Dayton OH
Fair To Bad Credit Loans

Bad Credit Loan in Dayton OH

Paul needs new dentures, but first he must have all of his teeth pulled.

His gums will need to heal for several months and then he can be fitted with dentures. All together the estimate the dentist has given him is around $2500 to $3000.

He just does not have the money to go through with having his teeth removed and dentures fitted. He needs a loan to help afford this medical crisis.

He has another problem as well. His credit is bad due to some poor decisions he has made in the last couple of years. For starters he overspent on credit and then could not pay it back.

He also had a car loan and failed to make all of the payments on his car. They repossessed the car and he still owes money to the leasing company, which he is fighting at the moment.

Finally, if that was not enough, he could not pay his rent and was evicted from a nice apartment. Needless to say, he had a really bad period where he did not have much money and could not pay his bills.

Paul has managed to turn things around in the last year, however his credit score will not improve for a few years until he has demonstrated that he can handle credit and pays his bills.

Some credit reports of missed payments can stay on your credit report from two to as many as seven years. It can take a long time before you can get your credit rating back into the good category.

He is working full time and making enough money to pay all of his debts. He does not have any extra cash to handle emergency medical issues such as this one.

He wants to borrow $3000 to pay for his dental bills.

A $3000 loan with an four-year term and 9.19% interest rate for Paul would cost him the following per month:

• Loan Amount (principal) = $3000
• Interest Rate = 9.19%
• Term Length = 4 year
• Monthly Payment = $74.93
• Total Paid Back = $3596.45
• Total Interest = $596.45

Anyone with bad credit will have a difficult time finding someone willing to take the risk and to lend them money. This is Paul’s situation and he just does not know what to do about it.

Although he is getting his life back on track and working full time, insufficient time has passed to show that he now is a better credit risk.

Even with a high interest rate as shown in the above example, many lenders are afraid to take the risk. However, Paul is desperate and wants to get this medical work completed.

He is willing to have his employer pay the loan directly from his pay. Not many lenders or employers are willing to make this kind of arrangement.

The lenders prefer to withdraw the monthly loan payments directly from the persons account each month.

He may have to resort to working overtime as much as he can and saving the money he needs for the dentist. In the meantime, he will have to endure the pain that his teeth are causing him until he can have them pulled.