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Secured Credit Cards, Restore Your Credit Rating

Bad Credit Loans Are Available

Understanding Secured Credit Cards

Need a 2000 Loan No Credit Check?

Secured Credit Cards, Restore Your Credit Rating

Posted in: Credit Cards, Credit Repair | Comments Off

There is a type of credit card that is easy to get and will help to restore your poor credit if you use one.  They are called secured credit cards.  With these cards, you make a deposit into the account attached to your card, which in turn will be your credit limit.  When your money is gone, your credit is gone, until you load your card with more money.

They do not perform credit checks because the card is secured with your own money.  They do not care what your credit looks like and are more than willing to give you credit with this card.  So, if your credit rating has taken a beating due to circumstances beyond your control, it does not matter when getting this type of card.

Secured credit cards are generally referred to as a second chance account.  Usually, you use them when you have had a hard time keeping your credit score at a good rating due to a job loss or, worse, a foreclosure.  These items will generally turn a regular lender away, but not this type of card.  They will help you build credit after you have had a bout with bad credit in this credit driven world.

The best way to load your card with money to increase your credit limit is to have your paycheck directly deposited into this account.  You will avoid any fees associated with loading money onto your card if you use your paycheck in this way.  There will be not high interest charges because it is your money that you are using.  However, beware of the high cost that may be associated with these cards. It is wise to read through the terms and conditions to make sure you can afford this card. Rebuild your credit today and apply for secured credit cards.

GuestPoster @ November 7, 2011

Bad Credit Loans Are Available

Posted in: General Loans | Comments Off

Many people have experienced bad credit issues due to the recent economic crisis.  A lot of people lost their jobs and were forced to pay late payments on their financial obligations.   Or their ability to pay was compromised and they were unable to make any payments at all.  This kind of negative activity is what drives that credit score down.  To meet the new demand for a new financial instrument for those with poor credit, lenders created bad credit loans.

These loans are specifically designed to help those who have the ability to pay back now because they have secured a new job.  If you have an emergency, you may need one of these loans.   However, the cost of credit can be high.  Your interest rate is driven by your credit score.  If your credit score is low your interest rate will be higher than if your credit score was higher.

But, there can be other costs associated with these loans.  If you think you are helping your credit situation out by paying your loan off early, you may have a large balloon payment due because of early payment.   There can be other costs associated with these types of loans such as a high application fee or penalties for late payments.  So be sure to read through all your terms and conditions to make sure you understand all the costs associated with your loan.

You will be able to make it through that emergent situation with loans for people with bad credit.  They offer loans at a higher rate but they help to rebuild bad credit issues if you are responsible with the credit issued to you.  You should always treat credit as a privilege not a right.  So you should be sure you treat your new credit with responsibility.

GuestPoster @ October 5, 2011

Understanding Secured Credit Cards

Posted in: Credit Cards | Comments Off

Discover the advantage of best secured credit cards.

If you have just come to the US and have no credit history or if you try to restore your credit after some financial problems, you know it can sometimes be difficult to get a credit card. If you are in one of the situations described, a secured credit card may be the ideal solution. This type of card can help you establish or reestablish your credit. In addition, you are free to use credit as and when it pleases you.

What is a secured credit card?

Depending of the financial institution, you have to make a deposit of at least 200$ up to 5,000$, into a Collateral Account “Savings account or CD.” Your credit line will directly reflect the amount of your deposit. You still need to make monthly payments toward any balance you accumulate, as you would and should do with any other credit card.

What are the benefits?

In addition, to help you establish or reestablish your credit, secured credit cards give you the same freedom and the same benefits enjoyed by other credit card users. A secured credit card may be useful for:
booking a room at the hotel;
rent a car;
making emergency purchases.

Am I eligible?

Even if you have no credit history or your credit is poor, you can request a secured credit card. Since your deposit on your collateral account will provide the guarantee, your application is virtually assured. The amount deposited should be at or above the minimum credit limit of your card.

Establish or consolidate your credit history.

Use your secured credit card responsibly to help  establish or consolidate your credit history. How? When you use your credit card and make your monthly payments, the credit card provider send your monthly payment history to credit agencies. A history of regular payments will help to establish and consolidate your credit history. Just be sure to pay at least the minimum monthly balance on time.

GuestPoster @ October 4, 2011

Need a 2000 Loan No Credit Check?

Posted in: General Loans | Comments Off

Payday loans are hated and loved by many at the same time.  No other type of loan has elicited so many emotions from people.  Payday loans are helpful but they can also be the cause of various financial problems.  They can be a blessing and a curse at the same time, depending on how you look at things.  A lot of people love payday loans because they require no credit check.  So if you have bad credit and you need money right away, payday loans seem very attractive options.  However, you should think twice before you get this type of loan.

Payday loans are very easy to get.  You can apply for them online.  All you need to do is fill out an application form which will only take about 2 minutes.  After the form has been submitted, the lender will call you and tell you what to do next.  Most payday loan lenders will deposit the money to your account once the application has been approved and they will usually do this in an hour up to 24 hours.  If you really need money right away and you do not have the best record to show, payday loans look like the very best option.

However, payday loans have an ugly side.  They are very expensive.  You can end up paying as much as $130 for every hundred dollars borrowed.  Payday loans are meant to be paid back in a very short time.  They are to be paid on the very next payday or in just a span of 14 days.  So, if you are thinking of getting a 2000 loan no credit check through a payday lender, you have to ask yourself if you have the capability of paying the loan back on time.  If you cannot pay the loan on time, you will need to rollover the loan or extend it and that will cost you additional money.

GuestPoster @ September 7, 2011

Tips on How to Apply for a Personal Loan

Posted in: General Loans | Comments Off

Applying for a personal loan should be easy, especially if your credit record is good.  The hard part of the bargain is the payment process.  Understand that personal loans will affect you financially one way or another.  That is why it is a big decision to make.

A personal loan usually comes in two forms.  These are the unsecured and secured loans.  The difference between the two is mainly on the collateral.  Unsecured loans do not have collateral and are often at a higher interest rate.  Secured loans, on the other hand, need collateral and often offer better repayment terms.  As far as interest rates and fees are concerned, secured loans are generally lower.

The first step in applying for a personal loan should be to assess your current financial status.  You have to make a list of your current assets.  Create a detailed list of your monthly income.  Consider your expenses, debts, and liabilities then deduct all these from your assets.

You should then ask your employer for a letter which confirms your job security and monthly income.  This should be backed up by pay stubs or invoice statements if your salary is directly deposited to the bank where you are applying for the loan.

Understand that you may not get an approval from you financial institution of choice.  If that is the case, then you should go shopping for one that is willing to do business with you.  There are dozens of lenders out there who are very willing to help you.

When looking around at these financial institutions, you should not just compare interest rates.  You have to consider the repayment terms as well.  You have to know if the monthly payment is variable or fixed.  It is often wise to choose a fixed monthly rate.  Ask directly if there are any up-front fees that you do not know about.  You should also find out if the loan is disbursed in installments or all at once.

To get a lower interest rate, you should offer collateral.  Secured loans will always have lower interest rates than unsecured ones. Again, however, it is important to look at the fine print and terms of repayment.

GuestPoster @ August 31, 2011

Things to Consider When Choosing a Mortgage Lender

Posted in: Mortgages | Comments Off

Purchasing real estate is a very large investment and for many it requires great financial responsibility over many years.  Most people depend on financing the property in order to have the money necessary to make the purchase.   For those looking for Hoboken real estate, here are some things to consider when selecting your lending company.

There are different types of mortgage loans and each is designed to work differently.  Once you know the type of mortgage you prefer, you can research the available lenders in your area to see who offers it.  Some mortgages may have more of the payment go to interest for a certain number of years while others require a larger down payment up front.  Some mortgage loans are even sold to various lenders after your closing.   If this scenario applies to the type of mortgage you chose, you don’t have any control over who they sell your mortgage to.  However, you can do your part to research the types of loans that are likely to be sold and which lenders typically buy them.

Next, you can look at the interest rates offered at each lender you are considering.  Lenders use different interest rates, but they also have different fees and closing costs associated with the mortgage.  You may need to weigh the benefits of having a low interest rate for the length of the loan and having a little higher closing costs upfront.

Another thing to consider is if you will have another account with your lender.  Many lenders have online services that allow you to make payments electronically.   It might be handy to have a checking or savings account with the same lender that is servicing your mortgage.   Otherwise, you’ll just need to transfer between lenders, use the post office to mail payments, or pay by telephone.

There are many things to consider before deciding on a lending company when you are shopping for Hoboken real estate.  These things can make a huge difference in the type of mortgage you get and how satisfied you will be with it over the years.

GuestPoster @ August 11, 2011

Some Words On Second Mortgages

Posted in: Mortgages | Comments Off

In general, there are two forms of second mortgages: home equity credit lines, along with the more traditional home equity mortgage loan.  Choosing between these types of home loans is dependent upon the needs of the home owner or home buyer.

A home equity line of credit (HELOC) ordinarily carries a shorter term allowing it to be drawn upon like credit cards.  Checks can be written against a home equity line of credit in an effort to cover unanticipated expenses.  Interest payments are made monthly should there be a balance outstanding.  Second mortgage rates for home equity credit lines are generally based upon short-term interest rates, and are typically lower than the first mortgage rate.  The risk with a home equity line of credit is the fact that the complete balance is due at maturity.  Running up the balance on a home equity line of credit will increase the risk of considerably higher rates when it comes to refinancing, or create the possibility that the credit line might not be renewed whatsoever.  There is considerable competition amongst financial institutions for these mortgages, which consequently minimizes this risk to some degree.

The more common second mortgage loan is the home equity loan.  Home equity mortgage loans are fixed-rate loans over a longer term than home equity credit lines.  Because the rate is fixed, the interest rate is normally greater than that of a first home mortgage. The benefit of the home equity mortgage tends to be that it amortizes to a zero balance over the period of the loan.  Therefore, it does not have any refinance risk.

There are numerous functions for 2nd loans.  A standard home equity mortgage loan is frequently used for home and garden projects that can add worth to a home.  Nevertheless, their use is usually not restricted.  Some property owners use these loans to consolidate other financial obligations because the interest rate, though greater than first mortgages, is generally cheaper than higher-interest debts like credit cards.  Many house buyers with limited finances available for an initial investment (down payment) can use a second mortgage rather than mortgage insurance.  This is often referred to as an 80/20 loan, since the 1st mortgage represents eighty percent of the purchase price with the second mortgage bridging the remainder.

GuestPoster @ August 5, 2011

Obtaining Low Interest Credit Card

Posted in: Credit Cards | Comments Off

Today, there are so many banks and credit unions that offer credit cards to the public, that is difficult to know which is best.  Today, it is easy to get credit cards, but consumers still need to make wise choices concerning which one they choose.  Many people choose to obtain an easy to get credit card from their personal financial institution.  It used to be that customers could only get a credit card from a bank where they had an account.  Now, people are beginning to shop their credit card options in order to get the lowest interest possible.

Consumers should consider what they want a credit card for before applying.   Many use cards for purchasing convenience as well as payment deferral.  Others choose to use them only for an emergency, or to transfer debt.

For those who are obtaining a credit card just for convenience purposes, a secure, or prepaid credit card may be a good option. There are no charges or interest.  Cards are issued by a financial institution and are secured by the dollar amount held in the customer’s account.   Deposits are made monthly via payroll deposit, or through cash deposits.   It protects customers from overspending, because they cannot charge more than they have available in their account.

Those who are able to pay their credit cards off each month need not worry about interest rates, because they do not pay interest. Instead, they should choose whatever card has the most attractive rewards program.

Those who will not pay their cards off monthly should look for a card with a low interest rate.  On occasion they may find ones that offer 0% interest for a limited amount of time.  At the time their 0% expires they will want to transfer balances to a card with a lower rate than their new one.

In order to receive the best rates possible and be offered the easiest credit cards from banks, customers must have a satisfactory credit score.   There are many sites that offer comparisons of different credit cards interest rates and rewards programs.

GuestPoster @ August 2, 2011

I Need Money for Payments: Ways to Get Out of Debt

Posted in: Debt Reduction | Comments Off

It is very easy to get into debt, but getting out of it is another story.  It can be a big challenge to finally repay all your debt and live a debt-free life.  A lot of people often end up saying “I need money” because their salary is no longer enough to cover their basic needs and pay their debt.  If you are one of the people who are struggling to get out of debt, here are some tips which might be very useful for someone in your situation.

Stop creating more debt.  This is one of the most important things which you should do.  Although this will not help you get out of debt, this can help you stop incurring more debt.  You will be able to make progress with your current debt if you stop getting into more debt.  Get temptation out of your way.  Only bring cash when you have to go to the grocery.  Do not put your credit card in your wallet.  Always leave it at home.  Do not close your card though; this might make your credit score go lower than it already is.

Ask your creditor for a lower interest fee.  Higher interest rates make it hard for people to pay their debt and this often prolongs the term of the debt so borrowers end up spending more money.  Talk to your creditors.  If you have a good credit history, creditors will be more than willing to lower your rates so you can pay you debt faster.

Look for ways to put more money towards your debt.  Be creative and think of ways to make more money so that you can put more towards your debt.  Sell stuff which you no longer need or use.  Get a part time job or ask your boss for more hours.  Do odd jobs on the neighborhood or advertise your skills online.  Someone somewhere is looking for someone who has skills on writing, video editing, etc.

GuestPoster @ August 1, 2011

Payday Loans Georgia: Alternatives

Posted in: General Loans | Comments Off

Many states have imposed laws against people and institutions who impose very high rates on people who take out payday loans. This is for the welfare of the borrowers so they can be protected from lenders who want to take advantage of people who are in desperate situations and need money urgently.  Payday loans are different from one state to another.  There are states where payday loans are illegal or prohibited, a good example are payday loans Georgia.  In other states there are laws which govern payday loans.

Experts recommend that people should not always rely on payday loans to fill their financial needs.  Payday loans, regardless of which state you are in, are very expensive.  A person can end up paying as much as $25 for every $100 borrowed.  It is indeed very heavy on the pocket.  There are alternatives to payday loans which people can look to when they need money desperately.

Try asking your employer for an advance.  There are various companies today which understand the needs of their employees for emergency funds.  It is very possible to get a cash advance from your employer.  Just be frank with your employer about your situation.

Ask your relatives and friends if you can get a loan from them.  You can get better interest rates from them and they surely will not take advantage of you.  You can negotiate with your relatives and friends, compared to financial institutions.

Try getting a small loan.  Traditional small loans are very much different than payday loans.  Although they are both small amounts, payday loans are harder to pay because of the two week payment term.  Traditional small loans can come from various sources; they can even be from your bank.

Negotiate for a better payment.  If the reason you need a payday loan is because you are going to use it to pay debt, you might as well speak with your creditor and ask if you can get your debt consolidated.  This will give you enough time to come up with payments and you might even end up paying smaller monthly fees than before.

GuestPoster @ August 1, 2011