Category Archives: Loan

Getting a Loan with Bad Credit and No Cosigner: Is it Possible?

The recent economic downturn has found many a borrowers grappling with financial crisis thereby triggering poor credit scores. It has often been claimed that borrowers with poor credit ratings find it difficult to find lenders willing to shell out loans with affordable rates owing to the lack of trust. However, it should also be kept in view, that finding cosigners is equally difficult in these situations. Additionally, it is not really desirable to drag someone whom you know into problems that you are facing.

No doubt, the presence of a worthy cosigner can prove to be real helpful especially when you have bad credit history. The lender is amply convinced about the chances of repayment when the cosigner signs the loan document along with you thereby agreeing to pay off installments in case you fail. But a bit of diligence from your end can help you get bad credit loans without them as well. Here a few tips on how you can do the same.

1. Have an Idea of What your Total Debts Are

Your first responsibility while applying for loans with bad credit would be to review your overall debts. The only way you would be able to ascertain the amount needed by you as a loan would be to note down your immediate needs. There might be a number of obligations that you need to fulfill in terms of paying off your credit card bills, college or tuition fee etc, for which you might be needing the money. There is no need to apply for an abnormally high amount unnecessarily.

2. Consult the Lenders Offering Payday Loans

Short term financing is ideal for borrowers with bad credit as its benefits can be availed without a complicated documentation process or any credit check. The borrower just has to meet the simple criteria of being at least 18 years of age, having a savings or checking account and a regular job in order to qualify. However, please keep the high rate of interests in mind. The fast cash loans carry high rates of interest as they are provided without due credit check. These rates can accumulate fast if you fail to pay them on time. As an alternate to these loans you can also seek the aid of peer-to-peer loan services.
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What are the Advantages of Pre-Shipment Finance?

Often companies experience a situation where they cannot afford to purchase materials needed for a large order, or perhaps they cannot meet the manufacturing or shipping costs. This can be a huge setback to any company, but there is a way to make ends meet without giving up the clientele. Pre shipment finance provides a borrower with a loan from a lending institution in order to pay for raw material, manufacturing, and shipping costs prior to exporting an order.

Other reasons an exporter may take advantage of a pre-export finance solution include insurance, transport charges, inspections, duties, taxes, and fees.

Advantages of Pre-Export Financing

Participating in the practice of pre-shipment finance has a lot of advantages for everyone involved. Many businesses that prefer this type of business transaction may do so because their budget for procuring raw materials, packaging goods, and manufacturing goods may be limited. Staff size and working capital increases can also become a hindrance, but by securing money beforehand, businesses are able to purchase raw materials that they need for manufacturing, offset the cost of manufacturing the product, and even afford shipping costs that may prove difficult for smaller businesses. Often, companies include the cost of raw materials, manufacturing, and shipping into their product prices as a way to conveniently take care of all the expenses in one quick transaction.

Securing a loan in advance also allows companies to use the money when they most need it. This could be beneficial when a large order arises through a different client that could be difficult to meet, but with funds available through other pre-export finance transactions, larger orders are no longer a problem. Exporting is commonplace for the majority of businesses, especially those who take advantage of Internet marketing. However, international shipping can be quite a burden. While the money on traditional transactions will arrive soon, by using a finance solution ahead of shipping, companies can easily ship anywhere their customers need products.

Businesses of any size cannot afford to turn away customers for a few reasons. Most importantly, but turning away a customer, a company must consider the fact that the customer may never return. Anyone who has been willing and ready to hand over money for a product or service only to be turned away can attest to feeling frustrated and put off. The majority of companies rely on re-orders which are orders placed from customers who have done business with the company on a previous occasion. And the most obvious reason that a company would not want to turn away business is that by doing so, a company is limiting its own income and profit. It is not a good practice to take on more orders than a manufacturer can fill, but turning away customers is equally as bad.
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How to Get an Unsecured Debt Consolidation Loan

With the increase in the number of foreclosures and repossessions, the economic situation is getting from bad to worse. Debt consolidation is fast gaining popularity and more and more people are joining debt consolidation programs to perpetually or temporarily get rid of their debt burden.

What is an unsecured debt consolidation loan?

An unsecured debt consolidation loan is that type of a loan which you can use to pay off your multiple unsecured debts and is not backed by any security or collateral. All your loans are combined into a single loan payment and you need to pay off the new loan with a low-interest monthly payment which you are able to afford.

People prefer unsecured debt consolidation loans more as they don’t need to furnish their home as security or collateral against the loan. So, there is no risk of losing your home in the event of nonpayment of the debt consolidation loan. However, as a result of the no collateral or security factor, lenders fix higher interest rates for unsecured debt consolidation loans.

Why do people go for unsecured debt consolidation loan?

Many people usually look for unsecured bill consolidation loans since they don’t have the collateral or security which is needed to be furnished to the lender so that the loan is backed by that security or collateral and the lender readily approves the loan. They apprehend the risk of losing their homes or properties when they look at secured debt consolidation loans. As a result, they go for unsecured debt consolidation loans.

How to get an unsecured debt consolidation loan

For getting an unsecured debt consolidation loan, you should follow the steps given below:

  1. Make a list of all your debts along with the interest rates applicable to the loan products.
  2. See how much is the total outstanding amount.
  3. Check your credit report.
  4. Perform a search for lenders both online and offline. However, searching online is the quickest and most dependable techniques of looking for a debt consolidation lender.
  5. You have to make sure that you have an outstanding credit history to be eligible for an unsecured debt consolidation loan. If you don’t have that, you will be subjected to a higher rate of interest.
  6. Provide your income and other financial details to the lender.
  7. If you fulfill the eligibility criteria of a lender, they will provide a quote to you. See if the quote suits you or not. Go for quotes from at least 3-4 lenders for this purpose. Though these loans ask for higher interest rates, comparing lenders can help you attain a comparatively low rate of interest.

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I Need Fast Cash…! Is Payday Loan the Right Answer?

The best way to get out of financial imbalances is payday loan. Mostly people go for it when they come across unexpected expenditures in their daily life and If they are little short on cash opt for these type of loans.

Cash payday loans help everyone to get money when they need it. Are you in a need of cash in advance or require some emergency loans with short period then the better choice is pay day loans.

If you’re frustrating with some financial problem looking for cash which can be fund to you within short span of time. No matter what the problem is but when you don’t find any resources, payday loans provide answer to all your needs with fast cash.

Do not worry of your problems and do not make your life going away from you. Just think if your job is secure and have a bank account then it is very easy to get fast cash in advance with this loan. All you need is you must tie your re-payment of loan to your next pay check.

Payday loans are best in practice because of the following:

  • If you shop and left behind with little amount on your bills then this will be the best way to escape from such situation
  • These loans will help you even if you are facing bad credit but it requires to pay some interest
  • If you are in urgency for medical help and don’t find anyone who can jump you from that situation then get instant cash with this loan
  • This is the best way to get rid of bad financial situation instead of waiting for someone to help you
  • If you’re an entrepreneur, all of a sudden you are in need of money and know that you can clear this amount after your next paycheck. This will be the right solution
  • Use this loan when you want to avoid extra charge on late fees and go for it only if you believe that you can refund within the period allotted to you
  • Usually at times when you’re running late on payments, on bills then we go for best payday loans

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Private Student Loan Consolidation: A New Hope

The latest research suggests that the 50% of the students will take minimum 10 years to pay off their student loan. The amount of student debt has increased 25% over last few years. Recent statistic shows that the amount of student debt is much bigger than the combination of credit card loans and auto loans. Some say it is the economy and others believe the cost of higher studies is increasing because more students are attending the courses.

Reasons Behind Student Debt

The global economic downturn in 2008 is one of major factor for the rise of student debt. The reputed banks of all over the world emptied their funds to help the students to pursue higher studies. They continued with this process as it generated more profit from the borrowers. But the economic recession turned the corporate world upside down. Most of the banks restricted their limits and many other disappeared from the market crushing the fate of the borrowers. Millions and millions of dollar is pending as more and more students are failing to get a decent job.

Trouble also broke out for the elders and co-signers as well. The heavy load of loans is a hardship for them. Their retired life enjoinment is silently fading away from them. The co-signers are about face lifetime debt crisis with literally no sign of help. The struggle to find a good job is frustrating for the aspiring students. The longer they wait the longer the burden remains.

Another important factor for the increased student debt is the rising cost of the tuition fees. It is impossible for the students to bear the cost in this crisis situation. This has led them to seek more financial benefits from other financial institutions. The financial help from other institutions add more miseries for them. One way, it doubled their debt and another way it made them bear the loan for the rest of their life.
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Wise Steps to Pay Off Student Loans

Did you take educational loans during your post graduation? Are you again taking loans for your doctorate studies? You have failed to pay off the educational loans since you suddenly became bankrupt. Now the debt collectors are constantly calling you and harassing you. What will you do now? You need not get panic stricken and start banging your head. Student loan default is a common issue and most of the students face this situation. Defaulted student loan leads to bad credit score and it is like an ignominy. However, you need to concentrate on the repayment options.

With the economic downturn and economic crisis in the United States of America, many people are unemployed and as a result are applying for various loans. Due to financial disability most of the people are failing to pay off their past debts and are unable to clear their student loans. Since the year, 2007 defaulted students’ loans are gaining momentum and it has reached to an extent of 30%.

Be Careful of Any Loan You Have Taken

You should be very careful while paying off your educational loan. You should not take any loan lightly because student loan default is a serious situation. You should pay off the money within the stipulated period of time. Generally the delinquency period is nine successive months or 270 days. You should pay off the money to your money lenders within that period. If the delinquency period gets exceeded, the loan comes under default status. You should be very cautious and never let a delinquent loan become a defaulted student loan.

Negative Consequences

Defaulted student loans lead to various negative consequences. At first you tend to suffer from collection harassment and then you fail to achieve any financial assistance. Your wages get garnished by 15-20%. However you need to concentrate on the repayment options.
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