Written on 10:32 AM by zorayda
Instead of meekly surrendering to the prevailing circumstance, you should try to fight with. This sort of situation occurs when your financial condition is not good and along with you are having bad credit problems. It is not that you cannot avail any external finances. To allay your fears, now you can avail ample finances to sustain your various demands with the help of bad credit personal loans.
In fact these loans are designed to provide monetary assistance to those individuals who are having problems like CCJs, IVA, arrears, defaults etc. Through these bad credit loans, you have a chance to raise the necessary finance to execute your various needs. For instance you can use the amount for home improvement, consolidation of existing debts, going for a tour, purchasing a car or any other needs.
In the loan market, these loans are broadly classified in to secured and unsecured form. The secured form can be availed by pledging any valuable asset as collateral. Usually under this bad credit loan option you can borrow a bigger amount of up to £75,000 or more. The repayment period is large and falls in between 5- 25 years. Since the amount is secured against an asset, the rate of interest too is comparatively low.
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Written on 5:09 PM by zorayda
How familiar are you about bad credit credit cards? How much do you really know about credit cards for people with bad credit? In this article, we’ll discuss the common false notions people have about credit cards for bad credit. Hopefully, you’ll be enlightened about the use of bad credit cards when you’re done reading this article.
Bad credit credit cards always come with high-interest rates.
It is true that credit cards for bad credit do have higher rates than regular credit cards but this doesn’t mean that all of them are unreasonable. Some credit cards, such as the Centennial Gold credit card have an apr of 9.99% which is a great interest rate for a card that services people with problem credit.
If you take your time and shop around the market, you’ll be surprised to find that there are credit card issuers that offer bad credit credit cards with decent rates. The key is taking your time in comparing quotes and not opting for the first offer you see. Don’t just rely on the ads but be diligent enough to read the complete terms and conditions of the card.
Bad credit credit cards always require a security deposit.
Some credit cards demand a certain deposit amount from their clients to make up for their risk. These credit cards are called secured credit cards. Not all credit cards for people with bad credit are secured credit cards. It is possible to find an unsecured credit card even if you have less-than-perfect credit.
Read more: Discover The Fables About Credit Cards For Bad Credit
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Written on 1:38 PM by zorayda
People with bad credit are often confronted with the problem of choosing lenders and credit card companies. Since their only option is to apply for a bad credit credit card or a bad credit loan, credit card issuers and lenders may take advantage of their credit status. If you have bad credit, how can you select the best credit card or lender? How can you stay away from unfair rates and predatory lenders?
In this article, let’s discuss important points on how you can avoid getting scammed when looking for bad credit cards.
The best Credit Cards for people with bad credit
Bad credit credit cards in the market are created to cater people with bad credit. These cards have more lenient terms and often grant approvals easily. Nevertheless, not all give the best offers.
Obviously, each credit card demands a different interest rate. When it comes to credit cards for people with bad credit, the interest charges can be extremely high. Nevertheless, it is possible to find ones with fair interest rate if you do your research.
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How To Avoid Getting Scammed With Bad Credit Credit Cards
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Written on 10:24 AM by zorayda
Acquiring a bad credit personal loan is an option for people with less-than-perfect credit to get the financing they need without difficulty. Since a high credit rating is often a requirement sought by regular loan lenders, those with bad credit can still get the loan if they can find a sub-prime lender.
Bad credit loans are also known as guaranteed approval loans because these loans grant approval for anyone regardless of their credit standing. Guaranteed loans are also easily available online. All one has to do is fill out an online application form, submit it from the lender’s website, and wait for an approval. Because of its convenience, most people with credit problems prefer to get a bad credit loan this way, rather than go through the process, and possible loan rejection of a standard loan.
If you’re planning on getting a guaranteed approval loan yourself, consider your options first. Do you really need the cash in a hurry? Or is it possible for you to work on improving your credit rating before you apply? It’s important to note that bad credit loans are designed as a short term help, never as a long term financial solution.
Read more: Shopping for Bad Credit Personal Loans Online
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Written on 8:59 AM by zorayda
Each lender who works with applicants who have bad credit has their own rules that determine how one qualifies for bad credit personal loans. Because each lender differs, it is important to make some inquiries before you make the final decision on a loan. Another thing to keep in mind is that being turned down by one lender doesn't mean another one won't approve the loan. Take the time to ask questions, and the process will go much smoother.
Employment history
One of the most important factors in any loan is a stable employment history. In the case of poor credit personal loans, this is even more important. The borrower with good credit who has a questionable employment history is going to go and find another job so he can pay his obligations, but with the borrower who has bad credit, the lender needs more assurance than just his word. Thus, the applicant with bad credit will have to have a stable employment history, or the lender is not going to be willing to give him a chance to reestablish his credit.
Purpose of the loan
The lender is going to put a great deal of weight on the purpose of the loan. Bad credit loans are not going to be approved just because the borrower wants some extra money or wants something frivolous. There will have to be a specific purpose for the loan, and it must be something that is necessary. Loans for medical bills, college expense, and home or car repairs are more likely to be approved than a loan for vacation or to host an anniversary party for friends or relatives.
Interest rate
Another factor for the borrower to keep in mind is that personal loans for bad credit are going to carry a higher rate of interest than what is offered to customers who have good credit. This means that the payments are going to be somewhat higher than what is paid by a borrower with good credit being loaned the same amount of money. For this reason, there is a possibility that the bad credit customer may not be able to borrow the amount of money he needs since the lender is going to look at his current Income to Debt Ratio and determine how much he is willing to risk.
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Written on 10:42 AM by zorayda
Credit problems happen to people regardless of circumstances. Although some consumers are irresponsible with credit, others simply fall on hard times. Loss of employment, family problems, and illnesses may have a negative effect on our credit. Fortunately, there are ways to boost credit rating. Bad credit credit cards are intended for people hoping to rebuild their credit history.
Quickly Improve Credit Score with Bad Credit Credit Card
Numerous circumstances justify obtaining a bad credit card. If you have filed a recent or past bankruptcy, re-establishing credit is essential. Hence, you can take advantage of bad credit credit cards. Moreover, individuals with no credit history may get approved for such credit cards.
Once approved for your new credit card, the credit card company will report to the credit bureaus monthly. Thus, if you maintain a low balance and pay creditors on time, this will reflect on your credit report. Little by little, you credit score will improve. On the contrary, if past credit mistakes are repeated, you will further damage your credit rating. Three tips to improving credit involves, timely credit card payments, no skipped payments, and keeping a low revolving balance.
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Written on 11:11 AM by zorayda
People are often encouraged to build their credit history or improve their credit scores by obtaining credit. Ironically, most lenders require excellent credit before they grant an approval. If your problem is that you have never had credit or you have a poor credit score, chances are your application will be declined. Do you have other options? Fortunately, yes!
Best secured credit cards are made especially for people with problems with their credit score or for people who haven’t yet started building a credit history of their own. That’s right. Even with poor credit or even with no credit at all, you can still get approved if you apply for a secured credit card. Does this prospect interest you?
What is a secured credit card and how do they differ from regular good credit cards? As the name suggests, this type credit card requires a security deposit from the card holder. The credit card company uses your security deposit as collateral just encase you stop making timely payments they will simply use your deposit to pay the card off.
How much is the security deposit? The minimum amount required depends on your credit card issuer but typically, it ranges from $300 to $1,000. Your credit limit will often depend on the amount of money you deposited as security. Usually, your credit limit will be 50% or equal to the amount you deposited. There are some secured credit cards however that give a credit limit that is doubled your security deposit.
What about the interest rate? The interest rates on
secured credit cards are expectedly higher than credit cards for good credit. Still, this doesn’t mean you should settle for unreasonably high rates. Do your research and you’ll surely find a secured credit card with reasonable rates and fees.
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Secured Credit Cards – Tools to Good Credit
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Written on 9:50 AM by zorayda
Having bad credit can be a huge dilemma especially when it comes to getting a loan. Since lenders want to reassure the credit worthiness of their clients, those with low credit scores can be immediately declined. Yes, bad credit loans do exist in the market, but if you want to stay away from high interest rates, it is a far better option to work on improving your credit score first before applying for a loan. Unless you need the cash in a hurry, rebuilding your credit is definitely the best choice.
How to Fix Your Credit Score
Is there really an instant way to fix your credit score? Despite what some credit-fix companies may claim, the only safe and guaranteed way to fix one’s credit is to address the root of the problem. Why did you receive a low credit score in the first place? What are the factors that led to your bad credit?
Late payments and unpaid bills are the number one cause of bad credit. Excessive use of your credit limit can also affect the result of your credit score. Of course, defaulting on your debts completely means more damage to your credit history. So how do you really address these problems?
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Bad Credit Loans – How to Really Fix Your Credit Score
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