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Poor credit score report on wrinkled paper with pen and calculator

Best Loan Options for Bad Credit in 2019

February 6th, 2019 by

If you have bad credit, you know how hard it is to borrow money. Repairing bad credit takes years to do, but when you need credit now, you don’t have time to wait. What are you to do? Keep reading to learn more about the best installment loans for bad credit.

Defining Bad Credit

First, it’s important to understand what having bad credit means. Some people who don’t have perfect credit scores or have a lot of debt assume they have poor credit. The FICO model for credit scoring rates credit on a scale from 300 to 850. Most people have credit scores that fall in the middle. The average credit score, according to Governing magazine, is 687. FICO considers a credit score of 580 to be poor.

What does a lower score mean for you? First, it means that you won’t qualify for those coveted zero-interest credit cards or loans. However, it doesn’t mean you won’t qualify for some credit. People with low credit scores need to do their homework to find the best installment loan for bad credit, but it’s not impossible.

Clear Payoff Schedules

When searching for installment loans online for bad credit, look for loan products that offer clear payoff schedules. These loan products differ from a personal line of credit and credit cards because they require the loan be paid in full within a certain time frame. Once the loan’s paid in full, the account is closed. The borrower doesn’t have the option to access the credit again unless they apply again. These loans are great for borrowers who need money to pay for unexpected expenses like car repairs, medical expenses, etc.

Receiving money Or other business expenses.

Small Loans

People with poor credit scores who need to borrow money often fare better looking for small installment loans. If you have a credit score that falls below 580, it’s unlikely you’ll qualify for a large installment loan. Larger loans often require excellent credit or collateral. Therefore, if you need cash fast, consider applying for an installment loan that doesn’t exceed $1,000.

Choose a Company that Specializes in Bad Credit

Often, people can’t find a lender because they’re trying to get a loan the traditional route. When you have a low credit score, you can’t go into your local bank and apply for a loan. These products aren’t for you. However, that doesn’t mean you don’t have options. Stick with companies that work strictly with bad credit.

There are numerous reputable companies that want to offer you a low-cost, low-risk installment loan for poor credit. These companies often offer a variety of products that include personal installment loans when you need a larger sum of money and smaller payday loans when you need a little help until payday.

When working with lenders who specialize in bad credit, do your homework. People who do their homework and choose lenders with a reputation for providing great loan products and outstanding customer service not only get the money they need but have a pleasant experience.

Do you have bad credit and are looking for an installment loan? Contact GetMoney.com today to learn more about payday loans, business loans, and personal installment loans for bad credit.

Personal loan

How to Find a Genuine Payday Loan Online

December 28th, 2018 by

Finding easy payday loans online is easier said than done. There are plenty of scammers and frauds out there who are trying to earn your business without looking out for your best interests. Payday loans can be incredibly helpful when you need help funding a financial emergency, so you need to ensure your loan is legitimate in order to avoid legal issues down the road. If you’re in search of an easy payday loan, keep these tips in mind to find a genuine payday loan provider in your area.

Do Your Research

The surest way to determine whether an online payday loan is legit is by researching payday loan lenders in-depth. You’ll first need to establish your timeline and how much you need. If you don’t have time to go through a lengthy bank loan process, then an online payday lender is a good go-to source for quick funds. To select the best venue for requesting a loan, read what people are saying on the web about certain companies, as customer testimonials can be extremely revealing when it comes to a business’s ability to provide stellar services.

Confirm Legitimacy

A legitimate payday loan provider that operates under the legal requirements of each state is essential if you want to avoid potentially severe financial risks and headaches down the road. Lenders need to conform with your state’s regulations regarding payday loans and be transparent with the fees, interest rates and terms of the loan. If an online deal seems too good to be true, it’s advisable to avoid them. Your lender must be willing to take the time to explain the loan in detail and more importantly, the explanation must match the documents they provide you.

Speak with Someone Directly

Having trouble finding enough information about a lender online? Contact the company and communicate with an associate directly to learn more about their services. A legitimate lender won’t hesitate to answer any and all questions you have, so don’t hold back. The quickest way to contact a lender is through the contact form or a live chat if they offer it on their website.

Loan

Personal Loan vs. Installment Loan: A Comparative Study

December 26th, 2018 by

Whether you’re in need of some money to help cover your new car, home, or something else, a loan can help you pay for costly expenses without plunging you into a cycle of never-ending debt. With so many different types of loans out there, you’ll have to do your research and learn which type of loan best suits your personal needs. When you’re applying for a loan, you need to be sure you’re working with a legitimate lender who’s working with your best interests in mind. Personal loans and installment loans both provide immediate funding, but have many differences that you ought to consider before applying. Let’s take a look at personal loans versus installment loans to help you decide which type is the best for you.

What is a Personal Loan?

A solid source of quick cash, personal loans can be taken out for any number of reasons. From paying for a wedding to covering the costs of a car repair, a personal loan provides you with quick and legitimate money. Your personal circumstances will influence the type of personal loan you eventually qualify for, so you need to be familiar with the varying types of personal loans and how they differ from one another and their pay-back periods. Most importantly, you’ll only want to apply for a personal loan that will lighten your financial load without creating money problems down the road.

What is an Installment Loan?

An installment loan is simply a larger personal loan paid back over a pre-defined period of time. Personal loans vary in repayment terms, interest rates, charges or fees and are categorized into secured personal loans or unsecured loans. Installment loans can be both secured and unsecured. They are normally paid off over an extended period of time with a lower monthly payment vs a short-term loan that helps balance finances without exposing you to high degree of financial risk. Online installment loans are normally based on the individual’s personal needs and credit history.

If you’d like to learn more about personal loans or installment loans, contact the experts at GetMoney.com to be connected with a trusted lender.

Loan Application

3 Good Reasons Why You Should Get a Personal Loan

December 14th, 2018 by

You open up your credit card statement and realize you spent way more than you thought last month. The prospect of paying off your balance is daunting, and the interest rate is way higher than you’re comfortable with. While rummaging through your other mail, you find a medical bill that you didn’t plan for and start wondering how you’ll be able to pay these bills off. Rather than pulling from your savings, one of the best options out there is getting a personal loan online. Here are 3 good reasons why getting a personal loan online may not be such a bad idea.

Consolidating Your Debt

Debt consolidation is one of the best uses of a personal loan. When a personal loan is used for debt consolidation, all other debts are paid off with the single personal loan. This enables the borrower to pay back the personal loan over time, which is often simpler and easier. Usually, this option is less costly month-by-month versus the insanely high credit card interest rates that are keeping many families stuck in perpetual debt.

Paying Off Unexpected Expenses

As we saw in the example given at the beginning of this article, one of the most common reasons for a personal loan is to pay off an emergency expense. Home repairs or medical bills that need to be paid off immediately can be thanks to personal loans. Simply use the money from your loan upfront and pay it back over time.

Vacations or Get-Aways

It’s safe to say that we all need a break sometimes, so why not use a personal loan to finance your vacation? This can be a great option for people who desperately need to get away but don’t have the money available for it right away. Just use the personal loan to fund the vacation now and pay it back later. While certain self-proclaimed finance moguls may frown upon this reason to get a personal loan, by our estimation your mental health is just as important as your physical health and taking a break could spell the difference between a mental breakdown and time to relax. Be calculated with this decision, but don’t disregard it completely if you feel it’s necessary.

Learn the Facts About Personal Loans

As you can see, personal loans have a wide range of uses. Two different types of personal loans that most lenders provide are secured and unsecured loans. A secured loan requires collateral, but the unsecured personal loan, sometimes called a signature loan, does not. For the unsecured loan, the lender is only concerned with your credit and income.

If you want to learn more about your loan options, contact the experts at GetMoney.com. Finding the best online personal loans is easier than you think.

Man With Money

An Overview of the Types of Personal Loans

December 11th, 2018 by

As you’re searching for ways to get easy payday loans online, you’ll likely come across many different types of loans. While quick payday loans might be best for you, it wouldn’t hurt to know about some of the various options out there.

Co-Sign Loans

If you don’t have much of a credit history and can find someone who has a good credit history, that person can co-sign for you. That means that he or she will repay the loan if you can’t which makes it more likely that you’ll get the loan.

Personal Line of Credit

This is actually like having a credit card. You simply borrow from this as you need to rather than all at once and then pay the interest on whatever money you borrow.

Credit Card Cash Advance

Your credit card itself can give you loans through a bank or ATM. You should be aware, though, that the interest rates are usually high for these.

Debt Consolidation Loans

If you have borrowed money from more than one company, this process can combine them all. This way, you only have to send out one bill instead of keeping track of several. It can get complicated if you have multiple loans going at once, so if possible, you should avoid doing this and only get one loan to start off with such as quick payday loans online.

Fixed and Variable Rate Loans

These terms describe whether your loan will have one consistent interest rate throughout the loan period or whether it will fluctuate based on benchmark interest rates. Variable rate loans generally come with lower interest rates, so these are generally better if you’ll be paying back the loan soon before the rate has time to change too drastically.

Secured and Unsecured Loans

Calling something a secured or unsecured loan is a way of saying whether the loan is backed by collateral or not. For instance, getting a loan from a pawnshop is a type of secure loan. If you get quick payday loans, that’s one type of unsecured loan, but you would usually repay this loan on the next payday instead of gradually over time. This is a good idea for a small loan, since it means you won’t be in debt for a long time. If you need a loan like this, contact GetMoney.com today so that they can help you get started.

Personal loan

Payday Loans vs Bank Loans: An Insight

December 8th, 2018 by

Payday loans and bank loans are not the same thing, and it’s important to be aware of their differences. Before you sign anything or agree to a loan, you should be aware of what it entails and what options you have available.

Payday Loans

A payday loan is both a short-term and high-cost solution. The effective annual percentage rate (APR) of a payday loan can be nearly 400 percent. That’s significantly higher than any personal loan that you might receive from a bank. Typically, a payday loan has to be repaid within weeks or months. Payday loans are designed for people that are cash-strapped and need money right away. If you don’t have a credit card or savings that you can dip into, a payday loan may be your go-to solution, but it’s not the only choice that you have. One possible benefit of a payday loan is that your credit often isn’t checked, so it may not impact your credit rating.

Bank Loans

Many people think of banks when it comes to giving out home loans or business loans, but there’s much more that a bank can do for you. Personal loans are frequently used for emergency expenses, and the interest rates are significantly less than a payday loan. Most short-term personal loans have a fixed interest rate and repayment period. The bank will check your credit history, and it could impact your credit score. As a rule, any negative affect on your credit score should be quite minimal.

Your interest rates will be largely determined by whether your personal loan is secured or unsecured. Secured personal loans have collateral, so the borrower enjoys a lower interest rate. Unsecured personal loans don’t require collateral. The result is that they have higher interest rates, which commonly range from 5 percent to 36 percent. As you can see, even those rates are significantly below 100 percent, much less the 400 percent of some payday loans. You can also borrow much more with a personal loan, making it a much better option for most emergency expenses.

If you want more details about personal loans, contact the financial experts at Get Money. There are many installment loans online for bad credit. You should be able to find something that suits your needs.

Personal loan. Calculator, dollar bills and pen.

Repaying Old Loans with a New Loan: A Detailed Analysis

December 7th, 2018 by

Digging yourself out of debt can seem like a daunting task, but luckily, you have a lot of options at your disposal when you try to work your way out of past mistakes. Keep in mind, however, that working yourself out of debt requires some smart decision making. If you misuse the tools at your disposal, you can undo your efforts to improve your situation and make things worse.
So how do you make personal loans work for you instead of against you when you’re trying to pay your old loan? Simple: take advantage of good situations when they arise and take the time to make the right calculations. Here are a few tips to help you do exactly that!

Know Your Interest Rates

Failing to know an interest rate is a common mistake people make when trying to get themselves out of debt. But when you’re dealing with similar sums of money, the interest rate is vital to deciding which loan you should pay off first. If you ignore a larger interest rate, you’ll end up paying more in the long run.
By the same token, if you have a loan of $10,000 at 6 percent interest and you can reduce it to 4 percent, you can save yourself a few hundred dollars over the remaining life of your loan. But if you don’t know what interest rate you’re paying, you won’t know if you can save money with a new offer!

Borrow a Little More

When you take out a new loan to repay an old loan, it makes sense to borrow a little extra to make sure that you can cover any fees. Some loans have prepayment penalties or other fees attached, and if you don’t borrow enough to cover them, you’ll find yourself a few dollars short of paying off your old loan. Having to make two different payments isn’t an ideal situation, and it’s best to avoid it if possible by knowing what you need to pay and borrowing slightly more than enough to cover it.

Borrow What You Can Repay

Being honest with your finances can help you avoid compounding past mistakes. Make sure that you borrow only what you’re sure you can repay over the course of the loan. If you’re not certain about your finances, refinancing might not be right at this time.

Achieving financial success isn’t something that happens overnight but using personal loans responsibly can speed up the process. By knowing the facts and being honest with yourself, you can make a loan work for you and help you get out of debt, permanently!

Understanding Payday Loans

Understanding Payday Loans

November 16th, 2018 by

Payday loans are generally loans from $300 to $1000. Each state has its unique guidelines and conditions determining the maximum fees, rates and loan amounts. Some states have totally banned Payday loans and made it illegal for any lender to advertise and or offer these loans. Qualifying Since a Payday loan is based on your next paycheck, the qualification guidelines are much simpler than a traditional loan. But since there are still certain risks associated with these loans, a lender may consider several factors such as credit, the line of work, outstanding payday loans, bad checks and wage garnishments that could potentially affect your ability to deliver your paycheck in a timely manner. General Requirements Apart from the qualification requirements, most lenders require the borrower to be 18 years old with an active bank account, a pay stub, proof of employment and a state or government issued ID. Things to Consider Payday loans are generally a costly method of acquiring financing. Thus, before committing to such a loan, make sure the expense for which you are securing financing is urgent. A payday loan should be one of the last options to consider. Credit cards often have special promotional rates which is a much more attractive alternative. A personal loan could also be considered as an option. Be sure to check the rate and the terms of the personal loan with the lender to make sure it’s the right choice for you. Regardless of what type of loan you are applying for, you have to negotiate with your lender.

10 Steps to Avoid Bad Credit

10 Steps to Avoid Bad Credit

November 16th, 2018 by

Credit rating is a score accumulated from analyzing one’s debt and payments over a long period of time. Banks and financial institutions rely on credit ratings and scores to determine the default risk and the interest rate that justifies the risks associated with various loans. Credit agencies store a complete record of one’s financial transactions such as bank loans, credit cards, mortgages, auto loans and etc; it basically represents a citizen as a debtor and as a consumer. Lots of people stress over their credit rating while others are puzzled by the level of its significance in their life. As you already know, credit history plays an important role in your everyday decisions. The better your credit rating is, the lower the interest rate you qualify for, which will basically lower the cost of acquisition and enable you to buy more. Having a bad credit does the exact opposite. If you are not among the lucky ones and now have a-less-than-perfect credit, you will end up with higher interest rates, you will not necessarily qualify for financing even at higher rates, it may even effect your employment options and sometimes make it more difficult to qualify as applicant for an apartment. Is it hard to build credit and maintain it? No. Does it require rocket science? No. You just need a little discipline. Avoid bad credit with these 10 easy steps:

1. Build yourcredit history early

We all begin with a clean sheet. Whether it goes good or bad depends on us and our choices. You can start working on your credit history by simply having a credit card and making timely payments!

2. Be consistent with your bills.

Make sure to pay your bills on time. Believe it or not, but being consistent with your payments has a positive effect on your credit history. Bank committees will see you as a responsible borrower.

3. Pay ALL your bills

Yes, while credit card bills may be your main priority, you also have to keep ALL of your bills such as phone, utilities, mortgage and etc. on track and current.

4. Know what bills report to the credit bureaus

Usually, rent or utility payments are not reported to credit bureaus. Nonetheless, these bills can still hurt your credit score, if they are overdue and the company forwards them to a debt collector. The problem with collection accounts is that even after paying your debt, the credit score will continue to be negatively affected by it. It could eventually be taken off your credit report, but with some work you could have it removed sooner with proof of payment.

5. Missed a payment? Catch up!

There are times when we just cannot pay ALL our bills on time. Life happens and things go wrong. If it does, just remember to pay within the next 30 days. Most financial institutions tend to overlook one or two 30 day late marks. Anything beyond 30 days will drastically influence your credit rating.

6. Control your debt

Another very important factor for your credit is the level of your debt. Keep your credit card balances low and make sure that all loan payments are made regularly to reduce the amount of outstanding debt. Do Not Max Out Your Cards

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Also the bigger your debt is, the more difficult it will be to pay it off. If you see any signs of debt growing too fast – reduce your credit card spending before it’s too late.

7. Keep credit applications at minimum

Applying for multiple loans in a short time period? Hmm… Sounds suspicious. That’s why those big banks keep monitoring you. If bank considers you trouble, you may end up with additional fees and higher interest rates. Carefully consider your needs.Are you sure that buying a new car, getting a new apartment and purchasing things you don’t need is necessary right now? Pay down your existing debt before diving into new ones.

8. Debit-to-Credit ratio lower than 30%

Majority of credit experts recommend a debit to credit ration of less than 30% and don’t request credit limit increases if you don’t have to. Requesting credit increases usually indicates the borrower maybe building up debt.

9. Check your credit report

You may be 100% sure that you’ve got everything covered and there is nothing wrong with your payments. But how can you be so sure if you don’t see your credit report? Make a habit of checking your credit report diligently annually or at least semiannually. Look out for suspicious activities i.e. anything you cannot recall buying, credit cards you don’t recognize and etc. Monitoring your credit report is especially important if you have your accounts on auto-pay.

10. Keep educating yourself

Keep track of interest rates, new regulations about consumer loans and those that effect lenders and financial institutions. Do your homework prior to applying for loans, research the alternatives and understand every term in your contract. Consult with an adviser.

5 ways to get a loan with Bad Credit

5 Ways to Get a Loan with Bad Credit

November 16th, 2018 by

Having no or bad credit can hold you back and prevent you from getting approved for a loan. Your bad credit makes you a high-risk borrower. As you already know, lenders put a lot of weight on and rely on credit scores to determine if a borrower qualifies and the rates at which the risk of lending will be an acceptable risk. To understand how your credit score effects your loan options, it’s best to start by getting your hands on a current copy of your credit report. There are several websites that provide you a copy of your credit report online for free. The one I personally prefer and use is www.annualcreditreport.com, you may also be able to get a copy from your credit card provider. You need a copy of your report to review the accounts that are currently reporting under your name and their accuracy. If you notice any discrepancies such higher balances, higher minimum payments and accounts that are closed, call that lender and the credit bureau that is reporting it immediately. All these factors may have an adverse effect on determining your risk factor as a borrower. Avoid common mistakes that lead to bad credit;

  • Making multiple late payments. A 1 x 30 (30 day late mark) is not nearly as bad a 2 x 30 on your report.
  • Only making minimum payments instead of paying down your balance when you can.
  • All payments are important. In today’s digital world, all accounts are somehow connected.

If you’ve made some of the above mentioned mistakes, you can still qualify for a loan. Specially, if the loan will put you in a better financial situation. There are at least 5 ways to receive a loan without having a perfect credit.

1. Apply to Credit Unions

Credit Unions are similar to banks, but they are owned by their members instead of profit-seeking shareholders. A credit union, especially if it’s affiliated with your employer or community, may decide to grant you a loan based on your character and your ability to repay it despite your poor credit history.

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2. Reach out to family and friends

Even though borrowing from family and friends is never a good idea, you can still consider it if you are 100% positive you can repay the loan and you are going to use the money to put in a better financial situation. Look at it as bridge loan till you get back on your feet. If you do decide to go this route, be sure to have a written agreement with interest rate, loan amount, payment terms and all the other factors you deem important to both parties.

3. Get a co-signer

Asking a friend or family member to co-sign a loan is a great option. Not only will their good credit help you qualify at a better rate than you would get with your bad credit; it will also help you rebuild your credit if you make all your payments on time. Don’t forget the loan is tied to both your credits. Thus, if you miss a payment, you will ruin your co-signers credit and adversely affect someone who was kind enough to help you when you needed it.

4. Turn to Personal Loan Lenders

Personal Loan Lenders such as the ones Getmoney.com works with have created a fairly new industry which makes it possible for people with bad credit to be matched with a lender who’s guidelines they meet. Some personal loan lenders do everything online and get you qualified in as fast as a few minutes and get you the cash you need within 24 to 48 hours.Usually, the application process is simplified and very easy. Their qualification guidelines are not limited to your credit history, they use algorithms and other data to access risk.

5. If there is no other way, consider Secured Loan

If your credit score is not good enough to meet any lenders guidelines, the best chance of getting a loan is by applying for a secured loan. A secured loan is a loan granted based on a tangible asset you own. The lender holds the asset as a collateral and will liquidate it if you should fail to meet your financial obligations. Usually, secured loans have lower interest rates and better terms. Plus, if paid in a timely fashion, they can also positively affect your credit score.