Poor Credit Home Loans

Unless you live in a cave you know that the whole home buying game has changed completely. Gone are the days where anyone with a pulse can borrow almost any amount to buy a home with no real scrutiny of their ability to repay that loan. And thank goodness. I think we’ve all seen that such loose lending practices put us all in a tough situation in America. A return to to conservative lending practices may not be as fun in the short term, but it keeps us all healthier in the long term.

But is the dream of home ownership dead for people whose credit has been damaged? Actually, no. Poor credit home loans still exist, and they always will. But if you have bad credit and you’re determined to buy a home, be prepared to run the gauntlet with the banks before you sign the closing documents and receive the keys.

I believe the home loan qualification process will take on a much more personal feel again. I can see more and more situations where prospective borrowers go to their local bank or credit union and go through a relatively extensive interview process with mutliple loan officers. After all, on paper these bad credit borrowers don’t look good. So if they’re going to get a home loan for poor credit it’s going to be because they can convince a lender that their past is not a reflection of their commitment to being healthy borrowers going forward.

Here are a few things you can do if you really want to qualify for a home loan for people with poor credit:

Show the bank you’re taking obvious and meaningful steps toward improving your credit worthiness as well protecting your ability to make your mortgage payment on time, every time. For example, have you sold off some of your debt? Have you unloaded that expensive SUV and traded it in for a smaller, more economical car? Getting rid of your expensive cars will not only improve your debt to income ratio, it will show the lender that you’re committed to making your mortgage payment a high priority. The same would be true for credit card balances. If you have consumer debt on things like furniture and electronics, sell them off as fast as you can. You want to show the bank that you can make sacrifices in order to have a home.

Be patient. Unfortuntely, going into debt and ruining your credit take very little time compared to what it takes to get out of debt and improve your credit. Are you willing to follow a path of discipline and sacrifice for the next two or three years (or even five years) so you can own the home you’ve dreamt of? I hope you can see a day in your future when poor credit home loans aren’t even a consideration for you.

Student Loans with No Credit History Required

I clearly remember sittting in a classroom in college with ten or fifteen other students and a financial aid staffer on the day my first student loan was disbursed. For 30 or 45 minutes he talked to us about how we really should minimize our loan amounts, only borrow what we absolutely need, etc. I remember being a little nervous; I guess that was the goal they were trying to accomplish. I received about $2,500 that day, and true to the financial aid guy’s prediction, I ended up taking about $13,000 more in student loans before I left school a few years later. I guess that’s the risk of student loans with no credit history required.

The reality is student loans rarely require you to have much credit history. Schools and lenders know that the average 18 or 19 year old kid, fresh out of high school, isn’t going to have much of a past as far as credit is concerned. I can’t even remember if they checked my credit when I got my loans. I’m sure they did, but my guess is these schools are running credit checks more to see if you’ve done anything horribly wrong than to see what you’ve done right. As long as you don’t have any major disasters on yoru credit report they’re probably going to give you at least some student loans with no credit.

Your problem will come if you need to borrow a lot more than would be normally available through standard Stafford loan programs offered through universities. If you need to go way above and beyond those amounts, I’d advise taking a step back. Have you heard all the stories on the news about college grads moving back in with mom and dad because the job they get out of school isn’t enough to cover their cost of living and their loan payments?

Nothing seems more ridiculous than a person majoring in something like literature or politicial science and then going deep in debt when they’re only real career aspirations are to work for a non-profit. Some common sense needs to come into play here. Do some research on how much your loan payments will be for a given amount of debt, and then decided whether your expected salary will go as far as you need it to. And by the way, be reasonable about your ‘expected salary.’ It’s better to be conservative when you’re using that estimate to decide how much debt you should take on.

The more I think about it, the more I’m wondering whether student loans with no credit check are a really a good idea.

No Credit Check Credit Cards

I’ve always wondered how any credit provider could afford to offer no credit check credit cards. It just didn’t seem possible, given what we all know about how credit is extended. You apply for a credit card, the credit company looks at your income and your credit history, and they decided a) whether to extend you credit, and b) how much to extend. How on earth could they give a person a credit card while completing ignoring the ‘credit score’ portion of the equation?

To answer that question I started doing a little digging, and I found some very interesting facts on no credit credit cards. The reason they’ll give you a $300 credit limit even though you have squat as far as a credit history is their fee structure. This should blow your mind.

I found a table called “Fees for Issuance or Availability of Credit”

Check this out:

Account Set-up Fee (what they’re going to charge the day they give you the card): $29.00

Program Fee (not sure what this means, but I’d guess it has something to do with ‘you have no credit’): $95.00

Monthly Servicing Fee (apparently this is an annual fee that they don’t want to call an annual fee, I suppose because they spread it out over the whole year): $84, paid at $7 per month

So let’s total this all up…and then laugh hysterically at how much they’re going to charge you for your $300 credit limit (okay it might be a little higher or lower, but I’m in the ballpark).

$29 + $95 + $84 = $208 for the first year, and $84 per year after that.

Funny right? Not really.

I guess you could look at this in terms of the ‘cost of establishing credit.’ That does make some sense, and if your long term goal is to buy your own home or even your own car, paying a couple hundred dollars in fees is probably worth it to get your credit rolling.

But make sure you check out alternatives. If you’re a young person you might consider asking your parents to add you to one of their credit accounts for a while. I’m not even saying they should let you use their credit card – just put you on their account so the credit agencies start to get some information about you as a credit holder. Of course, you’d only want to do this if your parents kept their credit squeaky clean. This whole thing would backfire if your parents were making late payments right?

As always, I’ll finish by saying that you should use credit very conservatively and very wisely. Credit card debt is a miserable thing. You don’t need the stress, so stay clear of it.

Loans for People with Poor Credit

Many, many of us are dealing with a damaged or demolished credit score right now. We got in over our heads with too much car, or too much house, or too many nice clothes, or whatever it was – and now we’re staring at sub-600 FICO scores. But that doesn’t mean we have no need for borrowing money in our lives anymore. We actually might need a little borrowing power now more than ever, and that’s why we’re on the hunt for loans for people with poor credit.

There are actually all kinds of loans for poor credit, there’s a whole subset of the lending market dedicated to helping out people just like you and me who made some mistakes with borrowing money in the past. Here are just a few of your options as a damaged credit borrower:

Home Loans for Poor Credit

If you’ve hurt your credit score, but you’d still like to borrow money to buy a home, or refinance the one you have, you’ll need to find the right kind of lender. These kinds of loans are available, and they usually carry much higher interest rates than traditional home loans.

Car Loans for Poor Credit

I once knew a guy that owned a used car lot where they sold almost exclusively to people with no credit at all, or very bad credit. Many of his customers were undocumented immigrants who didn’t have a social security number, let alone a FICO score or well established credit history. He ran a nice little business helping these folks get into cars, but he did charge them 18% to 24% interest. I guess they were just doing what they had to do.

Personal Loans for Bad Credit

These are probably the most famous (or notorious) bad credit loans. Around ten years ago you started to see check cashing and payday loan stores pop up all over the place, offering people small loans of a couple hundred to a thousand dollars to help them get to their next paycheck.  These loans are very often borrowed by people who have damaged their credit to the point that normal credit cards or signature loans are not an option for them.

Keep this in mind as you investigate these different types of loans for poor credit. Just because you have bad credit now doesn’t mean you always have to. You could just as well be a credit superstar within the next few years. It’s just a question of committing yourself to managing your finances a little more carefully and reducing your need for borrowing. That’s kind of how credit works – the less you need it the more people want to give it to you.

Poor Credit Secured Loans

Once you’ve messed up your credit it’s no secret that your borrowing options become severely limited – some even thing non-existent. It’s not true, though. If you need to borrow some money and you’ve all but destroyed your credit, poor credit secured loans could be the path you need to take.

All forms of borrowing are a matter of risk and reward on the lenders’ side of things. Every single person they lend money to represents some risk (because there’s a possibility the person won’t repay the loan…or even make their payments on time), but also some reward (because if they do make their payments and repay the loan the bank will get its money back plus the interest on the debt). A bank stays in business and turns a profit by giving out loans to people that, on average, are going to repay the principle plus the interest.

And you – with your damaged credit – represent more risk than reward, so you need to tip the scales in your favor. That’s why you’re looking for secured loans for poor credit. By offering the bank some additional security, you’re reducing the risk you represent to them, and increasing their view of the potential reward.

What can of security do you have to offer? A person borrowing a poor credit secured loan will often use their car as security, or collateral. If you have a car that’s free and clear – and worth something on the open market – a bank can take the title of that car as collateral on your loan. If you disappear without completing your repayment, the bank can sell your car to recover their lost money, or at least part of it.

And how do they value your car as a piece of collateral? Usually they’ll look at the Kelly Blue Book value. So although you might feel your car is worth $2,000, if Kelly says it’s worth $1,200 then that’s exactly what the bank will say it’s worth in terms of collateral on your loan. Are you starting to see how these statistics (things like Blue Book value and credit score) can make or break your borrowing power?

Of course, cars aren’t the only collateral you can use to get a secured bad credit loan. You could use anything valuable, like jewelry or other personal posssessions. All that matters is your ability to show the bank that they have nothing to risk by lending you the money.

No Credit Auto Loans

I didn’t buy my first car until I was 21 years old, and I didn’t have enough money to pay cash. That meant going to my parents’ credit union and trying to qualify for a car loan. I did have some credit established at the time, but not enough for the credit union to feel comfortable giving me a no credit auto loan. My parents had to co-sign on the loan.

But what if you don’t have parents (or some other relative) that can co-sign on your loan? Will you be able to find a lender who offers no credit check auto loans? It won’t be easy, but if you can find the right bank, you better be ready for some ‘creative’ financing.

Most of the time these kinds of car loans are going to be offered at the dealerships themselves. You’ve probably seen signs waving outside used car lots all over the city where you live screaming ‘no credit? no problem!’ They’ll lend you the money alright, but it’s going to come at a price.

I used to have a friend whose family got into the used car business and I got to watch closely how they operated. None of the people they sold cars to would be considered traditional or A-class borrowers. These were people that no bank or credit union was going to touch. My friend and his family regularly gave people loans to buy cars and charged them upwards of 21% interest. Can you imagine paying credit card interest rates on a car loan? Well, if you need no credit check auto loans with repo that’s what you’re going to be up against.

The only advice I can really offer is to look long and hard for a person who could co-sign your loan. It will probably be the difference between paying double-digit interest and paying in the neighborhood of 7% interest.

This is a loan you’re probably going to have for three to five years, and that big of a difference in the interest rate will save you hundreds and hundreds of dollars.

Credit Cards for People with No Credit

When I was 18 years old I had no credit score and no credit history whatsoever. Without my knowledge, my parents added me to one of their credit card accounts, and as they continued to properly use their credit, my credit automatically improved. I’m not sure most people are as fortunate as I was, and they’re faced with searching for credit cards for people with no credit…and no one to help them out.

The first thing to keep in mind is you have nothing to get discouraged about if you don’t have any credit right now. Credit card companies keep very detailed statistics about how much every new card holder will be worth over their lifetime. It’s in their best interest to extend you credit cards with no credit. Here’s how they’ll do it:

They’ll start you small. Since card providers know what you’re likely to pay in term of fees and interests over the life of your membership with them, they’ll start you out with a limit in the neighborhood of $250 or $300. Enough that you feel like you can actually use your card for day to day living, but no so much that one irresponsible weekend could put you at risk of taking on a balance you have no hope of repaying.  By the way, I’m convinced that every credit card holder will, at some point, mess up and max out his card. It seems to be something we all have to go through just to learn how unpleasant it is.

After you’ve had your card for a while, the card provider will probably bump your limit a little, from maybe $300 to $500, then from $500 to $1,000, then from $1,000 to $3,000… and so on. That’s how I ended up with credit limits in excess of…well, let’s just say I’ve got some high credit limits.

You just want to make sure you’re very careful with your credit cards with no credit. As someone who’s made the occasional stupid mistake with his cards, let me tell you that it’s brutally difficult to get out of credit card debt once you’re in it. Credit cards are best not used at all, but if you have to use them you really want to make sure it’s something you use for convenience and pay off at the end of every single month. That’s a cliche you hear over and over again but it’s painfully true. Credit card debt is literally the devil, and should be avoided at all costs.

Payday Loans with No Credit Check

Short term no loans obtained through payday loan stores and websites have gotten quite a bad rap over the last couple of years, but no one can deny that they fill a certain need in the market for people who need some fast cash and don’t have the income or the credit score that will stand up to much scrutiny. There are still plenty of people who need payday loans with no credit check.

You might wonder how a loan provider can afford to offer no credit check payday loans. Well, they clearly have to make sure their risk is covered, because it’s true that they can’t be lending money without a high expectation of having that money paid back. They cover most of their risk through the use of up front fees the borrower must pay before they walk out the door. So, when the borrower walks into the loan store and asks for a certain amount to be lent, the lender will usually ask them to pay a percentage of the loan up front – out of pocket, not from the proceeds of the loan. That percentage may be anywhere from 8% to 15% of the loan amount.

The lender’s risk equation looks something like this: if they lend 100 people $300, but charge all of those people $30 before they ever walk out of the loan store, that means they’ve lent $300,000 but already received $30,000. So they have $270,000 at risk. They know that a certain percentage of those borrowers will default, but in the end they know that enough people will in fact repay their debts in order to return their money to them and ensure a healthy profit. Some say it’s too healthy a profit, but that’s up for debate. I say it’s a fair transaction given the fact that these borrowers know exactly what contract they’re entering into.

And speaking of you, the borrower, be extremely careful in how you use these loans, because the fact is that a payday loan for $300 could end up costing you more than double that by the time you pay your fees and interest. So don’t fall into the trap of rounding up. If you need $225, don’t borrow $250. If you need $175, don’t borrow $200. It’s that kind of careless behavior that got you into this situation in the first place. Manage your money better and live debt free, without payday loans no credit checks.

Paying Back Student Loans

It’s funny…when we were all in school, sitting in class, stressing over tests, hanging on the weekends…we racked up all that student loan debt thinking “it’s no big deal, my first job will pay well and I’ll have these loans taken care of within a year or two.” For some of us that ended up being true, but for others it didn’t quite work out that way. But let’s not think about the negative side of things. You’re out of school now, you’re working (let’s hope) and you’ve got to pay back student loans for the next ten to fifteen years.

That is unless you get on some kind of accelerated debt repayment program. Well, actually let’s back up one step. Hopefully when you got out of school your first step was to go through the proper student loan consolidation process that got your interest rate down to 2 to 3%. I think the interest rate on my loans is somewhere in the neighborhood of 2%, and my monthly payment is about $97 on total loans of around $15,000.  I’m not crazy about that debt, but my $97 payment isn’t exactly crushing me.

So once you’ve consolidated, what’s the fastest and best way to get those loans paid down?

Maybe the first question we should be asking is whether it paying down student loans more quickly even makes sense. Think about it – if you do in fact have yourself locked in at an interest rate of 2% or lower, it’s likely that you could earn more than 2% on a savings account. In other words, you’re earning more interest than you’re paying. As long as that’s true? Why lose money by paying back your student loans more quickly?

There are a couple of schools of thought here. On the one side you have the hard core believers in ‘leverage.’ In other words, why would you pay off your loans early when you’re earning more interest than you’re paying, as we just discussed. On the other side you have the debt-haters who say that people who believe in leverage are usually just people who live their lives buried in monthly payments and losing sleep as they stress over those payments.

Five years ago, I was in group one. Five years later, I’m much more in group two. I hate monthly payments with a passion. They do nothing but stress you out and rob you of your peace of mind and creativity. I’ve never met a person who regretted being completely debt free, but I’ve met plenty of people who wish they had no debt. Pretty simple, right? I guess my point is that you should set up a system that disciplines you and gives you help paying back student loans early. You might have to sacrifice some extra money for a few years, but when you’re payment free you’ll feel like the smartest person in the world.

Auto Refinance for Bad Credit

Let’s not kid each other. We both know why you’re looking for a bad credit auto refinance loan. I’m guessing it went a little something like this:

A couple years back you started a new job, and it paid double what your previous job was giving you on a monthly basis. Suddenly, you decided that income was bullet proof and it was time for you to start living the life you had dreamed about and so obviously deserved. You went right out and bought a $60,000 SUV and immediately put $5,000 worth of rims and tires on it, not to mention the aftermarket entertainment system. You never felt cooler pulling up to your weekly softball game with your buddies; you were finally living the dream. But oops – the dream carried a $1200 monthly payment.

Next thing you knew, things started to go a little sideways at work, and you missed a couple of those $1,200 payments. You went from being Mr. Shiny Credit to  Mr. I need an auto refinance for bad credit. Not too fun is it? You’re wishing you had gone for $5000 auto loans, instead of $55,000 auto loans huh?

So what are your lenders going to be looking for when you try to get that refi done? Well, first of all they’re going to want to look at your overall debt profile. In the months since you started missing payments what have you done to improve your situation? Have you paid off any of your consumer debt? Have you reduced your overall debt at all? Has your income stabilized?

These days your lender will probably want to see at least three or four of your most recent pay stubs, and if you’re a commission-based earner they’ll want to see even more than that (after all, any salesman can have three or four good weeks. I’ve been there).

Once you’ve shown that you actually produce enough money to keep your payments current after you go through the auto refinance with bad credit, you better prepare yourself to see a pretty gnarly interest rate. I’m sure you understand that being a bad credit borrower you’re now facing double-digit interest rates at a minimum. It’s not out of the question to pay over 20% on your car loan after the refi. Can you handle that? I guess you don’t really have a choice.

Hopefully you’ve learned this lesson in life: those that create the appearance of having the most money very often have nothing except the most debt and stress. People who choose to live life driving used cars in and living well inside their means may not look like much, but they have more fun and they sleep better at night.

Small Personal Loans

Nobody wants to be in a situation where they need personal loans, but the fact is it happens. All these Payday loan operations are in business and profitable because the market obviously exists. Most of the time people are borrowing amounts in the neighborhood of  $300 to $500, but what if you’re only looking for small personal loans?

These smaller short term loans are available; you can borrow as little as $50 or $100, and the fees will be correspondingly small, so that’s a relief. The application and qualification process will be similar to what you’d experience with larger loans: the lender will expect to see proof of income (in the form of recent paystubs or a w2), and they’ll probably run a credit check to make sure you don’t have any major blemishes on your credit history. So what if you have terrible credit?

That’s probably not too big of a deal. If there’s one thing personal loans providers are used to it’s giving people small instant unsecured personal loans for bad credit. The downside is they’re going to make sure they get their money one way or the other – and that means fees. Sure, a $15 fee on a $75 loan may not sound like a lot, but it’s 20%, and you could end up paying interest on top of that.

Before you ever go into a loan store and fill out an application, it’s probably wise to ask yourself a few questions:

Do I really need this loan? Is there any way I could cover this expense without having to borrow this money?

Am I sure I’ll be able to repay the loan? What circumstances put me in this situation? Can I reasonably hope to repay this loan and not have a similar circumstance arise in my life?

It’s crucial that you realize how you got where you are, and do everything possible to avoid being back at the payday loan store three months later applying for another small personal loan with bad credit.

Credit Cards for Poor Credit

It’s hard to get much done in modern society without credit. You can’t buy a home, you can’t buy a car (unless of course you have a bunch of cash on hand), and in many cases not having credit (or having bad credit) will stop you from getting satellite TV or even a cell phone. So, if you’re a person with a bruised FICO score and a desire to turn things around, you’ll need to check out credit cards for poor credit.

There are a few ways you can go here. The simplest way to think about getting a poor credit credit card is to just have your parents add you to one of their accounts. When I was 18 my parents put me on one of their accounts (I didn’t even know they did it) and by the time I was 21 I actually had fairly good credit and a decent credit history for prospective lenders to look at when deciding whether to let me borrow any money. Thanks to my parents’ foresight I was able to get my first car loan at the age of 22. They did have to co-sign on the loan, but a short time later I was able to get my own loans no problem

Of course, that’s kind of an odd way to think about credit cards for people with poor credit.  What people are really looking for is a credit card provider who will give them a low limit credit card they can work with for a while in order to improve their standing with the credit agencies. These are most often going to be secured cards, because  a bank isn’t going to hand over an opportunity for you to make your situation worse (you’ve already done that, right?). What they’ll do is give you a secured card with a low limit, and then you’ll have the opportunity to use it and pay it off. Eventually your card provider will give the good news to the credit agencies and your score will slowly climb.

Ironically, carrying a small balance on your card for a few months, and making regular minimum payments, will go further toward improving your score than paying it off in full every monthy would. You see, lenders want to know that you can manage debt as much as they want to know you can manage credit. Does that make sense? Paying off your balance every month proves you can manage your credit. Carrying a small balance month to month and keeping the payments current shows you can manage your debt. Since a home loan or car loan isn’t something you can just pay off at the end of the month, you can use your credit cards as a way of proving that your ready to wisely use the bigger debt instruments. Think of the interest you pay as the cost of improving your credit to the point that you’ll be able to buy a nicer can and someday afford a home.

Business Loans for Poor Credit

Starting the business is the American dream. Well, it’s my American dream. It has been since I was a young kid – probably 12. I want to run my own shop, manage my own time, and have my customers be my only boss. There’s only one problem. Starting a business takes cash – cash I don’t have. So my options are to borrow money from friends, family, or the bank. My credit is no good and my friends and family are just as broke as me – so I have to hope I can find a bank that offers business loans for poor credit.

One thing is for sure – if a bank is going to lend me any money at all given my damaged credit, I’m going to have to make a pretty compelling case that I’m not a huge credit risk, even if that’s what the statistics say about me. I think if I put the right pieces together I’ll be able to get the poor credit small business loan I’m looking for.

Number one, I need a rock-solid business plan. Before I walk in to that loan officer’s office I’m going to make very sure I have my plan and my presentation nice and polished. I’ll be able to show him that I have a product for which there is a sizable market, an intelligent and efficient plan for getting the word out about my product, and conservative but encouraging projections of cash flows during the first 12 months I’m in business. Of course I can’t elimiate all the risk the bank is taking by giving me a loan, but I’ll show them I’m willing to do whatever it takes to make my business work – I’ll give up food, sleep, and a social life in order to watch my baby grow.

Of course it won’t be easy. The vast majority of traditional banks have no interest in giving business loans with poor credit. They’re looking for people with an immaculate credit history, collateral, and even a business that’s already cash flowing before they’ll be willing to lend a single dollar.

That’s why if you’re in the same situation as me you might want to consider looking for a private lender. It won’t be easy, but if you can find a person with some decent liquidity and an entrepreneurial spirit you may find they’ll be willing to take a  calculated chance on you and lend you the money to get off the ground. At the same time, they may not see the benefit of lending you the money (since you’re considered a credit risk). If they really believe in you and your product they may only want to give you the money as an investment and take a percentage of the business in return.

However you raise the money for your business (whether it’s through a poor credit business loan or an investor), never give up on your dream. America needs more committed entrepreneurs to help our economy thrive in the long term.

Bad Credit Debt Consolidation Loan

One of the most overwhelming feelings in the world is to owe debt to multiple creditors and start to fall behind on the payments. At a certain point it’s nearly impossible for a person to keep their debts current. If you have several credit cards, a mortgage, a car payment, student loans, etc it can be really difficult to stay ahead of your bills – especially if you go through any periods of unemployment.  Just the credit cards will be nearly impossible to maintain if you miss a payment or two and your interest rates jump to 30%+. Soon your credit is damaged and you need to be looking seriously for a bad credit debt consolidation loan.

Debt consolidation loans for people with bad credit won’t necessarily improve your credit score, but they do put you on the path to recovery. After all, if you can’t wrangle your monthly payments you’ll never be able to repair your credit. Here’s how it works:

You begin working with a company that specializes in debt consolidation, and you basically turn all your debts over to them. They take the responsibility of going to your creditors and saying “Listen, this borrower is in way too deep, so you have a couple of options. You can either get nothing (because the borrower is going to file bankruptcy) or you can get a certain percentage of your money back from us. Then we’ll deal with the borrower.”

The lenders don’t want to lose everything, so they’ll usually agree to take a certain percentage of your balance and close the loan. After the debt consolidation company has settled with your creditors, they roll all the remaining balance into bad credit debt consolidation loans for you and their other clients. Instead of having multiple payments every month as well as interest rates all over the place, you end up with a single payment and a single interest rate. It’s a thousand times easier to manage. Although you’ll still have some stress related to your worsened credit score and the new loan you’ll be paying on for several years, at least it will all be in one place. Now the key is to never miss a payment.

There’s a lot of debate over debt consolidation loans with bad credit. Many people feel we’re not helping you out at all by bailing you out of your situation, but they need to acknowledge the reality that without these loans you’d walk away from 100% of your debt eventually, and if that happened on a large scale our credit system would break down in a hurry, so debt consolidation loans for people with bad credit are probably more important than we realize.

Mobile Home Loans

Now that mortgage providers in the US have tightened up their lending practices so much, most prospective home buyers are going to have to come up with at least a 20% down payment in order to qualify for any kind of home loan at all. Average home prices on a reasonably sized home are almost always going to be over $200,000 – so most people will need upwards of $40,000 to begin their American dream of home ownership. That’s just not realistic. Some are downsizing their dreams slightly by looking into purchasing a mobile home, which means they’re investigating mobile home loans.

What most don’t realize is that mobile home financing isn’t all that different from a traditional mortgage. You’re most likely still going to have to come up with a down payment, have a decent credit score and history, and be able to prove an adequate income to handle your payments.

That being said, mobile home loans with bad credit do exist. The terms aren’t going to be as appealing, and your payment will likely be higher, but you could still qualify for a loan under the right circumstantces. One way to get mobile home financing for bad credit is to ask a trusted friend or relative to co-sign with you. There are some real advantages to doing this.

First of all, if your co-signer has decent credit you’re going to qualify for a more favorable interest rate and therefore a lower payment. Secondly, the credit reporting agencies really favor people whose names are on a mortgage, so your credit score will improve quickly as you make your payments on time.

But what about mobile home refinancing? If you’re already in the process of buying your mobile home and you need to go through the refi process, you’ll find plenty of mortgage companies to help you out. You’ll be able to choose from refinancing your mobile home with cash out, refinancing for a better interest rate, or both. Maybe you had poor credit when you originally bought your home, but several years might have passed and now your fico score has improved to the point that you’re ready to get a new low rate mobile home loan.

The point is you shoud thoroughly research your options and then choose the loan that’s right for you. Make sure you investigate several lenders – competition works on your side in the world of mortgages. Don’t settle for anything less than the best possible interest rate and fee structure.

Doctors Loans

The reality is that doctors loans make a lot of sense from a bank’s perspective. Doctors are on average in a much more stable financial situation than the average wage earner, and probably much more likely to repay their debts.

That being the case, why wouldn’t they get some kind of special treatment when they go looking for loans for doctors. But what’s different about a doctor loan as opposed to any other situation where borrower and lender come together?

A couple of things. First of all, doctors are more likely to get favorable terms on their loans thanks to their high income and probability of having plenty of assets they can use to secure their loans with.

And who makes loans to doctors? Almost any bank is going to jump at the chance to give a doctor a loan. What most people don’t realize is these kinds of loans are structured specifically to doctors who are in their residency or have recently completed their residency.

The idea is that banks know – and have statistics to back this up – that doctors are going to achieve a high average income so banks are willing to give mortgages and home loans to doctors based on the kind of loan candidate they’ll be in the future, as opposed to the kind of loan candidate they are right now.

Some lenders are even willing to give doctors home loans with no pmi (private mortgage insurance). This is the best possible scenario for any young doctor trying to buy her first home.

Personal Loan Rates

Loans can be used for a varied amount of purposes and it’s important to do your homework when choosing a loan. As you probably know, you’ll have to meet certain conditions and work out certain terms when you apply for most any type of loan. And when you take out a personal loan, it’s no different.

With almost every loan, interest rate is the main concern. Personal loan rates can vary depending on many factors. By getting a lower interest rate it means your monthly payments will be smaller which can be less of a burden for you. It’s important to be aware that low personal loan rates are offered to those who have an excellent or good credit history because those that have good credit pose a lower risk to the lenders. Your credit score is also referred to as your FICO credit score. One thing you can do is to get a copy of your credit report and ensure that it has mentioned your past payments correctly. If your score is lower then you want and lower then lenders want to see there is something you can do. You can make some more timely payments towards any debts in your name and wait for a few months to apply for the loan with your improved rating.

Usually, personal loan rates are lower when you borrow the finances against one of your valued assets like your home or vehicle. It’s advised to borrow less money then the value of the property that you pledged as collateral. If you don’t have anything to offer as collateral, then you can go the route of an unsecured loan that you can get without pledging anything in return. The only downside to this type of loan is that that loan interest rate is generally higher for obvious reasons. However, a borrower who has a perfect credit history can have access to an unsecured personal loan rates that are at a comparatively lower rate.

Apply for rate quotes of the lenders who claim to have the lowest personal loan rates. Compare as many such offer that you can in order to find out which offer has one of the lowest personal loan rates and has the best terms for you in your individual circumstance.

Personal Student Loans

Are you a student finding yourself struggling to make ends meet with all the responsibilities you have between school, homework, bills and other expenses? It’s not uncommon to be able to hold down a full-time job and keep up with your studies at the same time. Although everyone struggles from time to time, there are certain circumstances that come about in which we simply need to have money right now.

Personal student loans are one way that can help you wade through the slim times as a student. One of the most difficult hurdles to getting personal student loans is that you may not have the credit history that is necessary to actually qualify. Do not despair because there are ways for you to qualify. It may require that you have a cosigner or legal guardian sign for the money to ensure that it will be paid back. You may find that your parents can’t cosign for you if they’ve been hit with any financial difficulty in recent years because they might not qualify either. So you’ll need to look into different options. Although it can get discouraging, there are some student loans that are available for people with no credit or low credit scores.

One option for getting a personal student loan is through the government. Typically these loans are only available for college tuition and books, but it may be enough to help you get to a point where you can come up with the money you need to fuel the rest of your expenses. Another option while you’re waiting for approval on the loan, is to get a credit card but make sure that you use it smartly and don’t get yourself into financial trouble. Use it on occasion and make sure that you pay the balance when it’s due and it could actually help you build a good credit history in a short period of time.

Of course a serious situation may arise where you really need a personal loan and if this is the case you may need to go through what is typically called a payday loan. There may be a hang up getting this type of loan if you’re a full-time student seeing as you need to have held a job for a month or more. If you have a job, then there shouldn’t be a problem but the best thing that you can do is to talk to a qualified loan officer to see what they can do for you. You would be surprised what can be accomplished if you really put your mind to it.

Personal Loans UK

Securing a loan is usually an easy and convenient method of getting the funds you require to undertake any needs you might have. There are many different types of loans that are taken out depending on what’s best for the borrower. By far, secured personal loans UK are considerably the best financial assistance you can get, since under the provisions a good sum of money is provided to the borrowers for their varied financial requirements.

As for what purpose a personal loan UK is taken out is dependent on what the borrower need it for. They can be used for various reasons. Some of those reason could be buying a home, buying a new car, establishing an enterprise, pay for a wedding, a holiday or a celebration. But the best use of this type of loan is for debt consolidation. As you can see these personal loans UK can be used for just about anything.

Secured personal loans UK can contain an ample amount of money, since there is collateral involved in securing it. It’s best if the amount of money you borrow be less then the value of the collateral pledged. The range of the repayment period on personal loans UK can vary between five to twenty five years.  However the amount sanctioned by the lending authority under the conditions of these personal loans UK is generally or 3,000 pounds. While on the formal request of the borrowers, the authority is liable to increase the amount to up to 75,000 pounds. What’s better is the APR (annual percentage rate) that is attached to secured personal loans UK is nominal since the lender feels a safer hand offering these personal loans since collateral has been pledged.

Individuals that have bed credit history i.e., CCJs, IVAs, bankrupts, arrears, and defaults can apply for secured personal loans UK without any sort of financial hassle. Whatever loan you need and whatever your credit history it’s important to do your research. Shop around and find the loan with the best interest rate and conditions for you individual circumstance.

Instant Personal Loans

Are you in the market for a quick personal loan? If you are, think instant personal loans, it just might be the answer you’re looking for. An instant personal loan is just what it says, meaning that getting approved for it comes without wasting much time. In fact, you are often on your way within hours. This is mainly because the whole application process for the loan is done by lenders who use the internet as their mode of approval, making it very speedy.

The information that you’ll likely be asked to give includes what you’ll use the loan for, repayment duration, your employment and your residential address. Make sure that you are forthcoming with this information because any discrepancies could cause a delay for approval of the loan.

Instant personal loans provide money in both secured and unsecured options. Usually, the unsecured option is ideal for smaller loan amounts, ranging from $1,000 to $25,000 – some of the most commonly sought are bad credit personal loans 5000. The repayment period for these small unsecured loans is small, ranging from six months to 15 years. You’ll find these loans with higher rates of interest because there is no offering of collateral to back it up. If you choose to go with the secured loan option, which is ideal for homeowners, you can borrow money at a lower interest rate and use your property or home as collateral. These loans range from $5,000 to $75,000 with a repayment period of 5 to 30 years. The loan amount can find its use in various personal purposes like paying for a wedding, home improvements, the purchase of a car, a holiday tour, debt consolidation etc.

What if you have a bad credit history of late payments, arrears, payment defaults and CCJs? It’s OK because the approval of the loan still comes quickly because of the online processing. Even more good news is that you can find the loan at competitive rates due to the competitive loan business.

It’s a good idea to apply for the rate quotes of the lenders who are providing the instant personal loans. Many of these offers may be suitable for your individual circumstance. It’s also smart to look for a deal that provides fewer additional charges aside from the lower rate. Always make sure that you repay the loan without missing any of the installments to insure that your credit history remains in tact. Instant personal loans are a great way for you to get the money you need without having to wait forever!