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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

Low Interest Loans – How to Get the Best Deal

October 19, 2011

Low Interest Loans:  How to Get the Best Deal

low interest loans

 

If you are thinking of getting a loan or a mortgage on a real estate or house, then you have to spend time checking out if you qualify for low interest loans. Buying a house is considered to be a big decision. Because of this, you need to look for the best deal by checking out which among the financial institutions in your area can offer you the lowest possible rate of interest for your mortgage. In order for you to get low interest loans, you have to take into consideration the following factors:

 

  • Credit Record – It is important for you to check out your own credit records if you are thinking of applying for low interest loans. Bear in mind that all banks and lending institutions will spend time evaluating your creditworthiness by ordering a copy of your credit reports. Because of this, you have to make sure that you first learn about your credit score before going into these financial institutions to start applying for the loan. This will allow you to figure out if there is a great possibility for you to avail of the lowest rate of interest for a loan.

 

  • Down Payments – In your attempt to to get low interest loans, you have to know that increasing your down payment can increase your chances of getting the best deal. This means that you can expect to get a lower rate of interest for the mortgage if you pay a bigger down payment. This will allow you to fully enjoy the low interest loans that you have applied for.

 

  • Terms of the Low Interest Loans – In your search for the best deals on loans, you have to consider availing of the short-term ones. Short-term loans are extremely popular at present because they only carry the least amount of interests. As long as you feel like you have the strong ability to pay the short-term loan at the end of its term, you should consider taking advantage of it so you will no longer spend too much on interest payments.

 

  • Low interest loans can also be expected to provide a lot of advantages to borrowers. You have to spend time learning about these advantages so you will be able to decide if this type of loan is the most ideal solution for you. The advantages of low interest loans include the following:

 

  • Lesser monthly or quarterly loan repayment. Since you will be availing of low interest loans, expect to spend less on repayment. This is a good thing because you will no longer be burdened about where to find the money to pay for huge monthly or quarterly repayments. This means that you will have an easier time paying off the loan.

 

  • Easy to Maintain a Good Credit History. Through low interest loans, you can expect to easily maintain your good credit ratings. This can be attributed to the fact that you will never have problems paying the low monthly or quarterly payment of the loan. You can also expect to establish a good relationship with the bank or the lending institution who offered you the loan after making timely payments.

Bad Credit Consolidation Loans Overview & Providers

September 23, 2011

Bad Credit Consolidation Loans

If you happen to have a bad credit score and are entrenched in debt and feel as if there is no escape, then a bad credit consolidation loan can be an excellent resource to help you out in many ways, like lower payments as well as the possibility of reducing your total loan debt. Below we will elaborate on the suject of bad credit consolidation loans like the process, benefits and how to obtain them, as well as provide you with 3 reputable companies that provide thiese bad credit consolidation loans. This way you can attain the knowledge you need on the subect as well as resource on how to get the process started if you choose to do so.

bad credit consolidation loans

Bad Credit Consolidation Loans Overview

How Does It Work?

Basically a consolidation loan is when you take out a large loan through a conslidation company and use it towards paying off all of your bills, which in turn means you only have one bill to pay on and that is the loan that the conslidation company gave you.

Benefits

To make the process of learning about bad credit consolidation loans, we have made a bullet point list of different things that a consolidation provider can do for you if you have bad credit. Also, although that we are talking about band credit conslidation loans, you can also just consolidate one loan, you can still enjoy the benefits of consolidation.

  • First off they can lower your monthly payments where you can actually afford paying off your debt without having to fork your entire paycheck over each month. This is done by stretching out the repayment period from what you were paying on as well as the bad credit consolidation loans representatives contact each one of your creditors and try to negotiate both lower debt totals as well as lower interest.
  • Also, many people with bad credit consolidation loans find that their providers actually counsel them with ways of getting back in control of their finances, managing the debt that they have as well as avoiding more debt from piling up.
  • Bad credit consolidation loans allow you to only have to pay one single monthly payment, instead of having to worry about paying multiple payments each month.
  • You can also begin to build up your credit score as you will have a more manageable monthly payment that you can pay on time.
  • They payments are usually based off a percentage of your income, so you will know that you will be able to afford it each month.
  • You don not have to have any collateral to get bad credit consolidation loans.
  • Often times, conslidators will give you a grace period of anywhere from 3 to 6 months where you do not have to pay monthly payments during that time, leaving you with a chance to build up and emergency fund.
  • Probably the best of all when it comes to bad credit consolidation loans, you conslidation company deals with your creditors at all times, which means no more harassing calls.

How To Get Bad Credit Consolidation Loans

  • If you want to see if you will qualify for bad credit consolidation loans, you can do so by going to a consolidation companies website, or in person, and you will need to fill out some general personal information, information that will introduce to them your specific situation which is checked out and evaluated by their counseling professionals. They will then review all of your information and contact you when they have tailored out a plan for your situation.

Things To Keep In Mind

  • Bad credit consolidation loans provide people with lower monthly payments, which is great, but you will now have more money each month on what you saved on the lower monthly payment. Due to this, you must save and budget this money and not spend it, so that you don’t end up in the position you were in before consolidation.

Requirement

The requirement to qualify for bad credit consolidation loans are:

  • You must be at least 18 years of age.
  • Be able to provide proof of your place of employment, as consolidation companies want to know that you have the financial resources to at least pay your monthl dues to them.
  • Proof that you are a US citizen or a citizen of whatever country your are applying for conslidation.

Bad Credit Consolidation Loans Providers

Also, before we get into bad credit consolidation loans providers, you can actually talk directly to your creditors to inquire about conslidation services to go through. This may sound weird, but creditors want to get paid off any way possible, so they know they are gauranteed to get paid if their client goes through conslidation.

As far as bad credit consolidation loans go, there are many great providers that can help you get out of a rut. Here are 3 providers who assist those who have bad credit with consolidation:

  1. LendersMark
  2. Direct Lending Solutions
  3. Choice Personal Loans

Debt Consolidation Loans For Bad Credit

September 21, 2011

Debt  Consolidation Loans for Bad Credit

Bad credit can be a major source of stress in peoples lives. It can prevent you from being able to get the car or home that you dream of. Many canʼt afford such big purchases all in one payment so a loan is the only option. Having bad credit however makes your chances of getting that loan slim to none. Debt consolidation loans for bad credit can be a great solution to this problem. A consolidation loan is basically where all your existing payments are merged into one monthly payment. The advantage of this is that it makes it more easy to keep up with your payments and also vastly reduces the amount youʼre paying in interest.

debt consolidation loans for bad credit

There are two types of debt consolidation loans for bad credit. The first of which is called an unsecured consolidation loan. With this type of loan you do not need to put up anything as collateral, such as your car or home. This is a particularly appealing option for those who do not want to take any risk with their home when consolidating their debts. It should be noted that with this type of loan the interest rates are usually higher since the risk for the lender goes up without anything as collateral.

The other type of debt consolidation loans for bad credit option is a secured consolidation loan. As you may have guessed this is where you are required to put up something as collateral. For most people this will mean putting up their home. You should exercise great caution when thinking of doing this as though it may be easy to get the loan your risk losing your home if youʼre unable to make the payments each month.

Many people think that a debt consolidation loans for bad credit will reduce the amount of debt they are paying. This can be true, but the place where you are saving money is in the reduced interest rates thanks to the debts being combined. This is not the only benefit however.

Benefits of Debt Consolidation Loans For Bad Credit

Some of the other benefits include -

• A lower interest rate

• Your debts are made more manageable by being merged into fewer payments

• Lower your monthly payments

Waive late fees

• Avoid bankruptcy

Of course there are other options that people consider when their finances get on top of them. One of the most popular ones is to fie bankruptcy . The would not be advisable however due to the fact the once you file bankruptcy you cannot do it again. This may not seem like a problem but if you were to find yourself with financial troubles again in the future it would not be an option for you. Also when you file bankruptcy it is a matter if public record and could potentially hurt your chances of employment in the future

Since the recession has hit many more people have found themselves with bad credit. Of course it cannot be blamed only on this factor but it certainly hasnʼt helped  situation. Debt consolidation loans for bad credit are on of the best solutions to the problem of mounting and unmanageable debt.

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