Applying for a Personal Loan With Subpar Credit – What to Know

Anyone that finds themselves with multiple balances on credit cards that have high interest may consider looking for a personal loan with bad credit. This allows them to transfer those balances and take advantage of a lower interest rate to pay off their cards. Sadly, many banks will turn them down due to their credit. Thankfully, there are ways to get a loan that will help them save money, even with that low credit score.

Whether due to financial issues, job loss, or just striving to build a good credit score as a first time user it is difficult to get a loan. The way credit reports work is always changing and there are many factors that affect a person’s credit. It’s important to stay in the know about how to build it, and what your options are. There are likely more options than they think. Here are some ways to apply for and get a personal loan with bad credit.

How to Get a Loan with Bad Credit

Having zero credit or poor credit is a major issue when looking to secure a loan, because that person is viewed as a high risk customer who may default. It’s important to accept that until the credit score is raised, one won’t be able to enjoy the standard lending guidelines offered by big banks.

For anyone that’s been turned down for a loan or who doesn’t want to pay monstrous rates, here are some options:

Consider a Home Equity Line of Credit

If there is enough equity in owned property, it’s possible to secure a tax-deductible, low-interest loan or line of credit that can be used in any way. The only downfall is that many don’t want to tap into their home equity as it puts the property in jeopardy if they can’t repay it. However, with a steady income and a bit of discipline then this can be paid off and is a less pricey option no matter what the credit score!

Try and Apply to Credit Unions

Credit unions are so much better than a regular bank. That’s because they are member-owned. Usually they are founded by people who have something in common whether it be living in the same area, or working in the same profession. They are nonprofit and have a sole purpose of helping members. They offer great customer service and low fees.

Borrow from a Friend

Consider what’s called P2P or peer-to-peer lending. There are even sites online that let a person borrow from someone directly rather than a bank. This form of lending is getting very popular and is quite simple. It’s a winning situation for both investors who want to earn interest and borrowers who enjoy paying lower rates. It’s the perfect solution when looking to apply for a personal loan with bad credit. Current rates with P2P lending are as low as 6%. That’s far lower than most credit cards.

Family Loans

If an online peer doesn’t pick up a loan request, there’s always a chance a family member might. However, it’s more than important to treat a loan from someone in the family just as a professional loan. It should be documented and recorded. A written agreement should show the interest rate, terms of repayment and collateral that’s going against the loan. It should also lay out all the actions to be taken if the borrower does not repay.

What About a Co-signer?

If one is searching for a personal loan with bad credit and they don’t have a family member or a friend that is available to offer the loan, maybe they would consider co-signing. This is when someone who trusts that the borrower can repay the debt would take a chance on them and be a back up to repay the loan should that person default.

Personal Loan and Its Different Advantages

A personal loan is an unsecured loan which is offered to a consumer for catering their various personal needs such as the renovation of a house, marriage, home appliances, buy vehicle amid others. This is offered after verifying one’s ability of paying especially the income source and also according to their credit history. A nominal processing fee will be charged and the sum as per a person’s paying ability will get credited to their account. In fact the loan payment is made via fixed installments which also includes interest and for fixed time periods. The icing on the cake is these days personal loans are a smart choice as one do not require going through a lot of formalities and tedious paperwork. Most of the financial institutions and banks offer personal loans today and the rate of interest is also quite reasonable.

Discover the different benefits

• Available easily- to get a personal loan is no longer a challenging affair. It is offered by almost all financial institutions and banks at a reasonable rate of interest. Compared to other loans it is convenient and easy to get

• No middleman or agent involved- for availing a personal loan one will not require taking the help of an agent or a middleman. This will avoid unnecessary expenses and delays. A person can approach the financial institution or bank for the purpose directly

• Unsecured loan- this is indeed an unsecured loan. Here no collateral security is needed for availing the loan. In fact, all that is needed is one’s ability of paying back the money.

• Less processing time- because it is accessible devoid of any guarantee or security the processing time needed to get this is naturally less compared to other loans

• All purpose loans- in this form of loan it is not compulsory for a person in specifying the reason for which they will be using the money.

• Minimum paperwork- to get a loan will not need any asset verification or other forms of certificates and proofs which include ample paperwork as none of one’s property is mortgaged

• Offers and schemes- different financial institutions and banks keep announcing offers and special schemes on personal loans, especially for the professionals such as architects, doctors, chartered accountants and the like

• Amount and tenure- these loans generally are provided varying from Rs 15000 to Rs 20 lakhs differing from one bank to another. The repayment can be made through EMIs

The bottom line is, rather than borrowing money from a credit card it is always better to choose a personal loan as the rate of interest is comparatively lower. So reap its utmost benefits.

The Power of Personal Belief

If you’re in the network marketing business, you’re in the “people” business…at least you should be if you ever hope to find success. A lot of people get wrapped up in their company, their products, and their compensation plan, but fail to realize that complete emphasis on all three of those combined elements will get them nowhere if they don’t learn how to deal with people.

In order to grow a successful home-based business, you must attract people to YOU. And to do this, you must have a strong belief in what you’re doing. If you’re not passionate about what you do, the people you tell about your opportunity will pick up on it instantly.

I recently attended a live networking function. It was very small and quaint, and allowed the few participants to do a brief commercial about what they do. The small setting also allowed for a nice open forum to discuss multiple topics.

One attendee went through a brief rundown of what they do for a living, and just as the facilitator was ready to move to the next person for their introduction, the person “back-doored” us with a business opportunity.

The “pitch” was very indecisive and lacked confidence. The person then handed out a business flier with information about the opportunity.

In no way am I demeaning this individual or discrediting their opportunity. But what I can say is that all talk about this opportunity ended as soon as she handed out that flier with company information. It was never brought up again.

So what went wrong?

First of all, this person didn’t know anything about us and would’ve been better off using that meeting to build a relationship with us and find out what each individual was all about. From there, they could’ve determined whether the opportunity would’ve been right for any of us.

Secondly, there was no belief in the opportunity at all. This person did speak very strongly about the product, but the lack of belief not only in the opportunity, but in themselves as a potential leader within the opportunity, was very evident.

This exemplifies how strong the power of personal belief is. If you’re going to be successful in a people-oriented business like network marketing, there’s no better lesson to be learned than developing a strong belief in yourself and what you can accomplish.

Personal belief carries with it confidence, posture, leadership, and knowledge. It makes you attractive on many different levels, and that’s what other people are looking for when they join an opportunity. The product may be ground-breaking, and the opportunity may be everything someone is looking for. But if they’re not partnering with someone who is committed to their success and can show them ways to develop, they’ll move on to someone who can.

People join people. More so, people join people who provide value and they can relate to. If you’re promoting an opportunity that you don’t 110% believe in, or, even worse, if you don’t 110% believe in yourself, no one else is going to believe in you or your opportunity either.

How Can I Buy a Car With Bad Credit?

According to an article in consumers affairs;

In general, it is better to go with a bank or an auto financing lender rather than the car dealership down the street that is offering a “buy here, pay here” deal. If you do wind up with a high interest rate on your car, work on rebuilding your credit score so that you can eventually refinance.

If you suddenly find yourself without a car you might be asking, “How can I buy a car with bad credit?”, well, You DON’T! I know not having a ride can be a problem, like how do you get to work, or what if you want to go out? Well as far as getting to work goes, see if a work colleague lives near you and chip in on some gas for a ride. As far as getting out from time to time, there’s always Uber.

You want to give yourself a few months to save up some money and pay cash for a vehicle until you can get your credit to a point where you can get a 6% or less interest rate. Your choice of vehicle will be better and the total cost for the vehicle will be a lot less.

Another problem with buying a car with bad credit that most people forget is car insurance. Your insurance premiums unfortunately are also based on your credit score. The combined monthly cost of your car and insurance could be challenging. Again, waiting until you have a good credit score will save you on insurance as well.

Here is an example based on $35,000.00 vehicle purchase at 20% versus 6% on a 5-year loan.

$35,000.00 at 20% interest you will pay over $15,000.00 in interest at 6% you will pay approximately $5,000.00 in interest. Quite a difference.

Your total cost for the vehicle is about $15,000.00 less in interest at 6%, and your monthly payment is approximately $250.00 less per month!

OK let’s play a little game, what if you took that $250.00 per month that you’re NOT paying in interest and invested it each month over the same 5-year time period with a 6% return?

Well you end up EARNING $3000.00 instead of PAYING $15000.00. I’d say that’s a pretty good argument for doing everything you can to avoid a high interest car loan.

Instead, put ALL your resources into getting your credit fixed. This will put you in to position to buy at a good interest rate with minimum money down. This will save you a ton of money and you won’t regret it!

Buy a new car or even a used car is never a good investment, but one you can’t avoid. Buy a car with bad credit, as you can see, is yet a worse scenario. Make sure you do whatever it takes to avoid this costly mistake.

If you considering purchasing a car in the near future and have some credit challenges be sure to check with one of our Credit Experts to see how you can improve your credit for the best interest rates and no money down options.

Bad Credit Auto Loan: A Way to Repair Your Credit Score

Having a car has become a necessity in today’s fast growing world. But to obtain a car you need a good credit score. What do you do when you know that it is not as good as it should be and you find yourself in a tight spot financially? The first thought that comes to your mind is whether you will qualify for an auto loan. And, why would a lender approve loan application of an individual who has a spotty credit score? But the good news is that you can get a bad credit auto loan.

What is a Bad Credit Auto Loan?

The simplest definition is that you can get money for buying a car with a bad credit score. A credit score depends on your ‘creditworthiness’. So when you have a bad credit score, getting an auto loan becomes difficult because a lender thinks that you are unable to repay your debts. Today, owing to online services many lenders offer attractive interest rates on a bad credit auto loan providing the borrower a sigh of relief!

It’s no Picnic!

Getting an approval for a bad credit auto loan is no picnic. It means that when your credit score is not in your favor, it becomes difficult to get approval. But, with the following guidelines, approval becomes easy:

· When your credit score is in question, don’t assume that it must be bad. The wise way is to check it yourself.

· It is the best time to shop around for a bad credit auto loan. Many lenders see borrowers with credit issues in a positive light. So it is important to shop around in order to make the right decision.

· Go online! Various loan options are available online which not only suits your needs but also offer you best interest rates.

· Consider a co-signer. A co-signer provides the security which lenders are looking for in a loan application. Your co-signer’s financial condition should be good in order to compensate for your low score.

Different Lenders have Different Viewpoints

Something that is multifaceted can be looked at from many points of view, with each point of view showing something new.

· You don’t have to worry about your credit score since the lenders are not going to looking at it. Instead, the lenders will look at how likely you will pay off the loan in future.

· The approval rate for a bad credit auto loan is higher than other conventional loans.

· It gives you an opportunity to improve your reputation. If you make timely payments, it can provide you with a chance to build a stronger financial standing.

On the approval of a bad credit auto loan, you will now have the money to buy a new car. You will have fixed interest rate and monthly payments. So now when you make the payments on time, it will not only repair your credit score but also build a good reputation with the lender.

When your credit score is not good, Online bad credit auto financing is the perfect way to buy a car. Apply with EZ Auto Finance and the online loan expert will help you to become a proud owner of your favorite car. Also, it will enable you to obtain no down payment auto loans.

Spiritual Transformation – How Personal Beliefs Affect Spiritual Growth and Your Walk with God

Just about everyone knows that spiritual growth and spiritual transformation determine your walk with God. But does everyone realize that their personal beliefs affect the success they seek both physically and spiritually?

It’s taken me over 50 years to realize that my beliefs have propelled, prevented, or put on hold my pursuits in life. Only now am I realizing that eveything I thought I believed, I didn’t. It’s easy to say something, but owning it in actions is completely different.

You may ask, “What do you mean?” Simply put, I mean that it’s easy for me to say that I love God and that I love other people. But in actuality, sometimes I find that my love for God and others depend on what’s in it for me. When I’m struggling and can’t get peace of mind, I’m not thinking about spiritual growth or spiritual transformation.

It may be offensive to some, but when I’m struggling, I want the quickest relief possible. Sometimes God doesn’t seem to respond to my requests for relief as quickly as I think He should. Since I’m not a patient person – yes, I know God is working on me in that area – I search for relief in other places. That search usually begins by seeking out people who can help me.

I don’t know about you, but for me, seldom are people the relief I need when I’m struggling. Even though I say I love them, they can really get on my nerves in a short period of time when I come to them for help. They want to tell me about their problems or what’s going on in their lives, when I’m dying on the inside. What kind of relief is that?

What God has taught me during stress times is that He’s refining me and showing me my true beliefs. It seems that the best way for me to grow spiritually is through difficult times. You see, I respond to what I truly believe rather than what I say I believe.

That may seem odd to you, but sometimes I don’t know what I truly believe until difficult times come into my life. Without a doubt, what’s on the inside of me comes out. At times, I’m amazed at the thoughts I have toward others. Knowing the Bible means nothing if I am not willing to apply what I’ve learned into the daily circumstances of my life. For me, that’s the only way to overcome my negative thoughts and meaningless actions.

Without a doubt, spiritual transformation will be a lifetime process for me. I agree with the statement, “You behave as you behave because you believe as you believe.” I am no longer surprised when my beliefs reveal that I’ve lied to myself – again. It only shows me that without God, my walk and beliefs fall far short of where I should be in Him.

Spiritual growth and spiritual transformation are great. Walking with God is one of the greatest privileges I have. But looking inside me, acknowledging what I truly believe, and changing my beliefs that are inconsistent with God’s Word are not easy. Alone, it is impossible – that’s why I am unable to get “unstuck” at times.

Spiritual growth and spiritual transformation affect everyone who wants to walk with God and obey His Word. Are you like me–do you get “stuck” when your actions and beliefs are not in sync with God’s Word? There’s nothing wrong with being “stuck” as long as you know how to get “unstuck.”

Gradually, I’m learning what walking with God means as well as how my spiritual growth leads to spiritual transformation. I’d like to share the lessons I’ve learned with you. You can learn more about spiritual growth and spiritual transformation in my book, Becoming God’s Vessel of Honor.