$10000 Bad Credit Loan In Birmingham
It was as a rough time for Felix. He had a really
bad credit rating and was getting turned down by every lender out there.
It wasn't for lack of a good job either.
At the time of his loan application he had been working
for the Birmingham Civil Rights Institute for over five hears. That's
a strong employment record to have, and there's little chance of that
job being terminated with his work record.
The problem was his bad credit rating.
It's so common these days. Good people with bad credit.
From our perspective it feels like an epidemic. The vast majority of
the people applying for loans in the Birmingham area come to our site
because they have bad credit. They don't come here by searching for
"I have excellent credit and need a loan" in Google.
No. If you have excellent credit you just make an appointment
at the Birmingham City Credit Union over on 17th Street North, open
a new account, and get a loan approved without question.
And there is the true irony of major banking institutions
and credit unions. If you have bad credit and need a loan you can't
get one. If you have good credit and don't need a loan, you CAN get
one (and the loan officer will smile for you even).
It's tough. I've personally been there. I lost my business
when I had overextended myself prior to the Great Recession of 2008/09.
I lost my business and my house. I was devastated for a few months after
it all came crashing down.
I swore I would never be broke again and I would never
have a bad credit rating again. If you have a bad credit rating I would
encourage you to take a deep breath and say these words,
"I have bad credit but it's only a situation I'm
dealing with right now and not forever."
Try to remember it's only temporary.
So back to Felix. He couldn't get approved because
of low FICO score. He started using the Internet and he found a web
site that uses our lender pool for their main resource for finding suitable
lenders for people with poor credit ratings.
He use the pre-app form and submitted his request for
$10000. His application was approved for publication within an hour
of submitting it. When he woke up the next morning he had an email from
a qualified and reputable lender.
By that same night he had another email from a lender
in his area. He talked if over with his wife and she helped him choose
which offer to take.
The next day he swamped documents with the lender who
serves the entire State of Alabama. Within two days of applying he had
the money wired to his account.
Here is the calculation on his $10000 loan.
• Loan Amount (principal) = $10000
• Interest Rate = 8.73%
• Term Length = 2 year
• Monthly Payment = $455.61
• Total Paid Back = $10934.63
• Total Interest = $934.63
The interest rate was somewhat high, but he agreed
to pay it based on the fact that his wife had just found a job. Now
they had a duel income so that really helped.
He was approved for loan based on his good employment
record and steady cash flow. The reasons for his bad credit score were
discussed with the lenders who gave him the offers. They simply looked
at why his score was so low.
They didn't just "write him off" because
of his FICO numbers. They went through the reasons way he had a bad
credit rating and made a judgment call on whether or not he would be
able to service his new debt.
It still happens that way IF you find the right lender.
All that best to you folks in Birmingham Alabama and
I hope we can help you with finding a personal loan at some point in