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Alijah Has An Experian Score Of 461, And Gets $196000 From Bank Of Commerce

Alijah had a difficult issue when he contacted America Loan Service. His Equifax credit score was 461 and Experian credit score 478 and he was looking for $196,000. Traditional lending was impossible for Elijah given his bad credit score. Alijah had a personal bankruptcy from three years previous that he was still trying to recover. His business was now operating with positive revenues and with the upturn in the economy, was starting to show some very good returns. We sent a list of options to Elijah to consider and have included this below. With the size of the loan amount, the only two options were a business loan or a secured loan using equity. For Elijah, the only asset that was protected from the personal bankruptcy was his business and he was able to get a business loan using the company for security with his business partner signing for the loan.  We have listed many financing options that may help you if you're struggling to find funding and have a bad credit score.   

Business Loan Refinancing

We have added a number of business loan providers that will look at a debt consolidation loan with credit scores starting at 500. Some conditions apply including the time in business and gross annual revenues.

Personal Loan

An unsecured personal loan is a great solution if your credit score and credit history meet the criteria of the lender.  We have listed personal loan providers with credit scores starting at 620. This lender group offers loans ranging from $1,000 to $100,000. When banks consider a 620 credit score a high risk, online lenders are happy to receive your loan application.  

Unsecured Bad Credit Loan Providers

A bad credit loan definition is referring to a credit score. When a credit score is below 580, this is typically referred to as bad credit. If your searching for a loan with a credit score below 580 without collateral, you are applying for an unsecured bad credit loan.

What you can expect when you apply for a bad credit loan: 

  • Loan amounts normally do not exceed $5,000
  • The term of a bad credit loan is much shorter with the longest around 36 months 
  • Interest rates will be much higher with some starting over 25%

Best Secured Bad Credit Loan Options

Most lenders are looking to provide money to people with security. The lenders want their money to be protected with your assets for collateral. If you do try to apply for a loan with bad credit, having security can go a long way. Security refers to the equity in your home, refinancing your vehicle or finding a co-signer. The lender will place a lien against your asset to secure the loan. Even when you are using security, it can be difficult getting aa secured loan. Lenders still check your payment history as they do not want to risk having to repossess your assets. If you are planning on using security to secure your loan, you are risking the possibility of losing your assets if you default on the loan payment.

Secured Home Loan Options

Home Equity Loan or Home Equity Line of Credit (HELOC)

A home equity loan or home equity line of credit (HELOC) provides an excellent way to consolidate debt even with bad to fair credit score. The home equity provider we have listed has consolidated over 1,500 companies to give you the greatest chance to qualify for a loan.  When you have good credit and the bank looks to provide a home equity loan or HELOC, they will normally finance the property up to 80-90% of the loan to value. The loan to value is the difference between the size of the mortgage and what you will get if you sold the property. With bad or fair credit, the loan to value may drop to as low as 60 to 70% and the interest rates may be higher. This will mean that the amount they are willing to lend will be lower.   

Secured Auto Purchase and Refinance

LendingTree offers hundreds of auto lenders that will help you buy the new car or refinance your existing vehicle.  This can be a great way to get capital out of an asset. This provider can refinance your vehicle and get your capital back to you.

Bad Credit Auto Financing

If you are searching for an auto loan up to $45,000, look no further.  This auto loan provider specializes in auto loans for any credit score. Give them a try today. Auto loans -- Bad Credit? No Credit? No Problem!


Asking your Family or Friends

Once you’ve reviewed the bad credit loan offers, consider offering the same interest to your family members with some form of security.

Co-Signing or Joint Signing

FreedomPlus specializes in co-signing with loans up to $40,000. If you are considering co-signing or asking someone to co-sign, we have provided information that explains the pros and cons of co-signing.

Free Credit Score Repair

Novita offers a free service credit score rebuilding program 

Research your Credit Score and Credit History

It's always a good idea to check your credit score and credit history before applying for a loan. Look through the report and check and see if you agree with everything on the report. If you disagree with the information on the report, contact the credit bureau and let them know that there is an error.

Lexington Law

Lexington Law helps consumers repair errors on their credit report. 

Unsecured Payday Loan Debt Consolidation: $500 to $5,000

Consolidating payday loans with 400% to 1500% interest rates will save you money. OppLoans offer an installment loan which provides equal payments over a set period of time to get rid of payday loans.

 

Reverse Mortgage Options

Debt Relief or Debt Settlement

Another option to consider debt relief or debt settlement. They can help you work with creditors and will explain your options. You can call them at the number below or click this link to go to their site now. 

Bad Credit Unsecured Loan

Unsecured loans do not require any type of collateral and if you have bad credit, especially with collections on your file, you may be forced to apply for a secured loan. The lender is providing money based on your word of repayment. This is a riskier investment for lenders and they normally charge higher interest rates than a secured loan. If you have an excellent credit score and a solid credit history, interest rates can be similar to a secured personal loan.

Case Study For $196000 Personal Loan with Bad Credit

Alijah owned a company providing soil conservation and soil management in  Las Vegas, Nevada and wants $196000 as a business loan for him and his partner Wally. Wally's credit score is 635. They have a lot of credit card debt in the company on the ShopNBC Credit Card and his Defenders of Wildlife WorldPoints Platinum Plus Visa Card. The credit card debt was just over $60,000 and they wanted to purchase equipment for a new soil conservation contract they landed that will cost 136,000, they are looking for a $196,000 business loan that will help them consolidate debt and purchase equipment.

Alijah has a credit score of 461 and some of the business loan providers will still consider a loan even with bad credit. Online business loan providers will look at the company to secure the loan as well as the work history and credit score of the owners. The business has to sell over $50,000/year in gross sales and has been in business for over a year to apply. Alijah just won a new contract that will bring in a lot of money over the next 10 years and they need capital to operate. and want to manage this credit card debt.

Request From Alijah For This Personal Loan

My name is Alijah from Las Vegas, Nevada. I am currently located in Las Vegas, Nevada. My current credit score is 461 on the FICO scale and my Experian score is 447. I am looking for a business loan and having a really hard time getting what we need. 

I have applied at many banks and was rejected. I would consider financing with interest level, let me know if you can help?.

Borrower Data: Alijah
  • County: Clark
  • Home State: Nevada
  • Current zip code: 89122
  • Current income: Undisclosed
  • Profession: soil conservation technician
  • Credit Card Debt: $6000 on their Palais Royal Credit Card

Debt Relief Of As Much As $86,000 Can Be Accomplished, All You Must Do Is Ask Our Recent Client Alijah.

Alijah looked into debt relief to pay off his credit cards. They did not have the capital to maintain the credit card payments. He was very fortunate to have landed a great contract, or debt relief may have become their only option.  

Debt Consolidation For A Soil Conservation Technician Named Alijah In Nevada For $196000

Alijah looked into a debt consolidation loan even before finding the business loan. He found that with his credit score being so low, they could not get a loan for over $5,000 with his credit score and the interest rates were higher than the credit cards. Their only option was a business loan and using the business as a form of security.

While the articles highlighted are real, the names and some cities have been changed for privacy. We would value your comments regarding our website. Please do not give this website your last name and try to keep the information in your private information quite nonspecific. It is the overall topic that others relate to and they appreciate your comments. When you send your comments, it will be reviewed within 24 hours and you will be notified if they are used.

Past Applications

Application from: Phoebe C**

City: Nashville
State: Tennessee
Credit Rating (FICO): 461
Profession: Disability
Amount Requested: $10000
Age: 37
Current Debt: 9000
Yearly Income: 24000
Zip Code: 37218

Message:

Reply to: Phoebe C**


Application from: Tim

City: Wichita
State: KS
Credit Rating (FICO): 461
Profession: Profession not given
Amount Requested: $1000
Age: 40
Current Debt: 700
Yearly Income: 16800
Zip Code: 67208

Message:

Hi Tim,

We have found a lender that will help with amounts from $500.00 to $35,000.00. They will also help people with a Fico score in the 400's. We will forward your request on to them and hopefully they can help you out. America Loan Service is not a lender, we only forward on loan requests. Wishing you success The America Loan Service team.


Reply to: Tim


Application from: Steve S.

City: Indianapolis
State: IN
Credit Rating (FICO): 461
Profession: Manager
Amount Requested: $30000
Age: 50
Current Debt: 40000
Yearly Income: 45000
Zip Code: 46219

Message:

Hi Steve,

I see that you are looking for a debt consolidation loan. We have a lender that will do loans for people with a Fico score in the 400's up to $35,000.00. We will forward this on for you, good Luck. America Loan Service is not a lender. America Loan Service has no influence on the lenders decisions and the financial relationship will be between you and the institution providing the loan. We will forward your information onto the lender we feel best suits your requirements. They will contact you directly via email if they are able to help you based on the criteria you have provided. Wishing you success in finding what you are looking for. Best wishes America Loan Service team


Reply to: Steve S.


Application from: Meighan

City: Largo
State: Florida
Credit Rating (FICO): 461
Profession: Disability
Amount Requested: $15000
Age: 46
Current Debt: 10000
Yearly Income: 40000
Zip Code: 33773

Message:

Yes

We will forward this on for you, good Luck. We have a very good lender that fits the amount of capital you require. America Loan Service is not a lender. America Loan Service has no influence on the lenders decisions and the financial relationship will be between you and the institution providing the loan. We will forward your information onto the lender we feel best suits your requirements. They will contact you directly via email if they are able to help you based on the criteria you have provided. Wishing you success in finding what you are looking for. Best wishes America Loan Service team


Reply to: Meighan


Application from: Michael F.

City: Nicholasville
State: KY
Credit Rating (FICO): 478
Profession: Machine Operator
Amount Requested: $20000
Age: 42
Current Debt: past due bills and medical bills
Yearly Income: 35000
Zip Code: 40356

Message:

Hi Michael,

We have a lender that will fund between $500.00 and $35,000.00. They will entertain applications from people with Fico scores in the 478 area. We will send this off to them. America Loan Service is not a lender. America Loan Service has no influence on the lenders decisions and the financial relationship will be between you and the institution providing the loan. We will forward your information onto the lender we feel best suits your requirements. They will contact you directly via email if they are able to help you based on the criteria you have provided. Wishing you success in finding what you are looking for. Best wishes America Loan Service team


Reply to: Michael F.


Application from: Morris H**

City: Ossining
State: New York
Credit Rating (FICO): 622
Profession: Traffic control
Amount Requested: $5000.00
Age: 70
Current Debt: Personal
Yearly Income: 44000
Zip Code: 10562

Message:

Hi Morris,

We sent you an email with a few choice lenders that may be able to help you. With your Fico score at 622, we are limited on the lenders we can recommend. America Loan Service is not a lender and we do not make lending decisions. We hope the providers that we sent you can help with your request of $5,000.00 for a personal loan.


Reply to: Morris H**


Application from: Morris H

City: Ossining
State: New York
Credit Rating (FICO): 622
Profession: Traffic control
Amount Requested: $5000.00
Age: 70
Current Debt: Personal
Yearly Income: 44000
Zip Code: 10562

Message:

Hi Morris,

Thanks for sending another request Morris, good to hear from you again. We sent you an email with a few choice lenders that may be able to help you. With your Fico score at 622, we are limited on the lenders we can recommend. America Loan Service is not a lender and we do not make lending decisions. We hope the providers that we sent you can help with your request of $5,000.00 for a personal loan.


Reply to: Morris H


Application from: Leah

City: greenwood
State: Indiana
Credit Rating (FICO): 537
Profession: Realtor
Amount Requested: $5000
Age: 32
Current Debt: 3000
Yearly Income: 35000
Zip Code: 46142

Message:I am currently just getting back to work after major surgery. We unfortuneately got behin on some bills during that period. With having such a low credit score I am having trouble finding a lender who will help us so we can get back on our feet. Making one monthly payment to a lender will be no issue. If we can get everything else paid off with the loan, we will be in great shape.

Reply to: Leah


Application from: Ramon Cardona

City: ALLENTOWN
State: P.A
Credit Rating (FICO): 478
Profession: Inbound clerk
Amount Requested: $1500
Age: 36
Current Debt:
Yearly Income: 27000
Zip Code: 18102

Message:

Reply to: Ramon Cardona


Application from: edward*

City: sarasota
State: florida
Credit Rating (FICO): 577
Profession: Profession not given
Amount Requested: $2000
Age: 81
Current Debt: 599
Yearly Income: Income Not Specified
Zip Code: 34238


Reply to: edward*


Application from: Octavia O*

City: Rockford
State: IL
Credit Rating (FICO): 491
Profession: Profession not given
Amount Requested: $6000
Age: 23
Current Debt:
Yearly Income: Income Not Specified
Zip Code: 61104

Message:Hi Octavia, With your credit score in the 400's, check out this link

bad credit personal loan options

They will take applications regardless of credit score. They offer loans from $500.00 to $5,000.00 If you missed a bunch of payments and are in collections, you may not get an offer from anyone. If you have assets to use as collateral, we would suggest a secured loan through your local Credit Union. If will cost you less in interest if you can qualify. If you have a property, check out this link to refinance or a home equity loan.

bad credit score repair

Novita | Reboot your credit americaloanservice.com The only personal finance system purpose built for people with bad credit Disclaimer: America Loan Service is not a lender. America Loan Service has no influence on the lender's decisions and the financial relationship will be between you and the institution providing the loan. Wishing you success in finding what you are looking for.

Reply to: Octavia O*


Application from: Octavia O*

City: Rockford
State: IL
Credit Rating (FICO): 491
Profession: Profession not given
Amount Requested: $6000
Age: Age not given
Current Debt:
Yearly Income: 38000
Zip Code: 61104

Message:

Reply to: Octavia O*


Application from: Amanda

City: Ponca City
State: Oklahoma
Credit Rating (FICO): 596
Profession: Business Administrator
Amount Requested: $2500
Age: 30
Current Debt: Student loan debt/Medical Expenses Debt
Yearly Income: 30000
Zip Code: 74601

Message:

I am needing a short term loan that will be paid off immediately upon receiving my delayed income tax return in 6-8 weeks!! I am a single mother of 3 and recently separated from a very abusive relationship and desperately need this money to get bills paid to prevent utilities from being shut off, our only vehicle from being repossessed, and to get our rent paid. Please can you help me?


Reply to: Amanda


Application from: Amanda

City: Ponca City
State: Oklahoma
Credit Rating (FICO): 596
Profession: Business Administrator
Amount Requested: $2500
Age: 30
Current Debt: Student loan debt/Medical Expenses Debt
Yearly Income: 30000
Zip Code: 74601

Message:

I am needing a short term loan that will be paid off immediately upon receiving my delayed income tax return in 6-8 weeks!! I am a single mother of 3 and recently separated from a very abusive relationship and desperately need this money to get bills paid to prevent utilities from being shut off, our only vehicle from being repossessed, and to get our rent paid. Please can you help me?


Reply to: Amanda


Application from: Alexandria

City: Jonesboro
State: Ga
Credit Rating (FICO): 478
Profession: Profession not given
Amount Requested: $300
Age: 27
Current Debt: <10,000
Yearly Income: Income Not Specified
Zip Code: 30236

Message:

Just trying to get back on my feet and improve my credit, and in need of a loan to help with that.


Reply to: Alexandria


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