• Traditional Lenders Offer Bad Credit Personal Loans

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    Many people make the mistake of assuming that their only option in terms of loans comes from traditional financial institutions – banks and credit unions. However, there are additional resources that can be tapped in the form of non-traditional personal loans. These loans, which are given by private lenders may be able to provide the help you need regardless of your past bad credit history. Follow these four steps to find the right solution for you:

    STEP 1: Review the Local BBB

    A great first move is to look at your local lending options through the Better Business Bureau. This agency will provide important contact information and reviews of many non-traditional lenders who offer bad credit loans and review their business practices. The BBB website will provide information in the form of telephone numbers and addresses as well as ratings, complaints and other details about each lender you consider.

    STEP 2: Stick with the Highest

    The BBB will provide a letter grade ranking for each of the private lenders that you review. Similar to the grades given in school, A is an excellent business and F is a failing one. Make sure you only choose non-traditional lenders with a grade of B or better. Make a list of these options and then move on in the research process.

    STEP 3: Website Research

    One great feature of the BBB is that they will provide you with a direct route to each company’s website. Once you generate your list of potential private lenders, go to their websites to review the details of the packages and the deals that they offer, with special emphasis on their bad credit personal loan packages. You may want to write each company’s specifics down so that you can compare all the options side-by-side.

    STEP 4: Contact the Lenders

    Once you get a picture of each private lender’s different programs you need to make sure that you qualify for the ones that you want. Call each company and be honest with whatever service representative you speak with about your situation, your history and your current needs. This way they will be able to give you a clear picture of what their company can provide for you in terms of loan amounts, repayment periods, fees and interest rates.

    Any non-traditional lender who cannot meet your needs or who does not offer bad credit personal loans can safely be eliminated. There are so many private lenders operating online today that with a little work you will find one who can help you and get you the money you need at a rate you can afford to pay.

  • Guaranteed Bad Credit Personal Loans

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    Scam Artists Do Exist

    Though guaranteed, no credit check loans are available and legitimate, not everyone who offers them is. Therefore, when searching for these loans you need to have your guard up and make sure that you look into a few factors before offering any personal information or making any deals.

    One way to check out the lender you are considering is to see if their online business is backed by a physical presence and go into their office instead of using the computer. As an alternative, you can call that office and verify its location if it is too far away. Good online lenders will also have affiliations with professional organizations and will provide you with a verifiable business history.

    Another option is to use other tools offered online as a means to check in on any lender you consider. State Attorneys General will have websites that list fraudulent companies and those with questionable complaints. Also, there are several online forums and the Better Business Bureau which can provide insight into the lenders you are considering.

    Disadvantages of Guaranteed Loans

    Even if the lender you find is legitimate, there are still some distinct downsides to choosing to use a guaranteed loan to get the cash you need. These include:

    – Total amounts offered – guaranteed loans, or payday loans, are generally only offered in sums up to $1,500 for bad credit borrowers.

    – Repayment terms – as the alternate name for these loans (payday loans) implies, the purpose of guaranteed loans is to act as a payday and you are expected to reimburse the lender once you actually do get paid.

    – More loans can negatively impact your credit – one of the factors in determining a person’s credit score is their income to debt ratio. The more loans you take out, the smaller that ratio and the lower your credit score.

  • Understanding Long Term Bad Credit Loans

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    Bad Credit Lending: Special Circumstances

    The idea of a good interest rate is even more complicated for those with bad credit. Basically, your credit is a major factor used to determine the interest rate that a lender will offer. It is important to know going into any lending process that any advertised interest rates for those with good credit will not be available for you. You do have additional options, however.

    1. Take Your Time

    First, if your need for money is not immediate, you can take steps that will improve your credit over time. This will help with your loan application in two ways. First, your credit will be better. Second, your efforts will reflect well on you as lenders see you as responsible.

    2. Compare Options

    Another option, for those more pressed for time is to make sure that you contact more than one lender. A general rule is to generate a list of 3-5 potential lenders and compare the rates and terms that they offer. Some may be willing to negotiate if they know what their competition is offering. Either way, you get a better picture of your ability in the lending world by talking to more than one person.

    3. Use Collateral

    Finally, you have the option of opting for a secured loan as a means to generate a lower interest rate. Secured loans are those that leverage the money that you borrow against real property such as your home or car. This way, if you default on the loan, a lender can fall back upon the value of your collateral. This means that they can repossess your vehicle or home.

    Final Thoughts: Lending and the Internet

    As I have clearly emphasized throughout this article, the most important tool that you can use in looking for a long term loan is the internet. There are so many lenders available today who will help you out depute bad credit. Use this variety to your advantage and make sure that you get quotes from many different lenders before deciding upon the long term bad credit personal loan right for you.

  • Personal Loans After Bankruptcy Helping Yourself

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    If you have filed for a bankruptcy, you are not the only. Due to the global economic crisis, the number of bankruptcy petitions being filed has increased. However, even if you file for bankruptcy, it doesn’t mean that you no longer have financial needs. With the present situation, more and more people are in need of financial backing to stand back on their feet.

    But can you get a personal loan after filing for bankruptcy? Fortunately you can. Although a negative mark is placed on your credit rating because you filed for bankruptcy, it does not mean that you are no longer eligible to get a personal loan. It can be quite difficult to get a personal loan from the bank or from other lending firms, but there are lending firms that offer loan services that are tailored for individuals who have filed for bankruptcy.

    If you need to get a loan after bankruptcy, then you should help yourself increase your chances of getting it. The things that you need to consider in order to get an approval are as follows:

    Verifying your credit score

    The first thing that you need to start with is to verify whether or not the lending company offers loan services to people who have previously filed for bankruptcy and what are the minimum credit score rating that they require. You should inquire about this information before filing for the loan.

    Dealing with existing debts

    After filing for a bankruptcy, it is imperative that you try to minimize having other debts if you plan on getting a loan. If you apply for a personal loan, while having a lot of existing debts can leave a bad impression on the lender. It would seem to them that you are unfit to handle your obligations, thus lowering your chances of getting an approval.

    Restoring your credit rating

    Through time, you will be able to restore your credit rating, as long as you pay your existing bills on time since your bankruptcy. If you have been paying your bills on time, this can reflect a positive rating on your credit score after two years. If you file for a loan by then, it would surely help you get an approval.

  • The Man In The Arena Who Dares Greatly

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    I’m reminded of an inspiring passage from a speech delivered in Paris in 1910 by the 26th President of the United States of America, Theodore Roosevelt. Titled The Man In The Arena, the short excerpt underlines how critics have little place judging those daring greatly: “It is not the critic who counts; not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly; who errs, who comes short again and again, because there is no effort without error and shortcoming; but who does actually strive to do the deeds; who knows great enthusiasms, the great devotions; who spends himself in a worthy cause; who at the best knows in the end the triumph of high achievement, and who at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those cold and timid souls who neither know victory nor defeat.”

    Greatness Is A Recipe Not Served To All Men

    This is not a story about critics but something more. It is about acknowledging the person who dares greatly. Those vulnerable willing to scale new heights and put their reputation on the line. This is an ode to the individual who enters the arena and though they may stumble and fall, they know there is no greater service than to follow their passion and purpose. The credit belongs to those who risk defeat, humiliation and yet are purposeful in their conviction towards success. Whilst they may encounter setbacks, their cause is greater than the critics who looks down on them with disdain. Have you received unwarranted criticism in your life? How did you respond and did it affect you? Sometimes, those we expect to be our chariot of hope will let us down, however this mustn’t deter us from achieving excellence.

    Greatness is a meal not savoured by all men because some do not have the hunger for it, even if it were served on a silver platter. Greatness stems from working diligently and tenaciously towards our dreams, our goals and highest aspirations. It is the victor who enjoys the spoils not the critic who laments from afar. This is the message echoed by the great American essayist Ralph Waldo Emerson who wrote in We Are the Builders of Our Fortunes: Success through Self-Reliance: “What I must do is all that concerns me, not what the people think. This rule, equally arduous in actual and in intellectual life, may serve for the whole distinction between greatness and meanness. It is the harder because you will always find those who think they know what is your duty better than you know it. It is easy in the world to live after the world’s opinion; it is easy in solitude to live after our own; but the great man is he who in the midst of the crowd keeps with perfect sweetness the independence of solitude.”

    Daring greatly arises from a firm resolve and a resolute will. It is why critics abound because not all men are equipped with these virtues. The critic wishes from afar while the champion wrestles with greater powers. The battle is not for everyone and why it requires somebody with a heart forged of steel-a daring hero advancing forward even when things appear grim. I believe there are two types of people in the world: the champions and the critics. Which of these protagonists do you identify with? I trust by reading this article you associate with the former and are intrigued by awakening your greatest power? Perhaps it lays dormant or you have yet to rouse its potential, nevertheless I assure you it is there. Don’t wait another minute to step into your greatness otherwise you risk becoming a fallen comrade, a critic who wonders why success eluded them. Critics are everywhere voicing their disapproval while the champion is committed to progress and achievement. This is an affront to the critic who wishes they were in the arena daring greatly.