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24 Year Consolidation Loan Of $100000 With A Fair FICO Credit Score Of 567

A $100,000 debt consolidation loan is a great way to pay off existing loans, credit card debt or to make improvements on your home or buy a second property. We have provided a few options for you listed below. We listed a personal loan provider that offers $100,000 with great credit over a 7-year term and an excellent provider for home equity loans and home equity line of credit. Another option may be to look at cash-out refinancing and add additional capital to the loan. We have all providers detailed information below and can decide the length of the term that suits your requirements.

Personal  Loan

A personal loan is a good solution if you have a very good credit score. Interest rates can be in the 5% to 7% range with a term as long as 7 years. 

Home Equity Loan or Home Equity Line of Credit (HELOC)

A home equity loan or home equity line of credit can be a good way to clear off old debt and spread the cost out over many years. When you have good credit and the bank looks to provide a home equity loan or HELOC, they will normally finance the property up to 80-90% of the loan to value. The loan to value is the difference between the size of the mortgage and what you will get if you sold the property. With poor or fair credit, the loan to value may drop to as low as 60 to 70% and the interest rates may be higher. 

Home Equity Line Of Credit

Home Equity Loans

Cash Out Refinancing

Cash-out refinancing can offer two benefits, it can improve the terms of an existing mortgage and delivers additional funds at a lower interest rate. Homeowners who are looking for a $100,000 in additional capital may want to look at cash-out refinancing. The main purpose of cash-out refinancing is to put cash in your pocket from the equity that you've built up in your home. This capital could be used for debt consolidation and just is another way to access cash without adding a home equity loan or line of credit.

Pros and cons of Cash Out Financing

The new mortgage will offer one loan payment instead of adding the home equity loan or credit line monthly fees. Your success will depend on your current equity.   

Like any mortgage, you will have legal fees, home inspections, and appraisal fees. If you review the costs from your first mortgage, expect the same charges all over again. Depending on the terms of your first mortgage, you may also be subject to prepayment penalties. Review your existing mortgage and check for early repayment fees.  

Mortgage Offers

Mortgage Refinancing Options

Reverse Mortgage

A reverse mortgage is another way to access the capital in your home or property. This product is best suited for retired people that want to start taking equity from their property. 

Reverse Mortgage Options

Debt to Income Ratio

Debt to income looks at the amount you make every month and the amount you spend. They call this a debt to income ratio and we have inserted a debt to income calculator below to see if you are below 50%. Many lenders will not even look at a loan application with bad credit while others will look at your equity and maybe request a larger lien on the property.  Mortgage Refinancing Mortgage refinancing is paying off your existing mortgage with a new mortgage then adding cash to the new mortgage. You can also describe this as cash-out refinancing your home. Contact a mortgage provider to discuss cash-out refinancing. 

Improve Your Credit Score

Novita offers a free service to help you improve your credit score. Contact them today to get started as it will always help you to have a better credit score. Some providers are charging $99.00/month for credit repair help and Novita is offering this service at no charge through America loan Service. 

America loan Service was contacted by Deandrea to help find a $100000 loan to clear off credit card debt and pay off a few smaller student loans. She wanted to get down to one payment. We had many discussions with her and wanted to share her experience with our viewers. She decided on a home equity line of credit because this was a good solution for her situation.   

Deandrea made an attempt to obtain a consolidation loan for $100,000.00 last year and was not accepted

Principle of LoanLength of Term (Years)Interest Rate (APR)Monthly Installment PaymentLending Institution
$98710.00 5 10.3% $1940.74 NCNB National Bank of Florida
$98530.00 9 5.5% $1064.63 Southeast Bank of Madison County, National Association
$98650.00 9 7.1% $1138.29 Southeast Bank of Wildwood
$98590.00 7 9.5% $1480.6 Atlantic Bank of Jacksonville
$98590.00 10 10.2% $1207.21 Century National Bank of Broward
$98210.00 7 11.6% $1590.66 Flagship Bank of Lake Alfred

Deandrea has a consolidation loan of $38,000 provided by Hialeah-Miami Springs First State Bank

Starting Interest Rate (APR)Remaining principleLender nameLender cityLender StateLoan Obtained
7.5% APR $16723.28 outstanding NCNB National Bank of Florida Live Oak Florida
5.0% APR $30044.13 outstanding Southeast Bank of Madison County, National Association Madison Florida
5.7% APR $31756.0 outstanding Southeast Bank of Wildwood Wildwood Florida
8.0% APR $33261.76 outstanding Atlantic Bank of Jacksonville Jacksonville Florida
6.8% APR $36290.57 outstanding Century National Bank of Broward Fort Lauderdale Florida
9.8% APR $29358.83 outstanding Flagship Bank of Lake Alfred Lake Alfred Florida

Deandrea applied at several lending institutions but was always turned down. Finally, Deandrea contacted America Loan Service and we were able to explain why she was turned down. Regardless of the circumstances that caused our score to be below 620, every lender looks very closely at the entire report. How many late payments were there on his/her credit report and/ or loan payments. Are there collections or a bankruptcy reported. How long have they had their existing credit cards and / or loans? What are their work history and annual income? Are they able to support the repayment of the loan they are applying for. How big of a risk is this applicant should we approve the loan. It is hard to accept when a person's score is below what banks consider 'safe' to approve a loan. What other steps can a person take to improve their score.

Consolidation loan for $100000 in Florida near 33401

Credit Bureaus consider multiple hard pulls by lending institutions as one pull as long as they are all within 14 days for a mortgage and/or loan. If a person is applying for a credit card at multiple places, each inquiry by the credit card companies is considered a unique pull and can lower your overall credit score anywhere from 3 - 5 points.

  • When it comes to Equifax, Deandrea had an initial rating of 567, thus Deandrea has a poor credit rating
  • When it comes to Transunion, Deandrea had an initial rating of 603, thus Deandrea has a fair credit score
  • On the Experian system, Deandrea had a 612 credit rating, a bad credit rating

Information on the lending institution called Southcoast Bank Corp. from West Palm Beach, Florida which provided the $100000 consolidation loan

  • Southcoast Bank Corp.
  • Street Address: 515 North Flagler Drive
  • Branch city: West Palm Beach
  • Branch state: Florida
  • Branch zip code: 33401
  • Branch County: Palm Beach
  • Our records indicate that this lender is currently inactive
  • Total assets: $26,094,000
  • Lender's deposits: $26,674,000
  • Total number of offices: 2

Deandrea has an Equifax score of 567. This is a poor credit score

Fico Score: 567

Deandrea had a Transunion score of 603, viewed to be fair credit

Transunion Score: 603

Deandrea has an Experian score of 612. This is a fair credit score. If your credit rating is fair like Deandrea, it will impact your chances of obtaining a loan

Experian Score: 612

Generated lender information for Southcoast Bank Corp. - 33401

Southcoast Bank Corp. is a loan provider located in West Palm Beach, Florida. South Coast Bank and Trust's number one mission is to exceed client expectations. South Coast offers full-service banking for personal, business and investments

Comment from Deandrea after visiting Southcoast Bank Corp. at 515 North Flagler Drive:
Deandrea was able to get the $100,000 loan using the equity in their home. They decided on a home equity line of credit to keep the payments lower right now. They are expecting an inheritance in about 3 to 5 years that will pay this debt off 100%.  We recommended that Deandrea contact Novita to get help from a credit repair company as several items reported on her report were incorrect. Once she has these items removed from her report, her credit score will improve.

The original request for a consolidation loan from Deandrea

Hello, my name is Deandrea. I write to you from West Palm Beach, Florida and am seeking a consolidation loan for at least $100000. I own my home and have over $250,000.00 in equity that I can use as security. I will use this equity to secure a debt consolidation loan. I know my credit score is poor and I am doing everything I can to repair it. My nearest bank is Southcoast Bank Corp. at 515 North Flagler Drive, and I am located nearby. Can you offer any suggestions online that we could try?

Thank you

Borrower Data: Deandrea
  • County: Palm Beach
  • Home State: Florida
  • Current zip code: 33406
  • Current income: undisclosed
  • Profession: customs inspector
  • Credit Card Debt: $3000 on their Vision Premier Visa Prepaid Card

While the situations described are real, the names and some locations have been changed for privacy. America Loan Service would value your input on our work. Please do not give us your last name and try to keep the information in your private information quite general. It is the overall subject that everyone relates with and we appreciate your comments. When you send your comments, they will be reviewed within 24 hours and you will be notified if they are used.

Past Applications

Application from: Luzmarina

City: Maysville
State: Kentucky
Credit Rating (FICO): 808
Profession: criminal justice professor
Amount Requested: $64000
Age: 55
Current Debt: 25,000
Yearly Income: 68,000
Zip Code: 41056


I am attenting Eastern Michigan University in Maysville Kentucky. I was able to secure a student loan backed by the Federal Government. it is only for my tuition costs. I need another student loan to cover my living expenses. I am wanting somewhere between $11,000.00 I don't need a co-signer and have average creidt. I am 18 years old.

Reply to: Luzmarina

Application from: Macarena

City: Rochester
State: Minnesota
Credit Rating (FICO): 501
Profession: animation cartoonist
Amount Requested: $99000
Age: 31
Current Debt: 81,000
Yearly Income: 25,000
Zip Code: 55901


paid for a car with a fast loan given by Minnesota First Credit and Savings, Incorporated, now I have to pay $773 monthly - want to borrow $99000 from the same bank - Minnesota First Credit and Savings, Incorporated, which is in Rochester, Minnesota. assist me !

Reply to: Macarena

Application from: Shiloh Monaco

City: Cockeysville
State: MD
Credit Rating (FICO): 607
Profession: Profession not given
Amount Requested: $100000
Age: Age not given
Current Debt: 48786
Yearly Income: 120000
Zip Code: 21030


Reply to: Shiloh Monaco

Application from: Jeanie

City: Windham
State: Ohio
Credit Rating (FICO): 583
Profession: painters
Amount Requested: $16000
Age: 31
Current Debt: 39,000
Yearly Income: 48,000
Zip Code: 44288


Our family consolidated our personal loans recently. It was the greatest decision we could have done for our finances. we felt as though all we did make payments and we never lowered the balance. We were felt like our finances were out of control. we reached out for a debt consolidation loan. we are so happy we did. we never miss a payment. we should have done this a long time ago.

Reply to: Jeanie

Application from: Piergiovanni

City: Rudyard
State: Michigan
Credit Rating (FICO): 357
Profession: patent lawyer
Amount Requested: $136000
Age: 20
Current Debt: 62,000
Yearly Income: 64,000
Zip Code: 49780


i have not been paying attention to my finances and it is time to get back on track. i think i should bring together all of my expenses that I am making right now into one payment that will allow me to take care of my financial responsibilities and allow me to start saving money for my future. I would greatly appreciate help to turn my financial future around while still being accountable for the funds that i have received. Thank you,

Reply to: Piergiovanni

Application from: Malia

City: Waltham
State: Massachusetts
Credit Rating (FICO): 602
Profession: solid waste disposal administrator
Amount Requested: $84000
Age: 28
Current Debt: 32,000
Yearly Income: 10,000
Zip Code: 2154


i'm from Waltham Massachusetts and looking at a debt consolidation loan.last time I checked my credit rating was at 474 and I need $11,000.00 to pay out the credit cards. i have not been able to find anyone to help me. can you recommend someone that offers loans for bad credit?

Reply to: Malia

Application from: Betty J*

City: Henderson
State: Kentucky
Credit Rating (FICO): 567
Profession: retired
Amount Requested: $5000.00
Age: 58
Current Debt:
Yearly Income: 330000
Zip Code: 42420

Message:Hi Betty, Sent you a link to Hope this helps.

Reply to: Betty J*

Application from: Andrea W*

City: Cheektowaga
State: NY
Credit Rating (FICO): 567
Profession: Profession not given
Amount Requested: $5000.00
Age: 41
Current Debt: 4100
Yearly Income: 23800
Zip Code: 14227

Message:Hi Andrea, We would recommend that you wait a while and work on your credit score. If you can get it to 600, it will make a big difference for you. Go online and check your information on your credit report to see if everything is accurate. You are so close to being able to get a much better interest rate if you improve this even a little. We sent you a possible lender but your rates will be very high.

Reply to: Andrea W*

Application from: michael*

City: lewisville
State: TX
Credit Rating (FICO): 655
Profession: Law Enforcement
Amount Requested: $85000
Age: 28
Current Debt: 85000
Yearly Income: 124500
Zip Code: 75067

Message:I am looking to consolidate debts of a $50,000 personal loan, $15,000 personal loan and approximately $22,000 in credit card debt. Hi Michael, You may have an issue with the online lender as your request is in the middle of most lender amounts. You easily meet the requirements of SoFi with your income, but they normally require a credit score over 720+. This is very typical of online lender up to the $100K amount. Sofi offers competitive personal loans ranging from $5,000.00 to $100,000.00 with fixed rates from 5.95-12.99% APR and variable rates from 4.74 -11.35% with Autopay. Your interest rate will depend on your credit history and current employment income. Sofi does not charge additional fees and has an excellent offering called unemployment protection. Click on the links provided to complete the online loan request. You can try them. We could recommend Upstart but they only offer personal loans from $1,000 to $50,000.00. They require a credit score of 620 to start. This only fixes part of your problem. We would recommend that you try a local credit union. You have excellent income and we think you will have a better chance of getting a decent interest rate and a single debt consolidation loan by trying this step first. Please let us know if this was helpful?

Reply to: michael*

Application from: Stephanie*

City: Hico
State: Texas
Credit Rating (FICO): 567
Profession: Profession not given
Amount Requested: $2000
Age: 36
Current Debt:
Yearly Income: 21600
Zip Code: 76457

Message:Hi Stephanie, check out this link

Bad Credit Unsecured Personal Loan from $500 to $5,000

Any Credit Score Can Apply

Reply to: Stephanie*

Application from: Nichole

City: Plainfield
State: Connecticut
Credit Rating (FICO): 582
Profession: Profession not given
Amount Requested: $82000
Age: Age not given
Current Debt: 82000
Yearly Income: Income Not Specified
Zip Code: 6374


I pay over 2k month for credit card debt currently and need to refinance all. 100% on time payments, but cannot seem to find a loan because debt to income ration. Catch 22 my debt to income ratio would be only the loan once credit cards are paid off! And I would have perfect credit!!! With a loan to pay off all debts i could be debt free in 7 years!

Reply to: Nichole

Gerald Proctor

December 11th, 2018

Hi Nikki,

We feel your pain, the finance system has a lot of these ridiculous catch-22s. 

Have you looked into balance transfer credit cards? They allow you to transfer your balances with 0% interest for up to 2 years.

Transferring your balance to one of these cards would lower your monthly payment. Lowering your monthly payment would lower your DTI, and probably allow you to qualify for a real loan.

Here's a link to Citi's balance transfer card to check out (we aren't compensated for this or anything):

Good luck!


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