This is a short application from one of our visitors, and it was a common app really. There are so many Americans out there now trying to get approved for a personal loan, even though they have bad credit. It’s sadly a story that is getting more and more common every day, as the economy slow down of 2008 is lasting into 2011 and perhaps even longer.

The amount of personal debt in the United States (and in Bakersfield for this example) is pathetic to say the least. Really don’t know why people allow themselves to get into so much debt, and end up begging for a bad credit loan and sometimes excepting APR (annual percentage rate) of over 15%.

This particular loan request is classic because he needs to pay of all of his credit card debt(s) in one full swoop. This is usually a debt consolidation loan, but some folks can’t approved for a DCL even. They end up just trying to get a high-yield loan with a high APR to pay off their bad credit card debts and do a bundle on it. This is not much of a gain if your APR is anything close 18%, then you might as well not even bother with the process.

If you are in the same position, I recommend you try and get a low APR with a true debt consolidation loan with a debt consolidation organization (for profit, or non-profit – either way). But, back to our applicant again.

Below this short-form app is a calculation of a $10,000 loan if you are carrying an APR of 14%, and I want you to look at the actual amount of interest paid over the term, and the amount of each payment.

Bad Credit Personal Loan – The Short Application

Personal Loan Amount :: $10,000

Personal Loan Application and Processing Speed :: ASAP

What do you need this loan for? :: Pay of credit cards

What City/Town, State do you live in? :: Bakersfield, California

Your credit rating to be – excellent, fair, or bad? :: Very poor to horrible

How did you find us? :: Using Google

Bad Credit Personal Loan – Calculation

Total Amount to be paid: $12,157.93
Total amount of interest $2,157.93
Monthly Payments: $333.09

Bad Credit Personal Loan in Bakersfield, California ($10,000)
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Carol Williams

I am the lead editor at - we publish content regarding lending in the United States - primarily in California.

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