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  1. 1. Premier Wealth Strategies Presents The Insider's Guide To Loans With Little Or No Credit. How To Get A Loan No Matter What You Circumstances Are! Credit Secrets No One Will Tell You! One In A Million Lenders! PREMIER WEALTH STRATEGIES All rights reserved. No part of the material protected by this copyright notice may be reproduced or utilized in any form or by any means, electronic or mechanical, including photocopying, recording, or by an informational storage and retrieval system without written permission from the copyright owner. Any violators will be prosecuted to the full extent of the law. Printed in the United States of America.
  2. 2. CONGRATULATIONS, You now have in your possession the key to borrowing at least $15,000 and even up to $250,000. In the following pages, you will find names and addresses of companies and individuals who loan money to people who think they will never and could never receive a loan from anyone because of bad credit, no credit, or maybe because they are self- employed. Hundreds of companies have been rooted out of this program because they will not loan money to anyone who might have some bad credit. You can receive more than one loan, just be careful not to over extend yourself with large payments. We are only able to provide you with this valuable insider secrets since we are not a lender. Some of the organizations may charge a fee in addition to the fee paid to us, but are often willing to loan money to people just like you. The information contained within these pages will help you get loan money no matter what you circumstances are. This information will change your entire financial future. Before putting together this information, I told a few friends how to get money for anything they needed- and they were very excited. The told me when publishing this information that I should make the type size large and put lots of pictures in it so it could take up over 100 pages. Obviously, I decided not to do that. I knew that the reason you ordered this information was so you could get an accurate and easy way to get the money you want at a rate a lot lower than you might have thought. You may have ordered this information because you are undergoing difficult times financially. Or perhaps, you need extra money to start a business or go on vacation. Whatever your needs, the procedures outlined here can provide you with the money you desire even if you are bankrupt and unemployed. If you do not receive your loan for at least $10,000 then we will refund your fee according to our company refund policy, All we ask is that you send us a copy of the loan turn down notice. This helps us to monitor the effectiveness of this program and we can also give you further suggestions to make sure you get your loan. When preparing your presentation to these companies, please make them as professional as possible, but very simple to understand. Explain the purpose of your loan and if its for a business venture, you need to give some idea of what kind of profit your project will make.
  3. 3. This information is separated into three sections: Section 1 How to get a loan no matter what your circumstances are. Section 2 Credit secrets no one will tell you. Section 3 One in a million lenders. Determining which section applies to you will vary according to your individual circumstances. If you are in bankruptcy or have very poor credit, read the section on How to get a loan no matter what and then follow up with the One in a million lenders section. If you have fair credit, you can start with the section Credit secrets no one will tell you and then follow up with the One in a million lenders section. If you have good or no credit, read the section on One in a million lenders. Actually you should read all the information contained since you will pick up many tips on how to get your loan as quickly as possible, but the guidelines I just mentioned will help you get an idea of how all this works-so you can get started in the quickest way possible towards your loan. One Client said: "If I would of just had this information two years ago, I could be a very rich man today." This man would have paid $1,000 to have the names and addresses of these one in a million companies.
  4. 4. SECTION 1 HOW TO GET A LOAN NO MATTER WHAT YOUR CIRCUMSTANCES ARE, OR IN OTHER WORDS, HOW TO GET A GUARANTEED LOAN What is Guaranteed Loan Money? A Guaranteed Loan is any loan (business, personal, real estate or venture capital) that is based upon three criteria: 1. It depends on some person or organization other than the borrower to be responsible for repayment of the loan if the borrower is not able to repay. 2. The loan is granted by a bank, finance company, mortgage company or similar institution. 3. The loan is based on the borrower's need, and backed up by the person or organization guaranteeing to repay the loan if the borrower defaults. Guaranteed loans are very popular with all types of lenders since the lender is protected twice (by both the borrower and the guarantor) and very few of these loans default since the guarantor can put pressure on the borrower to repay the loan. This helps the lender get the money back from the person who borrowed it. How Does This Work? A guaranteed loan is just like any other loan, but does have few differences, namely: 1.There are two or more signatures on the loan instead of just one. 2. You can reduce delays in getting the loan since the guarantor's signature can quicken loan approval. 3. A Lender will like the guaranteed loan since the risk of loss, or not being paid back, is less.
  5. 5. Here's what you do. 1. You (as borrower) find out the type of loans and amounts a lender gives and get an application from any loan institution that loans out the amount of money you need. 2. Then fill out the application-be sure to give full details of the amount needed, how long you need the loan for, what the money will be used for and any other information the lender asks for. 3. Then you and the guarantor both sign the application. 4. The money is given to you-not the guarantor! If you don't like the word guarantor, then there are other words a guarantor can be known by: A co-maker, a cosigner, a joint signer. Each of these means the same thing. But the important thing to remember is that a guaranteed loan is any type of loan that is made to a person or company which is backed up by two or more promises to repay the money if one of the borrowers is unable to repay and the money goes to the borrower-not the guarantor. The guarantor is the person or organization that guarantees to pay back the loan if the borrower is unable or unwilling to repay the loan on time. The guarantor does not receive the loan proceeds and does not make the normal payments unless the borrower defaults. The borrower is the person who gets the money and makes the loan repayments. A guaranteed loan does not cost any more than a "regular" (one signature) loans. In fact, a guaranteed loan may even carry a lower interest rate since there is less risk associated with this type of loan. Here's the kind of Guaranteed Loan Money you can get. There are many different types of loans you can get using the guaranteed loan money method. These include: Personal Loans: Consolidate bills into one payment, Home Improvement, Cars, Medical Purposes, Schools and education, Vacation, Furniture, Clothing, Appliances, Really any purpose-just because you want or need the money. Real Estate Loans: Buy Buildings, Land or Factories, Build for commercial use, Develop Land, Buy Distressed Property, Down Payment for Real Estate, Property Fix Up, and many other uses. Business Loans: Buy an existing business or start a new one, Buy more equipment, Expand business, Pay payroll or past due bills, Hire new people, Lease business equipment these are just some of the ways that Guaranteed Loan Money can be used. As you can see, there are many other ways it can be used in addition to those above.
  6. 6. How to get a Cosigner, Co-Maker or Guarantor for a loan. A guaranteed loan is often the only way a person with poor credit, too many other debts or no credit history can get a loan. Many times a borrower will overlook this simple method even though there are plenty of guarantor near them who can help them out. There are a number of easy and proven ways to get the guarantor you need for your loan. 1. Place an ad in a local paper for a cosigner. I had placed an ad in a paper with a circulation of 100,000 that read: "$15,000 Loan Needed, will repay in 10 months, secured by assets. Call 555-1212." Five people responded ready to give us the money, and four of them said they would co-sign for a fee- and all this without wanting a credit check. You ad could read something like the following: • Wanted: Cosigner for $XX,XXX loan; Fee will be paid. Call 555-1212 • Get Good fee for cosigning on a $XXX,XXX Business Loan Secured by assets. Call 555-1212 • Guarantee a loan and earn $1,000 fee, payable after loan is obtained. Call 555-1212 Section 2 CREDIT SECRETS NO ONE WILL TELL YOU Do you have credit problems? We understand!!! Why not borrow from your local financial institution? Many people have all the right qualities to get a loan, and they are just about approved for a loan, until the lender sees a credit report and declines the loan. So some people have figured out how to repair their credit report and give themselves a good credit rating. It is easy and can be done from your own home fro almost no investment-but your time-once you know how. We show you how. Get started NOW! By following the next step. READ THE FOLLOWING INFORMATION CAREFULLY!
  7. 7. HOW TO ESTABLISH A GOOD CREDIT RATING IN AS LITTLE AS THIRTY DAYS! Besides using existing Federal and State laws to maintain a good credit file, this little known method is good to get an AAA credit rating or cash loans when you need them. To work this plan properly, you need at least $1,000 to begin. If necessary, you can borrow this from family or friends. What you will be doing is opening a series of savings accounts and borrowing your own money until you have established a good credit rating. These are the steps that you need to take in this procedure 1. Go to a bank of your choice and deposit $1,000.00 (or more) into a regular passbook savings account. Wait a few days for the account to be posted. 2. Return to the bank to ask for a $1,000.00 loan (or whatever the amount you deposited), offering the passbook account as security. Since the bank is already holing your money, it can't lose by lending you the $1,000.00 (or more), and in most cases they won't even make a credit check because you are borrowing your own money. 3. Now take the $1,000.00 (or more) that you have borrowed from the bank and repeat step 1 with another bank. 4. Get 3 to 5 savings accounts established this way. 5. After you have established several accounts, take the last $1,000.00 (or more) you borrowed and open a checking account to make small payments on each loan. 6. Wait a few days and make a payment on each loan. 7. Continue paying each week until the balance is paid off. Now, when anyone runs a credit investigation, your report will show active bank loans (which are considered hard to get), a checking account and a payment history for the bank loans. Depending on how much each loan is paid off, a credit investigation will show you with paid off bank loans, or loans that are a couple of payments ahead. Your credit will look as good as gold. Now you can go to the same banks and ask for unsecured loans of the same amount and more. When they see you have credit all over town, you should not have a problem securing a loan. Using this method, it is very possible to obtain $15,000 or more in a 30-60 day period. You can also get just about any credit card you want using this method.
  8. 8. SECTION 3 ONE IN A MILLION LENDERS Innovative Financing Sources Each of the companies listed below should be eager to help you as they are actively looking for people to loan money to. Only write to the ones that pertain to your situation. Be specific in your first letter as to how much money you need and what the money will be used for. If you have any trouble dealing with any firm listed, please contact us at once and we will try to correct the matter. While the sources on this list are believed to be reliable, no warranty or representation of any kind is made when dealing with any broker listed. Therefore, neither the author or publisher assume any responsibility for contracts, agreements, negotiations or other use that might result from publishing this type of information. In order to get the full $15,000, you may have to borrow bits and pieces of it from different lenders. You may or may not get it all at once. But if you keep at it, you will eventually get it. Make your payments on time and always ask for an increase (usually every six months). Believe me, they will love you for it. IMPORTANT NOTE: If the lender asks who referred you to them , just say a friend. Which is the truth, since you have already read this far, we have covered a lot of information together. And I am glad to be able to help you-which is what friends do for each other. If you tell a lender the name of our company, the lender may think we are a credit repair place and refuse to take your application. The following pages contain the research as to what we feel are the best loan sources for individuals to contact. Some have toll-free numbers and these numbers are based upon the latest information. Please note that some 800 numbers or other numbers may not be accessible from your location. If this occurs, just try the next number listed. Commercial banks provide business and income real estate loans along with a number of business- related services. You can also try your local commercial affiliate for such services.
  9. 9. PERSONAL LOANS (Liberal Lending Sources) Finance Companies Nationwide Who Lend to High-Risk Borrowers IPC Financial 1-800-872-8608 Unsecured loans Loan by Phone 1-888-919-6669 Phone Approval Unsecured Loans 1-800-517-9618 Fast Approval FPD Resources 1-800-993-6680 Fast Approval Loans by Mail 1-800-577-5053 Loan by mail service Angel Funding $35,000 in 21 days Nation's Credit 1-800-FINANCE Maximum Loan $5,000 Household Finance 1-800-992-4432 Can approve loan in 4 hours. The Associates Capital Bank 1-800-348-2739 Maximum Loan $35,000 American Investment 1-800-453-9494 Maximum Loan $75,000 Chase Manhattan 1-800-CHASE24 Maximum Loan $25,000 Alabama Birmingham (205) American General Finance 798-0080 National Finance and Discount Co. 323-1691 AVCO Financial Services 942-4891 Nations Bank Financial Serv. 951-2290 Blazer Financial Services 822-6691 Nations Credit Fin. Serv. Corp 733-2900 City Finance Co. 879-2489 Norwest Financial 942-1227 Household Finance Corp. 951-3916 Security Pacific Fin. Serv. Inc 956-9776 ITI Financial Services 800-577-1257 Transamerica Financial Serv. 967-8338 Mobile (205) American General Finance 344-2213 ITT Financial Services 800-577-1257 AVCO Financial Services 342-3663 Nations Banc Financial Serv. 344~9100 Blazer Financial Services 471-6216 Nations Credit Fin. Serv.. Corp. 344-9100 City Finance Co. 343-0200 Norwest Financial 344-1345 Household Finance Corp. 342-6010 Alaska Fairbanks (907) Norwest Financial 456-7781 Anchorage (907) Norwest Financial 272-6594
  10. 10. Arizona Tucson (602) American General Finance 887-0050 Household Finance Corp. 8884990 AVCO Financial Services 722-0122 ITT Financial Services 800-577-1257 Beneficial of Arizona 797-8156 Norwest Financial 881-5616 Blazer Financial Services 790-9097 California Alameda, Berkeley, Oakland, San Leondro (510) American General Finance 836-2232 Household Finance Corp 835-8200 AVCO Financial Services 483-5031 Nations Credit Fin. Serv. Corp. 676-3344 Beneficial of CA, Inc. 828-3730 Transarnerica Financial Serv. 893~885 Fresno, Clovis (209) American General Finance 224-3816 ITT Financial Services 800-577-1257 AVCO Financial Services 423-5390 Nations Credit Fin. Serv. Corp. 225-2063 Beneficial of CA Inc. 222-3757 Norwest Financial 226-8511 Security Pacific Fin. Serv. Inc. 225-4692 Household Finance Corp. 226-6241 Transamerica Financial Serv. 222-5256 Orange County (714) American General Finance 547-8251 Fidelity Financial Services Inc. 557-5424 AVCO Financial Services 957-6551 Household Finance Corp. 222-0133 Beneficial of CA, Inc. 556-4530 ITT Financial Services 800-577-1257 Norwest Financial 557-9852 Transarnerica Financial Serv. 480-1080 Riverside (909) American General Finance 784-6660 Household Finance Corp 823-1355 AVCO Financial Services 686-6210 ITT Financial Services 800-577-1257 Beneficial of CA, Inc. 825-5660 Norwest Financial 684-9081 Fidelity Financial Services Inc. 353-8481 Transarnerica Financial Serv. 683-2320 Sacramento (916) American General Finance 485-8034 ITT Financial Services 800-577-1257 AVCO Financial Services 423-5390 Nations Credit Fin. Serv. Corp. 856-1750 Beneficial of CA, Inc. 486-2791 Norwest Financial 726-6661 Commercial Credit Corp. 3624791 Security Pacific Fin. Serv. Inc. 688-8883 Household Finance Corp. 858-0561 Transarnerica Financial Serv. 638-0602
  11. 11. San Diego (619/818) American General Finance 279-6675 AVCO Financial Services 292-6221 Norwest Financial 223-2403 Beneficial of CA, Inc. 427-9010 Security Pacific Fin. Serv. Inc. 578-6150 Commercial Credit Corp. 673-9681 Household Finance Corp. 278-5361 San Francisco (415) American General Finance 952-6383 ITT Financial Services 800-577-1257 AVCO Financial Services 661-5560 Nations Credit Fin. Serv. Corp. 615-8060 Beneficial of CA, Inc. 586-1656 Norwest Financial 589~574 Household Finance Corp. 362-4S42 Transamerica Financial Serv. 474-7200 San Jose, Santa Clara (408) American General Finance 22S-1402 ITT Financial Services 800-577-1257 AVCO Financial Services 267-7060 Nations Credit Fin. Serv. Corp. 377-6200 Beneficial of CA, Inc. 265-7710 Norwest Financial 946-8601 Commercial Credit Corp. 377-6250 Transamerica Financial Serv. 262-3220 Household Finance Corp. 848-3721 Colorado Colorado Springs (719) American General Finance 598-6362 Nations Credit Fin. Serv. Corp. 594-0061 Beneficial of CO, Inc 577-4232 Norwest Financial 570-1030 Fidelity Financial Services Inc. 471-8932 Pioneer Military Loans 391-1111 Denver (303) American General Finance 744-3351 Household Finance Corp. 695~0360 AVCO Financial Services 972-9744 ITT Financial Services 800-577-1257 BancOne Financial Serv.Inc. 421-6826 Norwest Financial 751-7400 Beneficial of CO, Inc 421-3610 Teller Financial Services 232-3241 Pueblo (719) AVCO Financial Services 564-6571 Beneficial of CO, Inc. 544-6327 Connecticut Bridgeport (203) Beneficial of CT, Inc. 735-1841 Household Finance Corp. 330-1770 Greenwich, Stanford (203) Beneficial of CT, Inc. 8534 138 Household Finance Corp. 325-1561
  12. 12. Hart Ford (203) Beneficial of CT, Inc. 289-3371 Household Finance Corp. 838-4787 Better Loan Society, Inc. 529-8628 New Haven (203) Beneficial of CT, Inc. 934-8691 Nations Credit Fin. Serv. Corp. 753-0148 Household Finance Corp. 795-5212 Delaware Dover (302) American General Finance 678-2950 Household Finance Corp. 678-8800 American Gen. Fin. (Smyma) 653-8591 Norwest Financial 734-3611 Associates Financial Services 674-3900 Security Pacific Fin. Serv. Inc. 734-5841 AVCO Financial Services 734-4792 Security Pac. Fin. Serv. (Milford) 422-9657 Beneficial of DE, Inc. 678-1606 Transamerica Financial Serv. 678-9514 Wilrnington (302) American General Finance 368-8507 Chrysler First Consumer Disc.Co. 215-891-0413 AVCO Financial Services 738-6110 Household Finance Co (Newark) 836-9095 Beneficial of DE, Inc. 456-1602 Security Pacific Fin. Serv. Inc. 478-8070 Beneficial of NJ, Inc. 609-678-6101 Security Pac. Fin. Serv. (Newarlc) 737-1920 Blazer Financial Services 998-7766 Florida Ft Lauderdale (305) American General Finance 938-9201 Nations Banc Financial Serv. 970-0041 Associates Financial Serv. Co. 527-0822 AVCO Financial Services 741-7566 Norwest Financial 486-85SO Beneficial of FL, Inc. 564-7643 Transamerica Financial Serv. 561-0800 Household Finance Corp. 472-1502 Jacksonville (904) American General Finance 721-8225 ITT Financial Services 800-577-1257 AVCO Financial Services 6414440 Nations Banc Financial Serv. 398-8677 Beneficial of FL, Inc. 786-3440 Norwest Financial 733-5310 Century Finance Co. 725-1055 Security Pacific Fin. Serv. Inc. 281-0880 Household Finance Corp. 724-8025 Trans-South Financial Services 384-0354 Miami (305) American General Finance 232-5051 Household Finance Corp. 823-4190 Beneficial of FL, Inc. 558-5586 Nations Credit Fin. Serv. Corp. 558-5586 Del Rio Finance Corp. 681-7401 Norwest Financial 558-1515 Diversified Financial Serv. 621-0190 Trans-South Financial Services 593-9964 First Family Financial Serv. 558-3004
  13. 13. Tampa (813) All state Finance 870-6173 Household Finance Corp. 6854563 American General Finance 9354555 ITT Financial Services 800-577-1257 AVCO Financial Services 885-9461 Norwest Financial 899-0909 Beneficial of FL, Inc. 977-3304 Trans-South Financial Services 988-9148 Blazer Financial Services 988-5104 Georgia Columbus (706) American General Finance 324-6684 First Family Financial Serv. 323-3683 AVCO Financial Services 576-5229 Georgia Smith Finance Co. 324-5674 Beneficial of GA, Inc. 323-7266 Household Finance Corp. 561-6940 Best Finance Corp. 324-2843 Bi-City Credit Co. 596-1585 Key Finance Co. 327-3575 Blazer Financial Services 324-0452 Mac-Co Financial Services 327-6581 Browardway FinanceCo. 322-8815 MannFinanceCo. 324-6411 Brown Finance Co. 322-1442 Mercury Finance Co. 687-3001 Century Finance Co. 322-2544 Nations Credit Fin. Serv. Corp.324-3741 CharterCreditCo. 327-1575 Norwest Financial 324-3643 Choice Finance Co. Inc. 297-5517 Phoenix Finance Services 327~010 Columbus Finance Co. 322-8258 Pioneer Military Loans 685-2005 Consolidated Loan Co. 327-6578 Quick Loan Co. 322-2009 Cook Finance Co. 323-2421 Deerfield Financial Services 569-5575 Trans-South Financial Services 323-2457 Atlanta (404) Household Finance Corp. 996-0056 Apex Finance Co. 523-5619 ITT Financial Services 800-577-1257 AVCO Financial Services 361-7510 King Finance Co. 524-8855 Beneficial of GA, Inc. 991-8800 Legal Finance Co. 522-8832 Chesterfield Finance Co. 688-8721 Nations Banc Financial Serv. 955-2570 Citizens Finance & Loan Serv. 688-5086 Nations Credit Fin. Serv. Corp. 320-7197 City Finance Corp. 525-7893 Norwest Financial 349-2805 Fleet Financial Center 452-2200 Transamerica Financial Serv. 294-4043 Hawaii (808) Fidelity Financial Services Inc. 848-2447 AVCO Financial Services 841-4221 Finance Factors LTD 548-3311 Beneficial Hawaii Inc. 533-4202 Investors Finance 533-7437 Devenzon Financial Corp. 841-4100 Idaho Boise (208) American General Finance 343-7976 Fidelity Financial Services Inc. 322-2841 AVCO Financial Services 322-1441 Murdoch Finance Co. Inc. 375~6116 Beneficial Idaho Inc. 376-5341 Norwest Financial 376-0252 Blazer Financial Services 376-5454 Transarnerica Financial Serv. 345-5050 Convenient Loan 375 4500
  14. 14. Illinois Chicago (312) American General Finance 263-2030 AVCO Financial Services 549-2422 Mercury Finance Co. of IL 775-3666 Beneficial of IL, Inc. 708-543-0757 Midland Finance Co. 761-5100 Blazer Financial Services 233-1040 Nations Credit Fin. Serv. Inc. 237-2182 Cosmat Loan Co. Inc. 463-6274 Noble Finance 554-8811 Fidelity Financial Services Inc.721-3051 Tumer Acceptance Corp. 539-8900 Great American Finance Co. 332-7119 Rockford (815) American General Finance 633-5737 Household Finance Corp. 399-7095 AVCO Financial Services 395-0655 Mid Arnica Finance Services 633-2270 Beneficial of IL Inc. 398-3833 Norwest Financial 397-7363 Indiana Indianapolis (317) American Family Fin. Serv. 842-1095 ITT Financial Services 800-577-1257 American General Finance 889-1511 Mercury Finance Co. 299-0909 AVCO Financial Services 897-0055 Nations Credit Fin. Serv. Inc. 897-8001 Beneficial of ID, Inc. 644-7741 Nichols Finances Services 243-8211 Fidelity Financial Services Inc. 845-7855 Norwest Financial 293-2447 Household Finance Corp. 842-1620 Transarnerica Financial Serv. 841-1447 Iowa Des Moines (515) Action Finance Services Inc. 278-8808 111 Financial Services 800-577-1257 American General Finance 285-7725 Norwest Financial 243-0521 AVCO Financial Services 287-0553 Transarnerica Financial Serv. 222-0303 Cash Credit Corp. 288-3237 Kansas Wichita (316) American General Finance 522-2286 ITT Financial Services 800-577-1257 Beneficial of KA, Inc. 681-0065 Nations Credit Fin. Serv. Inc. 685-2611 Household Finance Corp. 722-6776 Norwest Financial 683-6546
  15. 15. Kentucky Louisville (502) American General Finance 495-1266 Nations Credit Fin. Serv. Inc. 339-1339 AVCO Financial Services 447-8551 Norwest Financial 239-2177 Beneficial of KY, Inc. 968-5408 Public Finance Corp. 969-3217 Household Finance Corp. 966-8444 Security Pacific Fin. Serv. Lnc. 964-5991 ITT Financial Services 800-577-1257 Trans-South Financial Services 451-2083 Mercury Finance Co. 448-0333 Louisiana Baton Rouge (504) Allied Finance Co. 664-0114 Family Financial Services Inc. 926-9120 Allstate Financial Serv. Inc. 383-9091 Fendley Finance Corp. 925-5324 American Fidelity Finances 924-4000 Fidelity National Corp. 927-0005 American General Finance 343-0295 Guaranty Credit Plan Inc. 356-3471 Available Credit Service 356-5241 ITT Financial Services 800-577-1257 AVCO Financial Services 926-5050 Imperial Credit Inc. 383-9033 Baton Rouge Credit 334-0200 Louisiana Credit Inc. 923-2262 Beneficial of LA, Inc. 273-3672 Norwest Financial 923-0681 Blazer Financial Services 356-3324 Premier Credit Inc. 343-5056 Central Credit Corp. 356-4656 Rainbow Credit Center 925-2911 City Credit Corp. 356-3218 Southeast Finance of Baker Inc.774-7094 Credit Plan of Baton Rouge 9284130 Southeast Finance of Baton Rouge 923-1465 Custom Financing Inc. 344-8561 Tower Loan 925-0983 Economy Fin. of Baton Rouge 383-8363 New Orleans (504) American General Finance 368-1880 Norwest Financial 368-5504 Beneficial of LA, Inc. 394-1194 Nations Banc Financial Serv. 601-864-2305 Fleet Finance Inc. 362-8811 Town Credit 362-9622 Gulfco Finance Co. 341-9557 Sun Finance Co. Inc. 366-2464 Mid South Credit Corp. 340-5020 Massachusetts Boston (617) Beneficial of MA, Inc. 508-927-0250 Household Finance Corp. 849-6132 Nations Credit Fin. Serv. Corp.327-2270 Norwest Financial 321-0440 Michigan Detroit (313) Kearney Credit Inc. 294-5700 Household Finance Corp. 562-8200
  16. 16. Minnesota Minneapolis (612) AVCO Financial Services 881-5829 Norwest Financial 633-8463 Beneficial Loan and Thrift Co.888-4154 Park Credit Co. 566-9170 Cash Fair 938-3222 Security Pacific Fin. Serv. Inc.898-1511 Cityside Loans & Savings 935-2116 TCF Financial Services Inc. 544-0454 ITT Financial Services 800-577-1257 Mississippi Jackson (601) Allied Credit Corp. 922-6400 American General Finance 969-9332 Globe Finance Services 353-4677 Beneficial of MS, Inc. 354-1581 ITT Financial Services 800-577-1257 Blazer Financial Services 354-8823 Nations Credit Fin. Serv. Corp. 957-1151 City Finance Co. 354-1286 Norwest Financial 957-0518 Credit Center 939-3323 Personal Finance Co. 936-4473 First Family Financial Serv. 366-3291 Rapid Finance Co. 978-1750 Friendly Finance Co. 353-3487 Tower Loan 982- 1351 Missouri St. Louis (314) American General Finance 227-0307 Midwest Acceptance Corp. 351-8500 AVCO Financial Services 822-8003 Norwest Financial 962-3336 Beneficial of MO, Inc. 227-9500 Normandy Bank 383-5555 GMC Financial 2254466 Security Pacific Fin.Sen.Inc. 949-6677 Household Finance Corp. 291-2510 Southern Leasing Corp. 821-7802 ITT Financial Services 800-577-1257 Transamerica Financial Serv. 838-1000 New Jersey New Brunswick (908) American General Finance 494-3610 Household Finance Corp. 549-9300 Beneficial of NJ, Inc. 257-5900 ITT Financial Services 800-577-1257 Nations Credit Fin. Serv. Corp. 201-535-3431 New Mexico Albuquerque (505) Advance Loan 764~8888 Economy Finance Co. 881-7004 American General Finance 837-1425 Household Finance Corp. 883-9700 Associates Finance Services 884-2971 ITT Financial Services 800-577-1257 AVCO Financial Services 265-8555 NationsCreditFin.Serv.Corp. 883-4444 Beneficial of NM, Inc. 881-8787 Norwest Financial 883-3204 Blazer Financial Services 242-2646 Personal Credit Plan Inc. 881-6767 Cash Loan Co. 247-8300 Southwest Finance Services 883-6691
  17. 17. New York Buffalo (716) Associates Finance Services 691-0121 ITT Financial Services 800-577-1257 AVCO Financial Services 674-8050 Nations Credit Fin. Serv. Corp. 683-2783 Beneficial of NY, Inc. 695-0597 Norwest Financial 831-9014 Certified Finance Co. Inc. 692-8880 Transarnerica Financial Serv. 675-0616 Household Finance Corp. 835-8383 Manhattan (212) Beneficial of NY, Inc. 227-066 Household Finance Corp. 732-0669 Nevada (702) American General Finance 786-3433 Household Finance Corp. 825-3000 Design Finance Services 322-5791 ITT Financial Services 800-577-1257 Norwest Financial 883-7655 North Carolina Charlotte (704) American General Finance 598-8170 Nations Credit Fin. Serv. Inc. 542-7880 AVCO Financial Services 568-5911 Norwest Financial 568-2246 Beneficial of NC,Inc. 568-6330 PrimericaFinanceService 376-3177 BlazerFinancialServices 536-9972 Safeway FinanceCo. 525-0542 Household Finance Corp. 563-8912 Security Pacific Fin. Serv. Inc. 567-6096 llT Financial Services 800-577-1257 Transarnerica Financial Services 554-8000 Lee Financial Services Inc. 529-0871 Ohio Akron (216) American General Finance 896-2300 Household Finance Corp. 633-7986 AVCO Financial Services 630-2642 ITT Financial Services 800-577-1257 Beneficial of OH, Inc. 633-4973 Nations Credit Fin. Serv. Corp. 493-6062 Fidelity Financial Services 630-0903 Norwest Financial 668-2644 Oklahoma Tulsa (918) A Family Loan Co. 342-0022 American General Finance 224-7333 Avco Financial Services 496-3773 Good Neighbor Finance 664-9090 BPI Express Loan 592-6733 Household Finance Corp. 627-8433 Banner Loans 583-6249 ITT Financial Services 800-577-1257 Beneficial of OK, Inc. 258-6595 Kent Finances 582-1855 Blazer Financial Services 743-2386 Master Finance Corp. 583-5758 BudgetFinanceCo. 584-5626 Money ServiceInc. 584-3161
  18. 18. Cardinal Credit 445-1555 Noble Finance Corp. 224-1067 City Finance Co. 834-0871 Norwest Financial 663-1014 Denton Finance 446-1469 Security Finance Corp. 224-4500 Diamond Finance 744-4092 Standard Finance Services 587-5528 Emergency Loans 592-0252 Superior Loan Co. 584-0461 Empire Finance Inc. 342-3031 Surety Finance Serv. 584-4196 Fidelity Financial Services 622-8292 Pennsylvania Pittsburgh (412) American General Finance 653-6670 First South Saving Assoc. 381-8000 AD Financial Service 487-4467 Household Finance Corp. 366-8690 Associates Financial Services 391-9790 ITT Consumer Disc. Co. 922-6444 AVCO Financial Service 374-987C' Nations Credit Fin. Serv. Corp. 257-9915 Beneficial Consumer Disc. Co. 923-1757 Norwest Financial 881-6581 Blazer Consumer Disc. Co .823-6610 Security Pacific Cons. Disc. Co. 921-7282 Texas Austin (512) Lemens Finance Co. 478-6441 ABC Plan Loans 478-7272 Loans of TX Assoc. Co. 474-6551 Allied Finance Co. 451-6413 MFC Finance Co. 326-2252 Atlas Credit Co. Inc. 480-0030 Master Loan Service 476-6906 B & W Finance 477-6369 Norwest Financial 454-2671 Beneficial of TX, Inc. 452-0167 Tam Finance Co. 474-7666 Blazer Financial Services 467-0821 Texas Warrant Co. 478-1653 CIC Finance & Rental Service 472-7297 Travis Loans Inc. 478-9548 First State Loan 472-8246 Worker's Finance Co. Inc. 476-7616 ITT Financial Service 800-577-1257 Worth Finance Corp. 476-0661 Dallas (214) ABC Finance Co. 817-332-3804 Allied Finance Co. 817-429-7332 ITT Financial Services 800-577-1257 Amicable Finance Co. 942-9933 Justice Finance Co. 642-5470 Atlas Credit Co. Inc. 941-3752 Loan Star Loans 946-2304 Banner Finance Corp. 742-6728 Nations Credit Fin. Serv. Corp. 402-3500 Beneficial of TX, Inc. 341-2900 Norwest Financial 352-0699 Blazer Financial Services 589-2252 Personal Finance Co. Inc. 720-9176 Century Finance 263-7247 Presta Finance Inc. 526-9665 Chesterfield Loan 747-3541 Texas Finance Co. 748-7429
  19. 19. Washington Seattle (206) American General Finance 838-4956 Crown Finance Co. 228-5220 AVCO Financial Services 745-4343 Household Finance Corp. 454-3395 Beneficial of WA, Inc. 355-9646 Norwest Financial 625-1165 Cascade Credit Co., Inc. 226-6320 Transamerica Financial Services 562-2302 Commercial Credit Corp. 822-2225 Washington D.C. Beneficial of MD, Inc. 301-725-6006 Nations Credit Fin. Serv. Corp. 301-622-0523 Beneficial of VA, Inc. 703-765-0900 Nations Credit Fin. Serv. Corp. 703-631-0040 Signature Loans Through The Mail Major Financial Institutions- Nationally Which Make Signature Loans Through The Mail The following institutions like to lend to individuals with average credit ,but will consider lending to individuals who have had credit problems: Request an application from the lending institutions directly. When apply assemble as much information as you can to explain your credit problems. If you have a job and are now financially stable, they will consider your Ioan request. Provide Ietters from credit bureaus, creditors and other documentation which will support your ability and willingness to pay. Maryland National Bank (Loans in DC, MD, VA, DE only) ATTN: Ruth Anne Mazer P.O. Box 17384 Baltimore, MD 21203 Customer Service: 1-800-222-3222 Request Gold Leaf Signature Personal Line-of-Credit Amount: $25,0OO - $100,000 unsecured, no collateral or equity required. Minimum Income: $25,OOO Interest Rates: Balances over $20,000 (Prime rate + 2% at a Fixed rate) / or Balances under $20,000 (Prime rate +3% at a Variable rate). OR Request Unsecured Personal Line-of-Credit Amount: $2,5OO - $10,000 unsecured, no collateral or equity required. Minimum Income: $20,000 Interest Rates: Fixed rate at 18% or Variable rate - 12% (Prime rate + 1.5%). If you have filed bankruptcy, after seven years they may consider you loan request. If you have had judgments against you, they may consider your loan application. Chase Bank of Maryland (In state loans on}v) 2045 York Road Timonium, MD 21093 Customer Service: 1-800-242-7325 Request Chaseline Unsecured Personal Line-of-Credit Amount: $10,000 - $20,000 unsecured, no collateral or equity required Minimum Income: $30,000 if you're single or $40,000 if you're married or filing a joint application. Interest Rate: 16.9% / Terms: Revolving Line-of-Credit. If you have judgments and delinquent accounts they may consider your loan request.
  20. 20. Citibank P.O. Box 5870 New York, NY 10163 Customer Service: 1 800-926-1067 Request Checking Plus Line of Credit Amounts: $500 - $15,000 unsecured no collateral or equity required. Minimum Income: No Set Interest Rate: 18% (Prime rate + 6%)l Terms: Varies. If you have filed bankruptcy, they will approve your loan request after the bankruptcy has been removed from your credit report (7 years for a wage earner plan and 10 years for a straight bankruptcy). Chemical Bank Retail Card Services Division P.O. Box 1011 Hicksville, NY 11802-9940 Customer Service: 1800-648-0555 Request: Gold Visa / MasterCard Line-of-Credit Amount: $5,OOO - 100,000 Minimum Income: S30,000 Interest Rate: 15% OR Request Regular Visa / MastcrCard Line-of-Credit Amounts: Up to $25,000 Minimum Income: $18,000 Interest Rate: 17.8% If you have filled for bankruptcy, they will consider your loan request after the bankruptcy has been removed from your credit report. The Chase Manhattan Bank (U S.A.), N.A. *Canadian Citizens Are Welcomed* P.O. Box 15008 Wilmington, DE 19850-5008 Customer Service: 1-800-441-7683, between 8:30 am -6:00 pm, EST. Request Chase Advantage Personal Line-of-Credit Amounts: $2,000- $25,OO0 unsecured, no collateral or equity required. Minimum Income: $20,000 Interacts Rate: 13.5% / Terms: Up to 6 (six) years to repay the loan. Will consider lending to individuals who have had credit problems, depending on the circumstances. If you have or had a bankruptcy or judgment against you, explain your situation fully when applying. American Investment Bank, N.A. ATTN: John Wright Crossroads Tower 50 South Main, Suite #460 Salt Lake City, UT 84144 Customer Service: 1-800-882-4067 / or call Collect at (801) 297-1050 Request Unsecured Personal Loan Amounts: $5,OOO - $5O,OOO unsecured, no collateral or equity required. Minimum Income: $5O,OOO Interest Rates: 12.9% for New Customers who will repay the loan off in 6(six) weeks / or 16.4% at a Variable rate / or 18.9% at a Fixed Rate / Terms: Repay the loan off in up to 6 (six) years. If you have had judgments or delinquent accounts, they may consider your request. If you have filed bankruptcy, they will only consider your request when the bankruptcy is no longer on your credit record
  21. 21. Core States Bank of Delaware, N.A. *Canadian Citizens Are Welcomed* P.O. Box 8922 Wilmington, DE 19899 Customer Service: 1-800-833-3010 / or 1-800-223-3331. Request Premier Visa / MasterCard Line-of-Credit Amounts: $5,OOO - $15,OOO Minimum Income: $30,000 Interest Rates: Balances over $2,500 - 12.8% / Balances under $2,500 - 14.8% OR Request Regular Visa / MasterCard Line-of-Credit Amounts: Up to $5,OOO Minimum Income: S12,000 Interest Rates: Balances over $2,5OO - 12.8% / Balances under $2,5OO - 14.8% This lender may consider you for a loan if you filed bankruptcy or had judgments ten years ago and these negative items no longer appear on your credit report. Primerica Bank Customer Service: (302)454-55OO. Request. Gold MasterCard Line-of-Credit Amounts: $10,000 - $5O,OOO Minimum Income: $35,OOO - Proof of income required. Interest Rate: Prime rate + 14.75% If you have, or had filed bankruptcy this lender will only consider you for a loan after the bankruptcy is no longer on your credit report. If you have, or had a judgment against you they may consider your loan request. EQUITY LOANS (Based on real estate holdings) United Lending Group 26300 La Alameda, Suite 100 Mission Viejo, CA. 92691 1-800-244-1228 (Get a loan approved in 2 weeks-$20,000-$50,000, depending on your home equity value.) Alpha Mortgage USA, Inc. 1-800-219-2301 (Funds in 2 weeks, based on your home value.) Pacific Thrift and Loan 1-800-562-6784 (Funds in 2 weeks, based on your home value.) World Wide Credit Corporation 1-800-562-6867 (Offers Loans on "No Equity" for any amount up to $75,000, less than perfect credit acceptable.)
  22. 22. Unicor Funding, Inc. 1-800-834-8388 United Companies Lending Corporation 1-800-239-8252 New Century Mortgage Corporation 1-800-314-4626 (Offers Easy Qualifier Homeowner loan, "Regardless of the status of your credit...or your financial circumstances.") Aames Home Loan 1-800-326-2626 (The company states that they can help you out, even with credit problems, since it is the equity that matters to them, not income or credit.) Allied Bank, F.S.B. 1-800-211-CASH (2274) (The company states that they can help the self employed, previous bankruptcy, or derogatory credit.) Small Business Loans Elfin Financial Architects Chet Nowlen & Associates P.O. Box 1633 P.O. Box 6094 Silver City, NM 88062 Jackson, MS 39288-6094 Specializes in small business and franchise loans $100,000 to $1,000,000 Capital Formation Inc. 18 Glen Terrace Stamford, CT. 06906 203-359-1708 (Business and Commercial Loans to $75,000,000) Annuity Funding Legal Funding, (funding for lottery winners, mortgage holders and other annuities) 1-800-990-3382 Money Programs: Billions for Everyone The Federal Government loans and gives away billions of dollars every year for everything from homes and businesses, to painter and writers. Look through the Catalog of Federal Domestic Assistance at your library. ( Be sure to see the chapters on Small Business and Entrepreneur's, Housing and Real Estate.)
  23. 23. Loan Guarantees This company has collateral for rent and offers loan guarantees as mentioned in Section 1: How to get a Guaranteed Loan. VENDETH UK 9526 Park Street Bellflower, CA 90706 Sample Application Request Letter You could type these letters up on your computer or go to a copy shop and have them typeset and print them for you. Date Loan Company's Name and Address Here Dear Sirs, I would like to apply to your company for a personal signature loan to consolidate my debts. Please send me the necessary terms and information. Yours truly, Your Name, address, and telephone number here. TO HELP YOU GET YOUR LOAN APPROVED QUICKLY READ THIS! A summary of information in easy to read form is outlined below. These guidelines, should be extremely beneficial in aiding you to prepare your loan request application and ultimately receiving your loan. We will try to show you what most lending institutions look for when determining a request for your loan. When submitting your loan request letter, type or write legibly. Make a good impression right from the start! Take the time to write high class letters. It is worth the effort! Your application request letter should be very business like in appearance and should be typed if possible. You can write your letters by hand, but please PRINT unless your handwriting is neat and legible. State briefly your need for a loan. Stress sincerity. Also state your current salary.
  24. 24. Be patient. People have a tendency to be impatient with lenders. Do not yield to that temptation. Having a checking and a Savings account will be to your advantage. If you do not have both, open an account prior to applying for a loan. Because of the difficult times we are in, some lenders on the list may temporarily suspend their loan operations. If you happen to write one that is not taking applications, they may write back to you and let you know. Unfortunately, some lenders will not bother to reply. Don't get discouraged! Just write to more companies. PERSISTENCE PAYS OFF! TYPE YOUR REQUEST LETTERS AS EXPLAINED ABOVE It is our sincere hope that you will follow the instructions contained in the information in this report so you can obtain the funds you seek. The enclosed list of lenders are continually being updated and corrected. Due to the uncertain financial times we live in, occasionally one of the recommended lenders will temporarily stop making loans, or will merge with another company. If you happened to find a situation of this type, we would greatly appreciate your cooperation in letting us know about it so we can update our report. USEFUL INFORMATION THAT MAY HELP YOU IN OBTAINING YOUR LOAN Completing the Loan Application A creditor who approves your application for a loan wants to make sure he is going to get his money back. Lenders are not charities. They are trying to make a profit from lending you money. To insure them against loss, they employ a complex series of scoring and appraisal systems. While this system may be fine for the people who fit the desired profile, what about those who don't yet who in their own estimation can be expected to repay the loan on a monthly basis? In this case, they may need to adjust or shape the applications so they fit the profile of a "good risk". It is assumed that you have carefully looked over your financial situation and are confident that you can make whatever new payments for which you apply. Creditors seek applicants with a stable and steady income. However, even more important is the knowledge of your ability and willingness to repay. That is why your credit history must make a good impression. You must carefully present yourself and your credit history. You can answer the application questions so as to convince the lender that you really do fit within the limits of their approval. You must impress a creditor with your sincerity, stability, dependability, and with your ability to repay the loaned amount, even though you may not fit the standards required of the average borrower.
  25. 25. The scoring system used by creditors are not only consideration reviewed in granting a loan. Creditors leave themselves some leeway in making a final decision. They can override a low score on an application and grant a questionable loan. With a little work, you can overcome a banker's initial reluctance and get the credit you desire. Never lie on your application. While you might consider it helpful, lying on your application may have drawbacks down the road. A number of the items on an application can be verified, and discrepancies will often cause automatic denial of a credit application. While reviewing applications, creditors will be able to double check information contained in your credit report. Your employment and salary can be verified by telephoning your employer. Bank accounts you list on the application are also easily checked. If you lie on an application for credit and later are forced to declare bankruptcy, you may not be able to discharge those debts if the creditor finds out why they were granted under fraudulent conditions. Despite the risks, some people continue to lie on credit applications. If the person moves around a lot they may list their permanent address as that of a parent, relative, or a friend. They may also stretch the length of time at their current residence, usually because it isn't checked. If an applicant has a cooperative employer or business friend, they may give themselves jobs they don't hold, inflated salaries, or stretched lengths of employment. When the creditor calls to verify the information, the debtor's friend vouch for the lies. Another way debtors inflate their salary is by establishing dummy corporations. The then issue themselves private stock with an inflated value. On applications they then list this stock as part of their net worth. In many instances a bank will accept this information as truthful, having only verified the existence of the corporation with the state authorities. Knowing how the bank will review the application, you stand a greater chance of getting the loan approved. If you leave some information out and a creditor is satisfied with what he does have, Why volunteer it? On the other hand, you will want to include all the information that will make a favorable impression on the creditor. Appending a sheet of additional information to the application cannot hurt your chances of being approved, and might even help sway them in your favor. Begin by establishing a good foundation prior to your application. Here are several things you can do to make the approval of your application more certain: 1. Establish a telephone in your name. This will give the creditor the impression that you are settled in the area. If you cannot afford a new installation, you could "borrow" the number of a friend or relative. Have the phone company list your name along with their name in the listing. Make sure they are willing to field any phone calls for you. You could plan to state that your telephone number is unlisted. However, most creditors will require a home and work telephone number from you before they approve your application. This will help them to find you if any problems arise. 2. If working more than one job, list the highest paying on as your primary employment. Usually, that's the one that requires the greatest level of education and skill. The income from your second job can be listed under "Additional Income". 3. Clearly state the purpose of the loan. If the loan is for the purchase of expensive merchandise, you may be required to sign a lien, securing repayment of the loan with the physical merchandise. This protects the lender to a small degree, making it possible for him to repossess the items should you fail to repay the loan.
  26. 26. 4. Know how well a creditor will receive your request. Some lenders a maintain a lists of positive and negative reasons for requesting a loan. Positive reasons include borrowing for educational expenses, to pay for major medical treatment for you or your family, a small loan to help you establish new credit, home improvements, a vacation, and loans for the purchase of cars, boats, homes, and real estate investments. Negative request for loans might include debt consolidation, loans to cover a down payment for something else, cash loans that will be lent to another party, money for a speculative new business venture, loans to pay a fine or penalty. If you study your status before making an application, and truly believe that a creditor will turn down your application on the first inspection, prepare in advance to meet and refute every objection the creditor will present to approving you request. Clarify and lengthen your response to questions where it's needed. Don't let your application fail only on its initial inability to meet the standard credit scoring requirements. Make sure you have a good explanation for every negative point that appears. Soften objections to your request by having a ready reply. Show that your situation is not as bad as it may appear. If you have not maintained a permanent residence in the same location for more than one year, demonstrate that each move was made to improve your financial earning power as a result of your improved financial status. You want the application to appear positive. However, don't blatantly mislead the creditor. Here are a few remarks on some of the basic application questions. Consider your individual situation and how these factors would color your chances of getting a loan request approved. Number of Dependents- The bank will use this figure to determine your cost of living. If you have numerous dependents, you will be required to demonstrate that you have a large enough income to support them and repay the loan. Don' count anyone as a dependent unless you are supporting them. Home- Home ownership is more favorable than renting. However, if you rent you may be able to show that you have more disposable income than if you owned your home, thereby increasing your ability to repay a loan. If you owned your home fewer than three years, you may be considered no more stable than if you were a renter. Be prepared to account for where you have lived and why. Show that you are a stable part of the community. Employment History- If you have changed jobs often, your application will be negatively received. However, if you can demonstrate that each job change was better than the last and that it increased your salary and improved your position, then it will not be as detrimental. Present Financial Status- Even if your income from your primary job is low, if you can demonstrate that you have additional sources of income and that you spend your money wisely, having a surplus at month's end, you will have a greater chance of being approved.
  27. 27. WHAT TO DO IF YOUR APPLICATION IS DENIED If you were turned down for credit, do not give up. Be persistent. The Federal Reserve Board list 20 reasons that you may have been denied credit. You are entitled to know the reasons you were denied credit. The creditor must disclose why you were turned down. Generally, the reason will be listed on the letter that you receive denying you credit. The list below may help you anticipate what might come up. Prepare to meet these possible excuses in advance. If you go in knowing what you might confront, you can be well armed against any possible negative response your application might create. Credit application incomplete Insufficient credit references Unable to verify credit references No credit file Insufficient credit file Insufficient income Delinquent credit obligations Unable to verify income Insufficient length of employment Excessive obligations Unable to verify employment Temporary employment Inadequate collateral Too short a period of residence Temporary residence Unable to verify residence Garnishment, attachment Bankruptcy foreclosure, repossession We do not grant credit to any applicant Other, Specify on the terms you request If you are denied credit and decide to appeal the decision, check and see what the lender's policy of appeal is. The re may be a specific process through which you must go. Follow this process carefully. If they have no specific guidelines, speak with the people you dealt with previously. You worked hard to develop that relationship. Capitalize on it. An appeal is most often made in two steps. First, meet with the creditor if possible. Fully discuss the reasons your application was denied. Ask how you can qualify for the loan. Second, submit the revised application for approval. Find out exactly why your application was turned down. Explain that you know you are credit worthy. Don't be antagonistic or negative. Be friendly. Get specific answers about why you were denied credit. What actions could you take that would help get your application approved? Make any necessary changes and resubmit the application. Make sure you send the creditor new information on which to base a review. Try hard to provide everything they need to know, while at the same time making yourself appear in the best possible light. Include a cover letter with the resubmission of your application. Address it to the lending officer who has been handling your account. Directly refer to the specific reason you were given for denial. With the new data you have collected, show how there should be no reason for denial now. If your application is refused even after an appeal, try a different creditor. Each creditor is different. You could be turned down at one bank, but accepted by another with no hesitation. Carefully choose a creditor that you think has less strict credit requirements. Or go to one in your area that has been actively advertising for new customers. When advertising for new borrowers, many creditors loosen requirements. Apply to several before you give up.
  28. 28. If your credit application has been denied, many creditors will offer you a secured loan. A savings account is a long favored method of securing repayment of a loan. You can use an existing account against repayment of a new loan. Of course, the savings will have to be deposited with the institution making the new loan, and you may not be allowed to draw against the principal. However, if the lender has assurance that his money will be repaid, he will approve the application. What you choose to offer as collateral against your loan is limited only by your imagination. Examine your current assets and determine which the bank will prefer to accept as collateral. Many times, a co-signer can be of invaluable help. Co-signers are folks with established credit who voluntarily agree to become responsible for the repayment of the loan should you default. These are usually relatives. Creditors know that a co-signer does not want to ruin his or her own credit rating, and would be careful to repay the loan if a problem should arise. You won't need a co-signer on all loans. However, there are times when you might. Once you have gotten a first loan and established a good credit rating by paying it back, your future need for the co-signer will diminish. Locate someone who would be willing to co-sign your loan. Someone with established credit who trusts you and is willing to take the risk. Most likely candidates are relatives, close business associates, and long time friends. A co-signer must fill out a loan application just as you did. However, the bank may have dealt with them in the past or their strong credit history will likely allow the loan to move through the process rapidly. After six months to a year, request that the lender remove the co-signer from the loan. Contend that by this time you have demonstrated your ability to repay. Show that your circumstances have improved to the extent that you could now qualify for the loan without a co- signer. This will relieve the co-signer of a burden and will help you establish an even better credit rating with your banker. DEALING WITH BANKERS A good way of increasing your chances for loan approval is by having a good relationship with a banker. Having a good contact at a bank will help you build your credit with minimum hassles. Your friend can give you helpful information, guide you step-by-step, and help you look your best. He or she will also take a special interest in your application so it stands out from the rest and gets a little personal attention. They may also vouch for your character and integrity with the lending officer so that your application is approved. You'll learn more about credit, receive better service, and will get the credit you want if you develop a friendly personal relationship with your banker. If you have been a customer at your current bank for many years, then it is more likely that you can get a loan there. By being a customer for several years you will have established a record of stability. Long time customers generally receive better treatment than new customers. Before you go to any bank or lending institution, even one where you have a contact or to which you have been recommended, call up and ask what types of loans are currently available. Know what the current percentage rates are. Know the basic information before you ever meet with the banker.
  29. 29. Once you have a recommendation, make an appointment to meet the officer at his bank. Having a recommendation puts you in a much better position than if you walked in cold. Dress conservatively for your meeting. If you are male, don't wear a suit if that doesn't fit your profession. On the other hand, don't dress in dirty work clothes either. Be neat, clean and well groomed. Don't try to shock the banker. Women should follow the same rule of thumb; don't wear ostentatious jewelry or overpowering perfume. Always dress in a business like and conservative fashion. Don't bring anything along that might distract or annoy the lending officer, such as children, pets, or packages. You will only need one meeting to determine if you want to apply for credit and open your account at the new bank. If you don't have an excellent credit rating, take out a small loan at the bank you have chosen- secured by a savings account if possible. This will allow you to build the bank's trust in you. With their confidence increased, it will be easier for you to qualify for a larger, unsecured loan. Make sure that all your applications are routed through you contact, and that he or she will be helping it along. Do you belong to a credit union? Credit Unions are usually more eager to lend you money, and their rates of interest are often lower. Because you are a member, owning a portion of the institution by having purchased shares when you joined, you will be treated more favorably. Credit unions often offer special rates on specific loans-computer purchases, new cars, home improvements, etc. If you are a credit union member, call them and request information on special loans they may be offering. CREDIT SCORING Credit scoring is a method of assigning point values to the various items of information included in your credit application or on your credit report. The values are then combined and a final score determined. The scoring system was devised to help creditors apply a fair standard to all loan applications, and to help them more easily determine who is less likely to repay a loan. There are many different scoring methods. As we pointed out, not all creditors use the same system. One may look at your information and reject your request due to a low score. However, another creditor, using a different set of parameters, may score you high enough to approve your application. The credit scoring system allows a creditor to reduce costs associated with reviewing your credit application. Knowing the statistical probability of how likely the applicant is to pay his debts, a credit manager can easily determine whether or not the institution should take the risk of lending money to that applicant. By eliminating those applicants who statistically have been shown to be bad risks, credit scoring can cut down on bad debt losses and the high expenses of collecting from borrowers who are behind in their payments. The equal Credit Opportunity Act prohibits discrimination on the grounds of race, national origin, sex or marital status in granting credit. The age of an applicant cannot be scored in such a way so that it denies credit only on that basis. Likewise, simply because a person is of a particular ethnic background, is male or female, or is married, single, or divorced, he or she cannot be denied credit solely for that reason. If the person possesses the financial ability to repay the loan, the institution must extend that credit to him.
  30. 30. Credit scoring systems are designed for creditors by specialized research firms. Old applications that were approved by banks are reviewed. Each of the questions on the application is studied in an attempt to determine to what extent that information figured in the success or failure of the loan. The examiner assigns various point values for the different possible answers to each question. A base score is determined as the lowest value that will assure the greatest chance of successful repayment of the loan. Theoretically, no one who scored below this value on the application would be approved. Thus, if the creditor rejects all applicants who fail to score higher than the base number, there should be few, if any, failures to repay. While creditors rely heavily on credit scoring, there is a gray area that allows a lending officer to override the score and to pass an application based upon his personal judgement in an individual case. Many creditors realize that the point scoring system may pass over credit worthy applicants, so every effort is made to fairly determine the viability of a loan before rejecting it. If you feel that you have been denied credit because of the inherent biases of the scoring method used in reviewing your application, work with your lender to get the credit you want. Remember, he wants to extend a loan and make a profit for the bank. You must work with him to prove that you can and will repay the money that you borrow. HOW YOUR APPLICATION IS SCORED How is a credit application scored by an institution? What weight is given to the individual sections of the application? Listed below are the categories that lenders consider in reviewing your loan application. Read each one and consider your own case. How would you score? What can you do to improve your chances of scoring higher? Getting approved means making sure that the lender is assured that he will be repaid. Length of Residence- how long have you lived in your present home? The longer the better. You want to be thought of as stable and reliable. A long stay adds points. Although this may unfairly discriminate against the young and upwardly mobile, it lets the lender know if you are more likely to remain in your present situation and be around to repay the obligation. Many lenders have systems that give high points to recent moves tied to career advancement. Home Ownership- Owning your home, either outright or with an attached mortgage, is far and away the best scenario. Home owners are considered stable, dependable risks. In descending order, the better loan risks are: homeowners, renters of an unfurnished apartment, renters of a furnished apartment, those living with parents or other relatives, other situations. No distinction is made between homeowners who have a large amount of equity in their homes or those who are deeply mortgaged. Geographic Location- Credit scoring is adjusted for geographical differences. An institution's servicing area may be divided into many categories. Length of Employment- As with length of residence, the longer the better. Creditors want applicants who have a steady, secure source of income. Holding the same job for many years indicates that the same should hold true in the future. A short length of employment is less assuring to the lender.
  31. 31. Occupation- This is difficult to assess. While it seems that the occupation of the borrower would be a good indicator of his or her character, there are many different ways to make the classification of employment under the scoring system is somewhat subjective. The officer reviewing the application must determine into which category a job falls. A certain job may then be assigned a lower score by one reviewer than by another. Therefore, it is not surprising that according to some systems, higher points are awarded to self employed professionals, retirees, or to employees of large corporations. The best scoring occupations, from top to bottom are: teachers, accountants, engineers, business executives, supervisors, dentists, pilots, laboratory technicians, farmers, clerical workers, civil service workers, nurses, pharmacists, newspaper employees, policemen, firemen, military officers, railroad workers, skilled technicians and equipment operators, sales clerks, salesmen, bus and truck drivers, janitors, mechanics, contractors, carpenters, plumbers, electricians, tenant farmers, lawyers, self-employed businessmen, unskilled factory workers, cooks, painters, miners, retirees, free lance artists, musicians, barbers, students, nurses aides, cab drivers, common laborers, housewives, restaurant, hotel or amusement park employees, lower level military personnel, bartenders, farm hands, and welfare recipients. Age- Older is not always better -until you reach 40. From there on the older you get, the more points you receive. Under 25 and through the mid 30's are the lowest scoring ages. Anyone under 25 gets low marks. But there again, this is the group that usually has no proven credit history. Young people have trouble getting and establishing credit. People in their 30's generally have lower incomes but higher expenses; trying to buy a home, raise several children, and establish themselves in their career. This is when people are most likely to declare bankruptcy. Thus, bankers watch this age bracket carefully. Income- The higher the income, the more points your application will earn. It's only logical. However, middle income applicants are often less likely to repay a loan than lower income people. The real key to determining repayment viability is to determine the amount of disposable income a person holds and the overall stability of his or her income. Those figures are more difficult to obtain and to verify, so many lenders are more inclined to base their judgement solely upon gross income. Telephone- Having a home telephone in the borrower's name indicates stability. Not having a telephone can look suspicious. Some systems give more points for more than one phone. Age of Automobile- The later the model of car you own, the higher you score. If you do not own an automobile, you receive a low score. The designers of credit scoring are unsure why this category is a good indicator, since you would initially think that owning a new car means more debt, and thus less likelihood of repayment. However, this is a good standard of judgement. Number of Dependents- Having between on to three dependents scores you high because it means you have a certain level of responsibility and stability. However, having more than three decreases the number of points awarded. If you have too many you will lose points. It is believed that too many dependents strains the budget and makes it difficult for you to repay a loan when there are so many other demands on your budget. Citizenship Status- Non U.S. citizens get negative points. It is impossible for creditors to collect anything if someone flees the country. However, banks also realize that most non- citizens are meticulous about repaying their obligations.
  32. 32. Bank Accounts- Having both checking and savings account gains you points. Not having any account is very suspicious. You can amass more points if you have your accounts with the bank where you apply for the credit. Knowing how a bank or finance company will score your application, will enhance your chances of obtaining the money. So before you apply, study the system, and rate yourself; you will then know where you stand and what adjustments you need to make before you hand in the application. POINTS SYSTEM SCORING AGE 18-21 - 0 Points 22-25 - 1 26-65 - 2 YEARS AT PREVIOUS ADDRESS Over 6 - 3 points Over 3 - 2 Less than 3 - 1 MARITAL STATUS Married - 2 Points Single -1 Separated -1 Divorces -1 Widowed - 1 CREDIT HISTORY Previous loan at bank you are applying at - 5 Points Previous loan at another bank - 4 Savings account at bank you are applying - 3 Checking account at bank you are applying - 2 Checking account at another bank - 1 No previous loan experience - 1 DEPENDENTS (Including yourself) One to Four - 2 Points Five to Six - 1 Over six - 1
  33. 33. OCCUPATION Professional, Executive Supervisor - 5 Points Uniformed Government Employee* - 4 Skilled Government Employee* - 3 Unskilled - 2 Part-time - Home worker - 1 *Depends on Government Branch LIVING FACILITIES Own-no mortgage - 5 Points Own-mortgage -4 Rent-Unfurnished -2 Rent-furnished -1 With parents -1* *Some banks now consider this a better risk and allow 2 points. TOTAL MONTHLY INCOME* Over $3001 - 6 Points $2251 to$3000 - 4 $1501 to$2250 - 3 $901 to $1500 - 2 Under $900 - 1 *Point system can vary geographically YEARS AT PRESENT ADDRESS Over six - 4 Points Four to six - 3 Two to three - 2 Under two - 1 YEARS WITH EMPLOYER Over ten - 5 Points Seven to ten -4 Four to seven - 3 Two to four - 2 Under two - 1
  34. 34. MONTHLY RENT OR MORTGAGE Over $750 - 1 Point $500 to $750 - 2 Under $500 - 2 MONTHLY EXPENSE (Excluding rent or mortgage) Under $300 - 3 Points $301 to $600 - 2 Over 601 - 1 TELEPHONE Listed in applicants name - 1 Point Not listed in name - 0 The above chart is for a non-collateral, signature loan. If your spouse is employed and signs the application, add her earnings to the monthly income. A score of 18 points will qualify you for at least $5,000 payable in 24 monthly installments at most banks. The bank will take into consideration your ability to repay the loan based on your total monthly income from all sources, considering your present outstanding monthly installment obligations.
  35. 35. YOUR CREDIT REFERENCES In House Records- Your application will be examined next to the institution's own in house credit records. If you have previously established a good record with them, it will earn you points. If your report is negative, you will have points taken off. Credit Cards- Points can be awarded if you have existing credit cards. Always a major credit card such as a VISA, Master Card, American Express, Diner's Club, or Discover card are better and give more points than smaller department store cards. Oil company cards don't often generate much excitement. Current Bank Loan- A current bank loan will give you positive points. Finance Company Loans- Having a loan with a finance company can only hurt you. The more you have had, the more negative points you will accumulate. Credit Report- Negative items on your credit report will generate negative points against your application. The more negative items, the more your score will be reduced. Inquiries- You will receive negative points for any inquiries on your credit report that did not result in a new account being added to it. You can get that new loan you desire. There are many lenders who would like to grant you anew loan. However, you will have to do your homework in preparation for the application process. Knowing where you stand financially, you can meet any questions that might arise. Carefully prepare your application and be ready to "sell" yourself as a trustworthy credit risk. You can do it. The information that we have presented should help you to prepare your application so that it will appear in the most favorable light possible. Get ready. Make your application. And watch your future grow.
  36. 36. ADDITIONAL PERSONAL LOAN SOURCES Write to each on of these companies with the provided cover letter. International Funding Frank B. Owen Box 402 Star-2 1378 Beacon St. Worcester, MA 01613 Brookline, MA. 02146 IWS Inc. David Samara Box 186 68-44 136th St. Merrick, NY. 11566 Flushing, NY. 11367 Schockley Financial Srvc Grayco Associates 66 Overlook Terr. 405 Sunset Dr. N.Y, N.Y. 10111 Johnson City, TN 37604 Guaranty Capital, Inc. Alvin R. Warren 16345 W. Dixie Hwy. #314 610 Cardwell St. Miami, Fl. 33160 Elizabeth City, NC. 27909 Amoco Credit Corp. Valmart Box 9014 Box 480 Des Moines, IA 50306 Prospect Heights, IL 60070 Credit Thrift Financial Corp. Pace Financial Assoc. 601 NW 2nd St. Box 782 Evansville, IN 47701 New Ulm, MN, 56073 The Marigold Co. & Assoc. Central Financial Network Box 268547 RR 2 Box 84 Chicago, IL 60626 Tilden, NE. 68781 Diamond Intnl. Assoc. RLW Enterprises 8322 W. Little York Rd. 3624 Briley St. Houston, TX. 77040 Houston, TX. 77040 Transcap Financial Group Myers Financial Service 8125 Sunset Ave. # 227 5780 NE St. Fair Oaks, Ca. 95628 Springfield, OR. 97478 East Coast Funding Group Inc. B&B Financial Services 4001 Kennett Pike Dept. TX-9422 Suite 134 2143-B Coliseum Dr. #154 Greenville, DE 19807 Hamptom, VA 23666-5962 Universal Financial P.O. Box 54434 Anderson, OH 45254
  37. 37. This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is sold with the understanding that the publisher and the author are not engaged in rendering legal, accounting or other professional services. If legal advice or other expert assistance is required, the services of a competent professional should be sought. The author specifically disclaims any personal liability, loss, or risk incurred as a consequence of the use, either directly, or indirectly, of any information or advice presented in this material. We have done our best to be as thorough and accurate as possible with the names, address, and phone numbers of each lender and the amount of money they will lend. We are not associated with any of these financial institutions mentioned. Therefore, we receive no compensation from any of these institutions for approval or turn downs from loans. Our goal is to give as much knowledge as possible concerning borrowing procedures so you can get a loan as quickly as possible and at the best rate possible for your individual situation. PREMIER WEALTH STRATEGIES ALL RIGHTS RESERVED 2000