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How to Get a Bad Credit Personal Loan to Cover Your Daily Expenses When You Are In Financial Trouble

Many have been affected by the side effects of the recent economic crisis including Paul (not his real name), who is in his late 20’s and has been working his fingers to the bone ever since. He started his small business after he was retrenched during the economic recession. At the same time, he had to bear his financial priorities such as paying off his credit cards and student loans, as well as saving for his children’s education. It is common that Paul was stricken by the inability to perform his financial duties due to his non-stable income. He could barely save enough money to feed himself (and the whole family).

When things got worse – for instance, a sudden drop of sales or profit, it would also affect his daily expenses. He had once considered having an early withdrawal of his 401(k) when he felt behind paying all his bills but in the end, he sought a bad credit personal loan to cover his daily expenses – here’s how he did it:

1. He started to think realistically– Paul had a low FICO score, which is lower than 660, and it is extremely difficult to get personal loans from traditional and private lenders. Not all lenders are willing to accept any loan application without collateral. At the beginning, Paul was reluctant to accept the fact that the private lenders rejected his loan application because of his low credit score. He even applied for personal loan from LendingClub.com, but to no avail.

2. He began to search for bad credit co-signer loan deals– Since Paul had realized his financial status, he began to compile as much information about getting co-signer personal loans from accredited private lenders from TheFinanceForums.com – an internet personal finance forum which you can look for forum users reciprocate to other forum users’ problems. Fortunately, Paul’s dad was willing to become Paul’s co-signer as he has an excellent credit record, and a few valuable stocks on hand – which it can be used as collateral. In this case, you will be granted a financial assistance by a lender without checking on your current credit score.

3. Find a personal loan with fix rate and term– As you know that the interest of such loan is not tax deductible, it is important to find a loan package with the lowest cost. Avoid getting such loan that works as a revolving line of credit in which its interest rate is changeable. Thus, Paul is tend to be more determined if he chooses a loan product which has fix rate and term, which he can pay off your loan consistently within a certain period.

4. Reject personal loan which has interest rate higher than credit card rates – Paul chose the right loan deal, mainly based on its low interest rate. He knew that it was not worth his money to obtain loans which have higher interest rate than credit card rates.

If you are experiencing the same situation as Paul had, hope that you can gain insight from his experience. Stay determined to find the right personal loan to cover your daily expenses.

 

How to Get a Low Interest Bad Credit Personal Loan From Non-Profit Organizations Now

Bad credit borrowers are finding that non-profit organizations often have the ability to write the low interest loans that they need, and applying does not have to be that complex. The reason that various non-profit organizations offer these types of loans is that they want to help people reduce the amount of debt that they owe to improve their financial situations or to help with urgent needs that cannot be put off (such as with accidents, injuries, and other maladies). The non-profit personal loan can be a lifesaver in a bad situation for those who have damaged credit.

Non-profit personal loans can be obtained in variety of different ways and are meant to take care of special needs. The recipients of these loans are usually borrowers who have bad credit and cannot find an alternate source of funding for their purposes. Most of these types of loans involve the consolidation of the debt that the borrower has accumulated over the years. For urgent needs, the borrower may take out additional money above the consolidated amount of debt.

Becoming Debt Free Is Possible

Consolidating your debt through a bad credit personal loan from a non-profit organization or agency can have various benefits. The most obvious benefit is that many families are kept out of bankruptcy by this reorganization of debt because consolidation allows them to negotiate with their lenders for a longer repayment period with lower monthly payments that fit more nicely into their budgets based on their income and other obligations. Many of the debts that bad credit borrowers might consider consolidating are written at high rates of interest that keep them paying more interest and less on the balance than they do after consolidation, since consolidating debt usually gets a lower interest rate. Becoming completely debt free is easier and faster with consolidation because you are making a dent in what you owe each month as opposed to staving your lenders off by paying the minimum monthly payment on credit cards, etc.

Working With Your Non-Profit Lender

The advantage of working with a non-profit agency to obtain this type of bad credit loan is that they usually have your best interests at heart (although there are some scandalous types out there who are working directly with credit card companies and banks to make sure that their best interests are served). Be sure to check the non-profits status as a non-profit and look to see that they have been established for quite some time. Do they have complaints against them that are posted online? A quick Google search will help you determine if anyone has been justly dissatisfied with the service received. When you consolidate your debt with a non-profit, be sure to consider it a fresh start on your financial future. Becoming a good borrower means making timely payments that are received according to the schedule that you set up with your non-profit lender. Paying off debt in this manner, through a bad credit personal loan from a non-profit organization can help you move towards bigger and better loans, even those that are required to purchase a home.

Bad Credit Personal Loans – Expedient Finance For Bad Credit Borrowers

Being a bad credit holder is not that big issue as it was, as lenders and financial institutions have now understood that bad credit consumers cannot be avoided. Since bad credit has become a very common problem nowadays, no lender or banks is restricting a bad credit consumer from availing any financial product or service. In order to provide bad credit consumers with unbiased financial solutions, banks and financial institutions are launching various loan schemes and keeping their terms as lenient as they can. Usually, credit blemishes appear in any credit history when a person fails to repay any debt or pay it after due date; credit card debts are one of those major reasons that lead to bad credit, as credit card companies offer their services with complex terms and charge high late fees and penalties. However, ignorance of debt is not considered as a good financial move but since most of the financially active people are making this mistake, finance authorities are giving them a chance to live a financially free life. For bad credit borrowers, who are seeking financial assistance, bad credit personal loans are available in the finance market and are definitely, capable of meeting various personal requirements of the bad credit borrower.

Bad credit personal loans are suitable for settlement of a wide range of personal requirements; hence, most of the bad credit borrowers prefer these loans to settle their planned and unplanned financial requirements. These loans can be availed from any of the online lenders or financial institutions, as online processing makes these loans more convenient and fast. In fact, bad credit personal loans are one of the best possible financial resources that do not consider credit flaws of the bad credit borrower.

Getting a loan with bad credit history through manual procedure is quite tough and time consuming task, as banks and lenders verify every detail thoroughly and take unnecessary time for processing. However, bad credit personal loans can also be taken through manual procedure, but if you really want to avoid delay and pointless rejection, then going for an online lender is a sensible decision. Taking these loans through online mode not only saves your time but also allows you to avoid lengthy paperwork and useless formalities. Any amount that fits in the lenders criterion can be availed to meet various personal requirements without any obligation of mentioning the purpose of the loan.

Pre-assessment of required amount is also necessary, as it helps in filling in the application form without any holdup. So if you have assessed how much amount you need for meeting your personal requirements, then search for a reliable lenders and fill in an online application form to get approval. Once your loan request is approved, you can get the approved loan amount transferred in your banks account and can use that money for meeting various personal purposes. Collateral option is also available with bad credit personal loans, hence, if you are interested in taking a secured loan, then assess the cost of your asset and apply for the secured kind of loan to settle your requirements.

 

Do You Have Bad Credit? Know What You Need For A Bad Credit Personal Loan

Nearly all specialised bad credit personal loan lenders have structured their online process to be as easy and quick as possible and that’s what they advertise! So, understandably, when you click their “apply now” button you almost expect the money to be ejected immediately from your computer screen given their emphasis on “fast cash loans” and “instant approvals”.

The reality is, however, that you do have to do some work to ensure you can get your loan approved. When applying for a personal loan in Australia there are many regulatory bodies governing the finance industry which Australians should be grateful for. Such things as privacy laws and conscionable lending practices that protect the borrower are consequently responsible for a number of documents that must be provided to the lender to ensure they are acting diligently. Enough of the red tape…..

What do you REALLY need to do to obtain a bad credit personal loan in Australia?

Here’s a starting point…

  • You must be over 18 years of age
  • You must be a permanent resident in Australia
  • You must be in regular employment and earning more than $400 AUD per week
  • You must have a bank account
  • You cannot have entered bankruptcy in the past 12 months
  • Your sole source of income is not the aged pension, Newstart/Youth Allowance, disability support pension or Austudy.

If you tick all of the above then you are in a position to be able to click that “apply now” button. What you now need to be prepared for is that after completing your information you may receive an instant “conditional” approval. As the name suggests, it is an approval BUT is subject to a number of conditions that you must complete BEFORE you can get the loan.

To abide by the necessary laws governing loans in Australia, the lender must collect proof of your identity, proof of your income, proof of your address and proof of your bank account.

Listed below are the most common documents you must provide;

  • Drivers licence or passport, medicare card and an ATM card from a bank or credit union.
  • Two recent months of bank statements showing your name and address as the account holder.
  • A utility bill (gas, electricity or phone) or a rent receipt confirming your address.

These documents are the bare minimum so if you are in need of a fast personal loan you should organise these straight away to be either faxed or e-mailed. One thing you should also be aware of is that most lenders will make a call to your employer to confirm your length of employment and that you are a permanent or long-term employee. I have heard many people are not comfortable with their employer knowing they are applying for a loan. Rest assured that is all they will know, they certainly will not know how much you are borrowing nor anything else about your application.

So, as you can see, there is no “magic” way of getting a bad credit personal loan. The key is to ensure you fit the acceptability criteria first, then fully complete the lenders online application. The purpose of this information is to show that if you are already prepared with all the documents and understand the process the lenders must follow then it actually is easy and instant!

Bad Credit Personal Loans – Using A Personal Loan To Rebuild Credit

If you have bad credit title in your credit report, then it doesn’t mean you cannot get a personal loan. There are bad credit personal loans available for people with poor credit rating. If you have poor credit rating — because you made late payments, missed payments, exceeded credit card limits, or filed for bankruptcy — these loans not only solve your money problems, but also give an opportunity to improve your credit score.

Personal loans for bad credit are available in secured and unsecured loans. Since lenders bear higher risks these loans require a higher rate of interest and a higher down payment than the normal loans. The interest rate on the personal loan for poor credit depends mainly on your credit score, the collateral security offered, loan amount and personal income.

Secured personal loans are for the homeowners. Secured loans are the right choice if you need extra money, but you do not qualify for an unsecured loan. These loans require collateral security, which includes items like automobiles and real estate. If you default on the repayment, then the lender is free to sell the security. However, if the value of the collateral is more than the loan amount, then you can expect to pay a low interest rate.

If you don’t own a home you may want to consider unsecured bad credit personal loans. Because unsecured loans are not backed by any collateral security their interest charges are higher than that on the secured personal loans. However, the worse your credit is the harder time you will be approved for an unsecured loan.

In order to get a bad credit loan, first you need to check your credit report and credit score. The higher your credits score the more favorable the rates and the terms that you would get on the personal loan. You also need to provide all your personal details to your bad credit lender accurately because providing incorrect information may lead to the rejection of your loan application.

There are many lenders out there that are willing to lend you their money. You must research the lenders thoroughly, particularly when applying for a personal loan online. Even though you need the loan so bad never agree to pay any types of processing fees. Always check out the lenders with the Better Business Bureau. Since different lenders offer personal loans at different rates make sure the loan on the most favorable terms.

If you can’t get a loan from large lenders, try to approach smaller lending companies. Smaller lending institutions are more personal in considering your eligibility for a personal loan — they take the reasons for your bad credit along with other factors. You can have a chance to get a personal loan, if you can prove that you’re responsible and that you have a stable income to repay the loan.

Once you get the bad credit personal loan and use the money for your financial needs, remember to rebuild your credit by paying on time and sending extra payments whenever you can.

 

What Is a Bad Credit Personal Loan?

A lot of people have difficulty realizing that they have a bad credit history, until the crucial moment when they get rejected for a loan application. Because of the recent decline in the global economy, many have been buried deeper into debt and in desperate need of monetary sources.

If you have a bad credit rating, you will find out that it would be near impossible to get an approval when you apply for a loan from banks. However, there are lenders that will provide you with a loan, regardless of whether you have an excellent credit history or one that is bad. One such loan that lenders offer to people having this type of credit are bad credit personal loans.

When you apply for these personal loans you can choose to get a secured or an unsecured personal loan. Each one has its own advantages and disadvantages. So it would be best to weigh your options according to your need before deciding to get a loan.

An unsecured bad credit personal loan is one that does involve having collateral. In the lender’s perspective, this type of loan is very risky. Since there is no collateral involved, the lender will not be able to cover up for loses in case you default your payments. Because of this, an unsecured bad credit personal loan often have higher interest rates and often takes longer to get approved.

    • Credit cards for people with bad credit history are one type or unsecured loan that specialize lender may offer. Though this can be quite helpful in allowing you fill in your budget, they are often accompanied with very high interest rates. Aside from that, they also have high fees that you have to pay in order to get one.

 

  • A payday loan is another type of unsecured personal loan which can allow you to borrow around £ 100 – 1,000. This is a short-term loan where you can borrow the amount and then repay the debt together with interest rate after a week or two, or on the next payday. However, to be able to qualify for this kind short-term loan, you will need to have a stable income like your salary, pension, etc.

A secured bad credit personal loan is one that involves having your property used as collateral for your loan. This will give the lending company the rights to seize your property if ever you default your payment. Because of the nature of the loan, it is often approved in much shorter time. However, this type of loan can be quite risky for you since you will be facing the possibility of losing your home, car or the property that you have used as collateral if you fail to make your payments.

    • Auto loans are a secured loan where the car is used as the collateral for the loan. This is type of secured loan is often accompanied by high interest rates.

 

  • Bad credit home loans are secured loans where your home is used as collateral. This type of loan is approved much faster and is given with much lower interest rates.

Legends About 100% Guaranteed Bad Credit Personal Loans

What in the devil does Risk Mitigation mean? Well, the phrase is primary in the mind on any lender who makes personal loans. Every lender in the world who likes the idea about getting loans they make paid back — about every last one of them — carefully balances the interest rates they will be charging against the possibilities of them not getting paid back. Mitigation means making something less painful should it happen. Ergo: Poor Credit = Higher Interest.

Determining Risk

Factors exist that concern lenders when they look at the probabilities of being repaid: The Amount of the Loan. The Borrower’s Credit Score. The Type of Loan – Secured or Unsecured (whether or not the borrower has something of real value to give the lender should the borrower default on the rates and terms of the loan.) Note: Terms usually means conditions of repayment, such as time and amount.

Not So Guaranteed

Regarding these factors, it is easy to see why it is virtually impossible to say that any loan is 100% guaranteed. Especially not a bad-credit loan. Of course, if you are in need of cash fast, the idea is a utopian ideal. So, let us clear up five legends surrounding 100% guaranteed bad-credit personal loans.

The First Legend — Everybody Is Guaranteed to Qualify

The law does not object when a lender refuses a loan to any given borrower. So, the 100% guaranteed personal loan basically does not exist. But, figuring out how and where to look puts a lot of plus points on the side of qualifying for a loan. No matter what your credit scores may be.

The Second Legend — Bad Credit Means No Approvals

Entirely not true. In fact, there are whole leagues of lenders who specialize in working with borrowers who have bad credit. Though not exactly arcane, these lenders have unique ways to evaluate their risk in lending to any given individual. These go far beyond just considering numbers on a credit score card.

The Third Legend — Bad credit Means Very High Interest Rates

While is is true that lenders will nudge interest rates higher for folks who have bad credit histories, that does not necessarily mean that those folks will pay exorbitant interest rates. This is especially true if the borrower is able to come up with collateral, such as property or a pay check.

The Fourth Legend — Apply Only to One Lender

Truly amazing: Many folks who are need of an infusion of cash, apply to to one lender, get rejected, and give up. Even with good credit, folks should apply to four or five lenders. One will come through and you will probably get a better rate to boot.

The Fifth Legend — Bad Credit Means Only Small Loans

Just as a lender will come through for a loan, some lender will come through to give a bad-credit borrower the sum they need. $2,500, $5,000, $10,000 or more are not unheard of for bad credit borrowers.

Someone Will Come Through

Well, now that we have laid those legends to rest, get to work on finding the cash you need. Someone will come through for you in spite of your bad credit.

Looking For Extremely Bad Credit Personal Loans?

Have you had financial difficulties in the past but need to find extremely bad credit personal loans? You are in luck, as there are lenders of extremely bad credit personal loans that specialize in helping people just like you attain financing regardless of any financial missteps that may appear on your FICO score.

If your credit is extremely bad, you are not alone. There are more people than you might think that have run into difficulty with their personal finances these past years. Hardworking, honest families have had their lives turned upside down by the collapse of the real estate market, job loss, industry outsourcing and credit drying up. Knocked down by tough economic times and circumstances does not mean knocked out, and we all must move forward, and rebuild.

So if your credit is extremely bad, how does one work to improve your credit score so that you can attain the car loans, home loans, personal loans and credit cards that provide the best interest rates and terms that we had grown used to? We must build credit again where we can with the services of extremely bad credit lenders of personal loans. Unlike banks and traditional institution that have turned their back on you until you reestablish yourself, these lenders specialize in helping honest people like yourself who are in need of a second chance.

Extremely Bad Credit Personal Loans Are Easy to Qualify For

Despite your extremely bad credit history, these personal loans are very easy to qualify for. The lenders of bad credit personal loans are more interested in your ability to repay the cash you borrow, which is proved through current employment or proof of income. These lenders do not penalize you for your past hardships that show up on your FICO score and ruin your chances for approval with traditional lenders. If you can prove that you have a steady income, are over 18 years of age, and have a valid seasoned checking account, in most cases you can get approved for thousands of dollars in new cash loans.

How it Works

Finding and applying for extremely bad credit personal loans is easy. From the comfort of your home you can use the internet to fill out a secure online application. You will be requested to submit some of your financial details, and information related to your employment and checking account. The bad credit lenders will review your information and then will email a loan offer to you, often within minutes of your completing your new loan application. You then have the opportunity to review the offer and accept or decline your new extremely bad credit personal loan offer. Upon acceptance your chosen lender will typically wire your money directly into your checking account, available for you to withdraw on the same day. That is all it takes.

Apply Today

So what are you waiting for, don’t let your extremely bad credit prevent you from seizing the life you deserve. Begin the process of rebuilding, with on time payments you can begin to improve your credit score for the future, and with the cash in hand you can get a handle on your emergency money needs. Know you have options, and you deserve the financial relief just like anyone else.

Getting a Bad Credit Personal Loan For a Financial Fresh Start

A bad credit personal loan may be your new lease in your financial life. We all know that bad credit can really take its toll on your life altogether. It can prevent you from doing so many things you want to do such as get a credit card, buy a new home, rent an apartment, or even get a new job. Your credit history is literally the key to your financial lifestyle.

The good news is that these can help put you back where you want to be. If you have bad credit, any type of loan you get can help you rebuild your credit and be back in good standing again. However, if this is to happen, you have to make all your payments on time. Several lenders will give them to you if you have bad credit. Whether or not you will qualify depends in part on why you have bad credit. When asked, be honest as to the reason(s).

If you lost a job during that time or went through a divorce and your credit suffered, it is important to tell your potential lenders this. Honesty is always the best policy. However, the down side to a bad credit personal loan is the costs. In most all cases, you will suffer from extremely high rates of interest and be subjected to numerous fees. You might even find that you are unable to get an unsecured loan due to your bad credit, so you might need to provide some form of collateral to get that loan.

At the same time, it is highly likely that in order to get the loan, you will have to make a substantial down payment. In most cases, if you have very poor credit, the lowest on the scale, the lender may require that you make as much as a thirty percent down payment on the loan. The higher your credit score, the lower the down payment is likely to be. But a down payment situation is much more likely with a loan for a product like a car, rather than a simple personal loan.

There are disadvantages to a bad credit personal loan in that your payments are going to be much more expensive then someone with good credit would pay. However, if you get this type of loan, you’re going to work your way back to financial health and will reestablish your good credit name.

If you are consistent and making payments on time every time, you’ll find that it will be easier and less expensive for you to get a loan next time, should you need to. Each time you do this, your credit will improve, providing you always make your payments on time. And the more your credit improves, the more financial doors will open for you.

However, you want to avoid getting too many loans at once. Working your way back to good credit is going to take some time and getting a bad credit personal loan is your first step. It is best to start out with a small loan and pay that loan off before you get another.

Don’t take on more debt that you can handle. Carefully analyze your current financial state before you take out any loan. Then, only borrow what you will be able to pay back easily and on time. Don’t take on more than you can pay, or you may find yourself in worse circumstances than before. Remember that your goal is to improve your credit score, not to make it worse.

 

Adverse Credit Personal Loan – Symbol Of Freedom

Poor credit can turn your good times to bitter and leave you in a financial mess. Persons who have experienced this phase are aware that there is a lesser possibility of getting financial aid from banks, financial institutions and money lending sources. However, this is no longer an issue considered hazardous by lenders. They have opened all their advantages under the banner of adverse credit personal loans. So, if you desire to meet personal demands in the circumstances with unfavourable credit consider a adverse credit personal loan.

In this loan an individual with bad credit gets an option to borrow funds as per his necessity. And this option is bestowed with secured and unsecured form, which would not be possible in the past years. Secured form is mainly concerned with collateral and its repayment is stretched from 10-25 years. The collateral is for the purpose to serve as security against the loan amount. Lenders identify assets as collateral which carry monetary value, so your collateral should be worth monetary value. If you are reluctant or unable to place collateral then click the decision to unsecured form. This form will let you get amounts from £1,000 to £25,000 with a reimbursement course of 1-10 years. Both the option resembles two sides of the same coin. Most surprisingly, this loan can be opted and even approved when you have missed some payments on a previous loan to banks or financial institutions. This is an aid conferred to persons having mortgage arrears or County Court Judgement (CCJs) against them or even disputes with your credit cards.

It is estimated that 1 in 4 people have bad credit history. And, as a result they sought a loan. But now, they can easily grab the adverse credit personal loans and according to their budget and convenience with the help of quotes. You can acquire all the details pertaining to a loan scheme in the quotes. So, if you collect quotes of different lenders then you can figure out the lowest offer prevailing in the market. Furthermore, if you seek the assistance of loan calculator then you can even draw results of the monthly instalments that you will have to pay. A loan calculator is an online instant service. The calculator helps you to figure your monthly instalments (by inserting the loan amount, rate of interest, years of reimbursement). All services related to adverse credit personal loans are available online.

Interest rates of adverse credit personal loans are calculated taking various aspects into consideration. Lenders are aware that in such a situation, levying higher rates will directly increase the monthly burden on bad creditors. Thus, considering such facts, interest rates are tabled is a reasonable manner. For more reliable figures of interest rates, make use of the provision of the online quotes and loan calculator.

The usages of adverse credit personal loans are varied. In a single loan and at single cost, you can easily disperse and erase the chapters of bad credit from your life. You can also stabilize your credit from being more worrisome. Thus, with the funds you get an opportunity without difficulty to build a healthy financial report. You can also utilize the funds in meeting some of your personal ends by following a rational budget.

Adverse credit personal loans can be symbolized as the door of a new phase of your life minus the bad credit and financial instability.

 

Experiencing Financial Difficulties? Get a Bad Credit Personal Loan

Bad Credit Personal Loans will come to your aid

For those with bad credit score, bad credit personal loans can be a blessing. It is true that they aren’t the cheapest source of finance, but they are probably the only one available for those with less than perfect credit. It may take a couple of years for someone with bad credit to become debt free again after requesting a bad credit personal loan for a high amount, yet, the monthly payments will be affordable.

The solution to Lack of Cash and Bad Credit

Imagine this situation: Something happened and you suddenly need an extra amount of money that you can’t afford with your savings. Home improvements, Something that needs repairing, a baby arrival, a car breakdown, a marriage, a sudden illness are all examples of such a situation. The solution is clearly, finding a source of finance.

However, regular financial institutions won’t lend to you due to your bad credit, banks won’t lend to you either because you have too many late payments on your credit report, because you’ve missed payments on an outstanding loan or credit card or because you’ve a past bankruptcy on your credit history. Does it sound familiar?

There is nothing to worry about, bad credit personal loans can solve your financial difficulties and they are specially tailored for those who have stains on their credit report. As stated before, it is not a cheap source of finance but then again, it is a source of finance that is actually available for you.

Be careful with scams and the vicious circle of debt

Those who need financing and have bad credit tend to be in a rather desperate situation. Unfortunately there are some companies that take advantage of this either in a legit way or by illegal means. You need to be careful not to be taken in by such companies. Only intermediaries charge commissions or fees when getting you in touch with a lender but actual lenders will never ask for money in order to provide a loan. If someone claiming to be a lender asks for money it is probably a scam.

Financial consultants have a particular name for a very common situation. A “vicious circle of debt” takes place when a borrower can’t repay the loan he requested and applies for another one in order to repay the previous one. For obvious reasons, the interest rate charged for the new loan will be higher and the original debt will have grown, if the borrower can’t repay the new loan he will have to request another loan and debt will keep growing till no more loans will be approved and since repayment won’t be feasible, the borrower will have to consolidate his debt or file for bankruptcy.

If you are in need and have to request a bad credit loan, don’t be afraid, do your research and apply to one of the many online bad credit loan lenders available. However, once your situation is solved, make arrangements so you can cut your expenses to repay the loan as quickly as possible and save enough money so next time you won’t have to resort to loans for bad credit whenever you need extra cash.

How Crowdfunding Can Help Pay Medical Bills

Crowdfunding can help pay for medical bills… it really is that simple. You can crowdfund for just about anything, including medical bills. Many times people are placed in a medical crisis and aren’t sure where to turn. Medical bills can accumulate in no time and medical bankruptcy is a real thing. You’d be amazed by how many people in “your own crowd” are willing to help.

In a study published in January 2014 from the Center For Disease Control (CDC), one in four families experienced financial burdens of medical care.

This “financial burden” of medical care equates to medical bills that they can’t currently pay and are forced to pay monthly over time.

This study goes on to share that families with lower incomes were more likely to experience the financial burdens of medical care. Those families with incomes at or below 250% of the federal poverty level had the highest levels of any financial burden of medical care.

250% of the federal poverty level (based on guidelines for 2013) means that a family of four with an annual income of $58,875 or lower were at the highest level of the population feeling the financial burden of medical care for a loved one. That’s our middle class America. Those are the families living paycheck to paycheck and not prepared for a medical crisis.

The is a baby with his eyes closed and an oxygen canula in his nose. He was born with a bad heart, a weak immune system, and problems eating which caused a condition labeled by doctors as “failure to thrive”. Isaac spent the first year of his life in and out of hospitals in Las Vegas and at Stanford where he underwent multiple heart catheterizations and procedures, open heart surgeries, and had a feeding tube placed surgically to ensure he received the proper amount of nutrients. Isaac’s family had great insurance, covering 80% of all medical costs. But, they still spent over $100,000 out-of-pocket the first year of his life in deductibles and medical related expenses.

Shocking… right?

I know… My name is Kathy, and I’m Isaac’s mom.

I remember people asking us if they could have fundraisers for us, give us money… they would offer to do anything just to help. At that time, I could not have imagined the costs that we would incur, nor could I imagine all the things that insurance doesn’t cover. You assume that you pay for insurance, you’ll have a deductible… The End.

If that were only so.

Words of Advice:

Start a Crowdfunding Campaign Immediately

Don’t be too humble to let other people offer to help you. You really can’t imagine the costs of things in the medical world and how they add up. It is TOO hard to think about money when you’re talking about the healthcare of someone you love. You want anything and everything done… you’ll worry about the bills later.

From a Mom that’s Been There

Don’t expect the people in the middle of a medical crisis to be thinking clearly (well, I sure wasn’t). If you’re related to the family or just a loving friend… talk to them about the medical bills and the reality of the situation. Talk with them about what they need now and what their needs may be in the future and help them come up with a budget and plan to get everything their loved one needs. From bills, equipment, therapy sessions… even therapy dogs, all these things can be a necessity now or in the future.

How exactly will crowdfunding help pay my medical bills?

Well, they can’t send a check to the hospital for you, but they can offer you a platform that will help you tell your story as well as share it with your friends and family. The right crowdfunding platform will provide support for you all along the way, from guidance writing your story, picking pictures to post, sharing on the social media channels, and even help writing press releases to get national exposure.

Crowdfunding can help you pay for your medical bills by allowing YOU to take care of your family and letting your “crowd” help YOU. Donations will be made by people you have inspired and want to help you. These people will have a platform to donate to you on their schedule and an amount that is within their means. They will be assured that the funds are going directly to YOU and not an anonymous organization.

You are not alone in your medical crisis. Crowdfunding is a viable source for helping to pay for medical bills and other medical related necessities.

The Process of Car Repossession – Understand It So It Doesn’t Happen to You

In a perfect world, things would always go as they should.

Sometimes that’s just not the case.

If you’ve found yourself in a bind or on the verge of falling behind on your payments. The best thing to do is contact your credit card, mortgage or auto loan companies and explain your situation.

Take action

If you have a car loan, you understand the importance of paying your loan on time. If you cannot make your payments on the exact due date.

You are granted a 30-day grace period to make a payment without having this late reported to the credit bureaus.

If you don’t think you’ll be able to make a payment before the 30-day grace period ends or foresee yourself being in a bind that will last longer than 30 days, there is something you should know.

Ignoring calls from your creditor is the wrong route to go.

*While you may feel embarrassed or reluctant to contact your creditor, you are not alone. Thousands of people fall behind on their payments due to financial hardships. The person on the other end of the phone is trained to handle these types of calls and will be more than willing to help you the best way they can.

What should you do?

Most car loans have a stipulation that allows you to defer your payments for a short amount of time while you get your finances situated. Other options besides deferment might be offered such as lower payments until you can make the full payment.

Your options will depend on your specific car loan and terms agreed upon at the time of sale.

If you are currently in good standing:

Call your creditor and explain that you’ve had some setbacks and ask about your options to defer your loan payment until you can make payments. This will usually give you about 2 months to catch up.

If you are currently not in good standing(late beyond 30 days):

Call your creditor back and explain that you’ve had some setbacks and would like to make a plan to catch up on your payments or defer a future payment. Ask about your options to defer your loan payment until you can make a payment. You will usually be asked to make your account at least current up to 30 days before a deferral can be granted.

How will this help you?

Car repossession doesn’t end well for anyone. Not you and certainly not your creditor. Once a car is repossessed, it is usually sold at an auction for a fraction of the cost. This is a lose-lose situation for everyone.

While your loan is in deferment you will not be reported late to the credit bureau as you have made an agreement with the company to pay at a later date.

The downside to this, of course, is that your loan agreement will be extended and you will end up paying more interest in the long run. This is, however, a better alternative to having your vehicle taken.

When can your car be repossessed?

It all depends on the specific car loan you have in place. You are usually considered in default of your loan agreement as soon as you miss a payment.

With that being said, you are granted a 30-day grace period. Some states allow cars to be repossessed after one missed payment. The longer you take to make your payment is one step closer to having your car taken and a serious ding on your credit report.

A repossession will remain on your credit for up to 7 years and hurt your chances of obtaining other car loans in the near future. Even after a repossession, you may still owe the difference between what you owed your lender and what your car was sold for. This is called a deficiency balance. A deficiency balance is usually the norm especially if you purchased a newer vehicle.

Please note that these options are for those experiencing temporary hardships. It is not recommended for long-term foreseeable situations.

All You Need to Know About 2 Wheeler Loan Finance

With growing demand in semi urban and rural areas, 2 wheeler industry is a high growth sector. The industry is estimated to be Rs.6, 000-Rs.7, 000 crore in size. This means there is abundant opportunity for 2 wheeler finance companies. There was limited awareness about financing for a 2 wheeler in the olden days but with the increasing penetration of financial institutions across the country, it has become possible to obtain 2 wheeler finance quickly and conveniently.

Getting 2 wheeler loan finance has become easy. The eligibility criteria, documentation requirement and the process has been mentioned below:

Eligibility:

Individuals above the age of 18.
Salaried individuals who have been employed for more than a year.
Business owners who are running a business for over a year.

Documentation:

Identity Proof
Address Proof
Income Proof
Valid KYC documents
Passport size photographs

Procedure:

In order to apply for 2 wheeler loan finance, the applicant needs to scout the market for various Banks and financial institutions offering the loan. Based on the terms and conditions of the respective financial institutions, the applicant should choose the one that suits his requirements. The application process is quick and transparent. The applicant needs to meet the eligibility criteria in order to apply for the loan. Further, the applicant needs to submit the application form and provide the required documents to the financial institution. The customer executives are friendly and will guide through the entire process of application. The application will be processed within 48 to 72 hours and the loan will be approved in no time.

It is advisable to seek a loan from a trustworthy financial institution. They offer flexible tenure and easy repayment options. With a low rate of interest and a flexible repayment tenure, purchasing a 2 wheeler has become quick and easy. Individuals with a positive credit history can get the loan approved quicker and are also eligible for the special schemes. Once the loan amount has been disbursed, it is not possible to change the tenure and amount, hence it is important to give the loan application a good thought and settle for a repayment tenure which is possible based on the monthly income of the applicant. Financial institutions offer customized solutions to the applicants based on their requirements. Depending on the type of 2 wheeler to be purchased, the loan amount will be sanctioned.

The applicant will only be required to pay a small amount as down payment and the balance can be converted into a 2 wheeler loan which is to be repaid in easy monthly installments. Upto 95% of the on road price of the vehicle is available as a loan to the applicant and the repayment tenure ranges between 12 months to 48 months. With the increasing demand of 2 wheelers across the country, Banks and financial institutions are offering loans which meet the requirements of the consumers and they also settle the terms accordingly.

Some of the Biggest Mistakes When Looking For a Motorcycle Loan

The Essentials in deciding On Motorcycle Loan.

Sometimes the necessity or excitement of owning a motorcycle cast a bad spell on our buying decisions, especially when the purchase form is a loan. So, before making that impulsive mistake only to regret later consider these essential factors when deciding to apply for a motorcycle loan.

  1. Interest Rates:

The moment you think of a loan, the interest rate coupled with it should ring a bell. Most often attract interest rates over shadow the risk factors involved. Always begin with good amount of research and comparison of interest rates. You do not want the burden of high interest rates steal the joy of riding your new bike!

  1. Smart negotiation:

When you are about to make a purchase decision, do not merely focus on the form of payment and negotiate on how you intend to go about it. A smart negotiation effort would include, negotiating on the payment. Payment always precedes the payment method!

  1. Loan Inclusions:

Discuss with the lender all the accessories that the loan is inclusive off. You do not want to pay additional bills besides paying off your loan. The wiser discussion and decision would be to know about the inclusions and the exclusions of the loan you have applied for.

  1. Loan security:

Always consider what is at stake should you face difficulty in paying off your loan. Some lenders hold the purchased motorcycle as the security, failing to pay will mean ceasing your bike. Some other lenders may consider other collaterals as security. Unsecured loan plans are other alternatives but comes with a high cost of increased interest rates. So, your loan security should be well thought through deliberate decisions considering all the risks involved. You do not want to risk something in vain!

  1. Loan penalties:

Pause before you sign your loan agreement. Although knowing the details of the penalties tailed to your loan amount can be cumbersome and you want to skip through it, it may not be the best of your decision. At best, avoid signing loan agreements that come with stringent penalties. A decision in time, saves you from a future disaster!

  1. Easy loan termination:

Most lenders allow early clearance of your loan and some do not. It is best for you to verify the termination policies before you sign that loan agreement. You do not want to pay with interest rates, while you own the money to clear a credit.

Owning a motorcycle is useful as well as exciting, but what is more important is sustaining both while using it. Using the right loan tailored to your needs is worth every effort.