Mar 31

Having failed to make repayments, towards the past debts has some adverse effect on your credit score. Once your credit score is in the negative range, you are tagged as a bad credit borrower. A bad credit borrower, under normal circumstances cannot derive financial assistance to maintain the needs. However, there are specific loans assign to them, which are most commonly known as bad credit loans. These loans cater to the needs of the bad credit borrowers by approving monetary assistance with the best possible terms and conditions.

These loans assist all those struggling with serious credit problems. With the aid of the loans, applicants can derive financial aid without facing any obstacle. The amount derived can be used to renovate home, buying a car, paying college education fees, covering wedding expenses etc. Borrower can also make use of the loans to consolidate debts, so as to strengthen the financial freedom. Besides, on ensuring timely repayment of the borrowed amount, the borrowers have a chance to improve the credit score.

Just like any other regular loans, these loans too are classified in to secured and unsecured form. Secured form of the loans offer a bigger amount, but to procure it borrower has to pledge asset as collateral. Since the amount is secured against an asset, the interest rate charged on the loans is considerably low.

bad credit loans

On the other hand, unsecured form of the loans can be derived without attaching any collateral. a limited amount for a short term period can be availed through this option at comparatively high interest rate. However, the approval comes quickly and by taking a cumulative research of the market, you can very well get access to a better deal.

Bad credit loans can be derived through lenders based in the traditional as well as online lenders. Online application results in its instant approval and is a major source of low interest debts. Further on, comparing the rate quotes, you will be able to source a better deal.

Bad credit loans make it easy for you to derive financial assistance despite struggling with serious credit defaults. With the assistance of these loans, you can not only fulfill your needs but also get the much needed support to combat the credit crisis.

Mar 31

For those of us who need short term loans, we sometimes turn to credit cards to finance our purchases for 30 days or more. Not only do credit cards allow us extra time to pay off our debts, they can be a great way of tracking expenses for extended time periods (this is especially handy during tax time & for those of us who own our business’).

But, since there are thousands of different types of credit card offers out there – like student cards, gas cards, & business credit cards – it’s sometimes a little tricky to figure out which offer is right & whether a offer is really a good deal or not.

So, what can we do? Besides taking the time to do the legwork & investigate the different credit card offers, here are 3 tips to make sure that whatever card you get really is the best deal you can get…

  1. “Low APR Will Get You Far.” – 0% APRs are optimal. Some credit cards offer very low introductory teaser rates in order to get you signed up as a customer & then the rates will sometimes rise. However, these can be really great deals if you find the right one. For example, a few years ago, I signed up for a 0% APR credit card, but the 0% term ran for 18 months! Granted, the interest rate eventually rose, but by then, I had long since paid off my balance. Look around for true 0% APRs, but pay close attention for how long the 0% term runs for.
  2. “No Fee For Me.” Next, keep an eye open for credit cards with no annual fees. Some credit card companies impose annual fees on their card holders, regardless of credit card activity…But, other credit card companies offer “no annual fee” cards & that’s what you want to look for…Not having to pay a steep annual fee is a fantastic benefit- one that you definitely want to take advantage of. These cards allow you to use their services without having to pay $50 or $75 yearly. The less money you have to pay for any type of service the better, right?! You better believe it.
  3. “What’s in Store? Points, Gifts, & More…” During the last 20 years, credit card companies have seemed to get into some kind of competition with each other in order to offer different bonus’ in order to attract new customers. These credit card bonus’ range from free gas cards, frequent flyer miles, hotel stays, gift certificates to thousands of retailers, & just about everything else imaginable. And these bonus’ can be really great- however, just like the APR & no annual fee advice above, you’ve got to make sure you know what you are really getting & whether the terms can be changed when you aren’t looking. Personally, I’ve found that the Starwood cards from American Express have excellent rewards…mainly because the Starwood rewards are flexible enough to be changed into many different types of bonus’- everything from free hotel stays to Amazon points.

In closing, if you follow these 3 tips, you will be well on your way to getting a credit card that fits your situation just right. Good luck.

Mar 11

So many people these days have bad credit ratings and this does not mean their needs are any different from those of others with good credit ratings. They still have legitimate needs like getting a car amongst other things. With the already bad situation which their credit is in, it is therefore very important for them to be more careful as they seek auto loans to finance the purchase of their cars. Here are a few things to watch out for.

With your bad credit score, lenders and dealerships may want to take advantage of you so you need to know some things.

How much is required as down payment? Some people might require as much as %50 down payment on the vehicle. You also need to check how long you have to pay back. All this would help you be able to really plan better since you know your current earning power, you can safely predict how much you can set aside for your monthly payments.

Knowing all these is also a good way to help you decide on the type of car you would go for considering the rates and how it would affect your repayments.

It always helps to take time to shop around for lenders and or dealerships that offer you the best deal.

If you get a lender that gives you a very great deal, you would simply go from dealership to dealership until you get the best deal because we you would be making your purchase as a cash buyer.

One the other hand, you could also get a dealership who offers you a better deal through their lenders. You just have to take the time to research.

 

auto loans

With the internet, you can do a lot of comparison of auto loans. This greatly reduces the time it would take you to find the best deal.

Make the most of the internet and get yourself an affordable auto loan even with your bad credit score.

Mar 2

The times are tough. Card companies are hurting, and the lending market is frozen for those who need it. As long as you don’t have an excellent credit history, you are going to be snubbed by lenders and card companies. Paying your bills on time is only one part of the equation. Many folks assume that as long as pay their balances on time, they will be fine. In reality, many have suffered from this lack of knowledge and fallen on hard times. Knowing how to fix your credit is not something that only people with less than stellar track-record should be worried about. Life throws curve balls at all of us, and the more you know about these issues, the better chance you have of dealing with them in a calm matter.

If you are new to the whole concept of repairing your credit, you should know about the following:

  • credit repairScore: your score is more than just a number. You need to understand what affects your score badly and try to avoid it. Your D/C ratio is one of the many factors that you need to be concerned about. The more you know, the faster you can up your FICO-score.
  • Report: Everybody knows what a credit-report is, right? But do you know how to get it for free? Are you aware which companies can help you monitor it more effectively. Can you even read your report properly?
    Dealing with creditors: let’s say you are in big trouble. There is a right way and a wrong way to deal with creditors. By knowing how to deal with these guys, you can get back on the right path faster.
  • ID theft: as someone who’s been a victim of identity theft, I know it’s something you don’t want to deal with. That’s why you should keep your eyes and ears open and protect your information at all times. If your identity is stolen, you need to contact authorities and start reversing the effects fast. But you’ve got to know where to start.
  • Laws: knowing the laws can help you figure out what rights you have. You should always know your rights to protect yourself against unjustified action by creditors and card companies.
  • Litigation: dealing with litigation is a whole other animal here. If you are in this stage, there are probably a lot of issues you wonder about. By reaching out to others who have had the same issue, you can face your challenge easier.

There you have it. As you can see, there is more to credit repair that meets the eye. By staying informed, you save yourself time and focus on things that matter more, like your family and your life.