Business Credit Card Debt Consolidation Loans

Starting and running a business of any size is a tough thing to do, and the toughest part of it can be figuring how to make the money last from month to month. Long sales cycles, clients who take their sweet time paying outstanding invoices, and vendors who hound you to pay your outstanding bills can all add up to a pretty serious cash crunch. When that happens you have to float the business somehow, and many business owners end up turning to credit cards. This is true in the manufacturing, the retail, and even the construction world.

I recently heard a story of a construction company owner who put about $200,000 on his credit card to float the bills associated with a hotel construction project his company was working on. The hotel developers’ other financing fell through, leaving him with $200,000 to pay off at a very high interest rate.

I happen to know that he’ll be fine, but most small business owners in that situation would be hurting badly, and their only recourse to recover from that kind of business credit card debt would be some form of consolidation loan. The question is do those loans even exist?

Yes, they do, and they operate in a similar way to traditional consolidation loans obtained by individuals, with the same goals. Basically anyone going through this process is hoping to have one lender take all their outstanding debts at various interest rates and combine them into a single loan with one lower interest rate.

Obviously that results in one payment, which is small and more palatable compared to the sum of the payments of the loans and credit cards the business owner was dealing with before the consolidation. The whole process is designed to make it possible for business owners to satisfy the requirements of all their outstanding debt, but do so in a way that keeps them from going out of business or worse, filing for bankruptcy.

Credit card debt consolidation for small businesses is not going to be an easy thing for anybody – you’ll have to qualify for the loan, and the lender will have to believe that your cash flow situation isn’t so bad that you won’t be able to make your consolidation loan payments, the same way you’re struggling with your current payments. If you can show a long track record of sales in your business which gives some proof to the lender that things will get back on track for you, the loan will be much easier to qualify for.

Personal Lending to People with Bad Credit

The whole industry of personal loans lending has become one of the most hated and controversial aspects in the world of finance and banking. Why? Because on the surface it seems to be true that the business operating in this market are taking advantage of the poorest segment of society, lending them money they may or may not be able to pay at almost unimaginable interest rates. While this assessment of the industry isn’t completely unfair, it’s not realistic to say that every person who ever uses personal money lending is down to their last dollar, just about to move onto the streets. There are plenty of examples to the contrary.

One example would be commission-based salespeople. I spent a few years in the world of all commission sales, and I can tell you there were more than a few times where I’d have one or two bad weeks and end up running very short of cash. Fortunately I had credit cards and an overdraft line of credit with my bank that got me through until I had another good run of sales, refilling my accounts with plenty of cash. But what if I’d had bad credit or no credit? Most likely, bad credit personal signature loans would have been my only option.

Another example of a completely normal person who’d need a personal loan to make it by would be a small business owner or a self-employed person. Many independent contractors operate on a 30 or 60 day billing cycle. So their business can be completely thriving, with customers coming out of the woodwork, but they still find themselves cash poor because they haven’t been paid on last month’s invoices. I know a few freelance computer programmers who have had clients take over six months to pay their bills. If that happens with more than one or two clients the contractor ends up short of cash, needing the help of a personal loan lending company.

I think we all understand that it’s in no one’s best interest to make frequent visits to personal lending companies who give loans to people with terrible credit. But we can’t just operate under the assumption that every one who ever borrows money this way is destitute – or stupid. There are perfectly legitimate reasons a person would need to borrow some fast cash for a week or two (something along the lines of a $1500 loan, and your average payday loan store is just what they need – especially if they’ve got damaged credit.

Erasing Bad Credit is Possible – Sort Of

There are so many reasons you’d want to erase bad credit – some of them are financial (because you need decent credit to borrow money for important things like houses, vehicles, and education), and some of them are personal (because let’s face it…having terrible credit is embarrassing – it makes you feel like a second class citizen). Advertisers know how desperately people want to be able to repair their credit, and saying “you can absolutely make all your credit blunders disappear!” has a lot of appeal in the marketplace. There’s only one problem: it’s just not true.

The FTC (Federal Trade Commission) has come right out and said that it’s actually not possible to get bad credit erased completely. Your best hope is to go through the normal process of cleaning up and repairing your damaged credit. Basically, there’s no quick fix, no matter what the advertisers would have you believe.

You might read that and say “But I thought I could dispute incorrect information on my credit report and get it removed?” Yes, you definitely can. But just the process of disputing a blemish on your credit history won’t make it disappear. The only way to get something completely erased from your credit history is to dispute it, which leads to an investigation, which if successful gets the negative item removed by the various reporting agencies. It’s a relatively long process and requires plenty of follow through and follow up on your part. There is no guaranteed the credit bureaus will do this though. Which takes us back to the advertisers and their promises.

You should be fully aware that no matter what a credit repair company tells you, they can’t force or require the credit tracking agencies to remove anything from your credit report at all. Of course they’re going to make such claims…how else would they get you to pay their fees if you didn’t believe you were guaranteed to get a great result?

The fact is that erasing a bad credit score is really difficult, but it doesn’t have to be expensive to go through the credit-repair process. If you contact the FTC and ask them about non-profit credit clean-up organizations they’ll direct you to those with a proven track record of getting people’s credit in the best possible shape without having to pay really high fees.

Do your homework, and resist the urge to look for a quick fix. The more you look for a quick fix the more likely you are to fall prey to hyped up advertising that will cost you way too much money and not even deliver the improved credit score you need and want.

Debt Negotiation Options You Can Live With

Anyone planning to go through the debt reduction negotiation process can hope to accomplish a few things:

  • eliminating all debt over a three to four year period, in spite of being months behind on payments with large balances
  • getting the ball rolling by negotiating a 40%+ reduction in principle balances with debtors
  • avoiding bankruptcy as well as expensive debt consolidation loans

All of these objectives are possible, but they’ll come at a price. You’ll have both the hard dollar cost of the debt settlement negotiation as well as the resulting damage to your credit score (which may not be much of a concern for anyone who’s in deep enough that they’ve reached this point).

So what do debt negotiation companies actually do for you?

This process is geared toward all of your unsecured debts – everything from credit cards to personal loans to medical bills. Think of it this way – the debt settlement and negotiation process is designed to relieve you of debts that don’t involve a purchase or product that can be repossessed by the lender. A credit card company obviously can’t take back the vacation you bought with your Visa, nor can the hospital repossess the care you received when you had your gall bladder removed. Since there’s nothing to sell to repay your loan, and the lender has nothing they can take back from you, there are only a couple of options left:

  • the borrower files for bankruptcy and walks away from most or all of the loan balances
  • the borrower and the lender – with the help of an intermediary – settle on a reduced principle balance and interest rate that restructures the debt, allowing the borrower to make payments and complete the loan

Neither case is idea for lender or borrower, but one scenario is better for both. Settling on a reduced loan amount and interest rate allows the lender to recover at least some of its money, while the borrower gets to see a light at the end of the debt tunnel as well as avoid bankruptcy.

Do-it-yourself negotiation of debt reduction?

Absolutely. You don’t have to go through this process with the aid of a company. I have a good acquaintance – a woman whose ex-husband had buried her in debt – who worked with every one of the creditors on an individual basis to get her payments and balances to a level she could pay off in a reasonable period of time. When all was said and done she had gotten an average of 50% of her principle balances reduced, and although she’d still have to pay for a few years, she would eventually be free.

The diy method of reducing debt has two benefits: it saves you the fees a company would charge you, and it gives you the added sense of accomplishment that comes from fighting your way out of a totally unmanageable debt situation. Being extremely deep in debt crushes your self esteem, and negotiating your way out of it can be a real boon to your self image.

However you approach the process, negotiating your way out of seemingly insurmountable debt is absolutely a smart thing to do. This country has far too many people willing to walk away from their obligations. Asking your creditors to take huge losses on your debt isn’t an idea scenario, but it’s better than bailing out on your commitments entirely.

Auto Loans for People with Poor Credit and ‘Repos’

Is it possible to get an auto loan after a repossession?

Yes, it’s completely possible. Depending on the dealer you’re working with it could be very easy or very hard to get car financing after you’ve had a car taken by the bank. Ironically, the easiest lending situations won’t always be the most desirable for you. Let me explain:

Certain car dealerships – usually those with the somewhat homemade looking banners hanging on the front of their office that say “everyone is approved!” – should be avoided like the plague. Here’s a quick glimpse into how they operate: first of all, they take used cars of questionable dependability and they price them something like 20% above their bluebook value. Then when you come into look at cars, they tell you you can be financed as long as you can put around 20% down. See what’s happening there? You’re paying cash for the 20%, unjustified markup, which means before you ever make a single payment you’ve already given them a really nice profit on the car.

This is why getting no credit check auto loans with repo can be so risky. Once you’ve made the ridiculous down payment they’re going to tell you that they’ll finance the remaining amount at something like 23% to 25% interest. So now they have your 20% down payment and you’re on the hook for high payments at a ridiculous interest rate. These dealers aren’t stupid – they know your track record with making payments. They know there’s probably a 50/50 chance you’ll start missing payments, which means they’ll come repossess the car. So they take the car back, keep your down payment plus any additional payments you’ve made, and then wait for you to come into to plead your case.

This is an almost no-lose situation for the shady dealer who’s offering to finance a car after your repossession. One of three things will happen:

  1. You’ll come into the office, get current on your payments, take the car, and keep making payments at the 25% rate.
  2. You’ll walk away from the car, which lets the dealer keep all your money and then resell the car to some other poor credit borrower.
  3. You’ll decide that car was too much for you to handle financially, so you’ll make a new down payment on a different car, and start the ugly cycle over again.

Do you see how it would be best for you to avoid this whole situation in the first place? It’s going to be much safer and smarter to work with a dealer that actually cares about its reputation. The terms of the auto financing after a repo may not be much better, but they’ll have less desire to treat you poorly.

‘How do I get a home equity loan on my mobile home with bad credit?’

Most people don’t realize that mobile home loans behave very much like traditional home loans. That might come as a surprise since mobile homes can ‘pick up and move,’ but it’s true. Mortgages for mobile homes have a lot of the same characteristics as loans on houses that are ‘stuck,’ including the ability to borrow money against their own value. It’s true – mobile home equity loans are a very real thing, even if you have bad credit. The only real difference between an equity loan you’d take out on your mobile residence and the kind I’d take out on mine will likely be the difference in amounts. Since single family homes tend to be a lot more expensive, there’s just simply more equity to borrow.

So let’s talk about what you’ll have to go through as part of applying for a bad credit mobile home equity loan. First the lender will want to know what year your home was manufactured in. That’s logical enough, given the fact that mobile homes are going to deteriorate more over time than a single family home would. The older your home, the lower its value is likely to be, which means there won’t be as much equity for you to cash out.

The bank will also want to know exactly how bad your credit is. There’s a difference between having missed a few credit card payments and something more major like having gone through a home foreclosure at some point in your life. If you’ve ever had a foreclosure, I’m afraid you’ll find it tough to borrow any of the equity from your mobile home. It just makes you too much of a credit risk. Now, that doesn’t mean that you could never get the loan after going through a foreclosure – you just might have to have a co-signer whose credit is much cleaner than yours.

Another key part of the application process will be how much of a balance – if any – you have on your home loan now. This is where loans on mobile homes are similar to normal mortgages; if you owe too much the bank isn’t going to want to let you increase the total indebtedness on the home by cashing out some of the equity. Hopefully your home is free and clear, and relatively new, so your chances of borrowing a decent amount are increased.

Finally, before anyone will give you a home equity loan for a mobile home with bad credit, they’ll want to know what type of property your home sits on. Is it in a mobile home park? On family property? Other rented land? If your home sits on property you actually own it’s going to be much easier to get the loan you’re looking for.

Be persistent. It’s likely that lending will be tighter from now on, with banks looking more carefully than ever at your income and credit history before giving you any kind of loan. You might have to spend a few months or even a year making yourself look good enough on paper for them to lend you the money.

Types of Loans with No Credit Check

There are actually quite a few different options for loans that aren’t going to require a credit check. Here are just a few:

Personal Loans with No Credit Check

The ‘tongue in cheek’ variety of these kinds of loans – you know, the ones where they don’t check your credit before they give you the money, are those issued by your brother, mother, co-worker, bowling buddy, etc. You get the point. These are lenders who might give you that ‘personal’ loan and not check your credit. I say that half-joking, but the reality is friends and family might be the best option for you to borrow some fast, relatively low interest cash from.

If you can’t borrow funds from those closest to you, you’ll be able to check a variety of offline and online sources, including websites, and corner cash stores who will be wiling to lend you the money whether your credit score is good or terrible. All they’ll want to see is proof of a bank account and some check stubs to show you have some income that will let you repay the debt. If you can meet those criteria, a 5000 loan no credit check could work out for you.

Payday Loans with No Credit Check

Payday loans might be the most famous – or notorious – loans that exist in the world today. They’re fast and easy to get, but slow and difficult to repay. And it’s true – they’re most likely won’t bother looking at your credit history before they give you the loan. The amounts they’re going to lend will be smaller; you’re not likely to ever see a no credit check payday loan that gives you more than $1,000. But that may be all you’re looking to borrow.

Cash Loans with No Credit Check

If you want to walk in with nothing but your ID and walk back out with cash in hand, you’re going to need to use one of your local check cashing or payday loan store type operations. Cash loans are very possible and very common, but for obvious reasons you can’t really get them online. The only thing an online lender can do is deposit the money in your checking account, but that might not serve your purposes, especially if you don’t have a checking account but you still need to borrow some money. The fact is there’s almost no such thing as guaranteed loans for bad credit no fees. It’s going to cost you to borrow money this way.

Whatever type of short-term financing you need, you don’t want to use it very often. The best types of loans do require verification of a decent credit score, and as a reward for showing them your credit score you’ll be able to get much more reasonable terms and interest rates. Work every day to improve your financial situation and get interest working for  you instead of against you.

Startup Business Loans for Bad Credit

No matter what anybody says, the American Dream is still to own your own business, your own income stream, and your own time. I’ve been a full time entrepreneur for a while now, and as I write this I’m sitting in my office feeling happy and grateful that I have a lot of say in my own financial destiny. But the reality is that starting a business can be an intimidating thing, and getting it off the ground usually requires more cash than most people have.  And if you’ve hurt your credit at some point you might have to see about qualifying for bad credit startup business loans.

The fact is you can still get financing if your personal credit score is pretty low, but you can forget about traditional banks. If they see that your FICO score is below 650 or so, there’s just not much chance they’ll want anything to do with you. To combat your own bad credit, the best place to start is to try to build up some kind of corporate credit. You need to set up an official entity, such as an LLC or other corporation, and immediately apply for some small lines of credit through that entity.

Many credit card providers will have some kind of bad credit credit card for startup businesses. Be prepared for high fees and APR’s, but if you can handle those hurdles you’re going to be able to get at least some kind of credit lines as a business. Even if you get a $300 credit card and start using it for normal purchases, you’ll be on your way to establishing some corporate credit. Down the road you’ll find that local banks, credit unions, equipment manufacturers and other lenders will consider you much less of a risk if you’ve shown some improvement in your personal credit in combination with some corporate credit history.

Here are a few things business financiers will be looking for when deciding whether to give you the startup small business loan you need to get things going:

  • you’ll have to be compliant with a list of 20 different criteria (for example: whether you have a business name, whether you have a business phone number, whether you’re listed with any of the major business review companies, etc)
  • you’ll need three national credit reports – each of them reflecting your credit worthiness
  • up to five credit lines directly from vendors that report to the major credit agencies

Of course there are other criteria, but these are the things to be most concerned about as you try to get small startup business loans. The main thing will be perseverance, as this is the stage where many would-be entrepreneurs get frustrated and quit. All I can promise you is that it will be worth any effort to get your own business off the ground.

‘How Can I Reduce My Debt?’ Get Some Answers

There’s almost no stress that weighs more heavily on a person’s mind than the worry caused by excessive debt. It’s an interesting thing to observe what debt does to a person’s psyche – it crushes their creativity, nearly eliminates their ability to set goals and dream about a better future, and it can even damage a person’s physical health. What it all comes down to is that debt is bondage; it’s a form of self-inflicted slavery from which everyone who’s in it wants to escape. Don’t worry – if you’re sitting there saying “Yes, but I have no idea how to reduce my debt,” there’s hope. It’s not going to be an easy path, but you can absolutely get there.

First we should talk about the traditional methods for getting rid of debt. One of the most popular in the world is called the snowball method, and it boils down to attacking one piece of debt at a time until you’ve eliminated all of it. For example, let’s say you’ve got two credit cards, a car payment, and your mortgage payment. One credit card has a balance of $10,000 and the other has a balance of $5,000. You owe $12,000 on the car and you have a remaining balance of $250,000 on your home. If you approach this process the right way you can end up paying it all off within 7 years or so, and live debt free for the rest of your life.

You’ll start with the smallest debt – the $5,000 credit card balance. Dig into your financial situation and find an extra $100 or so per month. Apply that $100 per month to your credit card balance, and combine with your monthly minimum payment. Your total payment will probably be in the neighborhood of $200 or $250. It will take nearly two years, but you’ll be rid of that credit card balance. When you’re finished, take the entire payment you’ve been making to that credit card, combine it with the monthly minimum payment you owe on the next credit card, and you’ll pay it off a lot more quickly. Continue with this process on the car and your house, and the next thing you know (a few years later), you’ll be debt free and loving life.

The snowball method is one of the most famous and popular solutions for people saying “I want to know how to reduce my credit card debt.” If you discipline yourself to find the extra money in your monthly budget, apply it aggressively to one debt at a time, and stick with the plan for a few short years, you’ll enjoy total debt freedom for the very first time. I promise you nothing could ever feel better than knowing that you owe nothing to no one. Good luck, and hang in there.

Legal Credit Card Debt Elimination Programs

I can tell you from personal experience that getting buried in credit card debt is one of the most awful feelings you can ever experience. It really feels so hopeless. Once you get to a certain point with your debt – say above $15,000 or $20,000 in credit card balances – and you have this realization that you basically need to win the lottery or inherit money from a rich uncle you don’t know about if you ever want to be free of your debt again. Not much could be worse, and once you get in that situation you may find yourself seeking legal and ethical credit card debt elimination.

It’s a bit of a misconception that there’s some form you can fill out, some government program, that will let you get rid of your credit card debt without any negative repercussions for you. That wouldn’t be fair to the credit card companies. So, if you want to legally eliminate credit card debt it’s going to come down to a negotiation between you and the credit provider. You’ll be negotiating two things: 1) the interest rate they’re charging you on your unpaid balances, and 2) the manual reduction of those balances.

It’s not a pretty situation, but you’re basically saying to the credit card company “look, we can either come to an agreement on how much I’m going to pay you on these balances, and at what interest rate, or I’m going to have to file bankruptcy.” And you’re not bluffing, so the credit provider will have to weigh out whether they want to reduce your balance and get some of their money (maybe 30 cents to 40 cents on the dollar), or whether they’re willing to walk away from their money entirely. It’s common sense that they’d rather get something than nothing, so they’re probably going to work with you.

There will be consequences for you though. For starters, your credit cards will all be canceled (which may not matter if they’re already maxed out anyway). Even worse, your credit score will be destroyed. And that may not be much of a concern because at this point you probably have several late or missed payments and your fico score is in the dumps anyway.

I would ask you this: do you have to go through this process? Have you exhausted all other options? Could you borrow some money from family or friends, use it to get caught up on some payments, and then take on a second job to make it possible to keep up with your debt? I understand you might not be able to do this, but I think as a matter of integrity you should at least try.

Guaranteed Payday Loans for Bad Credit – Key Facts

Those of you looking for payday loans with bad credit and guaranteed approval are definitely going to have a lot of questions as you start to work through the qualification process. Let me give you the best answers I can when it comes to getting the cash you need in your bank account as fast as possible. Some common questions I’ve seen are:

1. How long will the application process take?

You can usually complete most payday loan applications in just a few minutes, with some lenders bragging that their application will only take about 60 seconds. That should be a relief to those of you who need the money as soon as possible.

2. What information are they going to need from me in order to qualify me for the loan I need?

Before you can land your payday loan for people with bad credit, you’ll have to tell them:

  • your first and last name
  • your address
  • whether you are renting or buying your home
  • phone number and email address
  • your driver’s license number
  • your date of birth
  • your social security number (not so they can check your credit, just so they can verify your identity and the other information you’ve provided)
  • how often you get paid
  • your take home income (ie, what you earn after taxes)
  • whether you’re a member of the armed forces (you could get special treatment if you’re a member of the military!)
  • banking information (so they can deposit money in your account and make future withdrawals for your payments)
  • the name and contact information of someone trustworthy you can use as a reference

This may seem like some very personal information, but you have to remember you’re asking for fast cash to be put into your account. The least you can do is provide them with the information that will help them know how much they can safely lend you, and how they’ll expect to be repaid. Not too much to ask, right?

3. Are instant payday loans for bad credit intended to be long term or short term loans?

Guaranteed loans for bad credit no fees are absolutely intended to repaid quickly – usually within a matter of days or at the longest a matter of weeks. With the fees and interest rates you’ll be charged, you won’t want to keep these loans for more than a week or two. Frankly, renewing your loan after the initially scheduled repayment period would be financially disastrous for you.

The bottom line with any kind of quick cash loan is you don’t want to treat them lightly. They’re like a sharp sword that can save you or kill you (financially speaking). So be careful when you use them. Pay them back quickly and do everything in your power to never use them again.

Bank Loans for People with Bad Credit

You find me an adult who has never made a single blunder with their credit – not even one late payment – and I’ll show you the tooth fairy. Seriously, life is way to complicated and way too fast moving for a person never to slip up once and send in their car or mortgage payment a couple of days late. And if you’ve had a late payment, you’ve messed up your credit. Down the road when you need to borrow some money you’re going to have to start looking for bank loans for bad credit (also sometimes called bad credit personal signature loans).

It doesn’t have to be the end of the world though. Each year hundreds of thousands of people suffer a few smudges on their credit score, and each year they’re still able to borrow (collectively) millions of dollars. It’s just a question of understanding why banks will still loan money to people with bad credit or even horrible credit. From the banks’ point of view, lending is all about risk and return. Lending money to anyone – no matter how good their credit is – carries some risk that the person might not pay the money back. Banks cover that risk by charging interest.

You can think of interest as being a scale with credit score on one side and interest rate on the other. The higher a person’s credit score, the lower the interest rate the bank will need to charge them to cover their risk and insure the value of their investments over time. On the other hand, the lower the credit score the higher the risk to the bank, which means a higher interest rate. This is why people who want to borrow money from banks even though they have really bad credit will often end up paying upwards of 25% interest – even on something as small as a $1500 loan. People scream and whine that this isn’t fair, and in some cases maybe the bank is trying to take advantage of people, but the mathematical reality is that banks have to charge high interest to poor credit borrowers just to make sure they can stay profitable and stay in business, period.

So, if you have awful credit but you still need to borrow money from the bank, here are some thoughts on how to maximize your chances of getting approved:

1. Go through the loan approval process in person, face to face with the bank’s representative. I know it’s much more convenient to browse through the major lending websites looking for a quick loan, but you’ll almost never get the best deal by filling out a form online. When you meet with a loan officer in person you have the chance to be very up front about your circumstances. Talking with you face to face will make them want to work on your side to get the loan done.

2. Don’t be afraid to negotiate the terms of the loan in spite of your bad credit. You need to think of this loan as an opportunity to rebuild your credit, and if you’re going to make your payments on time those payments need to very easily fit inside your monthly budget. If they’re going to fit inside your budge the interest rate needs to be as low as possible, which is what you’ll have to tell the bank rep as you iron out the details of the loan.

When all is said and done, please make your payments on time and work to manage your money a little better so you don’t end up needing another one of these loans in the future.

A $5,000 Loan You Can Actually Qualify For

Since late 2008 it’s been a pretty tough proposition to qualify for any loan – whether you’re trying to buy a house, a car, new furniture, and even if you’re just trying to borrow a little cash to grease the wheels of your family’s finances for a week or two. But guess what? For the right kind of borrower, bad credit personal loans 5000 are not only possible, it’s probable. Banks got very very tight with their funds over the last year or so, but now that the nation seems to think it’s in some sort of recovery they’re starting to let the money flow a little more. Of course, they’re not handing it out to just anybody, especially not if you’re looking for a multi-thousand dollar loan.

Getting a $5000 loan no credit check, or any kind of loan for that matter, starts with your credit score. I hate to break to all of you whose credit took a total nosedive in the last year or so – banks don’t want to lend money to people whose credit scores don’t start with a ’7′ these days. But if your credit score is above 700, then a good credit $5,000 dollar loan is well within your reach.

Here are a few other criteria you’ll need to meet before you can borrow this kind of money: a steady income you can prove with real documents – that means check stubs or tax returns and a debt to income ratio that doesn’t make the bank queasy. They’re pretty adamant these days about people not borrowing money if the additional payment is going to throw them into financial turmoil, cause them to miss mortgage payments and every other payment, and thus lose the lending bank – and quite a few other banks – big sums of money.

We should also make it very clear right here, right now, that there really isn’t such a thing as $5,000 loans with no credit check. Well, I guess there is one loan of that nature – it’s called hitting up your Uncle Rick and/or your cousin Skippy for the money. If they’re not giving it to you, you can rest assured no bank will touch you either.

In the end, this kind of loan is like any other – it will come easiest to people with good credit and high incomes – in other words people who don’t generally need to borrow money. Your goal, then, is to become a person that doesn’t need to borrow money. As soon as you accomplish this you’ll have banks falling over themselves to give you any loan you want.

Bad Credit Military Loans

It’s no secret that enlisted members of the armed forces don’t make too much money. Some would even call it laughable, that is if they didn’t see all the perks of military life. You know, things like free housing, great medical care, a solid pension plan and so on. But those perks don’t always cut it when you have some kind of emergency cash needs and your only option is to turn to bad credit military loans. Fortunately there are companies who recognize that a member of the US military deserves a little bit more consideration than just judging them based on their fico score.

Quite a few online lenders offer loans for military members with bad credit. When you actually go through the application process you’ll find that they want to see all the normal information that would be requested by a traditional lender, including:

Name, Social Security Number, birthday, email address, home address, phone numbers, number of dependents in the home, rent or own status, gross income, and take-home income.

But for military members they’ll actually take it a step further and ask you for your military branch, rank, where you’re stationed, etc.

There are a few stipulations you should be aware of if you’re seeking bad credit military personal loans, such as:

1. Residents of certain states are not eligible for these loans (specifically CA, FL, WV, GA, and NV). This is due to the fact that certain states prohibit special lending practices for members of the military. Seems unamerican to me, but I don’t make the rules.

2. You can’t be on your way out of the service when you apply for the loan; you must have at least a year and a half of active duty left on your contract. This is obviously because we don’t want it to be possible for non-military citizens to enjoy the same benefits as military borrowers.

3. Although your military status helps, your credit score will still be a factor in whether you qualify. Yes, you can get a loan with bad credit, but the terms aren’t going to be as favorable for obvious reasons.

If you can meet all these criteria, and properly fill out the application, you’re on track to get the short term funds you need. The lenders I researched were willing to lend anywhere from $1,000 to $3,000, with repayment periods of up to 12 months. That’s actually quite a bit more favorable than terms offered to non-military borrowers, who often can’t borrow more than a few hundred dollars and have to repay within a matter of weeks.

Getting a Guaranteed $5,000 Loan with no Credit Check

Trying to get $5000 dollar personal loans with no credit check is, to say the least, ambitious. I guess I’d have to add ‘optimistic.’ But, we shouldn’t say it’s impossible, because of course nothing is impossible in this great nation.  I guess the first thing to discuss is why you might be looking for such a loan at all.

Since we’re actually talking about several thousand dollars here, you’re not the typical internet searcher hoping to find some small personal loan to make it to your next paycheck. If a person actually needs to borrow $5,000 on the quick it’s more likely to cover a mortgage payment, an unexpected medical emergency, or possibly a huge car repair, although that may not make sense – after all if the repair is going to be that much money it probably makes more sense to just buy a new car. So we know you need a healthy chunk of change here, the next question is who’s going to give it to you.

Your first option for borrowing up to $5,000 dollar loan with no credit check at all would be your friends and your family. Seriously. I know you’re trying to avoid having anyone look at your fico score, which probably means it’s terrible right? Well, if your credit score is really bad you might have to rely on those people who know you best to lend you the money. Of course, the fact that they know you best could be a pretty big obstacle couldn’t it? I hope you’ve shown your family and friends that under that 500 fico score is a person ready to repay every penny of the money they lend.

5000 Loan No Credit Check

But let’s be real. Even if you have a cousin, buddy, or co-worker who HAS $5,000 liquid for lending, what are the chances they’ll give it to you? Unless you have a serious hard luck story about why you need the money, I’m guessing the chances are slim to none.  So the harsh reality is you’re going to have to turn to either the internet or your local bank if you want to get that money. And neither of those fine institutions is going to cough up one cent without checking your credit. Sorry to have to break it to you.

My advice would be to talk to your local credit union first, especially if you have a checking account there. You can explain your situation to them, ask them to look at your history of deposits, and maybe you’ve even borrowed there before. All these things could contribute to their willingness to give you the loan.  Not to say they’re going to be handing out check bad credit $5,000 personal loans with no credit check – I highly doubt they will. But if you can tell your story the right way, you just might get them to lend you the money you need to resolve your cash emergency.

Understanding Your Online Mortgage Application Form

I’ve been through the mortgage approval process several times now, and each time my mind is boggled at the amount and complexity of the paperwork one has to fill out before the bank will turn over the funds so the seller will turn over the keys. In particular I think there are a few aspects of the typical online mortgage loan application that all but guarantee you won’t be qualified for the loan, so I wanted to take some time to make them a little more clear to you. In now particular order, here are some of the terms on your application that may make it a poor use of your time to fill out the form at all:

On page 3 of the application you have the following questions:

a. Are there any outstanding judgments against you?

Judgments, of course, mean that you’ve been party to some kind of litigation and lost. Or, that you’ve been found liable in some kind of accident (or some kind of non-accident if you know what I mean) where the courts have ordered you to pay a certain amount of money as a penalty for something you did. Having judgments on its own might not knock you out of the running for a home loan, but it’s definitely not going to make the process easier.

b. Have you been declared bankrupt within the last 7 years?

I suppose if this one applies to you then you already know that you’re going to have an uphill battle when applying for a loan. Again, if you’ve had a bankruptcy within the last seven years it’s not necessarily impossible to get approved, but it’s certainly a big black smudge on your mortgage loan application. Most people who’ve filed bankruptcy will already have researched their options when it comes to getting a new home loan or refinance after a bankruptcy.

c. Have you had property foreclosed upon or given title or deed in lieu thereof in the last 7 years?

Boy, that’s being blunt isn’t it? What they’re asking here is “have you been a good boy or girl with your previous home loans?” And notice that they don’t just ask if you’ve had a foreclosure. They also want to know if you’ve given title or deed in lieu of foreclosure, which is to say they want to know if you all but got foreclosed on and managed to dodge it at the last second. If you have to answer yes to this question, qualifying for a decent loan is going to be tough.

d. Are you a party to a lawsuit?

Why do they care? Well, it’s a funny about lawsuits…when one person wins and the other loses, money is going to change hands. And if the loser doesn’t have the money, they’re looking at liquidating assets and/or filing for bankruptcy. So, with this part of the online mortgage application they’re trying to say “Okay, under your current circumstances you qualify for this loan. But if you’re being sued and you lose – which means you have to file bankruptcy within the next few months – we want no part of you.” So if you’re in the middle of a lawsuit the typical mortgage underwriter is going to turn tail and run from you. Sorry.

So those are some of the ‘red flag’ questions you’ll have to answer as part of your mortgage application online process. If you have to answer yes to any of them, work with your loan officer to see how you might be able to still get your loan.

Are there car dealerships that finance people who have had a previous repossession?

Yes, there absolutely are. And that should be a relief to anyone who’s gone through the stress, frustration, and discouragement of an auto repossession. Here are a few things to understand about financing a car after you’ve been through a repossession.

First of all, your credit will have be negatively affected by the repo, which means most credit unions and banks aren’t going to want much to do with you. So not only are there dealerships who will lend to you – they’re likely your only option. Before you visit or even contact any dealers, do some homework on the internet to make some decisions about which car is right for you. It’s a mistake to start shopping for cars before you know what you want, what you actually need, and most importantly – what you can afford.

What a tragedy it would be for you to go to some used car lot and have the salesman tell you to buy a huge, gas-guzzling SUV, and then finance you at 25% interest – promising no credit check auto loans with repo –  so you can leave with it that day. That would probably leave you just as badly off as you were before, and you’d probably be on the fast track to another repossession. Here are three ideas for making sure you never have to go through the stress of a repossession again:

1. Make a BIG down payment – as much as 50% of the purchase price of the car. There are several benefits to forcing yourself to come up with a big down payment. First of all, your payments will be small and more manageable. Second, saving the money for the down payment will force you to exercise personal financial discipline.

2. Buy something SMALLER. Even if you have three kids, you don’t need an SUV! Even if you have to cart around three or four kids at a time, get a nice used minivan. Guess what? They’re cheaper to drive, cheaper to insure, and cheaper to maintain than a big SUV.

3. Buy from a reputable dealership. Many smaller car lots advertise that they’ll finance anyone, and they will, but it’s not going to be in your best interest to borrow from them. They’re going to require a huge down payment AND charge you 22% to 26% interest on the loan. When your payment becomes unmanageable, they’ll repo the car again and then try to sell it back to you. It’s a vicious cycle.

Your best bet is to work with a dealership attached to a major auto manufacturer. Their goal is to get you into a car that’s reliable and affordable, not put you on the repo merry go round.

Unsecured Loans from Banks for People with Bad Credit

Every day thousands of Americans find themselves a little short of cash, and a little “long” on bills. It’s frustrating, discouraging, and embarrassing when you can’t make your bills despite your best intentions and your best efforts. If you’re not in a position to borrow from friends, family, or credit cards, you might end up having to use unsecured personal loans from banks. It’s not an ideal option due to the notoriously high fees charged and interest charged on these kinds of loans, but you have to do what you have to do.

Now, the ideal scenario would be that you’d you borrow from a bank as opposed to an online lender. I know how convenient the online loan providers are, but that convenience comes at a high price. If you borrow from a website and then renew that loan several times you’ll look back in shock and horror at the cash you’ve wasted. Borrowing from any of these fly by night lending websites (other than those few that are credible – such as LendingTree) really puts you at a huge financial risk. That’s why it’s so much safer to borrow guaranteed loans no credit check for people with bad credit directly from banks in your locale.

Sure, I understand that it can be pretty humiliating to physically walk into the nearest branch of your bank, sit down with a member services representative, and explain that you need to borrow a few hundred bucks to get you through to your next paycheck. Keep a few things in mind that should help you feel less embarrassed. One, you’re by no stretch of the imagination the first person to need this kind of loan. I bet if you walk out your front door and survey the houses around yours you’d find that at least one of your close neighbors has been in the very position you’re in now. It might even be that neighbor who you thought had it all put together in his life. The fact is almost everyone has had to borrow cash in a crunch. And hey, if you really can’t stand to walk into your bank branch, check out your options with Lending Tree bad credit. It’s a reputable site with quite a few personal loan options.

Second, remind yourself how much better off you are getting instant decision unsecured personal loans with bad credit from your own bank instead of some faceless website whose headquarters are hundreds or thousands of miles away. Your bank – where you have a checking and savings account, and possibly a track record of responsible borrowing, will treat you much better than you could hope for with an online lender.

Finally, there’s something to be said for the psychological effect of having to sit in front of another human being and explain your need for cash. It won’t be pleasant, and that’s a good thing. After all, the more painful you can make this experience, the less likely you are to let yourself get in this position again. Be careful with unsecured loans no credit check, make your payments on time, and start saving more money so you don’t need short term unsecured loans from banks again in the future.

Small Business Debt Consolidation Loans and Programs

Usually sometime in the first one to two years of a business’s life it’s going to run into some serious cash flow challenges. This is even true for businesses with a great product whose sales jump up to health levels right away. What many people don’t realize about running a small business is that success can be expensive. Often business owners have to borrow money to stay ahead of demand, and borrowing money often leads to trouble. If a business owner can’t manage her monthly debt service a small business debt consolidation may be her only solution.

A small business debt consolidation loan often behaves in a very similar way to consolidation programs that individuals with too much debt go through. Meaning, the business contracts a company to approach its creditors and begin a negotiation process that results in either a) lower principle balances on the loans, b) lower interest rates on the principle, or c) both.

Banks are willing to work through these negotiations once the consolidation company makes it very clear that the alternative is to have the business owner essentially walk away from the loans, leaving the bank with nothing. It’s a situation where the bank realizes “this is the best we’re going to get, so we’d rather take 40 cents on the dollar than get nothing at all.”

Since the business owner ends up fulfilling something other than the originally agreed-upon loan terms, his or her credit rating will be affected. If the loans are in her own name, her personal credit score will take a dive. If she borrowed the money through her corporation, then any corporate credit she’d established will take a serious hit. If you go through a small business debt consolidation program you’re not likely to be able to borrow any more money for your business for a long time. That’s something to consider before you take on the risk of business loans in the first place.

One thing to consider is that small business debt consolidation loans aren’t for you in the first place. Even if your loans are starting to overwhelm you, a consolidation company may not be able to improve your situation much. For example, if your interest rates are reasonably low, consolidating all your balances to one won’t make a significant difference. If you can’t get a reduction in principle there’s really no point consolidating your business debt, so keep that in mind.

Overall, borrowing money for something as risky as a business startup isn’t something you should do unless you’re very confident the business will be able to make the payments on the loans. Starting a business is stressful enough without having the added worry of not being to keep your payments current.

How to Build Corporate Credit Fast

Anyone with any business experience at all will tell you the hardest part of getting a business going is creating, managing, and sustaining cash flow. Businesses fail when their bank accounts go to zero, period. You might have the best product in the world, but if you can’t keep your cash ahead of your expenses, you’re done. That’s why it’s so crucial to build corporate credit as fast as possible. By the end of this article you should have a little better idea of how to establish a high corporate credit rating.

The first reality of becoming a creditworthy corporation is that older corporations have a much easier time getting banks to lend them money than younger entities. That’s pretty logical – if you’ve been in business less than a year that’s a pretty big indicator to a lending institution that you may not be around for the long term to keep payments on business loans current. So, this is the part of building corporate credit that really isn’t possible to short-cut…unless you’ve got plenty of cash on hand. One thing you can do is purchase what’s called an aged or “shelf” corporation that belonged to another business, and therefore has been on record with the state for longer. Essentially you can buy the age of the previous business. The tough part is it takes cash, and if you had a lot of cash you wouldn’t be looking for fast ways to build up your corporate credit rating would you?

The best advice I can give you when it comes to getting your business’s credit rating up is to begin immediately and start applying for small lines of credit under your corporate name, as opposed to your personal name. If you can get even one small credit card in the your corporation’s name you stand a good chance of getting bigger loans within a few months, or possibly a year. Another benefit of applying for lines of credit in your corporate name is that your own negative personal credit rating (if it is, in fact, a negative rating) won’t slow your ability to get your corporate credit score higher.

Visa, American Express, Chase, and Bank of America are just a few of the major lending institutions who are eager to have new business owners establish their corporate credit history with small business credit cards. Check out their corporate websites to learn more about their individual offerings.

In an ideal world you’ll never need to borrow money as you build up your small business. Hopefully you’ll be able to pay yourself and buy some growth just using the business’s own earnings. Unfortunately most businesses hit several major stumbling blocks during their first couple of years, having credit lines might be the thing that saves your business from failing before it ever really starts.