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Last updated May 2019

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Long Beach CA: Licensing/Credit

Consolidation Loan In Long Beach

Dashawn was asking to be approved for a loan so he could pay off some payday loan companies, his two credit cards, and some money he owed his uncle.

Here is the breakdown of these different debt amounts.

$1000 to payday loan store
$500 to cash advance store
$2500 to Visa card balance
$1000 to his Amex card
$1000 to his uncle

It was difficult for Dashawn to find a lender who approve such a relatively small loan. We've seen borrowers actually spend a few extra thousand dollars to put their total debt above the $10000 dollar mark.

That way you can find more lenders who will consider a personal loan. Each lender has it's own threshold principal they go by. All lenders have a principal amount minimum written into their policy and procedure manual.

So Dashawn ended up applying online and not using a lender in his home town of Long Beach. Actually, he wasn't even approved with a lender in the State of California. He chose to accept the terms and conditions in the loan agreement of a nation wide lender.

We'll list of the offers he received from the WFL lender pool below.

• Debt Consolidation Amount = $6000
• Interest Rate = 9.97%
• Term Length = 1
• Monthly Payment = $527.41
• Total Paid Back = $6,328.94
• Total Interest = $328.94

With his $6000 dollar loan at a rate of 9.97% he was paying $527.41 for 12 months. This results in over $6300 paid back to the lender in total. The monthly payment was something Dashawn was fine with considering the income he gets from his two car wash jobs.

However, he really wanted to get the monthly payments down to around $150 per month. That wasn't possible because none of the lender would agree to that number.

You can only hope that Dashawn will continue to maintain his monthly income so he can service his new debt.

Nation wide lender @ 9.97%
CA State lender @ 12.38%
Long Beach local lender #1 @ 13.02%
Long Beach local lender #2 @ 10.34%

That's actually quite a large variation in the interest rates he was offered by the lenders who emailed him. The rate of $9.97 is still relatively high for an interest rate.

Ideally you want to have some kind of asset (like a house) and a line of credit leveraged from that house. Then you want that HELOC (home equity line of credit) to have a rate very close to the federal rate. Even with all that you would still have to have an excellent credit rating to get a rate that low.

But Dashawn was very happy to be out from under the debt collectors. He was really happy to be free of the payday loans and the cash advances. He was caught up in the "cycle of abuse" that predatory lenders are so good at getting young people hooked on.

If you are having a hard time paying your rent and servicing your existing debt, try to stay away from these payday lenders. It's nothing but trouble.

WFL Loan Product Menu

• Bad credit scores below FICO 650
• 200+ lenders review your pre-application(s)
• Applying does not worsen your credit score
• Interest rates starting as low as 9% (cs)
• Collateral not always required
• Funding between 24 hours and 5 days
• Terms from 6 months to 10 years
• Borrow between $500 and $50,000

• Loans for people with 650+ credit scores
• 500+ lenders can review your application
• Interest rates starting as low as 7% (cs)
• Fast approvals and fast funding
• Line of credit approvals with reasonable APR
• Borrow between $500 and $150,000

• Lenders who provide bad credit consolidation
• Debt settlement or debt relief services
• 300+ lenders can review your application
• Interest rates starting as low as 7% (cs)
• Seamless approval and funding process
• Debt relief counseling available
• Borrow form $5000 - $150,000

 

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