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How To Get Consolidation Loans For Bad Credit

February 27, 2012

Consolidation Loans For Bad Credit

Consolidation Loans For Bad Credit

You can get consolidation loans for bad credit that can really help you get out of debt once and for all and not have your credit affect your ability to eliminate this debt. This first option that you can consider is getting a worth co-signer, which if you can get one it can be a very valuable thing to have that can result in better interest rates as well more lenient repayment terms. If you are able to obtain a co-signer when applying for consolidation loans with bad credit, you have the option of having the loan tranferred to your name later on, usually after 1 to 2 years of ontime payments.

This is one way of obtain consolidation loans for bad credit, but you can also qualify for loans regardless of your credit score but they may come with higher interest rates as well as the possibility of you needing to provide collateral, which is something valuable that the lendee puts up which is to be taken it they do not make their monthly payments.

Other methods that have been used to attain bad credit consoliation loans are borrowing against things like your home or taking out equity to pay off debts, as well as borrowing against ones car. If these options to do not apply to your situation, then the next section will provide you with other alternatives.

Finding Reputable Companies That Offer Consolidation Loans For Bad Credit

1.)  There are various ways to find the best rates on consolidatoin loans for bad credit, which a great way to do so is to search online on sites that offer comparisons on rates of different credit card consolidation companies. When you find one that you wish to do business with, always meet in person when doing the paperwork, never fill out anything or offer any personal information online.

2)  If you are uncomfortable applying for bad credited consolidation loans, then a great alternative can be visiting a bank or a credit union, which credit unions are known for offering much better interest rates on their loans as well as offer better eligibility odds when it comes to those with bad credit scores, compared to the likes of banks. You can also consider going through a non-profit organization for consolidation services, which you will want to make sure they are infact a non-profit organization, which you can do so by demanding their non profit documentation.

3.)  You can also meet with various lenders and compare their rates, allowing you to go with one that provides you with the best interest rates.

The main thing to keep in mind when searching for a company that can provide you with a consolidation loan for bad credited is to make sure they are repuatable, which the best way to do so is to contact the Better Business Bureau (BBB) whom keep tabs on a myraid of different companies and know whether or not they provide honest services. The most reputable companies offering consolidation loans for bad credit will actually have the BBB logo on their website, which you can also verify consolidation companies at you states auditors office.

Requirements For Consolidation Loans For Bad Credit

When meeting with a bad credit consolidation loan lender, you will need to prove a couple of aspects about yourself, those of which include:

  • Proof that you are a US citizen, or a permanet resident.
  • Be 18 years or older.
  • Proof that you have a job as well as documentation of what you are earning. This will both provide the bad credit debt consolidation company with the confidence that you can pay your monthly payments as well as information needed for them to cater a good repayment plan that you can afford.
  • That you have lived in the same place for a minimum of 1 year.

You will need to prove a minimum of 6 months of employment history, as well as a list of all your expenses that will show if you can truly buget in an additional monely payment, which you can prove that you can by creating a budget of all your expenses and proving that you have extra money each month to do so.

How To Get Bad Credit Debt Consolidation Loans

December 4, 2011

Bad Credit Debt Consolidation Loans

If you are looking to consolidate your credit card bills or any other bills for that matter, but have credit that is a bit down in the dumps, you can still get bad credit debt consolidation loans. For those of you who aren’t familiar with the term consolidation loan, it is essentially when a company pays off your bills or pays your bills for you an then you pay them back in the form of one cumulative loan that is equal to the total of all the debt have. Often times these companies will renegotiate better terms as well lower debt totals, which can equate to you paying less interest as well as owing less, not to mention only having one payment to worry about instead of multiple.

bad credit debt consolidation loans

You can apply for a consolidation loan with bad credit, and often times companies with accept your business on good faith, but it comes with a price, and that is a higher interest rate as well as the possiblity of stricter repayment terms as well as not being able to enjoy other discounts you would enjoy with good credit. Below are alternative methods you can consider when looking for bad credit debt consolidation loans.

How  To Get Bad Credit Debt Consolidation Loans

1.)  The first method that is used most often when trying to attain a bad credit debt consolidation loan is to get a co-signer who has good credit. Now a tip to follow if you choose this method is to try to get a co-signer with a score of at least 750, if not higher. This will enable you to have better chances in getting a loan, as well as will most likely mean you getting a lower interest rate on the repayment terms. This also means that you must make payments as if you don’t your co-signers credit will be affected, but later on, usually about 24 months into the repayment on your consolidation loan with bad credit, you will be able to tranfer the debt into your name if you have made on time payments each month, enabling your to be able to build your credit score back up.

2.) If you have a home or car or other valuable assets, and are willing to use them as collateral, which is basically saying if you do not make the payment they can take the asset, then this will offer your a much better chance in qualifying for bad credit debt consolidation loans.

Alternative Options For Bad Credit Debt Consolidation Loans

While you are looking for bad credit debt consolidation loan lenders, you can consider and alternative option in the meantime, which you can consider:

  • Using a credit card to consolidate debt if you have bad credit. The benefit of this can be enjoyed when credit card companies offer low or no interest rates for a period of time, which then you would tranfer the balance of the debt in which you pay the highest interest on which will allow you to save money on interest payments for a short period of time.
  • The other option worth considering when looking for bad credit debt consolidation loans is taking out equity loan on your home to pay off your debt, which then you will only be paying on one debt total, the equity debt which is similar to paying a consolidation loan, as well as can come with lower interest rates because these loans are secured loans.

How To Get Consolidation Loans With Bad Credit

November 24, 2011

Consolidation Loans With Bad Credit

For those looking to obtain consolidation loans with bad credit, good news is that it is very possible to do so, enabling you to get help with your debt without having to have an awesome credit card score, or get a cosigner that has a good credit score. The other benefits of consolidating can be; a lower interest rate, less money owed, more flexible repayment terms as well as the convenience of only having to pay one payment to one company. Being that you only have one payment now, that means that the consolidation company that you received your consolidation loan through actually paid off all of your debt with the different companies that you were in debt with, resulting in a positive “paid off in full” note reported to credit bureaus which can equate to a boost to your  credit score.

consolidation loans with bad credit

 

How To Get Consolidation Loans With Bad Credit

There are various ways to get consolidation loans for bad credit, below are a couple ways that have proved to be the best ways possible:

  1. You can search online for different consolidation companies and compare interest rates, and go with the one who has the lowest interest rate, which will save you a lot of money in both the short run and the long run. Going with a consolidation company when looking for bad credit consolidation loans is often the best idea as these companies can often times negotiate lower total debts because they are paying off the debt in full, which you could end up owing up to 40 percent less.
  2. You can also arrange a loan through your credit union, who will give consolidation loans for those who have poor credit, as well as fairly low interest rates if you agree that they can take the monthly dues out of your pay check each month. This can be a great option if you have steady job as you are gauranteed to make on time payments each month, avoiding late fees.
  3. If you happen to own a home, you can consider using the equity on your home and go about applying for a brand new mortgage. If you choose to do things this way, you can pay off your loan debt which then you will just be paying on a secured loan which come with lower interest rates because of the fact that if you happen to defualt on your payments, the lender can choose to sell your property. But the good side t0 this situation is that equity loans have a repayment term that can go as high as 30 years, which drops the monthlty total on your dues as well as comes with lower interest rates because you will be paying interest longer. If you choose to pay off the equity loan faster, which you will avoid paying more in interest, you will only have to pay a one time pre payment penalty, which can be worth it in the amount you will have saved in interest payments.

Methods 2 and 3 would provide you with the money you would need to pay off your loan debt to the different companies, whereas if you choose to go wth a credit card cosolidation company, they would do all the leg work for you.

Reputable Comapnies That Offer Consolidation Loans With Bad Credit

  • Direct Lending Solutions
  • Lenders Mark Financial Network
  • Bad Credit Alliance

Bad Credit Credit Card – Overview & Best Providers

November 23, 2011

Bad Credit Credit Card

bad credit credit card

Credit cards with bad credit are absolutely possible to obtain, which they can be great for both getting a credit card which will provide you with the ability to be able to buy what you need, as well as help you rebuild your credit scores. Bad credit credit cards are offered by various banks, and enable you to build a strong credit score by:

  • Submitting your payment history to usually 3 different credit bureaus, which if you make on time payments, you will have 3 positive credit bureau reports, bumping up your credit score slowly but surely.
  • Either email or text message alerts which notify you when an upcoming payment is due, which is set a few days from the payment date, allowing you to have funds in your account come payment day.

For the most part, these bad credit credit card providers state that credit checks are not required, pretty much gauranteeing that you get a card as well as makes those who don’t really have credit, like students, able to receive a card as well. The possiblity could pose itself that you may have to sign up for a checking account, or pay a small yearly fee, but with so many different credit card companies competing f0r your business, there has never been a better time to obtain a credit card for those who have bad credit and still enjoy the benefits of those who have good credit, like no annual fee, rewards programs, cash back and more.

Bad Credit Credit Card Providers

Now that you know a little bit about the bad credit credit card process, you may want to know your options, as far as getting a credit card goes. Below are 3 reputable providers of bad credit credit cards as well as amn overview of the credit card experience.

Greendot Prepaid Mastercard

  • If you make 30 monthly purchases, you pay no montly fee.
  • No credit check.
  • Minimum balances are not required.
  • Zero overdraft fees.
  • US purchases are free from transaction fees.

Centennial Classic Credit Card (Mastercard)

  • You must have a checking account if you intend on obtain a card.
  • Excellent for those who are starting out and are looking to build a credit score.
  • They respond to your bad credit credit card application within 60 seconds or less.

Capital One Secured Mastercard

  • No fees for processing or applying.
  • Card holers can track their credit scores.
  • Reports go out to 3 credit bureaus.
  • A $3000 credit line increase can come as a result of submitting a refundable security deposit.

Orchard Bank Visa Cards

  • Annual fees are anywhere from $39 to $59 the first year, and the years after that, a flat $59 fee.
  • Comes with online account access where you can view payment history and apply for higher lines of credit.
  • 3 different credit bureaus are notified about your payment history.

All the above options provide their applicants with credit cards if they have either fair or bad credit, and provide an excellent option for those with negative credit as well as those looking to establish a good credit score.

If you are concerned about your credit score, or just need tips on how to boost your credit score after you get your bad credit credit card, you can check out the following link which provides you with easy to follow tips that can result in a fast and long term boost to your credit score: credit score boost.

Bad Credit Lenders – Find a Legitimate Lender

October 19, 2011

Bad Credit Lenders

The most effective bad credit lenders are considered to be the most ideal solution for you if you are currently facing a bad credit and you are already suffering from the major consequences of it. Having a bad credit can be extremely devastating. A poor credit score caused by the way you wrongly managed your debts in the past can actually impair your chances of getting a lot of financial opportunities. Because of this, you need to start looking for reputable bad credit lenders who can help you out in rebuilding your credit reputation and in raising your score. Dealing with a good lender can definitely help you out in your attempt to improve your financial condition.

bad credit lenders

Finding a Legitimate Lender

The process of finding the most effective bad credit lenders should be done in a careful manner. Bear in mind that there are a lot of scammers out there who will try to take advantage of you during this period of desperation. You can expect to find the most legitimate bad credit lenders in your area if you strictly consider the following tips:

  • Do not immediately accept the offer of the first lender who offers you bad credit loan. Try to create a list of bad credit lenders whom you think are reputable enough in the industry. Conduct a comprehensive research by checking out the internet or by doing a quick drive around your town. Once you have your list, spend time checking out the reputation of each of your choices. Make sure that you deal with a lender whose good reputation in the industry can no longer be denied. It is also important for you to stay away from those bad credit lenders who do not own an established and reputable business history.

 

  • Familiarize yourself about your own credit score and history. In other words, you should spend time checking out your credit reports before you ever go out and start looking for the most reputable bad credit lenders. It is also important for you to prepare for the questions that the lenders may ask you about your credit history once you start applying for the loan. As much as possible, prepare answers for the potential questions. Most of the time, bad credit lenders will focus on the negatives present in your credit reports. Because of this, you need to prepare truthful answers for questions associated to the reasons why you have been in default in paying your financial obligations in the past.

 

  • Do some comparisons. You can actually do this by applying for a loan to at least four to five bad credit lenders. There is a great possibility that these lenders will offer you different deals. Figure out which among the deals can help you save hundreds of dollars on monthly payments and interest rates. This will definitely help you out in your attempt to take advantage of the most favorable deal.

 

  • Read and completely understand the terms and conditions linked to every loan offer. Since different bad credit lenders will offer different deals, you have to spend time reading and understanding the terms and conditions of the contract before you ever sign it. This will allow you to prevent getting the offer of those who will actually require you to pay for hidden fees and early termination fee in the future.
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