Perfect Loan

How to Find Your Perfect Loan With Poor Credit

Sometimes accidents happen and things break down and we all need help financially. If your current gas boiler stops working then a new gas boiler installed can cost a good couple of week’s salary and if the television is knocked over whilst the cat chases the dog around the TV room, then how do we find the money to get replacements?

Not all of us our lucky enough to have money in the bank, we live in a society where saving our hard earn money can be tricky, we all have mortgages, rents and utility bills to pay. If we do not have siblings or parents to go to when we find ourself in that tight spot what can we turn to? Loans are a good option and can give you the finance you need fairly instantly.

The first thing to do is go online and visit a loans company. During the process of applying for credit the company will run your details though a program to achieve a Credit score, any bumps they find in the road in terms of poor score rating could hamper your chances of getting the money you require.

Why have I got a poor rating? There are many reasons why you might fall under the group of poor. The main reason is probably a late card payment, or even missing the payment altogether. Closely followed by an existing debt that you may have on credit cards, store cards or other cards. These will all show up in the overall score to ascertain if you can have the money.

Companies are fully aware that although some of us have a poor rating there are those that are trying to start again and look to the future. When you apply you have to give your personal information, bearing in mind that this information is important for the company to run the checks and will only be held by the company.

With this information they will look at any problems you may have had and also compare your current circumstances. For instance in the past you might have been on a lower paid wage and since then you have had a promotion and now earn twice as much as before. This will all be taken into account when running the scores.

A company that offer matching services, even though a poor credit score came up through the check, could still be able to offer you a variety of loans. They will pass your applications on to many different lenders to make sure that a deal can be found.

Choosing to go through a company like this will only show up as one application, not as lots of different ones which is a good thing for you and your rating.

Personal loans are known as unsecured, there is no collateral held against them but because of this they offer a higher percentage rate of payback. Credit scores can affect the percentage of the agreement given. The better the score, the lower the percentage rate.

We all want a quick decision when we apply for loans, but how quickly can I receive the money? If all of the relevant paper is filled in correctly, then you can have the money as quickly as the following business day. Which is good, as some emergency cannot wait for a week whilst a decision is made.

So if you need financial help, do not be put off that you might think you may have a poor credit history, approach a company that match loans and see how they can help you.

Payment

Payment Options for Shopping All the Way

Everyone is busy. Busy in shopping online and in the malls. Popular online portals are breaking and making new sale records! All thanks to the convenience and the availability of easy payment options and funds!

Here are few of the factors that are making online businesses a success

Credit Cards: A credit card is plastic money. It is one of the easiest form in which a person gets a personal loan.

All online portals as well as retailers in malls accept credit cards issued by various banks.
Online payment becomes very simple and safe, thanks to the one time passwords generated for such transactions.
A PIN is sufficient for shopping using a credit card at any retail store.

Personal loans for shopping: When we apply for a personal loan, we don’t have to provide the financier with the details of what we want the loan for.

Thus these days’ personal loans are being used to finance shopping.
They can also be used as wedding loans, vacation loans and educational loans.

Payment Processing: As far as payment processing is concerned, the following factors matter to both the consumer and the online retailer.

Uncomplicated manoeuvring on website: It is important for the payment process to be step-by-step and easy to understand. Most websites work on this section very carefully and thus the online shopping experience is satisfactory.

Processing Costs: Processing costs matter to the retailers. More the processing fees they have to pay to providers of payment gateways like Visa, the lesser are their margins. So to have an effective business the processing costs need to be low.
Number of payment options: Multiple payment options should be available for the customer to make payment. This makes the shopping a convenient proposition.
Time taken to process transactions: Processing time not only tests your patience but sometimes also the strength of your internet connection!

Cash on Delivery: This is also known as “collection on delivery.” This is a very popular mode of making payments for shopping in the developing world.

It enhances impulse purchases.
A credit card is not an essential possession for the buyer.
The buyer can check the quality of the product and then pay

So this festive season, do not hesitate to shop and to gift! The availability of funds for shopping is not difficult anymore. Also the convenience of online shopping has brought various retailers to our doorstep. So let us shop all the way!

Know More About Personal Loans

Know More About Personal Loans

Planning to get your house renovated but do not have the sufficient amount of money to do it? With the concept of personal loans, you do not need to worry about this anymore. Personal loans are offered by the banks which enable you to use the amount for personal use – like for paying off an immediate debt or for clearing an unforeseen expense.

Though the concept seems to be very lucrative, getting one approved is not an easy task. In order to be able to qualify for getting such a loan, certain strict norms have to be followed. Thus, if you are planning to apply for one, there are certain points which should be kept in mind.

These loans are not secured: This type of loan does not require any asset to be kept as a mortgage to the bank. However, if one fails to repay the loan the bank has the right to seize any asset be it your property, house or car. However, in most cases, if the defaulter does not have any asset to give in lieu of the loan it becomes very difficult for the bank to get back the money. This is one of the major reasons as for why it is difficult to get a personal loan approved. In such a situation, the bank can file a legal suit against your name to carry out the legal proceedings.

They have a fixed amount: The amount of a personal loan depends entirely on the borrower’s income and also on the lender’s discretion. It is based on the borrower’s credit score. A credit score is a measure to get an idea of one’s income which enables the lender to decide upon the amount to be given as a loan. Some of the banks have limited the amount they offer as a personal loan.

The rate of interest is fixed: The interest rate is decided based on the borrower’s credit score. In an ideal situation, the interest rate should be less which would enable you to repay a loan at a much lower cost. The most important fact about personal loans is that the rate of interest remains fixed during the entire tenure the loan. However, some banks offer loans at variable interest also, which makes it difficult for the borrower to repay it.

One must always try getting the loan from a bank in which he has an account. This is because it would be much easier to get the loan approved. One must also be careful while applying for one as there are many scams which keep taking place. One must also explain the bank about his/her need for money, in case they can offer something much better.

Online Personal Loans

Find Help With Online Personal Loans at the Time of Crisis

Life goes topsy-turvy with economic crisis hitting all of us with the same pace. A smooth running system suddenly comes to a stop. We all have faced the consequences of such economic crisis. Such crisis does not even forget to hit our paychecks. Many people lose their jobs and many get a sharp cut in their salary. A financial help of some kind at times, helps us sail through our tough times. These crisis phases also sometimes make people falter in repayment, thus creating a bad credit history for them. So, what do people with a bad credit history do if they need a loan once again? Banks and similar financial institution do not offer loans to defaulters. The only option left for such people is to go for quick cash loans. These are the online personal loans that are offered by many lending companies who do not check the credit score of the borrowers. A few steps to get such loans are:

First Step towards a quick cash loan

The big question that comes to our mind is where to start form? The first step that you should take while looking for an online personal loan is to identify how much money you want. Would you be able to repay that amount on time? If not then could you do with a lesser amount? What kind of repayment process suits you best? There are some lenders who want repayment after a month while others want their money back on your next payday. Try and figure out the answers to all such queries so that you can proceed to the next step.

Second Step is to search online for a lending company

Once you know exactly how much money do you want and what would be your repayment time for your online personal loan, browse through the internet to look for lenders. There are many lenders available online who would offer you quick cash loans without collateral. You should visit each of their website and go through their details like their rates, terms and conditions, time of repayment etc. Making a comparison of all the lenders that you have shortlisted from the internet makes it easier for you to identify the right one for you.

Third step is to check the credentials of your lender

After collecting the list of shortlisted lenders, you should start checking their credentials. There are many websites where you get reviews about these lenders. Look for negative reviews if any. Also look for customer’s feedback. You could even ask people around you if they know of any reliable lender with whom they have had a positive experience.

Final Step is to start applying for the loan

If you have to zero down on a lender without any past experience, you should then pick up the one who looks most genuine and who has given you the best quote. Now that you have shortlisted your lender, you can fill up the application form for your online personal loans and wait for your money to be transferred in your bank account. These lenders expect you to fulfill certain very easy criteria before giving you the loan.

If you fulfill those criteria, you are certain to get your loan. Even if you have a bad debt and getting a quick cash loan seems difficult, you should not lose hope and keep trying for it. You are definitely going to get your loan at least at a higher fees and interest rate. Just remember to repay it on time to avoid further penalty.

Personal Loans

Personal Loans For Bad Credit Management: Clearing Your Debts Fast

The solution to mounting debts is something even debtor searches for, but the problem is compounded when the funds needed to alleviate the pressure are not forthcoming. This is when a personal loan for bad credit management and debt clearance is most needed. But with bad credit ratings, what are the chances of a successful loan application?

Most lenders are very cautious when it comes to considering bad credit borrowers for loans. While no credit check approval processes do exist for small loans, larger sums cause lenders to examine an application much more closely. But, getting loan approval to clear debts is different to other loans, because the purpose is a positive one.

Still, loan approval is never guaranteed and so it is worth noting something of the things applicants can do to improve their chances of getting the green light. And if the loan application can be suitably strengthened, the personal loan is much more likely to be secured.

Qualifying For A Personal Loan

It might seem unfair that an application for an auto loan, for example, may see their efforts fail, but someone seeking a large personal loan for bad credit management purposes can see their efforts succeed. But actually, the purpose is only part of the approval process.

Qualifying for a loan rests on other things, such as age (over 18), nationality (US citizen) and employment status (full-time for at least 6 months). It is also necessary to provide bank details. This makes the transfer of funds more convenient, with cash becoming available within 12 hours of the application being submitted.

The conditions mentioned above are essential, and failure to meet them is certain to ruin any chances of approval. But getting loan approval to clear debts is an admirable purpose and some lenders will take that purpose strongly into account. In fact, it can be the factor that swings the decision in favor of granting the personal loan.

Advancing Your Approval Chances

But what can be done to adequately enhance the chances of loan approval? Well, there are two chief moves that can be of great value when seeking large personal loans for bad credit management. Namely, they are to improve your credit score, and find a cosigner.

Improving your credit score can only be accomplished in one way – paying up any outstanding utility bills or debts. It might seem strange to clear debts before seeking loan approval to clear debts, but in this case clearing even small loans can do the trick.

An easy-to-get $500 payday loan can bring arrears up to date, or can help clear a credit card bill. These small payments tell the lender of your intentions, convincing them the larger personal loan will be used for the right reasons.

Advantages Of A Cosigner

The second move is to find a cosigner, and in many ways this is the key move to make. A cosigner acts as a guarantor, promising to make the required monthly repayments in the event the borrower is unable to. This level of assurance is priceless when seeking a large personal loan for bad credit.

The effect is to practically remove the risk involved in the loan for the lender. This means the interest rate is lowered and the loan limit is raised. And since the purpose is to secure loan approval to clear debts, it is the catalyst to a complete change in fortunes.

Still, not just anyone is acceptable as a cosigner. Lenders insist that the candidate have an excellent credit history and a large enough income to make the repayments on the personal loan, if necessary.

Personal Loans

Personal Loans After Bankruptcy: Why Approval Is Not Impossible

While it is true that lenders are reluctant to lend money to those applicants who have been declared bankrupt in the recent past, it would be a mistake to think that approval is out of the question. Getting a personal loan after bankruptcy is really down to approaching the right lender and finding the right terms to suit the reality of your situation.

Of course, there is no denying that bankruptcy is a serious matter, and it is impossible to get excellent loan terms until credit status is recovered fully. But it is possible to secure approval despite low credit scores from lenders who are willing to accept the extra risk in the knowledge that the borrower benefits more from maintaining repayments than abandoning them.

But what can an applicant expect from a personal loan application process when they are beginning their recovery from bankruptcy? What is needed to convince the lender that their investment is safe?

Satisfying Qualification Requirements

The first step in submitting an application for a personal loan after bankruptcy that has any chance of success is to ensure all of the qualifying criteria are fully satisfied. This means that proof of a reliable source of income is necessary.

In most cases, lenders will only consider applicants that have a full-time job, and have held it for a minimum of 6 months prior to submitting their application. Admittedly, this is normal when seeking approval despite bad credit scores, but it is essential in this case because lenders need to know that repayments are possible.

Proving affordability is also essential, so it is a good idea to apply for only small personal loans. Even if $10,000 could be handled comfortably, only seek $5,000 to ensure the lender sees no issue at all with affordability.

The Terms To Look For

Obviously, the loan terms affect your chances of approval on a personal loan after bankruptcy. With that in mind, it is important to center attention on matters like interest rates and repayment periods. These can be crucial in establishing affordability.

For example, even if the interest rate is not great, a longer repayment period means that the size of the monthly repayments is smaller. This means the pressure to meet repayments is lower, and so getting approval despite low credit scores is much more likely.

Remember, however, that as an applicant seeking a first loan since bankruptcy, it is necessary to accept compromises that may seem expensive. But by repaying these personal loans without a hitch, the road to financial recovery is assured, so the extra expense is worth it.

Unsecured or Secured Loans

There are some other considerations too, not least whether to seek an unsecured or a secure loan. Without doubt, it is much harder to get an unsecured personal loan after bankruptcy, with the lack of assurance making more lenders reluctant to even consider approving the loan.

It is possible to get a small unsecured loan, but the terms may be too expensive to accept. A secured loan is much more likely to be approved because the lender is protected from any losses. It may be an idea to find a cosigner too, to offer a guarantee repayments will be made. This makes approval despite low credit scores almost certain.

Finally, there are ways to improve your credit reputation before seeking a personal loan. For example, get a secured credit card and made the necessary repayments on time. After just 6 months of regular repayments, lender will have a track record that indicates reliability.

Personal Loans

Personal Loans – Successfully Navigating Through the Loans Maze

Successfully Navigating Through the Loans maze

High street retail banks are facing stronger competition than ever from a diverse range of lending sources, introducers and financial services brands. Comparison sites such as Moneysupermarket and GoCompare have brought more information and access to lenders whom many customers did not know existed, while supermarket chains such as Tesco and Sainsbury’s offer loans at very competitive prices compared to their retail bank rivals.

This should mean more consumer choice as these businesses compete for customers, but in reality, it is harder than ever to secure loans since so many lenders have removed the human element from underwriting loans. Has the government’s involvement and politicians push for more money to be lentout helped? No, and not even according to MP’s own opinions; “A lot of customers feel the decision by their bank not to lend is arbitrary. A ‘computer says no’ culture,” says John Thurso, the Liberal Democrat MP.

So what’s the best way to navigate through the maze?

Step 1

Before going for a loan, there are some government schemes that may be able to help you, so you should check these out first. There are two forms of help you might be eligible to apply for: Local Authority assistance: From April 2013, each local authority is responsible for providing help to its residents who are struggling with an emergency; this could be you not being able to afford to buy food, needing help to stay in your own home or needing help if you have just come out of care, hospital or prison. Sadly, this is not straightforward and will depend on the funding that your local authority has been available. There are no nationwide rules, and each council can arbitrarily choose how much financial help to offer, if any, and who is eligible. National assistance: The next type of help comes in the form of budgeting loans and advances. If you are not receiving benefits, you will not be eligible for this type of help, however, if you are receiving benefits and have no or low savings, then this could be for you.

Step 2

If you have established that there is no government help available, but you need to borrow money, then you need to establish three things before you head off into the maze:

– How much do you need? (Not how much would you really like, or how much do you think you could spend if you had access to it – how much do you really need)

– How much can you afford to pay back? Is it a short-term cash flow problem you have, with some bills you need to pay quickly, but you will have the money to repay on payday? Or do you need to borrow to perhaps buy a car – if so, work out how much you can afford to pay back from your income each month, after you have deducted all the costs of things that you simply cannot avoid (energy bills, community charge, food and clothing, etc.)

Step 3

So if you have established that there is no government help available in step 1 and in step 2 you have worked out the size and type of loan you will need; you now need to find a lender who will say yes.

There three options to finding the lender and right loan offer for you:

– go direct to the lender

– pay someone to do it for you

– find someone who will do it for you, for free

Going Direct

If you have a flawless credit history, have minimal borrowings and know exactly which lender has the product you need, then this could be the route for you.

Getting some help

If however you don’t have flawless credit (perhaps missed one credit card payment 9 months ago, for example) then many traditional lenders underwriting scorecards will simply turn you down. You may also be turned down if you have existing loans, have been in your job or your home only a short time, or don’t appear on the voters’ register where you live – all of these are very common reasons for lenders to decline your application. This is where having some help can work very much in your favour.

Loan sourcing sites and brokers have access to many lenders that simply do not exist on the high street – they choose not to have expensive high street office rents and instead source their customers through these loan sites and brokers. You can choose whether to pay a broker to assist with your search, or use a site for free to find out what your options are before successfully obtaining that loan you need.