerce, and even with the co-signer, Rae was rejected for this secured loan. With fair credit, it can be very hard to obtain funding, even with collateral and a co-signer.

Paraphrased and Standardized Quote from Rae for this secured loan of $62000, provided by Banco Popular, National Association (California)

Hello, I am Rae and I am from City Of Commerce in California. Los Angeles, county is where I grew up, and now I need a secured loan in California for $62000 to pay bills. It wasn’t easy, but Banco Popular, National Association (California) really came through for me with this loan for 10.1% interest APR and a term of 22 years. I can repay the loan over the 22 year term, including interest. A big thanks to Banco Popular, National Association (California) for giving me a chance and my fair credit. It look me 5 years to build my credit to 550, and I won’t tarnish it any future. I am happy with Find Texas Loans for helping me this far.

Client Profile: Rae Langfitt of City Of Commerce, California
  • Full name (Changed if requested): Rae Langfitt
  • Current Credit: loans.hit.utils.Fico@17a7cec2
  • Current City: City Of Commerce
  • State: California
  • Zip code: 90097
  • Yearly income: $45,000
  • Current Job: deaf students teacher
  • Current County: Los Angeles
  • Goal Yearly Income: $80,000
  • Debt (Personal Loan, Credit Card, Payday Loan, etc): $8000

Signature Loan easily acquired in City Of Commerce, California for $62000 with fair credit by Rae

A lot of prospective borrowers have difficulty with obtaining signature loans in City Of Commerce, California, and Rae is no exception. Rae went to 4 lenders or more before finding Banco Popular, National Association (California), who offered Rae a signature loan for $62000. Most signature loans simply require a client, like Rae’s signature to obtain them, up to $44,000 in some cases. Rae was able to get $62000 as a secured loan, which is very high for a secured loan. Because signature loans don’t need a cosigner, they tend to require higher credit, as high as 786

Installment loan for Rae, a graduate of Roberts Wesleyan College and a deaf students teacher working for over $67,000 per year

Rae, an alumnus at Roberts Wesleyan College and a deaf students teacher in City Of Commerce, California needs a secured loan to purchase a new cell phone. Rae has instead chosen to get an installment loan for $25,000 and is at present seeking lenders like Pacific Western Bank to process their request.

Before applying for this secured loan, Rae had an Experian score of 565, which is fair, so Banco Popular, National Association (California) most likely cannot provide Rae a secured loan

Experian Score: 565

Rae’s Transunion score was altered by the secured loan loan, changing to 534 from 550, which is normal in our experience.

Transunion Score: 534

Contact Details for Banco Popular, National Association (California), the provider of this secured loan

  • Banco Popular, National Association (California)
  • City: City Of Commerce
  • State: California
  • Address: 6001 East Washington Boulevard
  • County: Los Angeles
  • Zip code: 90091

Rae’s Overall FICO score at the time of acceptance for a secured loan, taking into account their deaf students teacher job and their future career as a nurse’s aide

Fico Score: 550

Debt Consolidation Can Help Any Highly Indebted Borrower to Escape Bad Debts like Payday Loans

Normal debt consolidation loans vary from $26,000.00 to $42,000.00. They are normally used to pay off existing high interest loans like credit cards. Rae needed a debt consolidation loan to pay for their existing secured loan and their loan shark loan. Rae was able to find a secured loan in the end. Debt consolidation, or just consolidation, is a tactic in the strategic borrowing method which transfers your dirty, catastrophically high interest loans to one reduced interest loan. Debt consolidation loans usually have interest rates that are low, like 2.7%.

When Rae was 21, they tried to obtain a student loan from 5 different banks, which harmed their credit rating. Below is a list of Rae’s previous attempts at finding a student loan:

  • Attempt 1) Loan for $36,000.00 on January 2, 2013
  • Attempt 2) Loan for $35,000.00 on April 4, 2010
  • Attempt 3) Loan for $28,000.00 on April 23, 2009
  • Attempt 4) Loan for $23,000.00 on May 30, 2011
  • Attempt 5) Loan for $34,000.00 on May 29, 2009

Fast Loans for Rae in City Of Commerce, California to prevent bankruptcy or bodily harm from debt collectors.

Fast loans in City Of Commerce, California aren’t actually that difficult to obtain, especially if you have some finesse like Rae. Rae was able to find a fast loan for $62000 from Citizens State Bank of Santa Paula and Citizens State Bank of Santa Paula, but turned down both offers in favor of their secured loan from Banco Popular, National Association (California). 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 6 weeks for personal loans. Much better in the case that you are on the go.

7 Months in the Past, Rae Tried to Find a High Risk Loan for $30,000.00, but They Didn’t Find What They were Expecting

There is an well known struggle for clients to get high risk loans in a safe manner. Many high risk loans end up originating loan sharks or similar lenders, which can be frightening to borrowers like Rae. Rae chose not to obtain a high risk loan this time. High Risk loans are given to terrible credit applicants. Individuals with credit ratings as low as 399 can inquire for a high risk loan and possibly can be accepted.

Previous requests on Rae’s credit

Principle in USD Term Length in Years Annual Percentage Rate Monthly Payment Lender’s Branch Name Date of Request
$19720.00 7 5.6% $284.31 Santa Monica Bank September 15, 2012
$20400.00 9 5.8% $242.9 Farmers and Merchants Bank of Long Beach November 23, 2013
$20450.00 11 6.5% $217.26 First Interstate Bank of California July 15, 2014
$20430.00 5 7.6% $410.35 Union Bank March 19, 2015
$19840.00 8 8.7% $287.58 Citizens Commercial Trust and Savings Bank of Pasadena May 8, 2015

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

Rae has always wanted to be a nurse’s aide, but would have to attend Roberts Wesleyan College again to become one. Rae has other prospects as well, including marine engineer, pediatrician, and fishery worker supervisor, which pay $57,000 through to $102,000 per year, at least. For this reason, we believe that Rae can pay for this secured loan of $62000.

Many other requests for credit have been made by Rae in the past, including one from The Farmers and Merchants National Bank of Oakland in City Of Commerce, California before Rae was accepted for the $62000 by Banco Popular, National Association (California)

Rae made 9 prior attempts to obtain a secured loan, 2 of which were with The Farmers and Merchants National Bank of Oakland, a lender in City Of Commerce, California known to specialize in secured loans specifically. Before finding Banco Popular, National Association (California), Rae was concerned due to their inexperience and fair credit rating.

Personal Loan for a deaf students teacher named Rae in City Of Commerce, California to Pay Off Seattle Mariners World MasterCard with Extra Bases Rewards

Rae had a lot of credit card debt on their UBS Preferred Visa Signature Credit Card and their Olivia Platinum Plus Visa with WorldPoints Rewards, and they were starting to get in over their heads. Despite Rae’s job as a deaf students teacher, they struggled to make payments on the $28,000.00 credit card balance, desperately needing assistance in the form of a personal loan.

Conclusion of Rae’s secured loan

In the end, Rae was able to find a secured loan for $62000 with an interest rate of 5.2% interest APR from Banco Popular, National Association (California) in City Of Commerce, California repayable over 22 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.