5:03 PM Fast Personal Loan in Orlando, FLA amount $8000 - Payday Cash Advances | ||||
#fast personal loans # Fast Personal Loan in Orlando, FLA amount $8000
I was wondering if you could give me a loan for $8000 for 6 months. There is no way in hell I can pay the money back in less time than that. This has to be an installment loan, and not as stupidly high rates. Loan Officer Notes: Here the applicant wants to get a quick personal loan in the amount of 8K, and he wants the installment payments spread out over a period of around 180 days. No problem, if your FICO score is 680 or higher, but in this fella s case, his FICO is below 640. Finding a bank really fast that is offering to approve this loan would be difficult with his score, unless of course he has some home equity to use as security. Since we now have a loan calculator to use on site, we can figure out exactly what this loan will cost in APR over the 6 months. Below is a calculation of his request. Most likely his bank, which is CITIBANK in Orlando, would charge him 12% interest on the note if approved, and the loan officer would ask him to pay installments at a period frequency of 14 days (two weeks). We ll use these factors below in the payment calculation. Personal Loan Request In Orlando, FloridaAmount = $8000 Term = 6 months (180 days) Location = Orlando Speed of Approval and Funds Transfer = Fast Payment Calculation ResultsTotal Paid Back Over Term = $8258.46 Total Interest Paid Over Term = $258.46 Biweekly Installment Payments: $633.53 The Importance of Personal DTI (Debt to Income Ratio)On a personal loan like this one, the bank will be looking at a number of factors before approving the note. They will not only be looking at the applicant s FICO score, they will taking into account their personal DTI, which stands for Debt To Income Ratio. The DTI of the borrower has to be at an acceptable level in order for the bank to distribute the funds. So the bank looks at how much you are making in income per month, and then they look closely at your monthly bills, and another out-going cash you have a responsibility to pay at the time. The loan officer will also look at any other costs you may incur during the term of the loan. So in this case, our applicant is working and living in Orlando, and he this list of expenses each month; Income Per Month
Total Income = $5200 Money Out-Going Each Month
Total Money Out-Going Monthly = $2,700 So the bank will see that his income compared to his out-going is such that he can afford to make his $633 dollar payment each 14 days. A total of $1266 a month. Below we subtract his total out-going from income; Total Monthly Income = $5200 Total Monthly Costs = $2700
Total Remaining Per Month = $2500 Then the loan officer subtracts the monthly payment for the new personal loan being applied for; $2500 $1266 - So as you can see the bank knows that even with a surprise expense (and they always come) the debtor will likely NOT default on his payments. The only caveat is whether or not he applicant has a poor credit history on the books. If his FICO score is high enough, based on the lending policies of CITIBANK, then he could very well get approved for this loan. If his payment history has allot of blemishes then it wouldn t matter how good his DTI is he would be declined. It s always a very good idea to figure out your personal DTI before even approaching a lender for credit. It s also smart to know what your true and current credit score is before approaching a lending institution. [LL Loan Officer] [Time-Stamp September 23, 2011 08:55:57]
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Fast Personal Loan in Orlando, FLA amount $8000 Require a quick loan to pay off credit card debt. My name is Clifford B. and I work in Orlando for the Best Western hotel chain. I work the desk on the night shift, and my salary is not very much.
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