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Secured Loan Of $12000 For Fair Credit Virginia Resident

$12000 Secured Loan – Charlottesville Virginia, Credit Score Of 546

  • Experian: 556 – This individual had a fair Experian rating
  • Transunion: 532 – Letha had a fair credit score with Transunion.
  • Equifax: Letha’s Experian score was 546, which is a fair credit rating with the Experian system.
Client Profile: Letha Walen of Charlottesville, Virginia
  • Full name (Changed if requested): Letha Walen
  • Current Credit: loans.hit.utils.Fico@49c2faae
  • Current City: Charlottesville
  • State: Virginia
  • Zip code: 22911
  • Yearly income: $64,000
  • Current Job: reliability engineer
  • Current County: Charlottesville City
  • Goal Yearly Income: $139,000
  • Debt (Personal Loan, Credit Card, Payday Loan, etc): $6000

Signature Loan easily acquired in Charlottesville, Virginia for $12000 with fair credit by Letha

Most prospective borrowers struggle with finding signature loans in Charlottesville, Virginia, and Letha is no exception. Letha went to 6 lending institutions or more before finding Virginia National Bank, who offered Letha a signature loan for $12000. Most signature loans simply require a client, like Letha’s signature to get them, up to $31,000 in some cases. Letha was able to get $12000 as a secured loan, which is very high for a secured loan. Because signature loans don’t need a cosigner, these loans tend to require higher credit, as high as 790

Personal Loan for a reliability engineer named Letha in Charlottesville, Virginia to Pay Off HomeGoods Credit Card

Letha had a lot of credit card debt on their Christian Community Credit Union Reloadable Prepaid Visa Student Card and their Union Bank Maximum Rewards Platinum Edition Visa Card, and they were starting to get in over their heads. Despite Letha’s job as a reliability engineer, they struggled to make payments on the $28,000.00 credit card balance, badly needing assistance in the form of a personal loan.

Previous requests on Letha’s credit

Principle in USD Term Length in Years Annual Percentage Rate Monthly Payment Lender’s Branch Name Date of Request
$73450.00 5 5.1% $1389.46 Citizens Bank and Trust Company May 6, 2011
$73370.00 11 8.7% $865.45 Peoples Community Bank September 24, 2013
$73460.00 8 10.6% $1138.15 Crestar Bank November 20, 2014
$72830.00 3 7.4% $2262.12 The Merchants and Farmers Bank November 28, 2014

Many other requests for credit have been made by Letha in the past, including one from Union Fidelity Savings and Loan Association in Charlottesville, Virginia before Letha was approved for the $12000 by Virginia National Bank

Letha made 8 previous attempts to obtain a secured loan, 2 of which were with Union Fidelity Savings and Loan Association, a bank in Charlottesville, Virginia known to specialize in secured loans specifically. Prior to finding Virginia National Bank, Letha was concerned due to their inexperience and fair credit score.

Letha’s Overall FICO score at the time of acceptance for a secured loan, taking into account their reliability engineer job and their future job as a foreign service officer

Fico Score: 546

When Letha was 18, they attempted to obtain a student loan from 7 different lenders, which harmed their credit rating. Below is a chronology of Letha’s prior attempts at finding a student loan:

  • Attempt 1) Loan for $28,000.00 on March 15, 2013
  • Attempt 2) Loan for $21,000.00 on November 25, 2009
  • Attempt 3) Loan for $36,000.00 on June 20, 2011
  • Attempt 4) Loan for $24,000.00 on May 14, 2013
  • Attempt 5) Loan for $36,000.00 on July 4, 2013
  • Attempt 6) Loan for $25,000.00 on January 12, 2009
  • Attempt 7) Loan for $24,000.00 on January 8, 2012

Debt Consolidation Will Assist Most Deeply Indebted Borrower to Escape Bad Debts like Loan Sharks

Normal debt consolidation loans range from $39,000.00 to $59,000.00. They are mainly used to pay off existing high interest loans like credit cards. Letha required a debt consolidation loan to pay for their existing secured loan and their credit card. Letha was able to find a secured loan in the end. Debt consolidation, or simply consolidation, is a tactic in the debt snowball method which transfers your bad, high interest loans to a single reduced interest loan. Debt consolidation loans generally have interest rates that are low, like 4.7%.

Before applying for this secured loan, Letha had an Experian score of 556, which is fair, so Virginia National Bank probably cannot provide Letha a secured loan

Experian Score: 556

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

Fast loans in Charlottesville, Virginia aren’t actually that difficult to obtain, particularly if you have some finesse like Letha. Letha was able to find a fast loan for $12000 from Bank of Tazewell County and Capital One, National Association, but declined both offers in favor of their secured loan from Virginia National Bank. The improvement with a fast loan over a installment loan is in speed. Fast loans normally are processed within 1 – 3 weeks, versus up to 7 weeks for installment loans. A big improvement in the case that a client is in a time sensitive situation.

Installment loan for Letha, a graduate of Technical Education College and a reliability engineer working for over $74,000 per year

Letha, an alumnus at Technical Education College and a reliability engineer in Charlottesville, Virginia wants a secured loan to purchase something frivolous. Letha has instead decided to obtain an installment loan for $9,000 and is at present seeking lenders like Fidelity American Bank, Natural Bridge to process their request.

Letha was rejected by Merchants and Farmers Bank 4 times prior to being granted funding by Virginia National Bank at 222 East Main Street

On June 9, 2011, Letha applied about borrowing $49,000 from Riggs Bank National Association with Genevive, their friend from just outside Charlottesville, and even with the co-signer, Letha was rejected for this secured loan. With fair credit, it can be difficult to procure funding, even with collateral and a co-signer.

Contact Details for Virginia National Bank, the provider of this secured loan

  • Virginia National Bank
  • City: Charlottesville
  • State: Virginia
  • Address: 222 East Main Street
  • County: Charlottesville City
  • Zip code: 22902

9 Months in the Past, Letha Attempted to Find a High Risk Loan for $40,000.00, but They Didn’t Find What They were Expecting

It is an existing 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 Letha. Letha decided not to obtain a high risk loan this time. High Risk loans are given to terrible credit individuals. Clients with credit ratings as low as 325 can apply for a high risk loan and possibly can be accepted.

Letha’s Transunion score was altered by the secured loan loan, changing to 532 from 546, which is typical in our experience.

Transunion Score: 532

Paraphrased and Standardized Quote from Letha for this secured loan of $12000, provided by Virginia National Bank

Hi, I am Letha and I’m from Charlottesville in Virginia. Charlottesville City, county is where I grew up, and now I need a secured loan in Virginia for $12000 to buy a big ticket item. It wasn’t easy, but Virginia National Bank really came through for me with this loan for 7.0% interest APR and a term of 8 years. I can repay the loan over the 8 year term, including interest. A big thanks to Virginia National Bank for giving me a chance and my fair credit. It look me 5 years to build my credit to 546, and I won’t tarnish it any more. I’m happy with Find Texas Loans for helping me this far.

Letha has a sad current total income, but has a high number of prospects

Letha has always wanted to be a foreign service officer, but would have to attend Technical Education College again to become one. Letha has other prospects as well, including database administrator, deaf students teacher, and water pollution control inspector, which pay $53,000 through to $109,000 per year, on average. For this reason, we believe that Letha can afford this secured loan of $12000.

Conclusion of Letha’s secured loan

In the end, Letha was able to find a secured loan for $12000 with an interest rate of 8.2% interest APR from Virginia National Bank in Charlottesville, Virginia repayable over 8 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.