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bad credit loans online

Applying for a Bad Credit Loan Online

Posted on December 7, 2020 by sust19125

There are times when a person suffering from a bad credit history may find it very difficult to get approved for loans.

For instance, what if you’re badly in need of a car repair and you can’t afford to wait longer? What if there’s no time for you to work on raising your credit score before applying for a payday loan?

Is it still possible for you to get approved for loans despite bad credit?

The answer is yes! You’ll be glad to know that there are lending companies that issue loans for people with poor credit. In fact, if you search the car market, for example, you can even find car dealers who are also willing to give loans to interested clients with bad credit.

Why is this? Car dealers are usually after selling as many vehicles as they can. Since a lot of prospective customers have bad credit, car dealers have decided to open their doors to these people with the objective to reach their maximum number of sales quota for the month.

About Bad Credit Payday Loans

Of course, payday loans that are offered for bad credit are expected to have higher interest rates than loans that require good credit.

Because you are deemed as a high-risk borrower, lenders and dealers would like to get some assurance by imposing higher interest.

Still, this doesn’t mean you should settle for lenders that charge excessive fees and unfair terms. Even if you have bad credit, you still have the right to be treated fairly and with respect.

payday loans for bad creditYou can avoid predatory lenders by doing extensive research and carefully studying your options.

It is also important to be personally aware of your credit score. Some car dealers may trick you into believing that you have a very, very low credit score and charge you with expensive interest rates.

This situation can be avoided if you have your own copy of your personal credit report. Show it to your prospective car dealer before applying for a loan.

Use the internet to compare different lending companies that offer bad credit payday loans. Aside from the interest rate, don’t forget to check if the rest of the fees and terms are reasonable as well.

You can also read reviews about what past clients have to say about the lender’s service. Additionally, check from the Better Business Bureau if your prospective lending company has received complaints from its clients.

Once you’ve found the right lender, spend time reading, and understanding your contract. If there are statements that seem “vague” or unclear, don’t hesitate to speak with your lender to straighten things out.

Finally, use your loan to improve your credit history by submitting all your payments on time.

Make sure that you can afford the monthly payments and that you already have a repayment plan prepared to avoid missing or delaying your payments.

It may be tempting to purchase an expensive car, especially when your loan has been approved, but it would be wiser to stick with a more affordable vehicle with lower monthly loan terms.…

poor credit score

How Your Credit Score Can Fall Even Without Any Late Payments

Posted on May 5, 2020March 5, 2020 by sust19125

The American credit-reporting system enjoys mythical status among millions of everyday people as an all-seeing all-knowing and infallible Big Brother.

In this same population though, most people are known to have unfair and flawed citations and poorly verified credit ratings. Today, chances are stronger for finding unfairly low ratings in any given individual’s report than they are for finding a fair one.

Chances are stronger still that the individual affected will never see what is done to him and petition against unfairness, thanks to the unquestioned credibility enjoyed by the credit rating system.

The belief among the public in America is that a bad credit score is always the individual’s fault, never the credit ratings agency’s fault.

If a bad credit score weighs down a report, there is little to do, it is expected, other than wait seven years for it to naturally be phased out.

Few are aware though that several studies exist specifically to disprove this. The Fair Credit Reporting Act is in existence due to the acceptance of the inadequacy of the system.

When things can go so bad that legislation is introduced to correct the problem, why do so few show an interest in asking for fair credit reports? The apathy seen in people could not come from any failure to grasp the importance of the life of a positive credit report; it is obvious to anyone how a good credit report can lower loan and credit card interest rates by hundreds of dollars every month.

The reason then is possible that people have a strong innate trust in the official method: in how there is an iron-clad system in place for everything important that will not be unfair to the man on the street.

As it happens, this is a seriously distorted and naive view of the system.

The credit rating system is not the interference-proof structure the legal system is. The credit rating agencies are merely large businesses that buy information from creditors and compile them into individual reports to sell for profit. What kind of method do they have in place to check the accuracy of the information they receive from every creditor about your payment defaults and the like?

The fact is that they do not typically have an accuracy control procedure. Incorrect and damaging statements can be reported and recorded to any individual rating report without any inspections or scrutiny. Once those ratings are a part of the system they are free to harm your credit status.

The way the system is built, the assumption is that there needs to be no regulatory body, or self-regulation to make everything work smoothly: the responsibility is placed squarely on the man on the street, the recipient of the report to make sure he gets a fair shake.

You, a member of society are charged with the responsibility for determining from time to time if everything adds up on your credit report; and of bringing up protests if anything happens to be amiss.

Any dubious assertions on your credit report will need to be disputed. You can do it yourself and follow through on it, or you can pay a credit repair law firm to pursue your case for you.

But like a rights violation you may have anywhere else in life, a burglary or an infringement of any kind, you are asked to take an interest in it yourself.

Whichever way you decide to stand up for your rights, things will turn out well only if you understand that a correct credit rating is your responsibility and yours alone. This insight in itself puts you far ahead of the crowd.…

pre-foreclosure

Typical Solutions for People Facing Pre-Foreclosure

Posted on March 5, 2020 by sust19125

A pre-foreclosure is the most critical stage of the foreclosure process. It is during this period that the homeowner has the opportunity to become current on delinquent payments or sell the home to avoid long-term damage to their credit rating.

When a borrower defaults on their mortgage and no longer has the ability to pay, the lender can elect to initiate legal proceedings.

Typically, lenders will send a letter via registered mail informing the borrower of the delinquency and informing them of their intention to foreclose on the property.

The pre-foreclosure letter includes specific details including the note balance, interest rate, penalties, late fees and a specific date by which the borrower must comply.

Lenders refer to this as the grace period. If you are able to pay the outstanding balance during the grace period, the lender will reinstate the loan and no further action will be taken.

If you cannot pay the full amount or unable to provide a satisfactory repayment plan your lender may offer other options to keep your house from falling into foreclosure.

Some aspects of foreclosure are regulated by state law and there are many variables in the pre-foreclosure process. However, lenders have some flexibility in reorganizing your mortgage note.

If you put forth serious effort into working with them, chances are they will provide you with better options and more flexible terms.

If you are currently in the pre-foreclosure stage and defaulted due to unemployment or health complications, your lender may offer you a Loan Modification.

Typically, the lender will reduce or suspend payments for a specific period of time and roll those payments to the end of the loan. This can be a costly option, so be certain you understand the ramifications if you decide to go this route.

If you owe more on your home than it’s worth and has no equity in the home, your lender may accept a Short Sale. Basically, this means the lender will accept less than what is owed on the note.

Short sales are somewhat tricky and best handled by a professional who has a thorough understanding of the process.

While it can be intimidating to work with your lender during the pre-foreclosure stage, it’s crucial to stay in contact with them and lay all your cards out on the table.

If you find it difficult to work with your lender, you can obtain assistance with pre-foreclosure negotiations through the U.S. Department of Housing and Urban Development. HUD agencies are located across the U.S. and provide free housing counseling to all U.S. citizens.

By becoming proactive in the pre-foreclosure stage, you will have more control over the final outcome. Ignoring the situation will leave you with few options and little to no bargaining options.

Make that call to your lender before it’s too late.…

money power

Control Your Money to Control Your Life

Posted on February 10, 2020March 5, 2020 by sust19125

The Hilton family has it. Martha Stewart has it. Donald Trump appears to have it. And you should too. It’s not just money I’m talking about.

It’s power.

And I don’t mean power over others or power to control the world; I mean power over your own life.

Take a look at your life.

Do you pay rent? Your landlord is in control. Do you owe on your car? Your titleholder holds the reins. Are you in debt on a credit card? Your creditor owns a piece of you.

While owning a home is an investment and increases your money power, owning expensive TVs, stereos, designer clothes and jewelry (unless it will increase in value) does not.

Those are the type of things that actually decrease your money power. But there are times when spending more can save you money.

For example, when buying quality products. Better products generally last longer or have a better warranty than cheap ones.

It’s all a matter of buying the best when it’s something you really need or plan to use and keep for a long time.

It may be tricky, but with a little money know how you can stay ahead of the spending/saving game.

Think of all the energy you expend to keep yourself in debt, especially if you work in a job you don’t like or, even worse, one you hate. If a crisis hits, are you financially prepared or do you fall to the mercy of those who have power over you?

There are reasons poor people stay poor and middle incomes can never get ahead. Much of it is in our way of thinking and how we feel about money. Do we respect it and believe we deserve it or are we afraid of it or feel guilty for wanting it?

Ending the cycle

Many years ago, I found myself in a situation that turned my life around. My brakes were shot on my old broken down car, which I couldn’t afford to get repaired, causing me to run a red light and hit another vehicle.

My car was totaled and I couldn’t afford another. For three months, until I saved enough money to buy another cheap, junky car, I was forced to take the bus or have my roommate drive me to work.

From that moment on, I vowed to save enough money so one day I’d be the one in control and I’d never be caught in such an inconvenient, humiliating situation again.

With enough money socked away, you don’t have to put up with unscrupulous business people.

With substantial savings to fall back on, your life becomes much easier and you don’t have to worry about small disasters disrupting it.

If your car needs to be fixed, you can get it fixed right away and take it to a reputable place that might charge a little more (less in the long run).

If the clothes washer breaks, you don’t have to pay that grungy service man $250 to fix a $50 washer, you can buy a new (or good used one) and tell him where to put his socket wrench.

Respect money, respect yourself

If you respect money, when it’s time to buy a house, you’ll have enough saved for a down payment and you’ll enjoy good credit – which means you’ll pay lower interest rates and charges. You can afford a better car (maybe one with a warranty).

You can buy better things that last longer. You can even afford to quit your job if you hate it, and take the time to find a better one or start your own business.

You’ll be able to break the endless cycle of spending more and getting less. (Remember, that’s why the poor stay poor.)

Though it’s not something you can do overnight, you can build your money power by doing small things each day. Start a “power” fund with just a few dollars.

Take that first baby step, and it will lead to another and another until you’re the one in control. And that’s the way it should be.

No one should control your life. Not the banks, credit card companies, credit rating bureaus, or even the government.

They only have power over you if you give it to them. Don’t be their victim.

I suggest everyone read (or listen to an audiobook) “The Total Money Makeover” by Dave Ramsey. It changed the way I view money and it changed my life. It can do the same for you.…

credit cards accounts

A Few Things You May Not Know About Credit Card Accounts

Posted on January 5, 2020March 5, 2020 by sust19125

Credit cards are a convenient resource when you need to purchase something without having the money to do so.

However, there are some pertinent facts regarding credit card accounts that many consumers are simply not aware of.

Selecting the best credit card for your use requires some research and comparative shopping. Credit card companies offer a variety of credit limits, along with a variety of annual fees.

One card might offer you a credit limit of $300 with an annual fee of $59, resulting in an actual credit limit of only $241.

Another card might tempt you with a $700 credit limit; however, their annual fee is $175, leaving you with only $525 in credit. It is important to note that these fees are added to your account immediately upon your being approved for the card. Even if you never use the card, you are still responsible for the annual fee.

Some individuals sign up for a lot of credit cards simply for the prestige of having them. What they don’t realize is that doing this can actually be detrimental to their credit rating.

This is because the collective credit limit for all of the cards combined is regarded as potential debt. Even if these individuals never get close to reaching the limit on any of their cards, credit bureaus often base their ratings on the possibility alone. The chance that you will one day overextend yourself overrules the fact that you have not yet done so.

For example, suppose you have ten credit cards in your possession, with a combined credit limit of $8,000. You use the cards selectively, maintaining an ongoing balance of no more than $1,500 at any given time.

One day you apply for a loan or a mortgage, and your application is denied because your debt is greater than your income. This is because your potential debt is being considered, rather than your actual debt.

Ideally, the number of credit cards in your possession should be limited to two or three at the most. Pick out the most advantageous ones, and get rid of the others. There is one crucial thing to remember, however.

Simply cutting up the cards and throwing them away is not enough. You need to contact each credit card company and close the account.

If you do not take this step, credit bureaus will continue to include the credit limits for the cards you’ve destroyed as part of your potential debt.

Charging more than your credit limit on any given card can result in an over the limit fee being added to your account. The problem is, you may be exceeding your credit limit repeatedly without even realizing it.

Suppose you have a $600 credit limit on your MasterCard. You currently owe $500 on the card, leaving $100 available. You go shopping and spend $97.50, which seems fine because you’re still $2.50 under your limit.

What you’ve forgotten, however, is that by the time you receive your next statement, interest charges will have been added to the account for an amount exceeding the $2.50 that is available. Suddenly you are over your limit, and many credit card companies will automatically hit you with an over the limit fee in addition to the interest.

When used with care, credit cards can be a big help in times of need. The main thing is to familiarize yourself with each company’s terms and conditions so that you know what you’re getting into even before you sign that application.…

Recent Posts

  • Applying for a Bad Credit Loan Online
  • How Your Credit Score Can Fall Even Without Any Late Payments
  • Typical Solutions for People Facing Pre-Foreclosure
  • Control Your Money to Control Your Life
  • A Few Things You May Not Know About Credit Card Accounts

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