I just got this Mac from my grandma because she said it wasn't working. It boots and lets me go into recovery mode but crashes in a similar way whenever a loading bar starts. I've tried booting every different way and cleared nvram. I didn't see any clearly visible damage on the logic board, and I'm willing to try any ideas as long as I can keep the price of fixing this under $100.
This is either a problem with graphics memory or graphics silicon.
That puts it into logic board level repair territory, which will certainly push you past the $100 threshold.