Tag Archive | "Bad Credit"

Need a Loan, but Have a Bad Credit History?


I have bad credit but need a loan

I have bad credit but need a loan

People make mistakes and bad decisions, and when it comes to finances, most of us can make the same mistakes and it often leads to a bad credit history.

If you’ve been turned down by some banks because of your bad credit history, it doesn’t entirely mean it is the end of the world.

Being turned down by a few banks does not strip you of your qualifications for a bank loan. Here are some pointers on loans, textloans and bank credits.

When Things take a Turn for the Worse

Chances for loans are based on your credit history; this is almost a natural rule in loans and banking. However, it is important that there are certain situations that indeed call for the “worse”, certain factors affect your credit rating including:

  • Credit score

Credit scores lower than 580 severely limits the options for loans

  • Multiple Credit Checks

Checking the credit score very often can also affect the credit rating, often times in a negative way.

  • Creditor Malfeasance

Recently filed bankruptcies can lead to high-interest loans or a restricted credit card.

It is important to find out the extent of your credit rating, Sit down with a financial advisor and find out what your credit situation really is. It might not be as bad as you think. But even if the credit is bad, there are still options open for you. Expect the interest rates to depend on how bad the credit is; if the interest rates are higher, naturally the monthly re-payments are also higher. The interest rates would also increase the whole amount paid throughout the loan’s life.

Applying for Loans despite the Bad Credit

Discussing your credit situation with a loan officer upfront is an important step if you want to apply for a bank loan despite the bad credit. Your chances of securing a loan would greatly improve if the lenders know you are fully aware of your financial mistakes and that you’ve learned from them and that you desire another chance. To do this, borrow the amount that you need. If you borrow more than the amount necessary, you increase your chance of getting into deeper debt.

It is also a good step to consult with a loan officer personally, you might be tempted with credit loans online, but the major fallback of these is if they are indeed reliable and non-fraudulent. Avoid adding insult to injury by consulting with a trusted, reliable loan officer personally.

When meeting the loan officer, make sure the necessary documents are prepared beforehand:

  • Driver’s license for identification
  • Social security card (banks cannot provide you with a loan without your social security number)
  • Documents that reflect the assets that you have, these are proof of ownership and they stantnd as collaterals if you want to secure a loan. Property deeds and vehicle titles could be sources of proof of ownership.
  • Provide primary and secondary sources of income
  • Provide proof explaining your previous bad credit incidences. When you can explain the financial mistakes, it increases your chances of securing a loan.

Do your best to negotiate the interest rates, align it with your ability to pay the monthly dues.

 

 

Need a Loan, but Have a Bad Credit History?

 

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Fix Your Bad Credit – Top 6 Ways


Fix Your Bad Credit – Top 6 Ways

Fix Your Bad Credit

Fix Your Bad Credit

If you want to gain financial freedom and live a stress free life it is very important that you take your credit reports seriously. If there are any bad credits in your account fix them immediately so as not to get any negative impact. This is a very important sphere and the more you delay it the more risky your finances become. So given below are few ways in which you can fix your bad credits and move towards a healthy life:

1. Have patience for the right time: If you want to fix your bad credits the first thing to remember is that you should not rush with anything. You should patiently handle things and wait for the right time to apply for a card. There are also some basic criteria like a stable job, income, a permanent address where you have lived over a year and lesser negative points on your report. If you have a satisfactory report to produce it help you to put things right and get the approval from the bank for a new easily.

2. Get an improved paper work: Your paper work in your favour only if you get it improved with proper records and data. It is advisable that you work on your paperwork yourself and not depend on the agencies entirely. Research and collect information about your debt from whichever source you can. Make a comparative analysis and prepare a paperwork that does not have any negative points focused. Also make sure that your debt is not high as that can cut short your chances of approval.

3. Do not give up easily: Due to your previous bad records there are chances that your application for a card may be rejected by the bank. But do not give up at that. Try and find out the reason for your rejection from the appropriate authorities. If there are problems with the application or if the authorities point out certain negative points get them removed immediately and reapply.

4. Select the bank prudently: If you want to get your application easily approved it is better to act smart. There are banks that approve application of customers who had a bad credit but are trying to fix them. These banks are often in a lookout for customers who are trying to fix their bad credit. So it would be a viable option to apply for these banks where you can get a fast approval.

5. Submit a complete application: Many times your application may get rejected due to simple mistakes such as an incomplete application form. This will delay the approval of the card even if there are no other related problems. So before you submit make sure that you have completely filled out the form without any mistakes. This fastens the process and you can get your bad credits fixed sooner.

6. Avoid multiple applications: This is a common mistake which many applicants make. However you should be careful enough and not submit multiple applications to the same bank for a single card. This gives a wrong impression about your proficiency in handling your finances and you can be rejected on various pretexts.

Author bio: Jonny Pean is a financial consultant for easyfinance.com. He is an expert in handling financial problems related to bad credits and credit cards. With his help and expert advices many people have been able to sort out their financial problems effectively.

Fix Your Bad Credit – Top 6 Ways

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The Benefits of Payday Loans for People with Bad Credit


The Benefits of Payday Loans for People with Bad Credit

The Benefits of Payday Loans for People with Bad Credit

 

Think of a day when an emergency has just emerged and the bank account is bordering zero and a negative figure and all that can help is a payday loan. Furthermore, even if borrowing is the only option, think about how disastrous it would be to keep the obligation waiting. That is why a payday loan has to be express; in terms of application and the approval. It is rare to forecast emergencies to the point that someone can even quantify them in terms of money that would be needed to survive them. That is why it is good to have a lender of last resorts as a backup.

Payday loans should be considered short term, meaning that these are loans people take hoping to pay back in a week or within 2 months. As such, it would be absurd to classify them as expensive since they do not fall in the same league as other loan facilities like mortgages which can span years and decades. Furthermore, whenever a bank has declined two or more applications for a loan, what is so awkward about taking a loan for 2 weeks and paying it off the next pay check? That brings to light another important advantage of payday loans because the lenders of this type of financial product are less concerned about credit history.

To apply, all that someone needs to prove is that he is employed and has a checking account that registers frequent deposits from the employer. Of course the person has to be an adult and has to register only under his name, meaning that a minor cannot take payday loans under his father’s name. Everything from the application to the approval is quick and effortless. The process of paying back the loan is also greatly simplified. What that means is that when the date for salary payments has come, the lender will automatically deduct the agreed on figure from the borrower’s account so that there are less worries about another process. Payday loans remain convenient and discreet for that reason.

Of much advantage to each borrower is that the automatic payday loans repayment setup means that a prompt loan repayment record is built through the years. Someone who had a greatly injured credit report will find this idea interesting since it is a less cumbersome way of borrowing while having poor scores and still extra leeway to get better credit ratings. Payday loans are the way to go if someone has crippling credit card debt and would be too shy to walk to a banking institution to apply for yet another personal loan. First of all, banks give raw deals to people who score poorly in their credit report.

If anyone is undergoing any financial headwinds, keep payday loans as an open avenue to footing emergency bills. There is very little chance of getting other lenders who will offer a same hour financing without calling for collateral. Even a very close friend will not always have the amount of money payday loans offer during an emergency.

 

 

The Benefits of Payday Loans for People with Bad Credit

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How to Consolidate the Bad Credit – Debt Consolidation


How to Consolidate the Bad Credit – Debt Consolidation

 

How to Consolidate the Bad Credit - Debt Consolidation

How to Consolidate the Bad Credit - Debt Consolidation

 
Once upon a time there was this bad credit of a person that didn’t allow him to make any future loans due to his bad financial image captured in the reflection of a credit history. But over the years, there was the internet advent that made possible for that person to benefit from bad credit debt consolidation.

 
Through the help of internet people could start to consolidate their debts even if they have a bad credit. Now it doesn’t matter for what you have the loans made for: to buy you a car, to continue your studies, they still need to be paid off.

 
You just search the internet and look for online lending companies willing to help you into bad credit debt consolidation. Just keep in mind that these companies have their own interest rates and as such they can differ from one another.

 
Make sure to compare these details before applying for a bad credit debt consolidation loan. Apart from this, look for those companies that are quite trustworthy and reputable, asking them for their quotes on the services they provide.

 
The choice of a reputed company that can offer you a bad credit debt consolidation plan that matches your financial situation should be done with great care and thought. There are companies who offer this loan, but they will not agree to pay your creditors as well, so you should know from the beginning what your choice would go for.

 
Be prepared for this company to set higher interest rates when you are granted the bad credit debt consolidation loan. This is the company’s measure of precaution and also a way to build up confidence through which you will be offered their services.

 
Also it can work into your advantage to present collateral, such as the home through which you can get an equity loan to secure the bad credit debt consolidation loan. Thus you can get longer terms of repayments and lower interest rates.

 

 

Through the internet access you can search for various online companies that are willing to deal with your bad credit debt consolidation without the need to make another loan. These companies are designed to assist you with the re-payment plan charging you a fee.

 
Their assistance consists of negotiating with your creditors to apply lower interest rates that will help them get their money back in the terms that are convenient to you as well. Further on, these companies will take your place and from the lump amount that you have paid them they will pay the creditors on monthly basis.

 

 

In this way, you will end up having a single bad credit debt consolidation loan that you need to repay instead of many debts, and only a single monthly payment to do. Thus step by step, the bad credit score can be improved through the aid of this bad credit debt consolidation loan.

 

 

How to Consolidate the Bad Credit – Debt Consolidation

 

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Bad Credit Charge Card – A Few Cons


Bad Credit Charge Card – A Few Cons

 

 

Bad Credit Charge Card

Bad Credit Charge Card

It seems that for some years now more people confront with bad re-payments for their old debts and in this way their credit report has to suffer. This will turn them pretty soon in people with bad credit, which is not necessarily such an awful thing, but it makes getting new loans more difficult.

 
This is why when facing this situation you can try to find other sources, one of them being the bad credit charge card offered by many small banking institutions. But nothing comes so easily without having to pay a certain price. Read on and find out what that price is in the bad credit charge card.

 
* These cards will definitely come with a higher interest rate than the typical credit cards. This is the way these small banks consider to protect themselves against people with bad credits. It doesn’t mean that you will be seen as some thief who once having the money, he disappears. Unfortunately there are people as bank customers who create real problems and as a result banks should take their own measures of precaution.

 
But, if you will prove that you are a good payer each month, then the interest rates shouldn’t concern you that bad. Not paying in due time and leaving balances unsolved from one month to another will make the image of your credit report even worse.

 
* Apart from the interest rate, you might as well be required to open a saving account as collateral for your loan. Usually the amount in the saving account can range from $500 to $1,000. After that a part of the saving account balance would become the available amount on the credit card. Not having this amount when you apply for the bad credit charge card, it can constitute a problem for you.

 
* Another drawback of the bad credit charge card can be represented by the long lasting process of applying that many of such banks resort to. You can be submitted to all sorts of checking, you can confront with some protective measures that bank feels like taking to be their own ‘safety net’. You should not be concerned as all these are the result of many former customers who have eventually turned into bad re-payers with the bank never recuperating the loans back.

 
This is in fact the price that you must pay when applying for bad credit charge card and this thing you have to bear in mind when choosing this option. But reviewing once again these drawbacks, they can be understandable from the bank perspective.

 
And besides, if you k now yourself as being a good and on time payer, they shouldn’t be that much of a concern for you. Just be responsible with the cards that you have and make your due payments as in this way you can also fix your bad credit report over time.

 

 

Bad Credit Charge Card – A Few Cons

 

Posted in Credit CardsComments (1)


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