San Diego CA
Fair To Bad Credit Loans

$40000 Fair Credit Loan In San Diego

Michael needs a $40,000 fair credit loan in San Diego Ca to help him put his family back together. He is currently living with his dad, his wife and son are living with her parents and another daughter is living with one of his wife’s sisters.

It is a pretty mixed up situation and he desperately needs a loan to help consolidate debts as well as pay for his first and last months rent for a home they want to rent.

Michael lost the home they were in when he lost his job. Rather than risk being evicted, he and his family decided they would move out when the lease ended, take their personal items and move in with the family as mentioned above.

They are saving a great deal of money by living this way while they recover from his job loss. Fortunately, his wife has kept her job and supporting the family.

Once he landed a new job just last month, he and his wife started making plans to find a place to move into and bring the family back together again.

Both sets of parents have offered to help them financially in addition to supporting them by providing a place to live in. With the loan, they can consolidate everything and focus on setting up a new home for themselves and the rest of the family.

A $40000 fair credit loan with a five-year term and a 5% interest rate for Michael could cost him the following per month:

• Loan Amount (principal) = $40000
• Interest Rate = 5%
• Term Length = 5 year
• Monthly Payment = $754.85
• Total Paid Back = $45290.96
• Total Interest = $5290.96

Michael and his wife have done all of the right things. They did not get evicted, they paid their rent up until they moved out and they have always paid their monthly bills on time.

Their credit rating is in fair condition as a result making them good candidates for being approved for a fair credit loan in the San Diego area. They are paying a price for being in a financial mess. Splitting up the family in the manner they have had to take was not easy and must be difficult for the entire family.

It took several months for Michael to get his family back together. There was no problem obtaining a loan, although he had to have his father co-sign. They needed an address for him to file with the lender.

Once he was approved for the loan he and his family began looking for a place they could live within their budget and also close to work and schools. They are about to move into their new home. Everyone is really excited. They even splurged a bit and bought some new bedroom furniture for the kids.

He has already made several monthly payments on his loan and we have no doubt that he will be an excellent borrower who will repay his loan fully and on time. We hope that he and his family do well over the next few years. They needed a break and they got one.