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Loans For People With Bad Credit

personsl Loans for People with Bad Credit History

 

Realistic Loan Options for People with Bad Credit

Daniel Boortins, a well-respected historian once said, “it is hardly an exaggeration to say that the American standard of living was bought on installment plan”.  What happens to that standard of living when a consumer’s credit rating is so bad that lender’s refuse to give any more credit? Simple, the consumer uses another financial tool known as a loan. But first the consumer must be familiar with loans for people with bad credit, because those will be the only type of loans that the consumer will qualify for.

A loan is an agreement that can be entered into by natural or juridical entities, whereby money, property or any other type of asset is given at a predetermined or determinable future date by a lender to a borrower. The latter agrees to return the thing borrowed or its equivalent usually along with interest at some future time and in most cases on installment.  For example Mr. C lends five hundred dollars ($500.00) to Mr. B. with the understanding that the latter will pay the former the entire amount with ten percent (10%) interest, in five (5) monthly and equal installments starting January 1, 2012.  Therefore Mr. B has to pay Mr. C. one hundred ten dollars ($110) on the first of each month for five (5) months, starting January 1, 2012.

Consumer Credit is an indicator used by creditors to determine how much of a risk a consumer is in defaulting on a loan.  A poor credit rating indicates a high risk, and lead to higher interest rates, or the denial of a loan application. Therefore, loans for people with bad credit are limited by the calculated amount of risk a lender or creditor might be willing to accept.

Borrowers have to accept the reality that the provisos contained on loans for people with bad credit will not be as favorable to them as opposed to loan options for people with excellent or good credit. For example, Mr. A and Mr. B each take out a three hundred thousand dollar ($300,000.00) thirty (30) year fixed rate loan. Mr. A with excellent credit, which means a credit score of around seven hundred sixty (760) to eight hundred fifty (850) can expect to pay around five point seven percent (5.7%) interest, amounting to more than seventeen thousand dollars ($17,000.00) in interest payment. Mr. B who is a consumer with damaged credit, around five hundred (500) to five hundred seventy nine (579) can expect to pay nine point five percent (9.5%) in interest, amounting to around twenty eight thousand dollars ($28,000.00) in interest payment.

There are only a few types of loans for people with bad credit. First would be repairing their credit rating before taking out a loan.  This option is only available consumers whose credit rating is within reach of the required credit rating and who still have enough time.  For example, Mr. A has a five hundred seventy five (575) credit score and he applies for a car loan from Bank of B.  The latter is requiring a five hundred eighty (580) credit score at the very least.  Since the difference is only five (5) points and Mr. A has several disputes on his credit report, plus several bills due which he can pay on time, then it is worthwhile for Mr. A to repair his credit rating first. A delay of a few months may be better than a loan denial since this might also be taken into consideration by other lenders in the future.

Another one of the loans for people with bad credit would be to take out a loan with a cosigner who has excellent credit.  A cosigner is a person who signs the contract of loan together with the principal borrower and is considered a co borrower on the loan.  The excellent credit rating of the cosigner may be enough to compensate for the poor credit rating of the principal borrower.  This option is considered by some as one of the better loans for people with bad credit but is only realistic if the principal borrower can find a willing and sufficient cosigner for a loan.

A third loan option for people with bad credit is to consolidate and negotiate all debts and take out a single loan to pay off all overdue bills.  While most people will question the wisdom of taking out another loan and incurring another debt to pay off other debts, this is a viable option if the debt consolidation is done properly.

First, the consumer has to research lenders who are reliable and whose loan terms fit the earning capacity of the consumer.  Reliability is the key because some lenders will offer loan terms that are unrealistic and may even force a consumer to pay off only the interest while leaving out the principal amount. Reliability can be done thru research and cross referencing lenders with government and non government agencies that monitor lending institutions like the fraud department of a county or the Better Business Bureau (BBB). Second, the consumer must make a realistic calculation of their monthly income and expenses including emergency expenses for at least six months.  Whatever amount is left is the monthly loan amortization than the consumer can afford.  This will be the only time a consumer researches for reliable lenders.  Third, negotiate for a reduction of the principal amount and the condoning of interest and penalties.  Oftentimes all it takes to reduce a debt is to write a simple hardship letter or to plead with the debt evaluator.

In closing, there are still a few available loans for people with bad credit and these loan options can actually work, but the consumer must make sure to be religious in following a set income and expense, then properly researching the loan terms then asking for consideration from creditors. This is because being smart and choosing the right partner can spell the difference between being debt free or filing for bankruptcy.

 

Loans For People With Bad Credit

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What is a Good Credit Score

  • What is a Good Credit Score?
  • What is The Credit Score Range?
  • What is The Credit Score Scale?
  • What is The Average Credit Score?

Let’s take a look at the credit score breakdown

Most people know that their credit score plays an important role in their lives. This is the easy part, the more difficult part is actually understanding the credit score breakdown, or what goes into a credit score. There are a few different methods for calculating credit scores but the most commonly used is the FICO method that has been used since the 1980’s. The FICO method was developed by the Fair Isaac Corporation and the three big credit bureaus, TransUnion, Equifax and Experian, all worked together with Fair Isaac to develop this method.

For more information on FICO credit score please read here

FICOFICO credit score range

 

A persons credit score can range anywhere between 300 and 850. The average American score is around 690 which is a reasonably good score. Having the average score of 690 will enable you to secure a loan, however it will not get you the best interest rate on your loans.

Let’s take a look at the credit score breakdown.

The first factor is payment history. Payment history makes up 35% of the credit score. This is calculated based on whether you pay your bills on time or not and how many late or missed payments have been forwarded to collection agencies. It also considers if you have had any bankruptcies or tax liens. It can be difficult sometimes to meet financial deadlines if you get a heap of bills all come in at once but just remember that a missed payment is much worse than a late payment regarding your credit score. Missing a mortgage payment will affect your credit score much worse than missing a bill payment or credit card payment so always have your mortgage payment as first priority.

Next there is outstanding debt to consider and this accounts for 30% of your credit score. If you have a number of credit cards and they are all maxed out then this will have a very negative effect on your score, but if you have a number of credits that all have a lot of credit still available then this will work in your favor. Outstanding debt considers the amount of credit outstanding in relation to the amount of credit available to you. It can help your credit score to have a few credit cards that are not being used but simply to give you available credit to increase your score.

Credit Longevity is the next point that is considered when determining your credit score. How long you have established credit counts for 15% of your score. The longer you can maintain good credit and continue to pay your bills on time then the better it is for your credit rating.

Next there are the types of credit to consider. Around 10% of the score is related to the number of different types of credit that you have. If you have multiple types of credit, such as mortgage, car loan and credit card, and all are managed well then this will help with your credit score.

Amount of activity is the last factor to consider. Opening new credits card accounts to leave unused to increase your credit score is good, but not if you open too many new accounts at once. If you have too much activity happening in a short period of time this will negatively affect your score.

When you understand what is involved in the credit score breakdown then you can take steps to improve your score.

 

What is a Good Credit Score

Loans For People With Bad Credit

The Truth About Debt Consolidation Loans

 


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Bankruptcy should be the last resort of a person who wants to eliminate debts. Despite this, personal files for bankruptcy now number more than one million every year. The main reason for this is the fact that most people do not really think that debt elimination without bankruptcy is possible.

However, to the uninformed, you need to know that there are many ways to achieve debt elimination without declaring bankruptcy. You only need these:

1) Help – If you are unsure of how to accomplish debt elimination without declaring bankruptcy, you might want to get some help. Thankfully enough, there are a lot of debt elimination services that you can contact to help you with your goal. Remember that looking for help is not a sign of weakness. When you realize the fact that your problem is bigger than you can handle, help is readily available to you.

Today, people who need help are able to contact debt elimination companies through different methods. You can use the technology of the internet to get help wherever and whenever you need it.

2) A plan – Filing for bankruptcy is a last resort. This is because it does not take a lot of thinking to say that you are out of money. That being said, you need to think out your actions if you wish to accomplish debt elimination without declaring bankruptcy.

When you come to an expert with your debt problem, you can be sure that the first step that he or she is going to take to fix your debts is to make a plan. By making a solid plan for debt elimination, you should be able to make rational decisions as to how to accomplish your goal. A financial crisis can be a pretty harrowing experience. People who experience problems with debts will tell you that it is quite hard to think clearly about the steps you need to take.

A plan will help you gain a clear perspective of your problem. At the very least, a plan will help you react automatically if you encounter different obstacles on the road to debt elimination.

3) Commitment – Although no one can truly blame a person for declaring bankruptcy, such action is usually taken as a sign of defeat. As said before, it does not really take much effort to give up. In order to accomplish debt elimination without declaring bankruptcy, you need to be totally committed to your goal.

Commitment means doing whatever you can to accomplish your goal. It means that no matter how frustrating things seem, you will stick to your plan. Debt elimination without declaring bankruptcy is no easy task, but it shows your character.

What does a person need to be committed to a plan? Well, if you want to be committed to your goal of debt elimination without declaring bankruptcy, you should have trust. You need to trust that the plan will help you accomplish your goal. Often, people who do not see immediate results will give up. You should not do this. When you make a plan to accomplish debt elimination without declaring bankruptcy, you already have an idea of what you are going to face.

Knowing this, you should trust your plan and stick to it. As said before, debt elimination without declaring bankruptcy is possible. However, you should realize that it is not only possible, it is desirable.

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Source: http://financeequityloans.com

Category: student loans

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Student loans can be a burden on anyone. With other bills piling up and your student loans to pay on top of that, sometimes people seek bankruptcy as a way out. If you find yourself in this category, then please pay careful attention to the rest of this article! You need to understand these points before you even consider bankruptcy as an option.

The first misconception is that bankruptcy is an end-all be-all for debt. That’s not true! If you file for bankruptcy, your lenders will still expect you to pay your student loans and you are still obligated to do so. The only way to get out of paying them is to prove that your student loans are a huge financial hardship. The down side is that you just filed bankruptcy, so if the rest of your debt has been handled with the bankruptcy then chances are the payments for your student loans are now much easier to pay.

If you think that they are a large financial hardship, then you are going to have to show that you will never be able to pay off the loan according to the length of the loan. You have to show that no matter what, even down the road, you still won’t be able to pay off your loan. You also will most likely need to be behind in your payments because the lenders need to see that you are actually putting forth effort to pay them back. That means both paying them what you can, and working as much as you can to come up with their money. The real down side of attempting to get rid of these loans is that there is no set rule on what counts and what doesn’t. When you file for bankruptcy, it will be up to that person to determine whether or not student loans will fall under the bankruptcy, and even then it’s up to their discretion.

Even if you filed bankruptcy already and aren’t getting bills sent from your lenders (they can’t do this if you have filed) that does not mean the loan has vanished. Instead, it means that the loan is sitting there collecting interest. That’s right, the interest you owe just builds up over time and when you come out of bankruptcy, the lender will expect that you pay them the money you owe plus the new interest.

So if you can’t file bankruptcy but your student loans are still causing a problem, what can you do? Well you still have options. One option might be to consider consolidating your student loans. Depending on which consolidation service you choose, they have many different options on how you can consolidate and repay these loans.

Another thing you should do is call your lender and let them know that you are having trouble paying them back. Sometimes they have different options you can take. You might be able to differ the loans if you are looking at a short term financial hardship situation. They might be able to come up with a different payment schedule that accomodates your situation. Just talk to them as they deal with these types of situations every day. You never know how they might be able to help you.

While bankruptcy is an option, if student loans are the only thing bringing you down financially, then you should consider other options. The chances are too slim that you will have your student loans fall under the bankruptcy and again, even if you are not paying during that time, your interest is collecting. Call your lender and ask them for help. After all, you are paying them money, they want to make sure they get the most they can and will work with you as best as possible.

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Debt settlement has become a popular approach to resolving problem debts without having to file bankruptcy. With this approach, creditors agree to accept a portion of what you owe (usually around 50% or less) to settle the account, and the remaining balance is forgiven. This technique will certainly continue to grow in popularity now that the new bankruptcy law makes it tougher to fully discharge debts in a Chapter 7 bankruptcy.

As with anything, there is no free lunch, and creditors are required to report canceled debts to the IRS on Form 1099 (when the canceled balance is $600 or greater). Therefore, the possibility exists that you may owe taxes on the forgiven portion of the debt. For this reason, many financial writers and debt counselors are strongly critical of debt settlement, to the point where they actually recommend against it just because you might end up owing taxes. But the tax consequences of settling your debts are greatly over-emphasized, and this is a really just a minor issue at best.

First, even if you end up owing taxes on the canceled balances, that’s because you saved a bunch of money off your original debts. The total of what you paid the creditor, plus the taxes, will still be much less than what you owed to begin with. There is still a net savings. So it’s hard to understand why this is viewed as a problem in the first place!

Second, the great majority of people who settle their debts are not required to pay taxes on the forgiven part of the balance. That’s because of the “insolvency” rule, described in IRS Publication 908, “Bankruptcy Tax Guide.” Don’t let the title fool you. You don’t need to have filed a formal declaration of bankruptcy to take advantage of the insolvency rule.

Basically, “insolvent” means that you have a negative net worth — that is, you “owe” more than you “own.” As a consequence, most debtors do not have a tax liability on the canceled debts, simply because most debtors are insolvent! It usually comes down to home equity. If you have enough equity in a home (or other property) to outweigh the total of your liabilities (debts), then you have a positive net worth, and will likely have to pay taxes on the forgiven debt amounts. However, the majority of people in serious debt trouble have a negative net worth, and are therefore insolvent. The way it works is that you can offset the canceled debt up to the amount by which you were insolvent at the time you did the settlement.

Come tax time, be sure to get professional tax advice specific to your situation. Also, be sure to read the section in IRS Publication 908 on “reduction of tax attributes,” which requires people using the insolvency rule to reduce their basis in such things as rental property, loss carryovers, etc. Most of that probably won’t apply to you, but again, get specific advice before winging it.

So, the message is, relax about paying taxes on canceled debt balances. That should be the least of your concerns if you’re upside down financially. Don’t let the misguided criticisms of financial writers (who haven’t done their homework) discourage you from looking into one of the most popular and flexible options for achieving debt-freedom.

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Source: http://financeequityloans.com

Category: student loans

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Chase is among the leading online companies that offer student loans for those with financial problems. Student loans are not new in the market and in fact, with the rising cost of college education, more and more lenders are now entering the scene. Chase is already an established and well-known company, which provides different kinds of student loans that can meet the needs of different individuals including the Bank One student loans.

What is the Bank One student loan? Well, it is another term that also refers to Education One. Bank One is a student loan offered to students who are still problematic about their college education. Oftentimes, students have existing student loans but despite the loan they got, they still can’t pay the total amount of school and tuition fees. The best answer to that ‘financial gap’ is Bank One. Keep in mind that Chase is a private company and so the student loans that you can obtain are private in nature and are not funded by the federal government. But a good thing about these Bank One loans is that the repayment schemes are similar to that of the federal or government student loans.

If you think that you will be able to finish college by securing another student loan, make sure that you get Bank One offered by Chase. The loans are of different types and so you can be sure that your needs will be answered. Whether you’re a graduating student, an undergrad, a technical student, or a trade school student.

Why is it that many students are attracted to Bank One? One of the evident reasons is that the loan amount is not sent to the university or campus but rather, to the individual or student. You’re free to use the loan amount for school related expenditures like dorm fees, food, books, and other payments. You can spend the money on anything that is related to educational expenses.

If you finally decide to apply for a Bank One loan at Chase, you can make the special arrangements with the company. Most students will want to settle their loans after they graduate or after they find a good job (probably around 6 months after graduation). This means that you will not have any worries while you’re studying because the repayment of the loan will start after you’ve finished your degree.

Most student loans require students to get school certifications first but with Bank One, the loan amount and the interest rate will be based primarily on your credit records and the amount of money you will need to finance your schooling. If this is your first time to secure a student loan or if you have a bad credit reputation, you need to get a cosigner, which can be your parents or guardian. By doing so, you can expect a much lower interest charge.

As mentioned earlier, repayment of the loan can be deferred. The interest incurred will be paid together with the loan amount after you graduate. Some students also pay off the interests first while they are studying so that the amount will not build up. Bank One student loans can also be customized. Comply with the necessary requirements and documentation so that your loan can be granted in no time.

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Consumer debt is at an all-time high. What’s more, a record number of consumers, more than 1.5 million in 2004, are filing for bankruptcy. Whether your debt dilemma is the result of an illness, unemployment, or overspending, it can seem overwhelming. In your effort to get solvent, be on the alert for advertisements that offer seemingly quick fixes. And read between the lines when faced with ads in newspapers, magazines, or even telephone directories that say:

“Consolidate your bills into one monthly payment without borrowing”

“STOP credit harassment, foreclosures, repossessions, tax levies and garnishments”

“Keep Your Property”

“Wipe out your debts! Consolidate your bills! How?

By using the protection and assistance provided by federal law. For once, let the law work for you!”

While the ads pitch the promise of debt relief, they rarely say relief may be spelled b-a-n-k-r-u-p-t-c-y. And although bankruptcy is one option to deal with financial problems, it’s generally considered the option of last resort. The reason: it has a long-term negative impact on your creditworthiness. A bankruptcy stays on your credit report for 10 years, and can hinder your ability to get credit, a job, insurance, or even a place to live. What’s more, it can cost you attorneys’ fees.

Advance-Fee Loan Scams

These scams often target consumers with bad credit problems or those with no credit. In exchange for an up-front fee, these companies “guarantee” that applicants will get the credit they want – usually a credit card or a personal loan.

The up-front fee may be as high as several hundred dollars. Resist the temptation to follow up on advance-fee loan guarantees. They may be illegal. Many legitimate creditors offer extensions of credit, such as credit cards, loans, and mortgages through telemarketing, and require an application fee or appraisal fee in advance. But legitimate creditors never guarantee in advance that you’ll get the loan. Under the federal Telemarketing Sales Rule, a seller or telemarketer who guarantees or represents a high likelihood of your getting a loan or some other extension of credit may not ask for or receive payment until you’ve received the loan.

Recognizing an Advance-Fee Loan Scam

Ads for advance-fee loans often appear in the classified ad section of local and national newspapers and magazines. They also may appear in mailings, radio spots, and on local cable stations. Often, these ads feature “900” numbers, which result in charges on your phone bill. In addition, these companies often use delivery systems other than the U.S. Postal Service, such as overnight or courier services, to avoid detection and prosecution by postal authorities.

It’s not hard to confuse a legitimate credit offer with an advance-fee loan scam. An offer for credit from a bank, savings and loan, or mortgage broker generally requires your verbal or written acceptance of the loan or credit offer. The offer usually is subject to a check of your credit report after you apply to make sure you meet their credit standards. Usually, you are not required to pay a fee to get the credit.

Hang up on anyone who calls you on the phone and says they can guarantee you will get a loan if you pay in advance. It’s against the law.

Protect Yourself

Here are some tips to keep in mind before you respond to ads that promise easy credit, regardless of your credit history:

* Most legitimate lenders will not “guarantee” that you will get a loan or a credit card before you apply, especially if you have bad credit, or a bankruptcy.

* It is an accepted and common practice for reputable lenders to require payment for a credit report or appraisal. You also may have to pay a processing or application fee.

* Never give your credit card account number, bank account information, or Social Security number out over the telephone unless you are familiar with the company and know why the information is necessary.

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Source: http://financeequityloans.com

Category: student loans

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The undertaking of getting a higher education is not exactly easy on the pocket. There is a lot of work and more work ahead for you. And there’s a huge amount of financial responsibility as well.

How much financial responsibility you dare ask? Well one year at an average university could cost as much as 17 or 18 grand. This amount does include tuition, living expenses, books, etc.

So this hunk of change has to come from someplace. The first place to look would be your parents, but they might not have the money or being willing to part with it. So if that fails, you need to look elsewhere to find how to pay for college.

If your credit is poor, it will be a daunting task to get a loan. However there is a solution. It’s known as a bad credit student loan company.

Of course the best ways to pay for college (if you don’t have rich parents) is through either a scholarship or a grant. Getting to go to college for 4 years for free is a great gift. But not everyone can be a basketball star or be lucky enough to get a grant. So in order to pay for college, many students need to apply for a loan.

If you choose to seek out financial aid and student loans, you will shortly find out that even bad credit student loan options are available. You might have to work a slight bit harder to obtain financing, but loans can be had even for those with bad credit.

That is what higher education is all about: working harder. But it will pay off in the end. And it doesn’t matter how old you are either; you can get a loan at any age and any credit rating, for whatever schooling you require.

And don’t forget about trying to get grants, such as the Pell Grant. They are given to many students who have financial hardships. Between grants, loans, and whatever part time work you can do, lack of money should not prevent you from attending college and achieving the life you deserve.Title: Bad Credit Student Loans To The Rescue

Source: http://financeequityloans.com

Category: student loans

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The undertaking of getting a higher education is not exactly easy on the pocket. There is a lot of work and more work ahead for you. And there’s a huge amount of financial responsibility as well.

How much financial responsibility you dare ask? Well one year at an average university could cost as much as 17 or 18 grand. This amount does include tuition, living expenses, books, etc.

So this hunk of change has to come from someplace. The first place to look would be your parents, but they might not have the money or being willing to part with it. So if that fails, you need to look elsewhere to find how to pay for college.

If your credit is poor, it will be a daunting task to get a loan. However there is a solution. It’s known as a bad credit student loan company.

Of course the best ways to pay for college (if you don’t have rich parents) is through either a scholarship or a grant. Getting to go to college for 4 years for free is a great gift. But not everyone can be a basketball star or be lucky enough to get a grant. So in order to pay for college, many students need to apply for a loan.

If you choose to seek out financial aid and student loans, you will shortly find out that even bad credit student loan options are available. You might have to work a slight bit harder to obtain financing, but loans can be had even for those with bad credit.

That is what higher education is all about: working harder. But it will pay off in the end. And it doesn’t matter how old you are either; you can get a loan at any age and any credit rating, for whatever schooling you require.

And don’t forget about trying to get grants, such as the Pell Grant. They are given to many students who have financial hardships. Between grants, loans, and whatever part time work you can do, lack of money should not prevent you from attending college and achieving the life you deserve.

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Most people are involved in some type of financial transaction or decision every day. Sometimes they can get way behind in their debts and financial obligations with no clear way to pay them off. Some resort to debt management plans, which can help if you are careful in setting up the plan. Do you know how to avoid the pitfalls?

Credit and debt issues are critical life altering realities for almost everyone. The daily decisions we make in handling the balance between the two determines our credit worthiness in the eyes of financial institutions. As we all know, if you have a bad credit rating, then borrowing funds or purchasing many items will become difficult or impossible. But what happens when you get so far in debt that you have no clear way to pay it all off? Many people resort to a debt management plan (DMP). These are payment plans structured in a way so that the borrower is better able to pay off their debts, and is agreed to by the borrower and creditors. The benefits can include lower interest rates and fee waivers.

Once you and the creditors have accepted the DMP, it is important to:

make regular and timely payments

always read your monthly statements to make sure your creditors are getting paid according to your plan

contact the organization responsible for your DMP if you will be unable to make a scheduled payment, or if you discover that creditors are not being paid

If the payments are not made to your DMP and creditors on time, you could lose the progress you’ve made on paying down your debt, or the benefits of being in a DMP, including lower interest rates and fee waivers. The creditors may not forgive any more late payments and you will incur more ‘late’ marks on your credit report as well as more late fees, increased debt and a longer pay off period. So, once you are on a debt management plan, make sure that you are never late on any payments.

DMPs are not for everyone. You should agree on a DMP only after a certified credit counselor has spent time thoroughly reviewing your financial situation, and has offered you specific advice on managing your money. You may be able to work out a payment plan directly with your creditors. But if you decide that you need to work with a credit counselor and get additional advice and assistance, ask questions like these to help you find the best counselor for your situation and make sure you get full and complete anwsers.

Some Important Questions to Ask When Choosing a Credit Counselor to Handle your DMP:

1. What services do you offer? Look for an organization that offers a range of services, including budget counseling, savings and debt management classes, and counselors who are trained and certified in consumer credit, money and debt management, and budgeting. Counselors should discuss your entire financial situation with you, and help you develop a personalized plan to solve your money problems now and avoid others in the future.

2. Are you licensed to offer your services in my state? Many states require that an organization register or obtain a license before offering credit counseling and debt management plans.

3. Do you offer free information?

4. Will I have a formal written agreement or contract with you?

5. What are the qualifications of your counselors? Are they accredited or certified by an outside organization? If so, which one? If not, how are they trained? Try to use an organization whose counselors are trained by an outside organization that is not affiliated with creditors.

6. Have other consumers been satisfied with the service that they received? Once you’ve identified credit counseling organizations that suit your needs, check them out with your local consumer protection agency, and Better Business Bureau.

7. What are your fees? Are there set-up and/or monthly fees? Get a detailed price quote in writing, and specifically ask whether all the fees are covered in the quote.

8. How are your employees paid? Ask them to disclose what compensation it receives from creditors, and how they are compensated.

9. What do you do to keep my personal information confidential and secure? They should have safeguards in place to protect your privacy.

Get the information you need to make an informed decision.

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Source: http://financeequityloans.com

Category: student loans

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Don’t you hate the fact that everything’s getting more expensive, and that we have to pull rabbits out of our behinds just to survive? Like getting ourselves deeper and deeper into debt, just to pay what is due to keep our heads above the water. The rising costs of our children’s/your education is becoming unbearable as well, to the point where it feels like they’re grabbing us by the necks to squeeze out every last dime we’ve got – but hey, that’s how it is, and complaining won’t be making it better anytime soon. So instead of getting all worked up and blowing a couple of your fuses, “playing along” by coming up with a solution to solve your kid’s educational crisis, would be the better approach.

Wonder why almost everybody you know is taking up student loans? Well the reason for that point back to what I’ve been discussing earlier, which is the rising costs of financing education. By doing so, you’ll be able to ensure that your boy or girl graduates “safe and sound”, or without any “financial problems” or hindrances. That does the trick, for the duration he’s going to school, but he’s not just going to take out one loan, but several. One giant loan doesn’t cover all the expenses that’ll be occurring during his schooling days, there’ll come the time when he’ll need to take up another, and another, and so on so forth.

Not paying any of these on time can result to him having bad credit, which can be a problem, why? Because student loan companies can be hesitant when it comes to lending somebody they can’t trust completely. Having bad credit history would increase the odds of your child not getting approved for the loan, which can spell “doom” him – so what to do now? Here’s one way you can go about it: bad credit student loan consolidation. The process of how this works is no different from debt consolidation, which is involves the help of a student loan consolidation company.

These are the guys you go to when you get “harassed” by the people you’ve borrowed from. What happens here is that you consolidate or put all the loans you’ve taken up, and “pack” them all into one big bundle. Bad credit student loan consolidation allows you to deal with paying off what you owe in a more consistent and convenient manner – why is this so? Because the company you’ve “signed up” makes all those loans go away (by paying for them), and then issues one, just one, in which you’ll be obligated to pay them instead. Installments are usually monthly payments.

This also means you’ll be given a brand new deadline to comply with, giving you more time to get the company off your back. All of this does sound too good to be true, so now you’re probably wondering what the catch here is, and it’s: due to your reputation of credit worthiness plus all the help they’ve extended, they’ll charge you a little more than what you were to pay if you didn’t enlist their aid. But nevertheless, it’s still a good option for any student with bad credit student loans on their shoulders.

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Source: http://financeequityloans.com

Category: student loans

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The cost of receiving an education in this country is increasing with each passing semester. Federal financial aid and government subsidized loans (for those who qualify) may leave you feeling like you are trying to stretch a nickel into a dime. When you factor in the cost of tuition, books, housing, utilities, clothing, and other essentials – traditional student aid packages typically leave the student empty-handed before the semester is even half over! Further, if a student has bad credit, they may feel discouraged when they apply for a student loan from a private lender and are turned down time and time again. This presents an obstacle to the student’s aspirations of achieving their degree.

Private Student Loans for Bad Credit

Thankfully, private student loans are available for students with bad credit. Numerous lending agencies offer student loans for those with less-than-ideal credit scores, often with reasonable terms and conditions.

These types of loans have been custom designed to specifically target the financial needs of students that have bad or poor credit. The main purpose of these loans is to supplement the financial aid that students receive so that they can complete their education without the pressure of wondering how they will financially survive the semester. Student loans are often used by students to cover admission fees, examination fees, books, computers, and other personal expenses.

Co-Signer Increases Approval Rate

Many lenders provide student loans in spite of the borrower’s bad credit status. Although these special lenders fulfill loans for many students, not all students qualify on their own. Oftentimes a co-signer is required for the loan to be processed – and having a co-signer will greatly increase the chance that the loan is approved. A co-signer can be a parent, relative, or friend that has good credit and is willing to “stand good” for the loan should you default on the payments. There are lenders who release the co-signer from their obligation after a number of successful payments have been received from the borrower. These types of loans appeal to co-signers who are a bit hesitant to sign on for the entire term of the loan.

No Payments Until After Graduation

Lenders who offer private student loans generally have lenient payback conditions. The loan becomes payable when the student receives his final degree or credential – but only after a period of months. This gives the borrower time to get settled into a job before repayment begins.

Online Lenders Offer Convenience and Savings

There are many student loan sources online that offer bad credit student loans. The online loan process is generally the most convenient way to get approved for the loan you need. A simple application begins the process of borrowing funds. If your lender requires a co-signer, they will also need to complete some online forms. Both you and the co-signer will most likely be required to fax or email a scan of your signature to the processing office. Other lenders may offer you the option of a digital signature for your loan documents.

One of the greatest benefits of applying online for your private student loan is that you can compare rates from different institutions as well as compare servicing fees, which may be anywhere from zero dollars to a certain percentage of the loan amount. There are also sites online that offer to do comparison shopping for you when you apply for your bad credit student loan. By doing a little research, you can save yourself a bundle in interest charges.

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Debt is a four-letter word that puts us on parole for the rest of our lives. The cost of living alone is so demanding that debt mounts, mounts, mounts, and breaks us with each heaping rise. We have to pay folding money, pay for apparel, food, gasoline, Uncle Sam fees, rent, installment credit, car payments, institution, etc, that sometimes it is next to impossible not to find yourself humming this four-letter word.

The most highly way to solve arrears is to sit down and find preparations. Breaking down problems is the first step you will occasion to take to find a way out of debt. Once you start to see you have cafeteria plan, you can find it rest easier to cope with your stress and damages. If you cannot find new ideas to help you find ways out of debt, visit your local information science and search for debt solutions and controllers that walk you through take part in permission out of debt.

Exercise many resources can help you to pull up new ideas that lead to solving problems. Rather than compliant messes weigh you down, take action now and find solutions that will reduce your tension and your debts.

If you have access to the Data highway, search the engines to find relevant links that teacher you into debt relief. Stay away from companies that offer to get you out of arrears for a high monthly fee. The concept of getting out of debt is to relieve positive self-image of extra burden, such as a new bill. For the most part, you can call your creditors and make pay-off form. The creditors are often glad to hear from you. Rather than have the scavenger hunt from wretchedness hunt you down, the creditors you could rather keep you as a friend, since they want you to pay your debt and incur future debt with their assembly.

You go through points of no return to finding your way out of debt, so takes some time to learn elimination procedures to become debt free. Debt elimination is not an option, since when you get rid of one debt another exert follow the same patterns of the human mind. You get the point. The solution is getting out of the past claims you owe, set a budget and avoid spending more than you can afford. Pay off one debt at a time, amid by installments you find relief.

To avoid incurring new debt, stay away from credit bet. Use your credit cards to pay demanding bills culmination your credit card as soon as possible to pause, high interest rates. Stay reject from payday lends also, unless you see that you can avoid better part of the levies and can payoff the loan right away. Keep in mind however, that payday lenders often attach a steep fee.