If you are like most consumers in the United States, the major credit reporting bureaus keep a file on your personal financial history. This credit file includes a profile, score, and history. It is used by lenders to make decisions with regard to approving loan applications, setting interest rates, creating underwriting guidelines, etc. People with poor credit are at a disadvantage. Consider getting poor credit loans to escape your financial worries.
According to statistics compiled from data provided by the credit reporting agencies in 2010, 25 percent of Americans had poor credit. The threshold to making this determination was the Fair Isaac Corporation (FICO) credit score, which labels any score under 600 as bad or poor credit. In the months after that report was issued, the percentage of Americans with poor credit kept increasing and did not level off until the end of the Great Recession.
Under the FICO scoring method, poor credit is defined by scores lower than 600, The national average score as of mid-2014 was only 79 points higher than the lower limit, which means that most Americans are a couple of late payments away from getting a poor credit score.
Many consumers who learn that they have fallen into the poor credit category believe that they will no longer be able to get approved for poor credit loans. This is not the case; there are lenders willing to work with borrowers with poor credit. Just because you had a couple of late or insufficient payments does not mean you have lost access to the lending market.
Even with poor credit, you can still get poor credit loans, like car title loans, in the amount of $2,500 or higher. The key is to work with the right lender; one that is willing to help you by taking on a bit of risk and coming up with flexible solutions for approval and repayment.
If you want to obtain poor credit loans, it is crucial for you to know your credit score. This is because getting approved for that loan will depend significantly on your FICO score. If you do not know your FICO score, you can find out in several ways.
One of the ways you can use to find your FICO score is by asking your bank whether or not they provide free credit scores. You can use online resources such as Experian’s website or ask from FICO themselves (though you may have to pay for this service if you use FICO).
Do you have a poor credit rating? Then there is no way you can take out a loan from your local bank. But if you look hard enough, you will come across people – both online and offline – offering or advertising different “quick cash” options that people with poor credit loans can take advantage of. Many of such offers are payday loans and you will do well to give them a wide berth.
Payday lenders may not be too bothered about your creditworthiness and will likely give you the loan you seek. But make no mistake about this; payday lenders will make you pay dearly for it. You should expect an annual percentage rate (APR) of over 350 percent or even more.
Such high-interest rates are the cunning strategies that most payday lenders activate, thereby putting low-income borrowers in an endless circle of debt. This is why it is not sensible for you to take out a payday loan.
The sad thing about having poor credit is that you will be forced to pay more for a poor credit loan. But what most people do not know is that credit scores are not written in stone. It is possible to build your credit score if you discover that it is lower than it should be.
Building your credit score is not as daunting as it sounds. Here are six proven steps you can follow to build it up to a considerable level:
A lot of people with poor credit have applied for loans and were rejected. If you have a poor credit history, you shouldn’t be too surprised if your first application for a loan is denied. In spite of this, you should not give up when you are faced with such a scenario. The next step you should take is to try and arrange for a personal interview with the lender that denied your application.
If the lender agrees to create time for you to undergo a personal interview, you should prepare some documents to take along with you to the meeting.
The following are the documents you should present to the lenders to show that lending you money – no matter the amount – is not too much of a risk:
These documents will help in corroborating your creditworthiness when the lenders finally get to meet with you.
You may need to answer several questions about yourself and your past at the interview; so, get prepared and be as honest as possible. If the lenders don’t have any reason to panic or worry about lending you money, then you will most likely get the loan you seek for.
At TFC Title Loans, it is our sincere belief that you deserve much more than payday loans. This is why we are one of the top-notch loan service providers in this industry, and our past clients have good things to say about us and our services.
You can visit any of our offices for a loan even if you have poor credit loans. Our trained representatives will attend to you promptly. We assure you that our rates are highly competitive in this industry. Therefore, get in touch with us today for your loan even if you have bad or poor credit .
If you are like the majority of Americans, there is a slim chance that you will have enough saving to cover for an emergency; majorities of Americans depend on their budget to see them through the month, paying their regular bills and hoping that nothing goes wrong.
As far as I am concerned, America still remains the most blessed country in the world, in all ramifications, America remains a great nation to nations.
Many nations seek refuge in America and is an abode to many foreigners. Unemployment is irrelevant in America yet, American still aren’t saving much. Different reports have proved this to be a dominant condition in the country, it was recorded that 30% of Americans don’t have a savings account at all, nearly three-quarters of Americans have less than $1,000 saved.
Bankrate.com reported that only 16 percent of survey respondents saved up to expert generally recommendation which is 15 percent of annual income. A quarter of their respondents saving between 6 and 10 percent of their income and about 21 percent say they manage to save up to 5 percent or less.
There is no evidence better than these to prove that majorities of these people are setting themselves up to fall short in retirement.
Retirement may be something to come in many years’ time but how do you deal with emergency situations that may transpire anytime? Whether it’s an unexpected medical bill, damage done to your roof or home, broken car, being laid off from work, water heater, or an unplanned but important trip, emergencies happen to everyone.
So how do you cope with this situation? Even if you belong to the category that saves little, will that be enough to cover your emergency bill? If you are laid off from work, how long can your saving serve you? Obviously, there may be a need to find means of generating fast extra cash to maintain a healthy living. There are many ways to achieve this but we will like to point out a few ways to get quick cash if you ever find yourself in a bind:
There are arrays of opportunities on the internet, but I will limit myself to two which I believe they are achievable and are capable of providing you the extra cash you need to maintain yourself.
When most of us see the advice to sell old books, toys, clothing, or other items we could do without, we probably think of yard sales, Craigslist, or pawnshops. But there’s an even easier way to sell your items these days: online. From Amazon to eBay, there are plenty of ways to promote your sales to potential buyers around the world.
Not only does this make it easy to quickly sell a few things, but it also allows you to access a far larger buying force than you could get just having a yard sale.
If you have old textbooks from college, collectibles that you’ve kept in great shape, or specialty supplies for a craft or hobby that you don’t have time to use, you can set up a shop on Amazon or eBay within just a few minutes.
If you can sew, know fancy calligraphy, or have the ability to create craft patterns or graphic designs, consider selling handmade goods through websites like Etsy (or even try Amazon’s new handmade market).
These websites make it easy to run a side business year-round, letting you stock items when you have them, and keep your store on vacation when life gets busy. Popular items to sell on these websites include jewelry, stuffed toys, art pieces, handmade tools, and even custom-made clothing.
Freelancing is another way to empower yourself and gain extra cash in your pocket. You don’t have to quit your pay job, freelancing can be a side business, it comes with immense freedom to work at your convenient time or even free period, not just anytime but anywhere as long as you have your laptop.
Good for you, a laptop can be easily mobile; this implies that you can walk around with your extra office. What is important is that you deliver a job well done and on time. You can choose your area of interest, you have the opportunity to work as a freelancer doing what you love in many global markets. You can choose the type of work based on what interests and benefits them best.
People make thousands of dollars every month working as a freelancer without quitting their job; almost everything you are good at can offer you extra cash online, as a graphic artist, you can design logos, business card, and so many things. It so lucrative that many people will even pay you to just remove a background from the back of their picture.
Writing is part of what you can do as a freelancer; in short, almost everything can fetch you extra cash, some freelancer only offers professional advice. Few websites where you can register yourself to enjoy this benefit include but not limited to Fiverr.com, Topcoder.com, upwork.com, boontech.ai, 99design.com, TopTal, Peopperhour.com freelance.
With the rise of Uber and Lyft has come a whole new way for anyone to grab some extra cash whenever they need it. Drivers in California and Arizona can make a lot of money with just a few quick requirements.
You’ll have to get your TLC license, which usually requires a quick one-day defensive driving course, and you’ll need to be sure your car meets the standards of the ridesharing company (many offer car rentals if yours doesn’t).
If you don’t mind spending a lot of time in the car and know your way around town, you can easily make driving for Uber your second job. Because Uber, Lyft, and other ride-sharing companies do most of their services through smartphone apps, it’s easy to find all the information you need, and learn more about the requirements for becoming a driver.
You do not need to quit your current job, working as a taxi driver can be your side job.
For many Americans, the only reliable way to make extra money is to reduce monthly spending. Unfortunately, this may mean cutting back on things that you truly need, and learning to do without. For example, most people need cell phones these days in order to stay in touch with work, school, or to be able to contact family in an emergency.
But you can do all of that with a basic “dumb phone” that doesn’t have data or any other special plans. Cutting back your cell phone to a simple call and text messaging plan can help reduce your monthly bills by hundreds of dollars in some cases.
The same is true for any subscriptions you may have to Netflix, cable, or book services. The library is your new best friend for entertainment until your finances even out again. If you’ve lived in your home for more than a year, call the utility company and ask if you can be put on a level billing system; this may help you shave a few dollars off your monthly bill.
If you live close to a library or public location with free Wi-Fi that you can visit, consider temporarily shutting off your Internet service until you can get your finances back on track.
Finally, check out any insurance policies you have, for your vehicle, medical insurance, or for your home. If you are paying for more coverage, now may be a good time to cut your policies down to the minimum, and use the extra money to cover your financial emergency. You can always increase them again later when things aren’t as tight.
If you own your own vehicle and have a valid driver’s license, you could get the cash you need in just a day by visiting an auto title lender near you. Car Title Loans are short-term loans that don’t require the borrower to have good credit or good borrowing history. Maybe consider poor credit loans.
In many cases, borrowers don’t even have to prove that they have income, meaning Car Title Pawn can be used during times of unemployment while you search for a new job.
In order to apply for a title loan, borrowers put up their vehicle title as collateral. But don’t worry! You get to keep your car and use it however you like, during the entire time you have the loan. The only time that your car could be in trouble is if you default on the payments – and even then, most auto title lenders would prefer to work with you on payments, rather than repossessing your car.
If you need money right away for an emergency, but you don’t have time to take a second job, an auto title loan could be a good way to cover the cost of a major emergency.
You can often borrower larger amounts, against the value of your car, so title loans make for great solutions when a small loan from friends or family just won’t cut it. And title loans are fast, as well. You can often apply, get approved, and receive your funds all in one day with your auto title lender near you.
One good thing about car title loan is that the majority of the requirements are what you have as a resident of a particular location. If you are laid off from work and you have a very good expensive car, you can borrow a substantial amount against it title to start a small scale business.
If you find yourself in a bind and you consider a car title loan as a perfect option for you, we will help you.