This is our first loan submission here at Typoloan.com, and we are showing a loan that was applied for and approved for $3000, over a period of three years, and with reasonable monthly installment payments. This borrower is from Alaska and works at the airport. They’ve had a steady job for over three years (at the time of this submission).
This applicant had a bad credit rating because of various financial problems in her past, and really needed to get a quick loan to get things back under control. This young woman is a single mother who has two children she is raising (a three-year-old boy, and two-year-old girl), as her husband passed away from a freak accident on a canoe trip. The tragedy has left her devastated and she really needs a little bit of cash injection to get a few things looked after such as rent, car payments, utilities, and food.
You can read about this loan below.
Where: 3 Year Installment Loan, $3000, Anchorage, AK, Credit Score 300-350
Like I said above, this loan was applied for from Anchorage Alaska and this applicant works at the Ted Stevens Anchorage International Airport. She’s been working there for three years and really likes her job. Her mother does free day care for her children when she is working which helps out quite a bit. Her mother lives in a suburb of Anchorage known as Abbott Loop and has been living there for over 15 years.
This is where we see that this borrower at least has something going for her in regards to family support, and unfortunately we see a lot of applicants who don’t have any kind of family support whatsoever. Regardless though, her mother couldn’t afford to lend her $3000, so she turned to a private lender.
Right now she is living in an apartment not far from the Anchorage airport, near Sand Lake, and really likes the location because she can walk to work. She is making about $2500 a month and this is enough to look after the family – food, and all the other daily expenses. Now we will get into the purpose of this loan.
Purpose: 3 Year Installment Loan, $3000, Anchorage, AK, Credit Score 300-350
The purpose of this $3000 loan is so that she can pay off some debt she has on her credit cards because of the fact that her car (old Ford Bronco) broke down and she had to get some repairs made. This really left her behind on her bills and rent and she has to get some money to pay off the mechanics at the shop where she got it fixed. She got her transmission work done over and Wayne’s Certified Auto Repair, and she had to put all of the labor and parts expenditures on her Visa Card and her American Express card. Now she wants to get rid of the high interest debt.
Amount: 3 Year Installment Loan, $3000, Anchorage, AK, Credit Score 300-350
The amount of this loan is $3000 and she wants to pay this loan back over a three year period with easy monthly installments, and she wants to have an APR that is not ridiculous. She doesn’t want any payday loans or anything like that. She wants to have a lender that is not abusive or predatory, but unfortunately her fico score (which we get into below) is not very good. She was sort of between a rock and a hard place.
Often we get applicants looking for $3000 loans, and quite a few people looking for $4000 and $5000 loans as well. It’s simply because a lot of these online lenders won’t approve loans for over $1000 (or ever $300). So we have to find a lender for her in Alaska who would look after her with this short term installment type loan. She used our application form and you can see her actual words from the pre-app at the bottom of this post.
One of the things that’s hard to find sometimes is a lender who will provide a basic installment loan for a two or three year period, with a low interest rate and flexible pay back options. Now we get into the credit score issues of this applicant.
FICO: 3 Year Installment Loan, $3000, Anchorage, AK, Credit Score 300-350
Our applicant was looking for a loan in Alaska and was trying not to use just any online provider because she was afraid of getting ripped off or scammed by some predatory lender. She was wise in being cautious about her choice. She ended up using our pre-application (below) because she really didn’t have any other choices to speak of. Her credit score was 323 at the time of the pre-app, which put her into the category of “extremely high risk” as a borrower, and the lenders can be really tough on people with credit scores between 300 and 350.
She is working to get her credit score improved but the problem is that it takes awhile before you can get your fico number back up into a more desirable range. So because of this high risk loan stigma, she filled out the pre-app on this site so she could be considered by one of our over 300 lenders. She was ecstatic when she found out that she was going to get approved, but a little bit concerned that the interest rate was 15%. Two days after she was approved by the first lender, she got an e-mail from another lender who offered her a 12% interest rate on the loan so she went with that.
Below we see her actual words from the pre-app.
Borrower’s Words from Application Request
(Note: please excuse typos and grammatical errors as this was paraphrased from a telephone transcript and emails)
Hi my name is Sheila and I really need to get a loan badly. I have 2 mouths to feed because my kids are little now and I have to get a loan as soon as possible. My car broke down and I had my transmission fixed and I had to put all of the money on my credit cards which is left me really behind on my bills. I am afraid to get evicted so you please help me and maybe get me a loan with one of your lenders. I am really desperate for this loan and I have nowhere else to go. My mother has no money, and my father passed away when I was young. I live in Anchorage Alaska and I work at the airport and I have a full-time job. I can assure you that I am fair and I am honest and I can give you money every month for payments and I would like to make all these payments over a three-year. Please. I am really honest person and I can come through with the money for you just like we agree in any kind of contract we signed together. I have references that you can use for me and they will vote sure that I am a good person who makes all my payments and I am honest.
I would really like to talk to one of your lenders and perhaps get approved for a loan. I have a bad credit score of 323 rate now so I don’t know if you can help me or not. I’m just asking, because I have nowhere else to turn. I am almost begging you to get approved for this loan and I know that I will be paying an interest rate that is an ideal, but I require this money as soon as possible. I have to pay off all my credit cards including my visa and my AMEX card. For the sake of my children and their well-being please come through on this loan for me and like I said I will promise to pay all of the payments.
$3000 is all I need, but if you could even limit $2000 that would really help as I have to pay down my credit cards quickly. It makes me very nervous when I have credit card debt this high and I’ve never had this kind of debt before so I would really like to get a loan with you. I have tried all of the banks in Anchorage and I don’t think there’s any banks in Alaska that would approve me for loan with my credit rating so I look forward to hearing from you and thanks for everything.
Borrower’s Words After Approval
Thank you for helping me out! I was approved in three days with one of your lenders and I even had two lenders talk to me. Interest rate isn’t as low as I wanted, but at least this is helping me out, and the costs are less than my credit cards. So this really worked out for me and you really saved my bacon this time. I will recommend you to all my friends thank you so much!