If you have a bad credit score, have had debt problems in the past and if you have been refused a loan elsewhere, don't be discouraged, because surely it is not the end of the world. You are not alone; there are several borrowers who have bad credit scores. In addition, such borrowers form a major chunk of lending market, so professional lenders cannot afford to ignore this majority if they want to survive in lending business. There are lenders who have devised lending schemes especially for borrowers with bad credit. You just need to search such lenders. So, now CCJ's, arrears, defaults need not stop you from getting a loan.
Eligibility for Bad credit loans for tenants
Professional lenders have not only devised loan schemes but have also extended this loan facility to almost entire gamut of such loan seekers. Some of the tenant categories of borrowers who can borrow Bad credit loans are:
Council Tenant
Tied Tenant
Living With Friends
Private Tenant
Living With Family
Housing Associtaion Tenant
A Bad Credit Loan Amount and Interest Charged
A low cost bad credit loan is ideal if you want to raise a large amount and have a poor credit history - you may be able to get a low rate bad credit loan even when you have been turned down for an unsecured loan. Usually, lenders offer bad credit loan amount in between £7,500 to £75,000, which should be sufficient to bring normalcy in your life. However, loan amount varies from borrower to borrower, taking into account borrower's profile, source and level of income, any recommendation letter from your tenant etc. Similarly, interest rate to be charged also depends upon the borrower's profile. If lender assumes that paying you any amount is comparatively risky, he will charge a little rate of interest. However, inspite of your bad credit score, if lender feels that your bad credit is reflection of situations beyond your control and that paying you is not much risky, lender will surely charge comparatively less interest rate. A bad credit loan can be repaid over a period of in between 5 years and 25 years. However, it is advisable to repay as early as possible. Because, you can save a lot by paying early. So, the key features of a bad credit loan are:
Loan amount and interest rate are variable, depending on borrower's profile
Borrower's monthly installment repayment will depend on the amount borrowed and repayment duration agreed to by both the parties.
Quotation can be received free of cost just by a call or an e-mail.
Purpose and use of a bad credit loan
It is thoroughly the borrower's privilege to use the bad credit loan for anything which he wants to spend on. Whether the borrower wants to consolidate his previous loans, he wants to go for an exotic holiday or want to buy a new car, the loan amount can be used for virtually anything. Just to give you an idea, few tentative purposes for which a bad credit loan can be used are given below:
Payment of child's school admission, boarding and lodging fee,
home improvements such as a new kitchen or bathroom
that exotic holiday
the latest sports car
repaying credit card or other debts to reduce your monthly outgoings to a more manageable amount
source:ezinearticles.
Sunday, January 09, 2011
Helpful Alternatives to a Small Business Loan With Bad Credit
If you are thinking of getting a small business loan with bad credit, think again. There is no bank that will loan you any money, no matter how small the amount. They are more lenient to personal loans but when it comes to small businesses, this is a high risk they are not willing to take. More than half of start up businesses fail within the first year. 50% of the remaining companies will be out of business within five years. Unless you have figured out a way to re-invent the wheel, no lender is going to look at you with a bad credit file.
There are other options besides going to a bank for your startup money. You can search for grants from the government, which do not need to be repaid. The grant process can take some time, so you will want to examine all your options before thinking you are going to start your business when you get your grant. You are also taking a chance that the grant will not be approved. Therefore, you will have to look for other ways to raise start up capital.
If you need the money for equipment, you may consider renting or leasing what you need. You are only paying for the use of the equipment when you need it. This can help for those times when it is not a piece of equipment you will be using often. Also this will save you from getting a loan until your business is more established. This will give you time to build up the credit history of the business.
You can also raise venture capital by selling stock, or a percentage of the business. This way you can have investors backing you instead of a lender. In many ways this is better. If you do go belly up, the only ones you have to answer to are the stockholders or investors. The bad thing is if these people are friends and family, you could cause some hard feelings. Choose wisely when accepting venture capital. It is advisable when raising venture capital to only take the money you need. This can save some embarrassment if your business does fail.
There are times when you may be able to find a business angel. These are people who are looking for companies in which to invest their money. They are usually retired business owners who want to stay abreast of what is happening in their industry. Health issues and other things may have forced them to retire before they wanted to. By being an angel, these people can still be a part of a business and do not have the headaches. The only problem with this is that some of the angels will want to have a voice in how you run your business. The benefit is you can learn from the experience these former business owners have.
source:ezinearticles.
There are other options besides going to a bank for your startup money. You can search for grants from the government, which do not need to be repaid. The grant process can take some time, so you will want to examine all your options before thinking you are going to start your business when you get your grant. You are also taking a chance that the grant will not be approved. Therefore, you will have to look for other ways to raise start up capital.
If you need the money for equipment, you may consider renting or leasing what you need. You are only paying for the use of the equipment when you need it. This can help for those times when it is not a piece of equipment you will be using often. Also this will save you from getting a loan until your business is more established. This will give you time to build up the credit history of the business.
You can also raise venture capital by selling stock, or a percentage of the business. This way you can have investors backing you instead of a lender. In many ways this is better. If you do go belly up, the only ones you have to answer to are the stockholders or investors. The bad thing is if these people are friends and family, you could cause some hard feelings. Choose wisely when accepting venture capital. It is advisable when raising venture capital to only take the money you need. This can save some embarrassment if your business does fail.
There are times when you may be able to find a business angel. These are people who are looking for companies in which to invest their money. They are usually retired business owners who want to stay abreast of what is happening in their industry. Health issues and other things may have forced them to retire before they wanted to. By being an angel, these people can still be a part of a business and do not have the headaches. The only problem with this is that some of the angels will want to have a voice in how you run your business. The benefit is you can learn from the experience these former business owners have.
source:ezinearticles.
Saturday, January 08, 2011
Loans For People With Poor Credit Rating - Golden Opening For Bad Creditors
Everyone needs loan to balance their financial life at some point of time. However, people with poor credit rating sometime face the rejection problem due to the bad credit issue. This is because lenders consider the risk when they provide the loan service to adverse credit holders. Loans for people with poor credit rating have been designed for bad creditors so that they can easily take the financial help without facing humiliation due to the rejection of loan application.
These loans are available with banking institutions and online lenders, but if you want an affordable loan with easy terms and conditions, online lenders will be right option.
Basically for the approval everyone has to go under some qualification criteria and the conditions are as follows:
• The borrower must be permanent citizen of the UK.
• The borrower should be 18 years old or above.
• He must have permanent income source.
• He should hold a valid bank account.
Loans for people with poor credit rating can be availed in secured and unsecured forms. Secured form offers the amount when you provide collateral. The loan amount is secured against the property you provide like home, car, or any other valuable property. In the secured form, you are able to get the amount up to £100,000 for the time 1 to 25 years.
If you do not have collateral to pledge, then unsecured form is waiting for you. This form offers you the loan without any security. With the help of unsecured form, borrowers are entitled to get the amount up to £25000 for the time period of 1 to 25 years.
When it comes to applying, you must choose the online lenders because of the easy and fast processing. Online medium is free from tedious procedure of paper work and faxing of documents. You just need to choose the lender and fill out the online form for the approval.
source:ezinearticles.
These loans are available with banking institutions and online lenders, but if you want an affordable loan with easy terms and conditions, online lenders will be right option.
Basically for the approval everyone has to go under some qualification criteria and the conditions are as follows:
• The borrower must be permanent citizen of the UK.
• The borrower should be 18 years old or above.
• He must have permanent income source.
• He should hold a valid bank account.
Loans for people with poor credit rating can be availed in secured and unsecured forms. Secured form offers the amount when you provide collateral. The loan amount is secured against the property you provide like home, car, or any other valuable property. In the secured form, you are able to get the amount up to £100,000 for the time 1 to 25 years.
If you do not have collateral to pledge, then unsecured form is waiting for you. This form offers you the loan without any security. With the help of unsecured form, borrowers are entitled to get the amount up to £25000 for the time period of 1 to 25 years.
When it comes to applying, you must choose the online lenders because of the easy and fast processing. Online medium is free from tedious procedure of paper work and faxing of documents. You just need to choose the lender and fill out the online form for the approval.
source:ezinearticles.
Tuesday, January 04, 2011
Loans for Young People - A Good Finance Help for Demands
Demands are getting higher, but income is fixed. Today young people are busy in doing a lot of hard work so that they can make their life up to mark. However, it is not possible to have sufficient money all the time for all demands. There are some important needs which just cannot be postponed. In such economic crunch situation it is better to obtain loans for young people which are planned for new generation only.
These loans are specifically framed to offer good amount of cash to the young people, so they can satisfy their unavoidable needs within stipulated time period. This credit support is a perfect fiscal remedy for the young ones to solve financial problems without facing any embarrassment.
The best thing about this option is that it can be easily obtained by poor credit holders as well. Hence, all imperfect credit records like CCJ, IVA, insolvency, defaults etc are acceptable here.
It is very easy to avail loans for bankrupt if you have fixed income source. Lenders check the financial status of the borrowers before approving the loan. Borrowers can avail the loans for young people in secured and unsecured form.
In the secured form borrower needs to provide security for availing the loan amount. unemployed loans is very useful way when you need big amount. Due to the collateral condition, you are free to avail the big amount for your requirement. The best part is that you get the money at low interest rate.
When it comes to unsecured form, you are free from any kind of risk. It means that there is no requirement of collateral. Lenders do not demand the collateral and offer the loan. However, you can avail the amount that is small, but without any risk.
source:ezinearticles.
These loans are specifically framed to offer good amount of cash to the young people, so they can satisfy their unavoidable needs within stipulated time period. This credit support is a perfect fiscal remedy for the young ones to solve financial problems without facing any embarrassment.
The best thing about this option is that it can be easily obtained by poor credit holders as well. Hence, all imperfect credit records like CCJ, IVA, insolvency, defaults etc are acceptable here.
It is very easy to avail loans for bankrupt if you have fixed income source. Lenders check the financial status of the borrowers before approving the loan. Borrowers can avail the loans for young people in secured and unsecured form.
In the secured form borrower needs to provide security for availing the loan amount. unemployed loans is very useful way when you need big amount. Due to the collateral condition, you are free to avail the big amount for your requirement. The best part is that you get the money at low interest rate.
When it comes to unsecured form, you are free from any kind of risk. It means that there is no requirement of collateral. Lenders do not demand the collateral and offer the loan. However, you can avail the amount that is small, but without any risk.
source:ezinearticles.
Unsecured Personal Loans - When You Are Your Guarantor and not Your Home
Sustainable development is at the heart of every human dream. You work hard every day and you grow emotionally and financially every day. Yet you find that you are still short of money when you want to buy something. There are smart ways to fill in for this financial gap. These are called personal loans. There is one personal loan for every occasion. Yes, even if you have no security to offer. There is a name for this smart borrowing method - unsecured personal loans.
Not everybody is easy with placing his home or any other dear possession for taking loans. This is highly understandable. The worst case scenario with secured personal loans is like repossession of home or property. May be it is just a possibility but still it is a possibility. If you do not want to comply with such a demand, unsecured personal loans are the ideal choice. If you are tenant then you won't find a better and a more deserving way to borrow money than unsecured personal loans!
Well, if unsecured personal loans don't ask for security, what do they ask for? Since loans are a profit making business what does the lender have in for him? Well that would be - interest rates. Interest rates for unsecured personal loans are higher. But that does not mean that Unsecured Personal Loans [http://www.easyfinance4u.com/unsecured_personal_loan.html]
are expensive and out of reach of any regular borrower. Interest rates for unsecured personal loans are relatively higher than secured personal loans.
Interest rates for unsecured personal loans are well defined by banks and other lending institutions. Lenders may still find that they are not offered advertised interest rates for unsecured personal loans. Interest rates on loans are a very 'personal' thing. This implies that rates are dependent on some factors. Scoring well on these factors will mean getting better rates.
Credit ratings are a very good way to get better interest rates with unsecured personal loans. Since you are not placing any security, your credit rating will be a picture of your credit worthiness. Find out your credit score before you apply for unsecured personal loans. Unsecured personal loans are possible for those with bad credit history like late payments, arrears, CCJs, bankruptcy etc. It is not that you won't find unsecured personal loans for bad history; it is just that the accountability is in terms of interest rates.
source:ezinearticles.
Not everybody is easy with placing his home or any other dear possession for taking loans. This is highly understandable. The worst case scenario with secured personal loans is like repossession of home or property. May be it is just a possibility but still it is a possibility. If you do not want to comply with such a demand, unsecured personal loans are the ideal choice. If you are tenant then you won't find a better and a more deserving way to borrow money than unsecured personal loans!
Well, if unsecured personal loans don't ask for security, what do they ask for? Since loans are a profit making business what does the lender have in for him? Well that would be - interest rates. Interest rates for unsecured personal loans are higher. But that does not mean that Unsecured Personal Loans [http://www.easyfinance4u.com/unsecured_personal_loan.html]
are expensive and out of reach of any regular borrower. Interest rates for unsecured personal loans are relatively higher than secured personal loans.
Interest rates for unsecured personal loans are well defined by banks and other lending institutions. Lenders may still find that they are not offered advertised interest rates for unsecured personal loans. Interest rates on loans are a very 'personal' thing. This implies that rates are dependent on some factors. Scoring well on these factors will mean getting better rates.
Credit ratings are a very good way to get better interest rates with unsecured personal loans. Since you are not placing any security, your credit rating will be a picture of your credit worthiness. Find out your credit score before you apply for unsecured personal loans. Unsecured personal loans are possible for those with bad credit history like late payments, arrears, CCJs, bankruptcy etc. It is not that you won't find unsecured personal loans for bad history; it is just that the accountability is in terms of interest rates.
source:ezinearticles.
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