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$48000 Secured Loan In Boston Massachusetts With Credit Score 377 For Nelia

$48000 Secured Loan – Boston Massachusetts, Credit Rating Of 377

  • Experian: 392 – The client had a terrible Experian rating
  • Transunion: 363 – Nelia had a terrible credit score with Transunion.
  • Equifax: Nelia’s Experian score was 377, which is a terrible credit score on the Experian system.
Client Profile: Nelia Bazer of Boston, Massachusetts
  • Full name (Changed if requested): Nelia Bazer
  • Current Credit: loans.hit.utils.Fico@368102c8
  • Current City: Boston
  • State: Massachusetts
  • Zip code: 2116
  • Yearly income: $51,000
  • Current Job: mail clerk
  • Current County: Suffolk
  • Goal Yearly Income: $104,000
  • Debt (Personal Loan, Credit Card, Payday Loan, etc): $0

Contact Details for BayBank, National Association, the provider of this secured loan

  • BayBank, National Association
  • City: Boston
  • State: Massachusetts
  • Address: 175 Federal Street
  • County: Suffolk
  • Zip code: 2110

Before applying for this secured loan, Nelia had an Experian score of 392, which is terrible, so BayBank, National Association likely can provide Nelia a secured loan

Experian Score: 392

7 Months Ago, Nelia Tried to Find a High Risk Loan for $32,000.00, and it was Easy

There is an existing struggle for clients to get high risk loans in a safe manner. a lot of high risk loans end up originating loan sharks or the like, which can be frightening to borrowers like Nelia. Nelia decided not to obtain a high risk loan this time. High Risk loans are generally given by lenders to bad credit clients. Borrowers with credit ratings as low as 491 can inquire for a high risk loan and possibly can be accepted.

Nelia was rejected by United States Trust Company 4 times before being granted funding by BayBank, National Association at 175 Federal Street

On January 6, 2009, Nelia inquired about borrowing $2,000 from The Arlington National Bank with Vashti, their friend from just outside Boston, and even with the co-signer, Nelia was rejected for this secured loan. With terrible credit, it can be very hard to obtain financing, even with collateral and a co-signer.

Personal Loan for a mail clerk named Nelia in Boston, Massachusetts to Pay Off TJX Rewards Platinum MasterCard

Nelia had a lot of credit card debt on their Toys ‘R Us Credit Card and their Citizens Bank Clear Value MasterCard, and they were starting to get in over their heads. Despite Nelia’s job as a mail clerk, they struggled to make payments on the $27,000.00 credit card balance, desperately needing assistance in the form of a personal loan.

Paraphrased and Standardized Quote from Nelia for this secured loan of $48000, provided by BayBank, National Association

Hi, I am Nelia and I am from Boston in Massachusetts. Suffolk, county is where I grew up, and now I need a secured loan in Massachusetts for $48000 to buy a car. It wasn’t easy, but BayBank, National Association really came through for me with this loan for 10.0% interest APR and a term of 2 years. I can probably repay the loan over the 2 year term, including interest. A big thanks to BayBank, National Association for trusting me and my terrible credit. It look me 6 years to create my credit to 377, and I won’t tarnish it any more. I’m pleased with Find Texas Loans for helping me this far.

Signature Loan acquired in Boston, Massachusetts for $48000 with terrible credit by Nelia

Most borrowers struggle with obtaining signature loans in Boston, Massachusetts, and Nelia is the same. Nelia went to 6 lending institutions or more before settling on BayBank, National Association, who offered Nelia a signature loan for $48000. Most signature loans simply need a client, like Nelia’s signature to obtain them, up to $31,000 in some cases. Nelia was able to get $48000 as a secured loan, which is very high for a secured loan. Since signature loans do not need a cosigner, they generally need better credit, as high as 777

Nelia’s Overall FICO score at the time of acceptance for a secured loan, taking into account their mail clerk job and their future job as a tax auditor

Fico Score: 377

Nelia has a disappointing current yearly income, but has a high number of prospects

Nelia has always wanted to be a tax auditor, but would have to attend Nicholls State University again to become one. Nelia has other possibilities as well, including aircraft examiner, fraud investigator, and health case manager, which pay $51,000 through to $103,000 per year, on average. Because of this, we believe that Nelia can pay for this secured loan of $48000.

When Nelia was 23, they attempted to obtain a student loan from 5 different banks, which damaged their credit rating. Below is a list of Nelia’s previous attempts at finding a student loan:

  • Attempt 1) Loan for $25,000.00 on May 14, 2010
  • Attempt 2) Loan for $27,000.00 on August 15, 2010
  • Attempt 3) Loan for $33,000.00 on July 25, 2011
  • Attempt 4) Loan for $22,000.00 on June 7, 2013
  • Attempt 5) Loan for $25,000.00 on March 30, 2010

Multiple other requests for credit have been made by Nelia in the past, including one from The First National Bank of Hamilton Square in Boston, Massachusetts before Nelia was approved for the $48000 by BayBank, National Association

Nelia made 5 previous attempts to obtain a secured loan, 2 of which were with The First National Bank of Hamilton Square, a bank in Boston, Massachusetts known to specialize in secured loans specifically. Prior to finding BayBank, National Association, Nelia was very concerned due to their inexperience and terrible credit rating.

Previous requests on Nelia’s credit

Principle in USD Term Length in Years Annual Percentage Rate Monthly Payment Lender’s Branch Name Date of Request
$139120.00 6 11.6% $2690.97 State Street Bank and Trust Company October 29, 2009
$139210.00 9 6.5% $1705.95 United States Trust Company February 2, 2010
$139210.00 4 7.4% $3359.45 BayBank Harvard Trust Company April 17, 2014
$139240.00 9 10.7% $2013.48 Durfee Attleboro Bank December 17, 2014

Fast Loans for Nelia in Boston, Massachusetts to prevent bankruptcy or harm from debt collectors.

Fast loans in Boston, Massachusetts aren’t actually that difficult to obtain, especially if you have some gumption like Nelia. Nelia was able to find a fast loan for $48000 from Eastern Bank and Trust Company and Bank of New England – Hancock, but declined both offers in favor of their secured loan from BayBank, National Association. 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 5 weeks for installment loans. An improvement if you are in a time sensitive situation.

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

Average debt consolidation loans vary from $33,000.00 to $58,000.00. They are normally used to pay off existing high interest loans like credit cards. Nelia needed a debt consolidation loan to pay for their existing secured loan and their payday loan. Nelia was able to find a secured loan in the end. Debt consolidation, or just consolidation, is a tactic in the strategic borrowing method which converts your dirty, high interest loans to a single reduced interest loan. Debt consolidation loans usually have interest rates as low as 2.2%.

Installment loan for Nelia, a graduate of Nicholls State University and a mail clerk working for over $71,000 per year

Nelia, an alumnus at Nicholls State University and a mail clerk in Boston, Massachusetts wants a secured loan to purchase a house. Nelia has instead chosen to obtain an installment loan for $16,000 and is at present seeking lenders like Bank of New England – Hancock to process their request.

Nelia’s Transunion score was altered by the secured loan loan, changing to 363 from 377, which is normal in our experience.

Transunion Score: 363

Conclusion of Nelia’s secured loan

In the end, Nelia was able to find a secured loan for $48000 with an interest rate of 6.6% interest APR from BayBank, National Association in Boston, Massachusetts repayable over 2 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.