Dallas TX
Fair To Bad Credit Loans

Bad Credit Loan Example In Dallas TX

George and his family have been living from pay check to pay check. Both he and his wife work at a cleaning company cleaning office buildings in the evenings after everyone has gone home.

They make minimum wage and support an elderly parent as well who live with them. If life was not already difficult enough for them, George’s wife had a fall at work and needed hospital care for a couple of days. She badly sprained her wrist and is wearing a cast until it properly heals.

Never the less she is back at work. They just cannot afford to lose the income and must keep working. With the hospital and doctor bills along with losing a weeks work they decided to turn to a pay day loan service to cover these costs and to pay the rent.

They felt they had no choice at the time. Apparently they did not realize just how expensive a pay day loan can be with the interest and fees that are charged. The loans are due next week and they desperately want to find another solution. They cannot pay the total loan off so will have to renew again, this time a smaller amount. They have been stressed out over this loan for the past week.

George needs $3000 and can handle a low monthly payment even with his bad credit rating. The interest rate he pays will be higher than someone with excellent credit, however it is much better than a payday loan. He was able to qualify for a loan and will be able to repay the pay day loan in full and a couple of days early.

A $3000 personal loan with a five-year term and 9% interest rate for George cost him the following per month:

• Loan Amount (principal) = $3000
• Interest Rate = 9%
• Term Length = 5 year
• Monthly Payment = $62.28
• Total Paid Back = $3736.50
• Total Interest = $736.50

Now that they have got the loan situation under control, he and his wife can focus on working and earning enough money to repay this loan and perhaps save a little bit.

They are great people, they work hard and they are taking care of their one parent still left alive. Georges father helps around the house and prepares all of the meals for them. He keeps the house clean and tries to help any way he can.

Within a year he will be eligible for Medicare and old age assistance. This will help the family immensely providing more income and also help pay for some of the medication that he needs.

Although life is now a lot more stable, both George and his wife have learned a tough lesson. They realize they need to find better paying jobs and they need to set aside some money to pay for emergencies whenever they occur.

On their income, it is difficult to do, but they plan to tighten their belts a little bit more and begin saving something for the next time an emergency comes along. George just made his first payment on his new loan and life is finally looking better for the family.

If you live in Dallas TX and you need a loan regardless of a bad credit rating we hope our website helps you in some way.

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