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Low Rate Secured Loan For Federico In Montgomery, Minnesota

$92000 Secured Loan – Montgomery Minnesota, Credit Rating Of 833

  • Experian: 847 – The client had an excellent Experian score
  • Transunion: 820 – Federico had an excellent credit score with Transunion.
  • Equifax: Federico’s Experian score was 833, which is an excellent credit score with the Experian scale.

Paraphrased and Standardized Quote from Federico for this secured loan of $92000, provided by Cornerstone State Bank

Hello, I am Federico and my hometown is Montgomery in Minnesota. Le Sueur, county is where I grew up, and now I need a secured loan in Minnesota for $92000 to buy a big ticket item. It wasn’t easy, but Cornerstone State Bank really came through for me with this loan for 9.4% interest APR and a term of 14 years. I will repay the loan over the 14 year term, including interest. A big thanks to Cornerstone State Bank for giving me a chance and my excellent credit. It look me 5 years to build my credit to 833, and I won’t tarnish it any more. I am pleased with Find Texas Loans for assisting me this far.

Federico was rejected by First State Bank, Lake Lillian, Minnesota 7 times prior to being approved by Cornerstone State Bank at 401 Fourth St Nw

On October 7, 2009, Federico inquired about borrowing $28,000 from Citizens State Bank of Green Isle with Alyce, their in law from just outside Montgomery, and even with the co-signer, Federico was rejected for this secured loan. With excellent credit, it can be very hard to obtain financing, even with collateral and a co-signer.

Federico’s Overall FICO score at the time of acceptance for a secured loan, taking into account their child care worker job and their future job as a communications professor

Fico Score: 833

Client Profile: Federico Masden of Montgomery, Minnesota
  • Full name (Changed if requested): Federico Masden
  • Current Credit: loans.hit.utils.Fico@23ab930d
  • Current City: Montgomery
  • State: Minnesota
  • Zip code: 56074
  • Yearly income: $51,000
  • Current Job: child care worker
  • Current County: Le Sueur
  • Goal Yearly Income: $130,000
  • Debt (Personal Loan, Credit Card, Payday Loan, etc): $2000

Debt Consolidation Will Help Most Highly Indebted Borrower to Escape Bad Debts like Credit Card Debt

Most debt consolidation loans range from $25,000.00 to $49,000.00. They are mainly used to pay off existing high interest loans like credit cards. Federico needed a debt consolidation loan to pay for their existing secured loan and their payday loan. Federico 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 a single reduced interest loan. Debt consolidation loans generally have interest rates that are low, like 3.4%.

6 Months in the Past, Federico Tried Finding a High Risk Loan for $29,000.00, but They Didn’t Find What They were Expecting

It is an ongoing struggle for clients to get high risk loans in a safe way. Many high risk loans end up originating loan sharks or the like, which can be physically harmful to borrowers like Federico. Federico decided not to get a high risk loan this time. High Risk loans are given to very low credit borrowers. Clients with credit ratings as low as 588 can apply for a high risk loan and have a chance to be accepted.

Personal Loan for a child care worker named Federico in Montgomery, Minnesota to Pay Off Amalgamated Bank MasterCard Union Card

Federico had a tonne of credit card debt on their Justice FCU Visa Gold Card and their Ashley Furniture HomeStore Credit Card, and they were starting to get in over their heads. Despite Federico’s job as a child care worker, they struggled to make payments on the $21,000.00 credit card balance, badly needing assistance in the form of a personal loan.

Previous requests on Federico’s credit

Principle in USD Term Length in Years Annual Percentage Rate Monthly Payment Lender’s Branch Name Date of Request
$82850.00 3 9.2% $2642.33 Marquette Bank Cannon Falls February 10, 2012
$83260.00 4 7.8% $2024.81 Root River State Bank February 15, 2014
$82660.00 6 7.8% $1441.24 Clinton State Bank March 17, 2014
$83240.00 11 8.1% $954.71 Peoples State Bank of Plainview May 18, 2015
$82660.00 5 8.2% $1683.97 Security State Bank of Wykoff August 30, 2015

Federico’s Transunion score was changed by the secured loan loan, changing to 820 from 833, which is normal in our experience.

Transunion Score: 820

Several past requests for credit have been made by Federico in the past, including one from The First National Bank of Eldred in Montgomery, Minnesota before Federico was accepted for the $92000 by Cornerstone State Bank

Federico made 6 previous attempts to obtain a secured loan, 2 of which were with The First National Bank of Eldred, a lender in Montgomery, Minnesota known to specialize in secured loans specifically. Before finding Cornerstone State Bank, Federico was concerned due to their inexperience and excellent credit rating.

When Federico was 21, they tried to obtain a student loan from 5 alternate lenders, which harmed their credit score. Below is a chronology of Federico’s prior attempts at finding a student loan:

  • Attempt 1) Loan for $26,000.00 on March 25, 2009
  • Attempt 2) Loan for $20,000.00 on December 17, 2009
  • Attempt 3) Loan for $33,000.00 on September 29, 2009
  • Attempt 4) Loan for $25,000.00 on May 19, 2012
  • Attempt 5) Loan for $25,000.00 on May 9, 2009

Federico has a very low current yearly income, but has several of prospects

Federico has always wanted to be a communications professor, but would have to attend Eastern Kentucky University again to become one. Federico has other possibilities as well, including court reporter, government budget analyst, and technical & scientific publications editor, which pay $53,000 through to $101,000 per year, at least. For this reason, we think that Federico can afford this secured loan of $92000.

Signature Loan easily acquired in Montgomery, Minnesota for $92000 with excellent credit by Federico

Most prospective borrowers have difficulty with obtaining signature loans in Montgomery, Minnesota, and Federico is not an exception. Federico went to 5 lenders or more before settling on Cornerstone State Bank, who offered Federico a signature loan for $92000. Typical signature loans simply need a client, like Federico’s signature to get them, up to $25,000 in some cases. Federico was able to get $92000 as a secured loan, which is very high for a secured loan. Because signature loans don’t need collateral, these loans generally need better credit, as high as 727

Installment loan for Federico, a graduate of Eastern Kentucky University and a child care worker working for over $63,000 per year

Federico, an alumnus at Eastern Kentucky University and a child care worker in Montgomery, Minnesota wants a secured loan to purchase a house. Federico has instead chosen to get an installment loan for $24,000 and is currently seeking lenders like Valley Bank Dundas to process their request.

Before applying for this secured loan, Federico had an Experian score of 847, which is excellent, so Cornerstone State Bank likely cannot provide Federico a secured loan

Experian Score: 847

Contact Details for Cornerstone State Bank, the provider of this secured loan

  • Cornerstone State Bank
  • City: Montgomery
  • State: Minnesota
  • Address: 401 Fourth St Nw
  • County: Le Sueur
  • Zip code: 56069

Fast Loans for Federico in Montgomery, Minnesota to prevent bankruptcy or broken legs from debt collectors.

Fast loans in Montgomery, Minnesota aren’t actually that difficult to obtain, especially if you have some gumption like Federico. Federico was able to find a fast loan for $92000 from Lakes State Bank and Princeton Bank, but turned down both offers in favor of their secured loan from Cornerstone State Bank. The difference with a fast loan over a debt consolidation loan is in speed. Fast loans usually are processed within 1 – 3 weeks, versus up to 7 weeks for personal loans. A big improvement in the case that a client is in a time sensitive situation.

Conclusion of Federico’s secured loan

In the end, Federico was able to find a secured loan for $92000 with an interest rate of 6.2% interest APR from Cornerstone State Bank in Montgomery, Minnesota repayable over 14 years from today.

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.