Eric's Credit Community

I'm a 35 year old marketing professional in Phoenix with a $68,000 annual income who is looking for a small loan.  In order to pay for medical expenses for my children, I had to take out a few payday loans concurrently.  I'm getting fleeced by these loan sharks and am looking to borrow a small amount to pay them off.  By getting a loan even in the 20% interest range, it will reduce my monthly payment substantially.  Right now, I'm paying over $750 per month in interest alone for a total of $2000 in principal.  

It was my mistake to choose this quick fix with payday loans and I take 100% responsibility for it.  I guess when it comes to getting expensive but necessary prescriptions for my kids, I'll do whatever it takes as long as it's quick. 

I am a homeowner, have a masters degree and have been steadily employed for the last 20 years.  I have a wife and two kids - normal, reputable guy just looking to dig myself out of a small hole I created due to recent medical bills for my children.

My credit score, although I take responsibility for it, does not show my true credit worthiness.  It's dropped 125 points within 6 months due to my temporary troubles.   In spite of the HC rating, my Experian report as of 11/26 showed 562, which qualifies as an E rating.  6 months ago I was in the mid-to-high 600s.   I have traditionally had pretty good credit and still have low debt ratios, but family responsibilities snowballed all at once.  My last obstacle is getting ahead of the payday loans.

With $4200 after-tax monthly income, I have been able to make the $750 monthly payday loan interest only payments.  Obviously, this loan will drop this debt to less than $100 monthly, which will make it very easy to make timely payments.Once payday loans are paid, this frees up tons of monthly money and my credit will soon once again be consistent with my real-life integrity.

Thank you on behalf of my entire family for considering me for a loan. 

Hopefully I can spend some money on my family for the holidays instead of having the payday loan companies fleece my paycheck. 

Happy Holidays and God Bless. 

Brandon [LAST NAME DELETED]
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