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$36000 Student Loan With Terrible Credit In Commerce Georgia

$36000 Student Loan – Commerce Georgia, Credit Rating Of 382

  • Experian: 397 – The client had a terrible Experian rating
  • Transunion: 363 – Caroline had a terrible credit score with Transunion.
  • Equifax: Caroline’s Experian score was 382, which is a terrible credit score using the Experian system.

Before applying for this student loan, Caroline had an Experian score of 397, which is terrible, so First Covenant Bank probably cannot provide Caroline a student loan

Experian Score: 397

Contact Details for First Covenant Bank, the provider of this student loan

  • First Covenant Bank
  • City: Commerce
  • State: Georgia
  • Address: 1731 N Elm St
  • County: Jackson
  • Zip code: 30529

When Caroline was 20, they attempted to obtain a student loan from 5 alternate banks, which harmed their credit rating. Below is a list of Caroline’s previous attempts at finding a student loan:

  • Attempt 1) Loan for $28,000.00 on September 17, 2011
  • Attempt 2) Loan for $28,000.00 on July 13, 2010
  • Attempt 3) Loan for $36,000.00 on February 15, 2011
  • Attempt 4) Loan for $33,000.00 on November 6, 2009
  • Attempt 5) Loan for $38,000.00 on June 28, 2012

Personal Loan for a career counselor named Caroline in Commerce, Georgia to Pay Off Delaware National Bank Credit Cards

Caroline had a tonne of credit card debt on their Ralphs Rewards Plus MasterCard and their New York & Company Credit Card, and they were starting to get in over their heads. Despite Caroline’s job as a career counselor, they struggled to make payments on the $20,000.00 credit card balance, badly needing assistance in the form of a personal loan.

Caroline’s Overall FICO score at the time of acceptance for a student loan, taking into account their career counselor job and their future job as a security guard

Fico Score: 382

Installment loan for Caroline, a graduate of Fairleigh Dickinson University and a career counselor working for over $78,000 per year

Caroline, an alumnus at Fairleigh Dickinson University and a career counselor in Commerce, Georgia needs a student loan to purchase a car. Caroline has instead decided to obtain an installment loan for $9,000 and is currently seeking lenders like Bank of Hazlehurst to process their request.

Fast Loans for Caroline in Commerce, Georgia to prevent bankruptcy or harm from debt collectors.

Fast loans in Commerce, Georgia aren’t actually that difficult to obtain, especially if you have some gumption like Caroline. Caroline was able to find a fast loan for $36000 from The Peoples Bank of Talbotton and Sylvester Banking Company, but declined both offers in favor of their student loan from First Covenant Bank. The improvement with a fast loan over a personal loan is in speed. Fast loans usually are processed within 1 – 3 weeks, versus up to 7 weeks for installment loans. A big difference in the case that a client is on the go.

Client Profile: Caroline Tiff of Commerce, Georgia
  • Full name (Changed if requested): Caroline Tiff
  • Current Credit: loans.hit.utils.Fico@16b3fc9e
  • Current City: Commerce
  • State: Georgia
  • Zip code: 30538
  • Yearly income: $42,000
  • Current Job: career counselor
  • Current County: Jackson
  • Goal Yearly Income: $125,000
  • Debt (Personal Loan, Credit Card, Payday Loan, etc): $4000

7 Months in the Past, Caroline Tried Finding a High Risk Loan for $44,000.00, and it was Easy

It is an ongoing struggle for clients to get high risk loans in a safe way. Many high risk loans end up coming from loan sharks or similar lenders, which can be physically harmful to borrowers like Caroline. Caroline decided not to obtain a high risk loan this time. High Risk loans are given to bad credit clients. Borrowers with credit ratings as low as 396 can apply for a high risk loan and have a chance to be approved.

Caroline has a very low current total income, but has a high number of prospects

Caroline has always wanted to be a security guard, but would have to attend Fairleigh Dickinson University again to become one. Caroline has other prospects as well, including welder, animation cartoonist, and book editor, which pay $58,000 through to $92,000 per year, on average. For this reason, we believe that Caroline can pay for this student loan of $36000.

Paraphrased and Standardized Quote from Caroline for this student loan of $36000, provided by First Covenant Bank

Hi, I am Caroline and I am from Commerce in Georgia. Jackson, county is where I grew up, and now I need a student loan in Georgia for $36000 to avoid bankruptcy. It has been difficult, but First Covenant Bank really came through for me with this loan for 7.4% interest APR and a term of 14 years. I can repay the loan over the 14 year term, including interest. A big thanks to First Covenant Bank for trusting me and my terrible credit. It look me 8 years to build my credit to 382, and I won’t harm it any future. I am happy with Find Texas Loans for helping me this far.

Caroline’s Transunion score was altered by the student loan loan, changing to 363 from 382, which is typical in our experience.

Transunion Score: 363

Multiple past requests for credit have been made by Caroline in the past, including one from Home Bank, F.S.B. in Commerce, Georgia before Caroline was approved for the $36000 by First Covenant Bank

Caroline made 5 previous attempts to obtain a student loan, 2 of which were with Home Bank, F.S.B., a lending institution in Commerce, Georgia known to specialize in student loans specifically. Prior to finding First Covenant Bank, Caroline was desperate due to their inexperience and terrible credit score.

Signature Loan found in Commerce, Georgia for $36000 with terrible credit by Caroline

Many clients struggle with finding signature loans in Commerce, Georgia, and Caroline is the same. Caroline went to 6 lending institutions or more before settling on First Covenant Bank, who offered Caroline a signature loan for $36000. Typical signature loans simply need a client, like Caroline’s signature to get them, up to $30,000 in some cases. Caroline was able to get $36000 as a student loan, which is very high for a student loan. Since signature loans do not need collateral, they generally need better credit, as high as 776

Previous requests on Caroline’s credit

Principle in USD Term Length in Years Annual Percentage Rate Monthly Payment Lender’s Branch Name Date of Request
$131390.00 9 11.4% $1950.86 NationsBank of Florida, National Association March 5, 2009
$131260.00 9 11.4% $1948.93 Century Bank and Trust February 28, 2011
$131220.00 5 8.8% $2711.19 Bank of Madison June 2, 2012
$131420.00 3 10.6% $4277.67 Bank of Hazlehurst June 27, 2013

Caroline was rejected by The Peoples Bank 4 times prior to being approved by First Covenant Bank at 1731 N Elm St

On September 17, 2011, Caroline inquired about borrowing $35,000 from United Bank with Kari, their in law from just outside Commerce, and even with the co-signer, Caroline was rejected for this student loan. With terrible credit, it can be very hard to obtain funding, even with collateral and a co-signer.

Debt Consolidation Can Assist Most Deeply Indebted Borrower to Escape Bad Debts like Credit Card Debt

Normal debt consolidation loans range from $34,000.00 to $45,000.00. They are typically used to pay off existing high interest loans like credit cards. Caroline needed a debt consolidation loan to pay for their existing student loan and their loan shark loan. Caroline was able to find a student loan in the end. Debt consolidation, or simply consolidation, is a tactic in the strategic borrowing method which converts your bad, catastrophically high interest loans to one lower interest loan. Debt consolidation loans usually have interest rates as low as 4.4%.

Conclusion of Caroline’s student loan

In the end, Caroline was able to find a student loan for $36000 with an interest rate of 7.7% interest APR from First Covenant Bank in Commerce, Georgia 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.