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$180000 Secured Loan With Terrible Credit In Wallingford Connecticut

$180000 Secured Loan – Wallingford Connecticut, Credit Rating Of 388

  • Experian: 407 – They had a terrible Experian rating
  • Transunion: 376 – Rebbecca had a terrible credit rating with Transunion.
  • Equifax: Rebbecca’s Experian score was 388, which is a terrible credit score using the Experian rating scheme.

Rebbecca was rejected by The Westport Bank and Trust Company 6 times prior to being granted funding by Colony Savings Bank at 909 North Colony Road

On May 28, 2011, Rebbecca applied about borrowing $30,000 from The Guaranty Bank and Trust Company with Micah, their friend from just outside Wallingford, and even with the co-signer, Rebbecca was rejected for this secured loan. With terrible credit, it can be very hard to obtain funding, even with collateral and a co-signer.

Contact Details for Colony Savings Bank, the provider of this secured loan

  • Colony Savings Bank
  • City: Wallingford
  • State: Connecticut
  • Address: 909 North Colony Road
  • County: New Haven
  • Zip code: 6492

Installment loan for Rebbecca, a graduate of Ohio University – Main Campus and a photographic equipment mechanic working for over $71,000 per year

Rebbecca, an alumnus at Ohio University – Main Campus and a photographic equipment mechanic in Wallingford, Connecticut needs a secured loan to purchase a car. Rebbecca has instead decided to obtain an installment loan for $23,000 and is currently seeking lenders like The Connecticut National Bank to process their request.

Paraphrased and Standardized Quote from Rebbecca for this secured loan of $180000, provided by Colony Savings Bank

Hello, I am Rebbecca and I am from Wallingford in Connecticut. New Haven, county is where I grew up, and now I need a secured loan in Connecticut for $180000 to pay bills. It has been difficult, but Colony Savings Bank really came through for me with this loan for 9.3% interest APR and a term of 22 years. I can probably repay the loan over the 22 year term, including interest. A big thanks to Colony Savings Bank for giving me a chance and my terrible credit. It look me 9 years to build my credit to 388, and I won’t harm it any more. I’m happy with Find Texas Loans for assisting me this far.

Signature Loan acquired in Wallingford, Connecticut for $180000 with terrible credit by Rebbecca

A lot of borrowers have difficulty with finding signature loans in Wallingford, Connecticut, and Rebbecca is no different. Rebbecca went to 7 lenders or more prior to settling on Colony Savings Bank, who offered Rebbecca a signature loan for $180000. Typical signature loans simply need a client, like Rebbecca’s signature to obtain them, up to $27,000 in some cases. Rebbecca was able to get $180000 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 751

Previous requests on Rebbecca’s credit

Principle in USD Term Length in Years Annual Percentage Rate Monthly Payment Lender’s Branch Name Date of Request
$22120.00 6 11.7% $429.01 Colonial Bank of Waterbury July 2, 2013
$22200.00 11 7.6% $248.67 The Canaan National Bank March 8, 2015
$22390.00 10 7.1% $261.12 The Clinton National Bank April 11, 2015
$22220.00 9 11.1% $326.22 Deep River Bank and Trust Company June 13, 2015
$22390.00 4 9.3% $560.37 The National Bank of New England of East Haddam August 19, 2015
Client Profile: Rebbecca Machey of Wallingford, Connecticut
  • Full name (Changed if requested): Rebbecca Machey
  • Current Credit: loans.hit.utils.Fico@1c6b6478
  • Current City: Wallingford
  • State: Connecticut
  • Zip code: 6497
  • Yearly income: $39,000
  • Current Job: photographic equipment mechanic
  • Current County: New Haven
  • Goal Yearly Income: $101,000
  • Debt (Personal Loan, Credit Card, Payday Loan, etc): $1000

Personal Loan for a photographic equipment mechanic named Rebbecca in Wallingford, Connecticut to Pay Off Zions Bank Visa Credit Card

Rebbecca had a lot of credit card debt on their Volvo Credit Cards Von Maur Interest-Free Charge Card and their Association of Graduates U.S. Air Force Academy Credit Card, and they were starting to get in over their heads. Despite Rebbecca’s job as a photographic equipment mechanic, they struggled to make payments on the $23,000.00 credit card balance, badly needing assistance in the form of a personal loan.

Fast Loans for Rebbecca in Wallingford, Connecticut to prevent bankruptcy or bodily harm from debt collectors.

Fast loans in Wallingford, Connecticut aren’t actually that difficult to obtain, especially if you have some gumption like Rebbecca. Rebbecca was able to find a fast loan for $180000 from First Union Bank of Connecticut and New Britain Bank and Trust Company, but declined both offers in favor of their secured loan from Colony Savings Bank. The difference with a fast loan over a personal loan is in speed. Fast loans usually are processed within 1 – 3 weeks, versus up to 5 weeks for debt consolidation loans. A big improvement if a client is in a time sensitive situation.

8 Months in the Past, Rebbecca Attempted to Find a High Risk Loan for $22,000.00, and it was Easy

There is an well known struggle for borrowers to find high risk loans in a non-harmful way. Many high risk loans end up originating loan sharks or similar lenders, which can be physically harmful to borrowers like Rebbecca. Rebbecca chose not to get a high risk loan this time. High Risk loans are the instrument of choice, and are given to terrible credit individuals. Individuals with credit scores as low as 344 can apply for a high risk loan and have a chance to be accepted.

Rebbecca’s Overall FICO score at the time of acceptance for a secured loan, taking into account their photographic equipment mechanic job and their future career as an insurance adjuster

Fico Score: 388

Before applying for this secured loan, Rebbecca had an Experian score of 407, which is terrible, so Colony Savings Bank probably cannot provide Rebbecca a secured loan

Experian Score: 407

Several other requests for credit have been made by Rebbecca in the past, including one from Flagship National Bank of Indian River County in Wallingford, Connecticut before Rebbecca was accepted for the $180000 by Colony Savings Bank

Rebbecca made 4 prior attempts to obtain a secured loan, 2 of which were with Flagship National Bank of Indian River County, a lender in Wallingford, Connecticut known to specialize in secured loans specifically. Before finding Colony Savings Bank, Rebbecca was desperate due to their inexperience and terrible credit rating.

Rebbecca’s Transunion score was changed by the secured loan loan, changing to 376 from 388, which is typical in our experience.

Transunion Score: 376

When Rebbecca was 21, they attempted to obtain a student loan from 4 different lenders, which harmed their credit score. Below is a list of Rebbecca’s prior attempts at finding a student loan:

  • Attempt 1) Loan for $25,000.00 on April 20, 2011
  • Attempt 2) Loan for $28,000.00 on March 10, 2013
  • Attempt 3) Loan for $28,000.00 on October 24, 2013
  • Attempt 4) Loan for $31,000.00 on October 31, 2010

Rebbecca has a sad current gross income, but has several of prospects

Rebbecca has always wanted to be an insurance adjuster, but would have to attend Ohio University – Main Campus again to achieve it. Rebbecca has other possibilities as well, including sales representative, industrial hygienist, and casino surveillance officer, which pay $59,000 through to $106,000 per year, on average. Because of this, we believe that Rebbecca can pay for this secured loan of $180000.

Debt Consolidation Will Help Any Deeply Indebted Borrower to Escape Bad Debts like Loan Sharks

Average debt consolidation loans vary from $38,000.00 to $46,000.00. They are mainly used to pay off existing high interest loans like credit cards. Rebbecca needed a debt consolidation loan to pay for their existing secured loan and their loan shark loan. Rebbecca 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 usually have interest rates that are low, like 2.4%.

Conclusion of Rebbecca’s secured loan

In the end, Rebbecca was able to find a secured loan for $180000 with an interest rate of 11.3% interest APR from Colony Savings Bank in Wallingford, Connecticut 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.