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This page was last updated May 2021

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Best Bad Credit Loans for 2020

Andy just bought a brand new road bike and paid $4000 for his bike. This is a high end road bike that he plans to do a lot of cycling with around the area where he lives in Raleigh. He has $1000 for the down payment and needs a $3000 loan to cover the rest. He is really excited about picking up his new bike in a few days when it is ready.

He just assumed getting a loan would not be any problem. If needed he will charge the balance to his credit card, however his preferred approach is to obtain a personal loan. He does not want to pay the credit card interest rate that he knows they charge on overdue balances. He has a couple of weeks before the balance is due on his card.

He is desperate for a loan to be processed and approved. He picks his bike up in three days from the cycle shop, once it has been properly adjusted and set up. He was going to charge the balance to his credit card and then pay it off when the statement arrives. If he can be approved in the next three days for a loan, he can pay cash and maybe negotiate a lower price.

The numbers for his loan work out as follows based on a one year term and an interest rate of 12%:

Loan Amount (principal) = $3000
Interest Rate = 12%
Term Length = 1 year
Monthly Payment = $266.55
Total Paid Back = $3198.56
Total Interest = $198.56

Andy was approved for his loan in two days and the money was in his account two days later. Although he had to wait an extra day, he waited until the money arrived and then paid cash after negotiating a discount of 5% for a cash sale. He had to wait an extra day to pick up his bike but it was worth it based on the money he saved. His savings that were negotiated based on paying cash almost pays for the cost of the loan.

He has joined a cycling club and rides every other day with the club. They do long distance rides on the weekend of up to sixty miles and more. In addition, he rides to work which saves him even more money. He has a car, but now the car sits in the driveway while he rides back and forth to work.

All in all, this was a good news story for Andy. He purchased the bike he always wanted, the reduced cost of the bike based on paying cash and the money he is saving by riding to work everyday is helping pay for his new bike.

He plans to repay the loan in less than a year which he should have no problem doing! He already had a pretty good credit rating and this loan if paid in full early will only reinforce his already great credit rating. Future loans if and when he needs them will be easy to obtain.

If you live in Raleigh NC and you need a loan regardless of a bad credit rating we hope our web site helps you in some way.

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 website. His son Andy and daughter Chris handle most of the research and writing.

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Employment & Education Advancement Opportunities in Raleigh NC

If you live in Raleigh and you're struggling with making ends meet, you may consider advancing your education and/or finding a higher paying job. We've provided some links here to help with that.

Job Upgrade: Indeed / Monster

Education Advancement: College / University

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• Bad credit scores below FICO 650
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