The Best Loan Options for Horrible Credit

When you have horrible credit and need a loan, you may think that you have no options. You do have a few options, other than taking on a second job or selling unneeded possessions. Those with poor credit often seek out alternative methods for obtaining cash in emergency situations, and when major expenses are not in the budget.

Unsecured High-Interest Loan

There are a few companies online that those with horrible credit can apply for personal loans with. The average interest rate on these unsecured loans is 20-percent. Some companies offer loans as low as 9.95-percent interest with flexible repayment terms. It is best to ensure that the company is authorized to make loans to residents of your state. Some states prohibit online loan institutions.

Short-Term Loan

A short-term loan is also good option for bad credit.  You can get a personal loans without a credit check even with bad credit if the amount is small enough. These loans are based upon your income and are often repaid on your next pay date and must be paid in-full in one, single payment. A personal loan often has high interest and administrative fees associated with it. To apply for a personal loan, you must provide a blank check to a valid checking account in your name, pay stubs and other personal identification information.

If you default on this type of loan, criminal charges can be brought against you. The check will be deposited into your bank, and you will be subject to subsequent fees from the financial institutions involved.

Private Loan

If your credit is so bad that you cannot obtain a high-interest loan with a high-risk loan agency, consider speaking with a friend, independent philanthropist or family member for a private loan. The terms of this loan would be agreed upon by all of the parties involved. Any contracts made between the parties should be notarized. Notarized agreements can be upheld in court should you default on payments.

Auto Title Loan

If you own your vehicle and are no longer making payments, you may want to consider an auto title loan. With this type of loan, the amount that you can borrow is based on the value of your vehicle. The loan agency will inspect your vehicle and determine its value based upon current markets. You will be offered an amount based upon that value.

You must provide a clear title to the auto title loan company, which they will hold possession of until the loan is paid in full. You are able to keep your vehicle and use it as long as your payments are made. The loan company can take possession of your vehicle, legally, if you default on payments.

Closing Thoughts

Just because you have less than perfect credit, it does not mean that you are stuck when emergencies come up and need cash. You do have options, you are just likely to pay a lot more in interest and fees. It is best to work on your credit by paying off small items first and moving toward larger balances. Making payment arrangements and keeping them, with creditors, does help improve your credit payment history.

4 Effective Ways to Improve Your Finances in 2016

With a New Year comes new responsibilities and we all set ourselves new goals in an attempt to make the New Year the best one yet. However the period just before turning the page is generally filled with Christmas celebrations, days out with the family and presents. This can be a real setback for your finances this can leave us all a bit short of cash when the calendar resets after New Year’s Eve. There are ways to counter the post-Christmas blues though through 5 simple ways to boost your finance at the start of the year all from using a simple internet connection.

Online selling apps

Should you want to get rid of some of those awful presents or just happen to have some old clothes or valuable online selling apps are great for making quick money. Whether it’s vintage clothing or just household items people out there may be interested in purchasing it, all you have to do is make the move and get online.

Blogging

Setting up a blog may seem like a long process but when done right it can bring in significant amounts of money, whether it’s through advertisement or through blogging competitions this is a great way to not only make money but unleash your creative prowess into the digital world. Just find something you are passionate about and grab the keyboard.

Online Gaming

Gaming was once seen as a reclusive activity but with the advances in online technology it is possible to play most games with anyone from across the world. This has led to gaming becoming very popular and it now has its own international competitions with big cash prizes. If you’re not good enough to game on console, mobile gaming is also an option with the rise of mobile casino sites such as mobilecasino.co.nz which can get you massive pay-outs at the flick of your phone screen.

Online competitions

Online competitions were once only found during the TV ad breaks and an entry fee was generally required when calling to answer the question. Nowadays most competitions run by companies are free to enter online and can give your bank a real cash boost or may even send you on a trip of a life time. All you have to do is enter as many free competitions as possible and keep your fingers crossed, one of them will come through eventually.

Credit Cards – Rewards v Low Interest Rates

With such a wealth of credit cards on the market these days, one could be forgiven for just signing up to the first one that sends back a letter of approval. However, the fact of the matter is that every single card provider out there is fighting for our custom.

As such, assuming you have a good credit history, it really is a buyer’s market when it comes to picking the perks that come with these cards; free gifts, cash back and low introductory rates are commonplace, but which of these credit card offers really are worth the time it takes to get them?

Low Interest Rates

If you aren’t particularly concerned about shaping the way they spend on their card, a low interest rate really should be a deciding factor. After all, if the balance isn’t going to be cleared before the next statement date, the next best thing is having as low an interest as possible.

Throwing all additional extras to the side, a low APR always wins. When looking online for credit card deals you can usually find several cards offering low introductory rates for new customers, often from up to two years. You’ll find that repayments will be low, although some fancy perks that are on offer might not be immediately available.

Cashback and Rebates

Previously only limited to websites involving an arduous ‘click and redeem’ process, cashback on cards now takes the hunting out of the game. Simply using the card now guarantees a rebate on top of whatever cashback you qualify for online. But it doesn’t stop at simply redeeming a flat rate of cashback.

Many providers will now proudly boast the highest rebate on their card, and in certain cases will have preferred partners with even higher returns, ensuring that you take home more money (and, of course, make money for their partner companies.) However, it’s an even trade off; rebates inevitably come with a slightly higher APR, or less availability of use. There are often various terms involved with these kinds of cards, such as a minimum spend in the initial period, which many people fail to realise.

There are, of course, low APR cards with reward points. Some banks have their own reward systems, but these are nearly always available only to banking customers as a prerequisite, keeping their array of rewards in the family.

For the spender who plans to clear their balance every month, a rebate/rewards card can present a great way of making a nice sum over the year; simply using the card generates a small bonus that soon mounts up, and shopping around between cards every few months can get the user some great introductory offers from companies vying for custom.

For any spender who plans to make a purchase, large or small, and clear it off over a period of months, the lowest APR (with some kind of introductory offer wherever possible) should always be the deal breaker. Any interest payments will undoubtedly cost far more than any reward scheme can offer. With deals and perks often being changed in the name of competition, comparison websites will offer the most up to date information on what introductory offers are out there. Now that there are more credit cards available on the market than ever, why not shop around?