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16 Month, Fixed Interest Mortgage For Norman In Arkansas

$123000 Mortgage – Newport Arkansas, Credit Score Of 527

  • Experian: 545 – They had a fair Experian rating
  • Transunion: 512 – Norman had a fair credit score with Transunion.
  • Equifax: Norman’s Experian score was 527, which is a fair credit rating on the Experian rating scheme.

Previous requests on Norman’s credit

Principle in USD Term Length in Years Annual Percentage Rate Monthly Payment Lender’s Branch Name Date of Request
$85240.00 11 6.4% $901.17 Bank of Weiner November 13, 2008
$84900.00 8 7.6% $1183.02 Horizon Bank June 16, 2010
$84820.00 3 9.3% $2709.11 Warren Bank and Trust Company September 30, 2012
$85360.00 9 6.8% $1058.91 Boatmen’s Bank of Northeast Arkansas December 14, 2013

Before applying for this mortgage, Norman had an Experian score of 545, which is fair, so Merchants & Planters’ Bank likely cannot provide Norman a mortgage

Experian Score: 545

Installment loan for Norman, a graduate of The Art Institute of Phoenix and a cost estimator working for over $76,000 per year

Norman, an alumnus at The Art Institute of Phoenix and a cost estimator in Newport, Arkansas needs a mortgage to purchase a car. Norman has instead decided to obtain an installment loan for $14,000 and is at present seeking lenders like Boatmen’s Bank of Northeast Arkansas to process their request.

Fast Loans for Norman in Newport, Arkansas to prevent bankruptcy or broken legs from debt collectors.

Fast loans in Newport, Arkansas aren’t actually that difficult to obtain, especially if you have some gumption like Norman. Norman was able to find a fast loan for $123000 from Security Bank and Arkansas Bank and Trust Company, but declined both offers in favor of their mortgage from Merchants & Planters’ 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 5 weeks for personal loans. A big improvement if a client is in a time sensitive situation.

Paraphrased and Standardized Quote from Norman for this mortgage of $123000, provided by Merchants & Planters’ Bank

Hello, I am Norman and I’m from Newport in Arkansas. Jackson, county is where I grew up, and now I need a mortgage in Arkansas for $123000 to avoid bankruptcy. It wasn’t easy, but Merchants & Planters’ Bank really came through for me with this loan for 10.3% interest APR and a term of 16 years. I can repay the loan over the 16 year term, including interest. A big thanks to Merchants & Planters’ Bank for trusting me and my fair credit. It look me 4 years to build my credit to 527, and I won’t harm it any future. I am pleased with Find Texas Loans for helping me this far.

Norman’s Transunion score was altered by the mortgage loan, changing to 512 from 527, which is typical in our experience.

Transunion Score: 512

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

Average debt consolidation loans range from $32,000.00 to $47,000.00. They are normally used to pay off existing high interest loans like credit cards. Norman needed a debt consolidation loan to pay for their existing mortgage and their credit card. Norman was able to find a mortgage in the end. Debt consolidation, or simply consolidation, is a tactic in the debt snowball method which transfers your dirty, high interest loans to a single reduced interest loan. Debt consolidation loans generally have interest rates as low as 4.1%.

Norman has a low current gross income, but has a high number of prospects

Norman has always wanted to be a school nurse, but would have to attend The Art Institute of Phoenix again to achieve it. Norman has other prospects as well, including high school administrator, physical therapy assistant, and substance abuse counselor, which pay $51,000 through to $108,000 per year, at least. Because of this, we believe that Norman can pay for this mortgage of $123000.

Contact Details for Merchants & Planters’ Bank, the provider of this mortgage

  • Merchants & Planters’ Bank
  • City: Newport
  • State: Arkansas
  • Address: Second And Hazel Streets
  • County: Jackson
  • Zip code: 72112

Signature Loan found in Newport, Arkansas for $123000 with fair credit by Norman

Many borrowers struggle with finding signature loans in Newport, Arkansas, and Norman is no different. Norman went to 4 lending institutions or more before finding Merchants & Planters’ Bank, who offered Norman a signature loan for $123000. Typical signature loans simply require a client, like Norman’s signature to get them, up to $46,000 in some cases. Norman was able to get $123000 as a mortgage, which is very high for a mortgage. Because signature loans don’t require collateral, they tend to require better credit, as high as 776

Personal Loan for a cost estimator named Norman in Newport, Arkansas to Pay Off Tompkins Trust Company Visa Platinum Card

Norman had a lot of credit card debt on their HealthyBack Credit Card and their PenFed Defender American Express Card, and they were starting to get in over their heads. Despite Norman’s job as a cost estimator, they struggled to make payments on the $20,000.00 credit card balance, desperately needing assistance in the form of a personal loan.

Many other requests for credit have been made by Norman in the past, including one from The Citizens Bank of Wetumpka, Alabama in Newport, Arkansas before Norman was approved for the $123000 by Merchants & Planters’ Bank

Norman made 5 previous attempts to obtain a mortgage, 2 of which were with The Citizens Bank of Wetumpka, Alabama, a bank in Newport, Arkansas known to specialize in mortgages specifically. Before finding Merchants & Planters’ Bank, Norman was very concerned due to their inexperience and fair credit score.

Norman’s Overall FICO score at the time of acceptance for a mortgage, taking into account their cost estimator job and their future career as a school nurse

Fico Score: 527

9 Months in the Past, Norman Attempted to Find a High Risk Loan for $26,000.00, but They Didn’t Find What They were Expecting

It is an existing struggle for borrowers to find high risk loans in a safe manner. Many high risk loans end up originating loan sharks or the like, which can be physically harmful to borrowers like Norman. Norman decided not to obtain a high risk loan this time. High Risk loans are given to terrible credit applicants. Borrowers with credit ratings as low as 463 can inquire for a high risk loan and may be be accepted.

Client Profile: Norman Smay of Newport, Arkansas
  • Full name (Changed if requested): Norman Smay
  • Current Credit: loans.hit.utils.Fico@6c629d6e
  • Current City: Newport
  • State: Arkansas
  • Zip code: 72121
  • Yearly income: $67,000
  • Current Job: cost estimator
  • Current County: Jackson
  • Goal Yearly Income: $95,000
  • Debt (Personal Loan, Credit Card, Payday Loan, etc): $5000

Norman was not approved by Peoples Bank and Loan Co. 7 times before being accepted by Merchants & Planters’ Bank at Second And Hazel Streets

On July 31, 2010, Norman applied about borrowing $16,000 from Chambers Bank of North Arkansas with Renetta, their friend from just outside Newport, and even with the co-signer, Norman was rejected for this mortgage. With fair credit, it can be challenging to obtain financing, even with collateral and a co-signer.

When Norman was 22, they tried to obtain a student loan from 6 different banks, which damaged their credit score. Below is a chronology of Norman’s previous attempts at finding a student loan:

  • Attempt 1) Loan for $34,000.00 on November 24, 2009
  • Attempt 2) Loan for $20,000.00 on September 1, 2009
  • Attempt 3) Loan for $23,000.00 on January 13, 2012
  • Attempt 4) Loan for $36,000.00 on August 16, 2011
  • Attempt 5) Loan for $32,000.00 on February 17, 2009
  • Attempt 6) Loan for $21,000.00 on August 22, 2013

Conclusion of Norman’s mortgage

In the end, Norman was able to find a mortgage for $123000 with an interest rate of 6.8% interest APR from Merchants & Planters’ Bank in Newport, Arkansas repayable over 16 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.