High Risk Installment Loans For People With Bad Credit


Consumers all over North American are trying to deal with mounting medical bills and our latest applicant has this problem in spades. He is fortunate to live where he does since most of the medical costs are covered, however there are still many expenses that are not covered by the provincial plans and his own medical benefits plan at work.

He has a bad credit rating and is hoping to be approved for a small installment loan of $3000 which will be repaid over a period of one year. He has no savings and he rents a home for him and his family. He is in a tough spot and is only one paycheck away from not being able to pay his regular monthly expenses. This is puts him in a high risk category for any kind of loan, especially an installment loan.

The calculation chart at the bottom of this post shows the monthly payments for a one year term, 2 years and a 3 year term. We think it is unlikely that he would qualify for a 2 or 3 year term loan. He will need to be able to repay this loan in less than a year which increases his monthly payments and puts more pressure on his cash flow each month.

The lenders may want additional information from him before they are willing to approve this installment loan. They will want to be sure of his ability repay the loan prior to taking on this high risk client.

DEFAULT LOAN APPLICATION FOR BORROWER’S INFORMATION

Loan Amount :: $3000

Loan Application and Processing Speed (when do you need the funds)::as soon as possible, I have to pay for medical bills for one of my kids

Do you currently have a mortgage? :: no, I rent a small house for my family

Bank Name and Branch :: Motor City Community Credit Union, Tecumseh

What City/Town, State and County do you live in? :: Windsor, Ontario

Postal Code ::N8T1E8

What is your employment field? :: Assembly line worker

Employment Position :: Brake assemblies for various cars on an assembly line

When are you paid? (monthly/weekly/biweekly):: biweekly

Your credit rating to be – excellent, fair, or bad? :: I have a bad credit rating, due to poor management of some of my credit in the past year.

How did you find us? :: searching online for installment loans

How are you paid? (direct deposit/paper check):: direct deposit to my checking account at the credit union

Gross Amount Per Paycheck ::$2600

Do you agree to have this information published online, without your PRIVATE information of course? :: Sure, there is nothing that I am worried about getting into the online web

Extra information here please (some detail):: I am applying for an installment loan to help pay for some medical bills for one of my kids. Although we live in Canada and most of our medical bills are covered, there are specialized drugs and specialized equipment that is not covered by the provincial medical plans and also not covered by my benefit plan at work.  I have gone into debt trying to cover all of the medical expenses and support expenses for my children and in several situations I have not been able to repay the debt as fast as the lender wanted. This is why I have a bad credit rating.

I have a steady job as an assembly line worker assembling brakes that are used on many vehicles. I also have seniority and will not be laid off unless the entire industry goes bust which it almost did a few years ago. I never lost a day’s work. This is a tough job, but it pays well and I have been able to provide for my family for many years until these medical issues began with one of my kids. You will do whatever you can for your kids including going into debt to make life easier for them and help them recover from illnesses and injuries. Sometimes there is an impact and in my case it was my credit rating which has tanked and now I have a bad credit rating and need a loan.

Note to Lender :: we currently rent a small home, we drive an older car which is paid for and we have used up all of our savings for medical related expenses. We have no debt at this time which I guess is pretty good, but we need an installment loan to help us through this current crisis.

We also bank at a credit union here in town, but they have refused to lend me any installment loan money based on my poor credit rating, even though I have been with them for years and have never had a bounced check or any other financial problems with them.

We did have debt in the past which we have paid off. We have no debts at this time, but we do not have any savings either. Can you help us arrange for an installment loan? We just need $3000 at the moment and can pay this back over the next year.

 

 

Category: Loan APR 9% APR 10% APR 12%
Loan Principal $3000 $3000 $3000
Payment Schedule Monthly Monthly Monthly
Length of Term 1 2 3
Amount to be paid $3146.22 $3312.44 $3554.90
Total interest paid $146.22 $312.44 $554.90
Paid per installment $258.59 $136.13 $97.39

Do You Need A Personal Loan?

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Use the loan application below to start the process. Detail your income and purpose of loan please - lenders do not respond to applicants who don't provide it. Thanks for using BFC!


7 Loan Requests

  1. bob applied for the following loan:

    Loan: 3000

    Speed: asap

    Credit: poor

    Location: windsor ontario canada

    Income: make about 560.oo take home for 40 hours

    Reason:

    to catch up on bills to take care of my family

  2. Joann applied for the following loan:

    Loan: 4500

    Speed: Next week

    Credit: poor due to bankruptcy

    Location: Waverly

    Income: I receive $1233 a month from disability...I receive $100 per week from two daughters for child care--$200 additional..

    Reason:

    I need to pay off credit cards and to get a new car. ..My transmission has went out twice and I do not want to keep putting money in this vehicle. I need a decent car due to medical reasons to get back and forth to doctors.

  3. janet applied for the following loan:

    Loan: 600

    Speed: today

    Credit: poor

    Location: Lyndhurst ont canada

    Income: 1490 ontario disability 749 family allowance

    Reason:

    grocerys and car repair

  4. JOHN applied for the following loan:

    Loan: 2,500

    Speed: ASAP

    Credit: POOR

    Location: BRAMPTON, ONTARIO, CANADA

    Income: I AM PAID MONTHLY BY 2 SOURCES : 1.) I RECEIVE A DISABILITY AMOUNT FOR LIFE IN THE AMOUNT OF $400.OO EACH MONTH DIRECT DEPOSITED TO MY BMO BANK ACCOUNT ON THE 28TH OF EACH MONTH OR THE FIRDAY BEFORE THE 28TH, IF IT FALLS ON A WEEKEND. 2.) I RECEIVE A DISABILITY AMOUNT FOR LIFE IN THE AMOUNT OF $$1,552.45 EACH MONTH WHICH IS DIRECT DEPOSITED TO MY BMO BANK ACCOUNT AS WELL. I'M PAID ON THE 31ST OR THE LAST BUSINESS DAY OF EACH AND EVERY MONTH OR THE FRIDAY BEFORE THE LAST DAY OF THE MONTH IF IT FALLS ON A WEEKEND. 3.) I DO "IT" WORK AT HOME AND DESIGN AND BUILD WEBSITES, WHICH GENERALLY GIVES ME ABOUT $1,200 PER MONTH. **IN SHORT I MAKE A "NET" INCOME IN THE AMOUNT OF JUST OVER $3,100. THAT IS MY NET INCOME AFTER DEDUCTIONS. **I WOULD LIKE TO AD THAT I VERY FORTUNATELY DO NOT PAY ANY RENT BECAUSE I lIVE WITH MY ELDERLY PARENTS AND TAKE CARE OF THEM IN EXCHANGE FOR NOT HAVING TO PAY FOR RENT OR FOOD. THIS WAY MY PARENTS ARE ABLE TO STAY IN THEIR OWN HOUSE AND NOT BE OFF TO NURSING HOMES, ETC.

    Reason:

    THE PURPOSE OF MY LOAN : IS PRIMARILY TO PAY OFF SMALLER DEBTS. I GOT DIVORCED AND IT DAMAGED MY CREDIT VERY BADLY AND I’M AN INDIVIDUAL THAT DOESN’T BELIEVE IN BANKRUPTY AND ALSO MY EX-WIFE STUCK ME WITH SO MANY BILLS, I WAS AFRAID I COULDN’T PAY THEM.

    SO THE PURPOSE OF MY LOAN IS TO PAY OFF THESE SMALLER DEBTS AND OR BUT MORE SO PUT CASH MONEY INTO A “CAPITOL ONE” CREDIT CARD (MASTERCARD)SO I HAVE THE CHANGE TO START GETTING MY CREDIT SCORE HIGHER AND EVENTUALLY PAY EVERYTHING OFF.

    PERSONAL DEBTS ARE $1,200 AND I WOULD LIKE TO PREPAY “CAPITAL ONE MASTERCARD” AS SOON AS POSSIBLE BECUASE THEY REPORT TO THE CRE4DIT BUREOUS EACH MONTH. I WOULD LIKE TO OUT $1,300 TOWARDS THAT.

    THANK YOU SO VERY KINDLY

    J.

  5. Laszlo applied for the following loan:

    Loan: 2500

    Speed: as soon is i can

    Credit: poor

    Location: terence bay

    Income: I work full time , my monthly earnings is $3400 after tax, plus i also receive $400 CCB

    Reason:

    I would like to buy furniture and a gift for my daughters birthday.

  6. Tina applied for the following loan:

    Loan: 300

    Speed: Asap

    Credit: Not sure

    Location: Windsor

    Income: I have 2 monthly incomes first is cpp disability whuch is 1600.00 and Odsp 270.00.

    Reason:

    My daughter. Needs some work done on her car. So she can go to work she’s a single mom and can’t miss work .it needs new brakes and one tire.

  7. Anonymous applied for the following loan:

    Loan: 5000

    Speed: As soon as possible

    Credit: Poor

    Location: Calgary

    Income: Currently work 40 hours a week and make 27.2509 an hour.

    Reason:

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