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Secured Loan With Very Low APR In Roane County, West Virginia

$135000 Secured Loan – Spencer West Virginia, Credit Rating Of 584

  • Experian: 601 – This individual had a fair Experian rating
  • Transunion: 565 – Erlene had a fair credit score with Transunion.
  • Equifax: Erlene’s Experian score was 584, which is a fair credit score with the Experian scale.

Personal Loan for a merchandise displayer named Erlene in Spencer, West Virginia to Pay Off DCU Visa Platinum Secured Credit Card

Erlene had a tonne of credit card debt on their First Financial Bank Credit Cards and their American Savings Bank Secured Visa Card, and they were starting to get in over their heads. Despite Erlene’s job as a merchandise displayer, they struggled to make payments on the $23,000.00 credit card balance, desperately needing assistance in the form of a personal loan.

Previous requests on Erlene’s credit

Principle in USD Term Length in Years Annual Percentage Rate Monthly Payment Lender’s Branch Name Date of Request
$12690.00 5 7.8% $256.09 Wesbanco Bank Sistersville September 15, 2011
$12660.00 11 9.4% $154.23 Wesbanco Bank, Inc. March 18, 2013
$12890.00 7 10.6% $218.01 Peoples State Bank, National Association June 4, 2014
$13380.00 11 9.6% $164.5 Kanawha Banking & Trust Company National Association October 4, 2014

Many past requests for credit have been made by Erlene in the past, including one from Burritt InterFinancial Bancorporation in Spencer, West Virginia before Erlene was approved for the $135000 by First Neighborhood Bank

Erlene made 5 previous tries to obtain a secured loan, 2 of which were with Burritt InterFinancial Bancorporation, a bank in Spencer, West Virginia known to specialize in secured loans specifically. Before finding First Neighborhood Bank, Erlene was concerned due to their inexperience and fair credit score.

Signature Loan acquired in Spencer, West Virginia for $135000 with fair credit by Erlene

Most prospective borrowers have difficulty with finding signature loans in Spencer, West Virginia, and Erlene is no exception. Erlene went to 8 lending institutions or more before finding First Neighborhood Bank, who offered Erlene a signature loan for $135000. Most signature loans simply require a client, like Erlene’s signature to obtain them, up to $29,000 in some cases. Erlene was able to get $135000 as a secured loan, which is very high for a secured loan. Since signature loans do not need a cosigner, they generally need higher credit, as high as 734

Fast Loans for Erlene in Spencer, West Virginia to prevent bankruptcy or bodily harm from debt collectors.

Fast loans in Spencer, West Virginia aren’t actually that difficult to obtain, especially if you have some finesse like Erlene. Erlene was able to find a fast loan for $135000 from Wesbanco Bank, Inc. and The Bank of Romney, but declined both offers in favor of their secured loan from First Neighborhood Bank. The difference with a fast loan over a debt consolidation loan is in speed. Fast loans normally are processed within 1 – 3 weeks, versus up to 7 weeks for personal loans. A big difference if a client is in a pinch.

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

  • Attempt 1) Loan for $29,000.00 on October 29, 2012
  • Attempt 2) Loan for $23,000.00 on February 11, 2010
  • Attempt 3) Loan for $38,000.00 on August 26, 2010
  • Attempt 4) Loan for $33,000.00 on August 14, 2012
  • Attempt 5) Loan for $23,000.00 on September 10, 2011
  • Attempt 6) Loan for $35,000.00 on January 21, 2009

Erlene’s Overall FICO score at the time of acceptance for a secured loan, taking into account their merchandise displayer job and their future career as a legal assistant

Fico Score: 584

Erlene was rejected by Clay County Bank, Inc. 7 times before being granted funding by First Neighborhood Bank at 216 Market Street

On September 5, 2010, Erlene inquired about borrowing $24,000 from West Union Bank with Cory, their in law from just outside Spencer, and even with the co-signer, Erlene was rejected for this secured loan. With fair credit, it can be challenging to procure funding, even with collateral and a co-signer.

Paraphrased and Standardized Quote from Erlene for this secured loan of $135000, provided by First Neighborhood Bank

Hi, I am Erlene and I am from Spencer in West Virginia. Roane, county is where I grew up, and now I need a secured loan in West Virginia for $135000 to buy a car. It has been difficult, but First Neighborhood Bank really came through for me with this loan for 9.1% interest APR and a term of 2 years. I will repay the loan over the 2 year term, including interest. A big thanks to First Neighborhood Bank for giving me a chance and my fair credit. It look me 5 years to build my credit to 584, and I won’t harm it any future. I am pleased with Find Texas Loans for assisting me this far.

Installment loan for Erlene, a graduate of Maricopa Community Colleges – Gateway Community College and a merchandise displayer working for over $66,000 per year

Erlene, an alumnus at Maricopa Community Colleges – Gateway Community College and a merchandise displayer in Spencer, West Virginia needs a secured loan to purchase a house. Erlene has instead chosen to obtain an installment loan for $5,000 and is at present seeking lenders like Davis Trust Company to process their request.

Before applying for this secured loan, Erlene had an Experian score of 601, which is fair, so First Neighborhood Bank probably cannot provide Erlene a secured loan

Experian Score: 601

Erlene has a disappointing current total income, but has several of prospects

Erlene has always wanted to be a legal assistant, but would have to attend Maricopa Community Colleges – Gateway Community College again to achieve it. Erlene has other possibilities as well, including sales representative, mechanical drafter, and market research analyst, which pay $55,000 through to $93,000 per year, on average. For this reason, we believe that Erlene can afford this secured loan of $135000.

Debt Consolidation Can Help Any Deeply Indebted Borrower to Escape Bad Debts like Credit Card Debt

Average debt consolidation loans vary from $30,000.00 to $45,000.00. They are normally used to pay off existing high interest loans like credit cards. Erlene required a debt consolidation loan to pay for their existing secured loan and their payday loan. Erlene was able to find a secured loan in the end. Debt consolidation, or just consolidation, is a tactic in the strategic borrowing method which changes your less desirable, catastrophically high interest loans to one reduced interest loan. Debt consolidation loans generally have interest rates as low as 2.1%.

Erlene’s Transunion score was changed by the secured loan loan, changing to 565 from 584, which is normal in our experience.

Transunion Score: 565

Client Profile: Erlene Katzen of Spencer, West Virginia
  • Full name (Changed if requested): Erlene Katzen
  • Current Credit: loans.hit.utils.Fico@2dda6444
  • Current City: Spencer
  • State: West Virginia
  • Zip code: 25285
  • Yearly income: $64,000
  • Current Job: merchandise displayer
  • Current County: Roane
  • Goal Yearly Income: $119,000
  • Debt (Personal Loan, Credit Card, Payday Loan, etc): $6000

Contact Details for First Neighborhood Bank, the provider of this secured loan

  • First Neighborhood Bank
  • City: Spencer
  • State: West Virginia
  • Address: 216 Market Street
  • County: Roane
  • Zip code: 25276

8 Months Ago, Erlene Tried Finding a High Risk Loan for $21,000.00, but They Didn’t Find What They were Expecting

There is an well known struggle for clients to find high risk loans in a safe way. Many high risk loans end up originating loan sharks or similar lenders, which can be scary to borrowers like Erlene. Erlene chose not to get a high risk loan this time. High Risk loans are generally given by lenders to very low credit applicants. Clients with credit ratings as low as 369 can apply for a high risk loan and possibly can be approved.

Conclusion of Erlene’s secured loan

In the end, Erlene was able to find a secured loan for $135000 with an interest rate of 10.0% interest APR from First Neighborhood Bank in Spencer, West Virginia repayable over 2 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.