At OLF we see allot of applications for lending come in for Christmas Vacations – December holidays to warmer climates like Mexico, Barbados, Jamaica, Hawaii, Cuba, Dominican, etc. This applicant wants to borrow between $20,000-$30,000 over a five year period so that he can take his family in a dream vacation for two months in Mexico. He had a damaged credit rating now, and has figured out this five year loan using a 12% APR.

He has a full time job as an X-ray Tech in Barberton, OH, and his “better half” has a part time job with a well known restaurant franchise in Barberton. He had mentioned on the phone that he has been applying with local banks in Barberton, Norton, Wadsworth, and Cuyahoga Falls. We were concerned about the fact that he had been applying with multiple creditors because if effects his credit rating in a negative way.

This applicant is bound and determined to take his family on their dream vacation, and is willing to damage his credit rating further in the process. We urged him to reconsider, but he went as far as to say he would try an get the loan from a loan shark if he had too. Our customer service representative felt that there was more going on with this family than what has been disclosed. She felt that there is someone in the family that may have a terminal illness, and they are taking this extended vacation (and extended debt) hell or high water.

$20,000 – $30,000 Extended Family Vacation Loan – Christmas Holiday Loan

Personal Loan Amount :: $20,000 – $30,000 to be paid back over five years. Willing to pay higher interest rate because of bad credit rating.

Personal Loan Application and Processing Speed :: Doesn’t have to be a 100% online loan of course, because the loan is for 20 to 30 thousand dollars. Willing to get approved with a lender at a slightly higher interest rate than prime so that we can qualify for the loan. Have some home equity for collateral on this loan as well.

What do you need this loan for? :: Holiday – Vacation Loan. We really want to take a holiday down to Mexico for a couple of months. We’ve been working so hard this last year (my wife and I), and all of us need to get away for the winter. We all feel that we need a break, and I have over 7 weeks holiday time coming to me from the Hospital. My wife and our three kids want travel to Puerto Vallarta for 2 months and just relax on the beach.

We have worked so hard. The kids have all been given permission to miss school for 2 months, and have been afforded an online method of keeping up with their lessons and homework. My wife has part time job as waitress and she can also get the time off work. Even if they didn’t give her the time off, she can quit that job at Black Agnus anytime she wants. She can always get another job when we get back.

$20,000 – $30,000 Personal Loan – Cuyahoga Falls, Barberton, Akron, Summit Cty, OH

What City/Town, State and County do you live in? :: I live in Barberton, Ohio, Summit County

Zip :: 44203

What is your employment field? :: I have been deeply entrenched in the medical profession for 5 years now. Before that I worked in construction. I worked in construction between the ages of 21 and 25 and I had my journeyman’s ticket. I was laid off from that job when the economy went bad, and I went back to school to be an X-ray technician. I now have steady employment at the Summa Barberton Hospital (Parkview Center)

Employment Position :: X-ray Lab Technician

How old are you? :: 35 years old this coming January

When are you paid? :: Biweekly – Two Week Intervals

Your credit rating to be – excellent, fair, or bad? :: Bad credit.

How did you find us? :: Google

Bank Name and Branch :: First Merit – West Tuscarawas Avenue Branch – Checking, Savings, Auto Loans, and Mortgage there.

How are you paid? :: Direct deposit every odd Tuesday. Never missed a paycheck.

Gross Amount Per Paycheck :: $2150

Do you agree to have this information published online, minus your PRIVATE information? :: Why not – go ahead.

$20,000 – $30,000  Christmas Vacation (Personal Loan) – Bad Credit Rating With FICO Score 570

Any extra information here please :: Although I have a poor credit rating (FICO 570) I guarantee you that I will pay back every last penny of this loan. We really have to get away from the snow and the cold. We’ve never spent Christmas down in Mexico, or any warm climate before and this will be a once-in-a-lifetime experience for my, my wife, and my kids. My Dad, and my wife’s parents will join us down there too, if this loan goes through and we get the money before December 10th.

Note to Lender :: Please look at my employment history and try to disregard the penalties on my credit score because I guarantee that I will pay you back on time and with interest. We can afford to pay an interest rate of 12% on this vacation loan. I’ve done the calculations on this loan and I can manage the payments over a five year term. We’ll be all done then – business concluded.

Extra Loan Calculations

The borrower took it upon himself to do the math on this 5 year term loan for $30,000 (he is willing to except a loan of $20,000 and between) and these are the numbers he included in the attached application file.

• Principal of Christmas Vacation Holiday Loan = $30,000
• APR = 12%
• Payment frequency = monthly
• Length of loan term = 5 years

Christmas Vacation Holiday Loan – Calculation Results

• To be paid over five year term = $39,148.28
• Total interest over five year term = $9,148.28
• Payments = $643.53
• Installment payment schedule = monthly

$20,000 – $30,000 Personal Loan Akron, Barberton, Cuyahoga Falls – Suggestion from OLF Team

As you can see here, the borrower is getting himself into a five year commitment of close to $650.00 per month with the creditor or lender. Not so sure that ANY holiday should be considered a “trip of a lifetime”, but one thins is for sure – this should the “loan of a lifetime”. You never want to borrow so much money and flush it down the toilet (so to crudely speak). Especially at these interest rates. The APR on this loan at 10% to 12% is crushing for a working family. I would suggest the borrow reconsider. I’ve been on vacation in Puerto Vallarta many times, and it’s not a big enough deal to put yourself into a $650 dollar loan payment every month for five years.

My two cents worth anyway.

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