More than once, I’ve needed to quickly pay down credit card debt.
Both times, I have been saved by an angel. Angel 1 blessed me about 2 years ago. Angel 2 is about to bless me in the next 30-60 days. Let’s take a look at how I managed to have cash rain from the heavens on 2 different occasions.
2 or 3 years ago, I was in a pretty tight fix.
A job I was supposed to have fell through and my bills were piling up. I needed cash to tide me over until i landed a position… I know I know, this is bad debt: borrowing money just to pay bills is not what the wealthy do with debt. The wealthy borrow money, channel it into a reliable investment and service the debt with the profits from the investments.
But when the ship is sinking, you have to stay afloat
So, in my situation I needed a big hunk of cash and I needed it fast just like that song by Foreigner:
“URGENT, URGENT.. EMERGENCY! urgent – urgent – urgent – urgent – Emergency!”
And thank god for my connection.
One Phone Call, 20k Dumped Into My Bank Account
I love how there was NO RED TAPE. I contacted the gap funder and we did the legal forms in Docusign over the phone and and as soon as he had them, i had the 20k in my bank account. BOOM! The whole process must’ve only taken 1 hour.
You Pay a Premium for Convenience
So now you’ve heard the good news. Time for your reality check: get ready to pay 20-30% in fees on the capital they give you… if you get 20k, then you will charge your credit cards for at most 26k. It all depends on how much they are lending and what your credit profile looks like. So a reasonable timeline is:
- Day 1 – you go through your funding call and get funding the same day
- Day 2 – you send off the money to your credits
- Day 7 – you get your credit profile rescored via a rapid rescore service to reflect your pay-downs.
- Day 15 – you make use of your pay down credit profile to do what you need done
- Day 20 – you pay back the amount loaned to you plus interest.
So if you like the idea of no-credit-check funding for the sole purpose of paying down credit cards and timeline looks feasible then hit me up and let’s rock.
Angel Number 2 works a bit slower.. and is more affordable
So now we move on to method 2 of paying down credit cards. This method is slower and has more hurdles. But it will not cost you as much. If you are the impatient sort and have a 680+ credit score want to get a quote now then fill in this form and we will give you an assessment of how much we can get you.
For those who are still reading, let me give you the big picture:
What do you mean I’m not approved for a mortgage?!
When I hung up the phone with the lender just 20 days ago I was stunned. I make 120k/year. I have a 740 credit score. But still no mortgage pre-approval… why? Because of my debt to income ratio. I make 10k per month, but I have 5k in debt obligations per month. That means I have a 50% debt to income ratio before the mortgage payment and lenders want you to have a 50% debt to income ratio INCLUDING the mortgage payment.
So I was a bit irked about this for a day or two before lightning struck: “move all that personal credit card debt to the corporate side dog” (you didn’t know God spoke Ebonics did you?). So that’s exactly what this other lender does for you… they get you corporate credit cards with zero percent interest. And then you liquidate the cards for cash (or use balance transfer checks) to absorb the personal debt so it disappears from your personal credit profile. POOF! GONE! Magic…. MY MONEY MAGICK BABY.
OK So what’s the damage?
The lender has different payment programs based on your credit score and your preferences. You might wish to pay 4k up-front for all your funding for a year, which amounts to less than 2% of your funded amount. Others who wish to pay for performance will pay 9% of the funded amount for each round of funding.
We All Need a Helping Hand
Well, this summarizes two of the angel interventions I’ve had in my life. There have been others, but when it comes to finances, in particular paying down credit cards, this is what has worked for me. I do hope you find the source for paying down credit cards that works for you. Over and out.