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Smart Tips When Acquiring A Bad Credit Personal Loan

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Posted on 27th January 2012 by Sandra Thompson in unsecured loan |unsecured loans |Unsecured Personal Loans

Many consumers apply for personal loans for different reasons.  Some people need immediate cash to pay a past due debt, pay college tuition, repair damages in the home, buy medicine, or cover for other emergency expenses.  Whatever your reason is for acquiring a loan, your personal credit score will surely be a big factor.

Many lenders reserve their best deals to customers with good to excellent credit.  If you have a high score, you can easily get approved and qualify for a lower interest rate.  On the other hand, there are lenders that offer loans to people with bad credit but with steep interest rates and fees.  If you plan to apply for a bad credit personal loan, consider these smart tips:

Offer security.  Secured loans for bad credit have better rates than unsecured bad credit loans.  By pledging collateral, your lender can be assured that a resource is readily available in the event of default. In addition, a lender will be more confident to give you a lower rate if repayment is guaranteed.
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Protect Yourself from Predatory Unsecured Loan Lenders

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Posted on 23rd January 2012 by Sandra Thompson in unsecured loan |unsecured loans |Unsecured Personal Loans

Acquiring a loan can be a frustrating experience to some, especially those who have bad credit history or poor credit score.  Many lending companies have very strict requirements and if you have below average rating, your loan application may get instantly rejected.  Other lenders require the submission of collateral to guaranteed repayment of the loan.  If you don’t have a valuable asset to secure your debt, you may not be able to get the loan you seek.

On the other hand, there are lenders that cater to the bad credit market.  These lenders are willing to extend financing to qualified applicants despite having bad credit or despite not being able to submit collateral.  If you have a stable job or a regular income, you can still get approved for a bad credit unsecured loan.

Nevertheless, not all unsecured bad credit loan offers in the market are legitimate.  The advertisements can be misleading and if you’re not aware of loan scams, you can easily become a victim of scammers or illegal lenders.  How can you protect yourself from predatory lenders?  Consider the following reminders:

Check the lending company’s credentials.   A legitimate lending company should have a license issued by the government and should be accredited by reputable organizations in the country.  For example, you can check the lending company’s rating and track record from the Better Business Bureau or BBB.  You will also be able to check if there were complaints or law suits filed against the company. (more…)

Bad Credit Personal Loan Tips for People with Low Score

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Posted on 16th January 2012 by Sandra Thompson in unsecured loan |unsecured loans |Unsecured Personal Loans

For people who need bad credit personal loans, finding a good deal can be difficult considering their poor score.  It is no secret that lenders offer interest rates based upon the borrower’s credit rating.  A higher score will surely win you lower interest rate while a low score would mean a steeper rate.

Nevertheless, borrowers should never settle with an unfair deal just because their credit score needs improvement.  By doing your research and carefully evaluating your options, you will be able to find a bad credit personal loan lender that offers a good deal.

Take a look at the following tips on how to find a good bad credit loan deal:

Check your credit score.  Check your latest credit report and credit score before negotiating with a prospective bad credit loan lender.  If you have not yet received your free report this year, you can request for a free copy of your credit report from www.annualcreditreport.com.  You can order all your three reports from the three major credit bureaus – Experian, Equifax, TransUnion at once, or you can order one copy from each bureau throughout the year. (more…)

How Your Credit Score Affects Your Unsecured Loan Prospect

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Posted on 5th January 2012 by Sandra Thompson in unsecured loan |unsecured loans |Unsecured Personal Loans

When in need of financial assistance, a consumer may consider acquiring an unsecured personal loan.  Lenders that offer unsecured loans do not require any form of collateral to guarantee repayment.  On the other hand, many lenders do require good credit or an impressive credit history to ensure that the borrower is capable of repayment.

This is why consumers are advised to check their personal credit first prior to submitting their loan application.  Take note that some lenders have strict credit requirements and if you have less-than-perfect rating, your application may get declined.  In addition, your credit score will be one of the major basis of your loan’s rate and terms of repayment.

A high credit score will surely win you lower interest rate and if you have a low score, a prospective lender may insist on a higher rate to make up for the risk. However, it is still possible to find an unsecured loan lender that offers a reasonable deal so it’s important to spend some time doing research.

What are the things you need to keep in mind when applying for an unsecured loan?  Consider the following tips:

Check your report.  Order the latest copy of your credit report from the three major credit bureaus.  Carefully examine your report to make sure that all details and charges in your accounts are correct.  Take note that errors can significantly pull down your credit rating.  (more…)

Getting an Unsecured Personal Loan for the Holidays

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Posted on 23rd December 2011 by Sandra Thompson in unsecured loan |unsecured loans |Unsecured Personal Loans

Many people go to great lengths to make their days even more special.  Going on a trip in a beautiful destination can be a treat for the whole family but it also requires money.  Hosting a feast for friends and relatives may require a bigger budget.  Can this be the perfect time for you to get a loan to meet holiday expenses?  If yes, what type of loan are you planning to acquire?

Unsecured personal loans are ideal for this purpose because these loans are especially created for short-term financing needs.  An unsecured loan can be used for an emergency to buy medicine, pay college tuition, home or car repairs, and other purposes.  If you need extra funds this holiday season, then you may consider applying for an unsecured personal loan.

An unsecured personal loan does not require collateral in return which makes the application process much less complicated.  The borrower does not need to submit personal assets to guarantee loan repayment.  For this reason, unsecured loans can be considered as mush less risky than secured loans since the borrower’s personal property is not put on the line.
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Where to Get Fast Cash for Christmas and New Year

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Posted on 19th December 2011 by Sandra Thompson in unsecured loan |unsecured loans |Unsecured Personal Loans

Preparing for the holiday celebrations can be both exciting and challenging at the same time.  Of course, you will need to spend money on food, gifts, decorations, and other preparations expected for the festivities.  For this reason, some people turn to lenders for help in order to get the extra funds they need especially for Christmas and New Year.

Are you done creating your gift list and shopping list?  Are you planning to go on a family trip or a grand vacation before the year ends?  Is your savings enough for the expenses ahead of you or do you need to take out a small loan?  In some instances, when taking out a holiday loan is necessary, an unsecured personal loan can come in handy.

An unsecured personal loan is not tied-up for one particular purpose.  In fact, it can be used for a wide variety to short-term financial needs.  For instance, many people take out unsecured loans to cover for emergency expenses such as buying medicine, paying tuition, beating a payment deadline, renovating the home or car repairs.  For the holidays, some people may need the extra money to celebrate and an unsecured personal loan can lend a helping hand.

What do you need to remember before taking out an unsecured loan?  First of all, you must weigh the pros and cons.  You also need to be aware of the risks.  An unsecured loan might be considered less-risky because none of your property is on the line but it can prove to be more expensive than a secured loan because of the interest rate and penalty fees.  If you miss your due date, you could be charged with hefty fees for late submission of payment. (more…)

Are Bad Credit Holiday Loans Available in the Market?

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Posted on 12th December 2011 by Sandra Thompson in unsecured loan |unsecured loans |Unsecured Personal Loans

The holiday seasons can bring about financial challenges for many people.  After all, many would surely want to spend on gifts for friends and family, be part of holiday parties, take a grand vacation, or go on a trip to attend the yearly family reunion.  The question is, are you up to the challenge?  Is your pocket ready to for the holiday expenses?

For some people, borrowing funds can be the best option.  After all, it’s Christmas and the New Year should be welcomed with good cheer.  Taking out a personal loan will not be a bad thing as long as you can afford repayment.   However, what if you have bad credit?  What are your possible options?

Do Holiday Bad Credit Loans Exist?

When it comes to criteria of eligibility, good credit history and score are on top of the list.  In fact, your loan would surely be granted quickly if you have an impressive credit standing.  Furthermore, a high credit score will win you a lower interest rate and a better loan deal.  Does this mean you have zero chance of getting a personal loan if you have bad credit? (more…)

Unsecured Loan – A Good Alternative for Financing

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Posted on 8th December 2011 by Sandra Thompson in unsecured loan |unsecured loans |Unsecured Personal Loans

Many people are confronted with financial dilemma at different times and for various reasons.  In response to this need, lending companies and financial organizations offer loan services to provide assistance and make money at the same time.  Loans vary depending on the prerequisites, terms and conditions.

One popular type of loan is the unsecured personal loan.  An unsecured personal loan is not created for a specific purpose so it can be used in many ways, depending on what the situation demands.  For this reason, this loan is quite popular among borrowers and considered to be a good alternative for financing.

In what ways can an unsecured loan be of help? For instance, if an unexpected need arises, a person can easily apply for an unsecured loan to solve the problem. The instant cash can be used to buy medicine or pay a hospital bill; pay tuition; pay an overdue bill to avoid arrears or avoid disconnection; repair a broken fixture at home; or call for a car repair service.  In some instances, a borrower may use an unsecured loan in order to have extra cash for the holidays, go on a vacation, prepare for a wedding, and other occasions.

As the name implies, the loan is not secured by the borrower’s property.  There is no need to provide collateral in order to get financed.  Hence, unsecured loans are also considered to be less-risky because a lender will not be able to repossess your property in the event of default.  However, this does not mean the unsecured loans are a hundred percent risk free.

Although the loan is not tied-up to a personal asset, borrowers are strongly advised to strictly subject to their lender’s repayment terms and conditions.  Failing to do so can result to penalty fees, an increased rate, and bad credit.  A lender may also take legal action by filing a lawsuit if the borrower has deliberately neglected his/her payment obligation.

Before deciding to apply for an unsecured loan, weigh the pros and cons first.  Borrow only a reasonable amount and make sure that you can afford the monthly loan payments.  It’s best to restructure your monthly budget plan to make way for your loan payments than be caught unprepared.

In choose a lender, make sure that the company is legitimate and reputable.  Check all the prerequisites particularly with regards to credit history and credit score.  It’s important to understand that some unsecured loan lenders only offer services to customers with good credit. If you have bad credit, you should look for lenders who are willing to extend unsecured loan to customers with less-than-perfect rating.

Of course, you should compare interest rates and choose the most reasonable deal.  Read the fine print before submitting your unsecured loan application especially if you want to apply online.  The internet can be a great tool to compare loan deals.  Although application can be quickly done online, you should avoid making quick decisions which might turn out to be regretful later on.

About the Author

Sandra Thompson is a loan consultant with http://www.unsecuredloansnow.com and has been providing consumers and business owners with Unsecured Loan since 1989. For years she has helped people with loan and credit problems especially pertaining to Unsecured Personal Loans, Student Credit Cards and Unsecured Credit Cards. Copyright 2011.

Unsecured Loan Tips for the Holidays

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Posted on 5th December 2011 by Sandra Thompson in unsecured loan |unsecured loans |Unsecured Personal Loans

The holidays are the perfect time of the year to go on vacation.  It is also a time for families to reunite, share great meals and celebrate the holidays together.  Are you financially prepared for the expenses coming your way?  Do you have sufficient savings or do you plan to take out a loan from a lending company?

An unsecured personal loan is a type of loan which can be used for various purposes.  For instance, it can be used to fund a holiday vacation or put together a grand feast.  Many people apply for unsecured loans especially during the holiday seasons.  If you plan to do the same, consider the following tips:

Borrow a reasonable amount.  How much do you plan to borrow?  Taking out a larger loan amount can be tempting especially if you know you are qualified.  However, you must seriously consider your repayment obligations.  Will you be able to pay back the loan on time?  Can you complete your unsecured loan payments as soon as possible?  How many months will it take you to completely pay back your loan? (more…)

Payday Loan Tips for the Holidays

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Posted on 1st December 2011 by Sandra Thompson in unsecured loan |unsecured loans |Unsecured Personal Loans

The holidays bring in more expenses and for some people, borrowing cash from a lender is a welcome solution.  Payday loan providers extend short term cash advance loans for people in need of immediate cash.  If you need extra budget for the holidays, are you planning to take out a loan from a lender?  Are you thinking about acquiring a payday loan?  Before you make the next move, consider the following tips:

Keep the holiday celebrations simple.  The holiday celebrations can still be merry and meaningful even without an extravagant feast or expensive gifts. Find simple and budget-friendly recipes from the internet so you can prepare ahead of time.  By using ingredients that are in a season, you can significantly cut down your food budget for the holidays.

Don’t spend a lot on decorations.  Buying decorations to create a perfect holiday ambiance can eat up a big portion of your budget.  But you can find the perfect ornaments from nature.  For instance, fallen leaves, twigs, pine cones can be used to make beautiful wreathes and center table pieces.  You can also use holiday decorations from last year so there’s no need to buy again. (more…)