No Credit? - You Will Need a Bad Credit Loan
So you have never taken out a loan? You don't have a credit card and you don't have a mortgage? You always pay cash? You're a student, a recent widow, a divorcee or from an ethnic minority group who have a tendency not to have any lines of credit? If you are any of the above then your credit score will not necessarily reflect your ability to pay as you have little or no credit history whatsoever. This will make it difficult to obtain any form of loan and in these circumstances you may have to take out a bad credit loan.
How prevalent is this?
Fair Isaac estimate that 50 million consumers do not have enough credit information on file to generate a credit score. This means that they are being turned away by lenders for things such as a personal loan.
Why does this happen?
Lenders will conduct a credit check. As there is little or no historic data available to measure the risk in loaning the individual money they will not meet their credit score criteria. More and more often, such consumers have to take out a bad credit loan to finance any large ticket purchases like cars as their credit score limits their financing options.
Is this fair?
It seems ludicrous that this is the case, but you have to look at it from the perspective of the lender. If someone walks into your bank or applies online to a lender for a loan, and their credit score is so low or does not exist, the automatic decision you would make is to reject the client. They appear to be too much of a risk.
Establish your credit history
The only way to remedy this is to start establishing a credit history. There are many specialist lenders who offer bad credit loans and bad credit car loans. They accept clients with little or no credit history far more readily. The bad credit loan will have higher interest rates than a standard consumer loan, but if clients make sure they pay on time and in full this will improve their credit score dramatically. They should just make sure that the lender does file credit reports, as not all of them do! In time, a credit score will be established and they can move on to apply for loans with much more favourable interest rates.
Peter Siu is a successful freelance writer providing valuable advice for consumers when applying online for credit cards, student credit cards as well as other personal & mortgage loans. You can visit his sites at http://www.uscreditcenter.net and http://www.ukcreditcentre.com - His numerous articles offer moneysaving tips on a number of topics.
Mortgage Loans In Forbearance Decreased To 4.36% National Mortgage Professional Magazine
Ebay takes on banks and PayPal with loans to businesses Financial Times
SoCal Man Accused of Using Coronavirus Relief Loans to Buy Ferrari, Bentley and Lamborghini - NBC Southern California
SoCal Man Accused of Using Coronavirus Relief Loans to Buy Ferrari, Bentley and Lamborghini NBC Southern California
Which banks approved the most PPP loans in 2021? The top lender might surprise you - Philadelphia Business Journal - Philadelphia Business Journal
Which banks approved the most PPP loans in 2021? The top lender might surprise you - Philadelphia Business Journal Philadelphia Business Journal
Increase in jumbo QM loans helps to boost credit availability National Mortgage News
Jet-setting Miami influencer allegedly stole identities from Mass. RMV site in scheme for fraudulent disaster loans - Boston.com
Jet-setting Miami influencer allegedly stole identities from Mass. RMV site in scheme for fraudulent disaster loans Boston.com
Here's what Pittsburgh banks are telling customers seeking Paycheck Protection Program loans now that they can't process applications - Pittsburgh Business Times - Pittsburgh Business Times
Here's what Pittsburgh banks are telling customers seeking Paycheck Protection Program loans now that they can't process applications - Pittsburgh Business Times Pittsburgh Business Times
Erie federal court: Indictment charges $150,000 COVID business loan used for personal expenses - GoErie.com
Erie federal court: Indictment charges $150,000 COVID business loan used for personal expenses GoErie.com
Some Startups Went From Rescue PPP Loans to SPAC Windfalls The Wall Street Journal
Share of mortgage loans in forbearance declines again National Mortgage News
RCN Capital Surpasses 10,000 Loans Funded National Mortgage Professional Magazine
SBA has rolled out PPP loans, venue and restaurants grants. Is the hotel industry next? - Washington Business Journal - Washington Business Journal
SBA has rolled out PPP loans, venue and restaurants grants. Is the hotel industry next? - Washington Business Journal Washington Business Journal
Provo woman pleads guilty to PPP loan application fraud KSL NewsRadio
Black farmer loan forgiveness challenged Farm Progress
Finance of America expands into renovation loans National Mortgage News
Fixed-rate student loan refinancing rates sink to new record low for the second straight week - Fox Business
Fixed-rate student loan refinancing rates sink to new record low for the second straight week Fox Business
Finance of America now offers renovation loans HousingWire
Editorial: Cracking down on predatory loans Honolulu Star-Advertiser
Banks Releasing Loan Reserves Face Tricky Accounting Estimates as Economy Improves - The Wall Street Journal
Banks Releasing Loan Reserves Face Tricky Accounting Estimates as Economy Improves The Wall Street Journal
After fraudulently seeking $440,000 in PPP loans, man attempts to fake his own death to avoid prosecution - MassLive.com
After fraudulently seeking $440,000 in PPP loans, man attempts to fake his own death to avoid prosecution MassLive.com
Pecatonica seeks Winnebago County loan to spur mixed-use development Rockford Register Star
Seminole woman ran into trouble getting information on late husband’s loan, shares what she learned - WFLA
Seminole woman ran into trouble getting information on late husband’s loan, shares what she learned WFLA
German Auto Loan Borrower Covid Response Credit Positive; More Online Borrowing Likely - Fitch Ratings
German Auto Loan Borrower Covid Response Credit Positive; More Online Borrowing Likely Fitch Ratings
Composting infrastructure coalition seeks hundreds of millions for federal grants, loans - Waste Dive
American Express puts $40 million into a fund to provide loans to small business owners of color - CNBC
American Express puts $40 million into a fund to provide loans to small business owners of color CNBC
Kennedy Funding Closes $1.3 Million Loan for Industrial Property in Western Massachusetts - PRNewswire
Kennedy Funding Closes $1.3 Million Loan for Industrial Property in Western Massachusetts PRNewswire
Want a lower car payment? Refinance your auto loan WFMYNews2.com
Bishop's Lodge allegedly defaults on $43 million loan | Business | santafenewmexican.com - Santa Fe New Mexican
Bishop's Lodge allegedly defaults on $43 million loan | Business | santafenewmexican.com Santa Fe New Mexican
STAY MWV taking applications for student loan aid Conway Daily Sun
What Is A Solar Loan? Forbes
Horizon Technology Finance Corporation Leads $30 Million Venture Loan Facility for TemperPack - PRNewswire
Horizon Technology Finance Corporation Leads $30 Million Venture Loan Facility for TemperPack PRNewswire
As Biden taps Elizabeth Warren ally to oversee student loans, debate over canceling debt looms large - The Elkhart Truth
As Biden taps Elizabeth Warren ally to oversee student loans, debate over canceling debt looms large The Elkhart Truth
Richard Cordray is at the Center of the Debate Over Student Loan Debt The New York Times
Florida Coastal suspended from federal student loan program Jacksonville Daily Record
Chetrit scores $63M construction loan for long-planned Collins Park hotel in Miami Beach - The Real Deal
Chetrit scores $63M construction loan for long-planned Collins Park hotel in Miami Beach The Real Deal
Bankruptcy Court Recharacterizes Alleged Loan As Equity Under Delaware Law - Insolvency/Bankruptcy/Re-structuring - United States - Mondaq News Alerts
Bankruptcy Court Recharacterizes Alleged Loan As Equity Under Delaware Law - Insolvency/Bankruptcy/Re-structuring - United States Mondaq News Alerts
SBA PPP loan funding runs out for all but community financial institutions The Business Journals
Verano nets $100 million in upsized loan to support cannabis moves Marijuana Business Daily
Call to make training guarantee loans in Queen's Speech 'easy to access, affordable': IOE&IT chief - The Institute of Export and International Trade - Institute of Export & International Trade
Call to make training guarantee loans in Queen's Speech 'easy to access, affordable': IOE&IT chief - The Institute of Export and International Trade Institute of Export & International Trade
Alaska Student Loan Corporation Announces Increased Consent Fee As Part Of Its Consent Solicitation Process For Its Taxable Education Loan Backed Notes, Series 2013A - Yahoo Finance
Alaska Student Loan Corporation Announces Increased Consent Fee As Part Of Its Consent Solicitation Process For Its Taxable Education Loan Backed Notes, Series 2013A Yahoo Finance
Will my private student loans be forgiven? What borrowers need to know about Biden’s student loan forgiveness - CNBC
Will my private student loans be forgiven? What borrowers need to know about Biden’s student loan forgiveness CNBC
Is the U.S. Student Loan Program Facing a $500 Billion Hole? One Banker Thinks So. - The Wall Street Journal
Is the U.S. Student Loan Program Facing a $500 Billion Hole? One Banker Thinks So. The Wall Street Journal
What Should the US Do About Rising Student Loan Debt? Council on Foreign Relations
How Do Personal Loans Work? Forbes
What Is A Personal Loan? Forbes
SBA raises COVID-19 EIDL loan limit to $500000 Journal of Accountancy
Department of Education Announces Expansion of COVID-19 Emergency Flexibilities to Additional Federal Student Loans in Default - U.S. Department of Education
Department of Education Announces Expansion of COVID-19 Emergency Flexibilities to Additional Federal Student Loans in Default U.S. Department of Education
Updated PPP loan forgiveness applications and rules unveiled Journal of Accountancy
USDA Temporarily Suspends Debt Collections, Foreclosures and Other Activities on Farm Loans for Several Thousand Distressed Borrowers Due to Coronavirus - USDA.gov
USDA Temporarily Suspends Debt Collections, Foreclosures and Other Activities on Farm Loans for Several Thousand Distressed Borrowers Due to Coronavirus USDA.gov
Fed opens up Main Street loans to smaller businesses Journal of Accountancy
AI Can Make Bank Loans More Fair Harvard Business Review
Loans For Unemployed - Employing Home For A Solution To Unemployment
If the statistics for the quarter ended April 2005 are to be believed, about 1,96,000 people were added to the list of people unemployed that brought the total to 28.58 million.
Secured Loans - Filling the Void Created by the Deficiency of Resources
"Money is like a sixth sense without which you cannot make a complete use of the other five."W.
Used Car Loans - 3 Tips For Financing Your Used Vehicle Online
Financing the purchase of a used vehicle can be done through the convenience of online car loan lenders. Through their websites you can request quotes, compare terms, and even apply online.
What is Credit Insurance?
Are you wondering what is credit insurance? Very simply, credit insurance is an insurance policy that protects a loan on the chance that you are unable to make the repayments. The next time you have occasion to apply for a loan or mortgage, you will be asked if you want to buy credit insurance, or it might already be included in your loan proposal.
Should I Get a Consolidation Loan?
If you've got a really unmanageable amount of credit card debt, you might be considering a consolidation loan. A consolidation loan is a loan that you can use to pay off all your debts, meaning that you can pay them off for less money without having to worry about lots of different bills.
Second Mortgage Loans
A second mortgage is a loan that is secured by the equity in your home. When you obtain a second mortgage loan the lender will place a lien on your house.
Bad Credit Car Loans - Why They Are Easier To Get Than They Ever Have Been
Car loans are easier to get by using an online financing company, even if you have bad credit. You can compare financing rates for the purchase of a new or used car, apply in minutes, and receive a blank check within days.
Faxless Payday & Cash Advance Loans - Fast Cash, No Faxing Loans, The Easiest Payday Loan Process
If you are in a hurry for a payday loan, the last thing you want to have to do is fax in your documents of verification. That's no problem, nowadays, you can find many payday loan or cash advance loan companies that can verify your income and identification without you having to fax in any documents.
Car Loans After Bankruptcy - How Poor Credit or a Recent Bankruptcy Can Affect Your Loan Approval
If you have poor credit or a recent bankruptcy, you can still get approved for an auto loan through sub prime lenders. Sub prime lenders specialize in financing auto loans to people with adverse credit.
Online Car Loans - Getting a Good Quote Online
Online car loans enable you to get a good quote and ultimately the best deal. With dealerships and local banks, you are at the mercy of their rates.
Fast Cash Now Easier Than Ever, but at a Price?
Because of the Internet, quick payday loans are faster than ever before. Quick payday loans will really get you out of a fix, because quick payday loans arrive the next day, right at your doorstep, in amounts ranging from five hundred dollars to three thousand dollars.
Industry Regulation and Recent Legislation
A number of states from coast to coast are attempting to impose further regulations on the payday loan industry, but without much success in many cases. Consumers of payday loans have generally argued against more stringent measures and limitations, that would limit their access to payday loans.
Debt Consolidation Tips
Here are some useful Debt Consolidation tips. Debt consolidation is a loan used to repay several other loans.
No Money Down Real Estate - Fund All Your Deals With Private Lending!!
If you invest in real estate, you need cash to buy houses. Even if you have a full bank account and great credit, you'll eventually run short on funds - or short on time to obtain a loan - for the next deal.
Shopping for a Personal Loan
Most Internet users are now extremely comfortable using the Internet to research and buy items that we need, mainly because we know that e-tailers probably have the lowest prices and we can avoid heavy sales pitches and crowded stores.This is most evident in financial services where banks have used the channel effectively although there could be hidden charges and pricing that may make your new bargain personal loan or credit card not quite so much of a bargain.
What are Secured Loans?
Secured loans are one of the most popular personal loans options available today. Their popularity is based on the fact that interest rates are usually lower than other types of loan, and repayments are available over longer time periods.
A Look at Getting a Bad Credit Personal Loan
Trying to get a bad credit personal loan can be frustrating. It may be that you don't know where to turn to find the loan that you're looking for, or that you don't know the correct procedure for getting a bad credit personal loan.
Refinance Your Car Loan - 3 Tips For Refinancing Your Auto Loan Online
Refinancing your car loan is an ideal way to lower your interest payments or reduce your monthly payments. By using online auto loan lenders you can be assured that you are finding the lowest rate.
Christmas Loans - A Gift on the Occasion of Christmas
It is still a few weeks to Christmas and every one is already up with demands. Little Mary, ever eager to add to her collection of dolls, wants the latest in the Barbie series.
No Income Verification Loans - When Income Doesnt Show on Paychecks
Financial statements, salaries, income proof, documents, paycheck, W-2 forms, 1099's - there is an exhaustive list of some of the forms that you may require to provide for a loan. Income documentation is not always easy for someone who is self employed or retired or for any person who doesn't have a fixed source of income.
|home | site map|
|TIGER MEDIA© 2006|