Mobile AL
Fair To Bad Credit Loans

Bad Credit Loan Example In Mobile

Bruce's divorce is not going well. He had tried for an friendly divorce without using lawyers. He wanted to use counselling services and save money by not paying for a lawyer.

His soon to be ex went along with this approach at first, however it seems that she has been talking to her friends who suggested she was being too nice and should take him for everything she can.

She has decided to get a lawyer and it went from bad to worse. He feels that he needs a loan to help pay for the legal fees he is going to have.

He now must also get a lawyer and they are paying legal fees that will quickly eat up any money that they were going to save and then some.

The only ones to make any money will be the lawyers. They have a court hearing in a couple of weeks and Bruce does not have not have the cash to pay his lawyer.

He is at risk of losing his house and all of his savings. If he fights this legal action, they both will not end up with very much at all.

Because of the situation, neither his wife nor Bruce have a credit rating that will support a loan at low interest rates.

He has a home, however there is no indication of whether he will end up with the home, if it will be sold to cover expenses or if it will be transferred to his wife as part of the divorce proceedings.

His best estimate at this point is that he needs to come up with $8000 to pay legal fees.

A $8000 loan with a three-year term and 9.5% interest rate for Bruce would cost him the following per month:

• Loan Amount (principal) = $8000
• Interest Rate = 9.5%
• Term Length = 3 year
• Monthly Payment = $256.26
• Total Paid Back = $9225.49
• Total Interest = $1225.49

Few lenders will approve a loan in a situation like the one Bruce is in. His obvious solution is to somehow work with his ex to resolve the issues in the divorce proceedings and avoid significant legal expenses.

He is appealing to some of her friends that will speak with him to see if they can talk to her and show her just how much it will cost them both. In fact, he believes that she will be further ahead if she settles now instead of using a lawyer.

After everyone cooled off a bit, both Bruce and his ex were able to work things out with the aid of a counsellor who cost them both far less money than a lawyer for each of them would have cost.

He was able to explain with the help of the counsellor that the money they saved actually put them in a better position in the long run.

Although Bruce did not need the loan in this situation, he also learned that he would have to pay a high interest rate on a loan given his poor credit rating.

He is going to focus on improving the credit score over the coming years to help him qualify for better rates in the future.

A shout out to all living in the Mobile Alabama area. If you need a loan regardless of credit, we may be able to help you today.

Sincerely,

Lance Somerset

Lance Somerset founded the We Find Lenders Pool. He writes for WFL on rare occasions just for the fun of it, and to stay current with the content on our web site.

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