We would like to borrow $50,000 for 72-84 months. My wife is self-employed and has been in business with the same employer for over 7 years. The rate and terms we are offered will determine our decision on this loan as specified below(monthly payment).
We need to consolidate all our debt(including taxes), buy a new vehicle for the business, put about $8000 or so in a SEP retirement account(which can be used for collateral) to avoid Federal and state taxes for next year as we expand, and some capital for our planned business expansion in our janitorial service company. We can use the new vehicle as partial collateral on the loan too.
Together we have approximately $3200-$5000/mo income with my social security. She made $32,000 gross and $22,207 net for 2014. Our credit scores are bad and are around 550 from the loss of business in the recession. Scores are the only reason we cannot get lower rate guaranteed bank financing.We are still operating after 7 years while many others with great credit as we had too, did not make it.
We can comfortably pay up to $800/mo on the loan with no problem. This monthly payment can be made even in our slow season($3200/mo). I was once in the financing business and can lay out the consolidation and loan plan and show the budget improvement with the loan. We can document a good loan to us by any legitimate and honest lender with some insight.
We prefer a direct lender. However, we do not mind paying a brokerage fee to brokers, but will not pay it up-front. We would pay it immediately upon receipt of the loan or customize the fee arrangement. If you heavily weigh your loans based on credit scores then please do not contact us.
NOTE: Proof of physical identity will be required by both borrower and lender before releasing confidential information for the loan.
If you have a physical business address and phone number that we can verify that makes it simpler. We are legitimate borrowers and we only want legitimate lender replies.