Debt Archives - Page 8 of 13 - Getting Out of Debt Q&A

How Does Your Credit Score Compare to the Rest of the US?

Credit scores are a curious thing. On the one hand, they say a great deal about us; they indicate, at least to a certain extent, our fiscal responsibility. They’re used by banks, credit card companies, car dealerships, and many other institutions to determine our “creditworthiness.” What’s strange, then, is how difficult it can be to … Read more

How To Apply For Personal Loans Online

by Hank Coleman

Every once in a while, we all need a little help when it comes to money. Taking out a small, fast personal loans can help you make ends meet when you need it most, whether it is because your car has unexpectedly broken down, or you have been hit with a few unforeseen medical bills. Luckily, these days it is easy to apply for a loan online, and fast. Here are our tips for preparing, applying and getting approved online for a personal loan.

Know your credit history

Also a key step to managing your finances going forward, knowing your credit history and rating is the best way to determine if you will be approved for a loan. A bad credit rating doesn’t necessarily mean your loan application will be rejected, but it does give you a good idea of what your current position looks like. You can obtain your credit history report from a reputable credit reporting body within ten days of applying for it. If you urgently need it sooner, you may have to pay a fee.

Figure out what you can afford

Take a look at the fees, charges, interest rate and terms and conditions of the loan you are applying for, and make sure they are all acceptable to you and your current financial situation. Be realistic about how much you can afford to borrow, and how long it will take you to pay it back, including how much you will need to repay each month. Taking out a personal loan can be a great way to obtain fast cash, so long as you don’t get yourself into (or further into) debt by doing so.

How To Find The Best Lenders When You Have Bad Credit

by Hank Coleman

It can still be possible to qualify for a personal loan even if you have a bad credit score and derogatory marks in your credit history. It may take a little more effort to find great lenders if you have poor credit. But it can be worthwhile if you still need funds for an emergency or to consolidate debts into one payment.

It is not the end of the world to have a poor credit score or bad marks in your credit report. You are not alone in this predicament by a long shot. Many people find themselves actively working to improve their credit scores.

Focus On The Future, Not the Past

The best thing that you can do to find the best lender if you have bad credit is to continue to focus on the future. The past is the past. You can’t change what happened. But you can show lenders that you are making strides to improve your credit score.

Paying your bills on time is one of most important aspects of your credit score’s calculation. The best way to increase your credit score is to pay at least your minimum payments on time on their due date. Look to the future and focus on what you can influence now. It will pay off in the long run and how lenders that you are working to be a better credit risk to them.

5 Types Of Emergency Loans To Help You Get You Back On Your Feet

by Hank Coleman

There are many circumstances that make emergency loans necessary. Health and dental problems are two of the main reasons people need emergency money. Home and car repairs are two other reasons that a family or individual often need cash fast.

While there are several ways to obtain cash when you need it, each option has its requirements and limitations. There are several options for emergency loans available to you.

Five Types Of Emergency Loans

1. Car Title Loans

Anyone with a car with a clear title or a title that is almost paid off can generally obtain a car title loan. These loans are quite popular since they are easy to get and can provide fast cash. The application process can take a few minutes and is often available online.

Good credit is not a requirement. The car will be evaluated for value to decide how much can be loaned. As a practical matter, car title loans allow borrowers to continue driving the car. Considering that these loans can be funded within 24 to 48 hours, it is not surprising that this type of loan is the choice of many borrowers in need of some emergency funds.

2. Credit Card Cash Advance

Many credit cards allow for cash advances. Using a credit card with this feature is a proven way to successfully obtain a small loan. Immediate cash is available. The obvious downside is that you must possess one of these cards and have available credit left on the card.

Since consumers can use a credit card with credit left on it to pay for almost any product or service, obtaining a cash advance is not usually needed. In the rare cases where cash is required to pay for a necessity in an emergency situation, then a cash advance on a credit card can provide a solution to the problem.

How Chapter 13 Bankruptcy Can Affect Your Future

by Hank Coleman

If your debt has got out of control, don’t let this be a burden to you. There are steps that you can take to get out of debt. One such way includes filing a Chapter 13 bankruptcy. By filing for Chapter 13, you can regain power of your financial status by acquiring a payment plan that fits nicely into your budget. Let’s take a close look at what a Chapter 13 bankruptcy can do for you.

Protect your assets
Eliminate interest, and in some cases all of it
Help you stay in control of your assets
Consolidate your debts into one monthly payment
Eliminate junior mortgages
Reduce your car payment
Eliminate your unsecured debt
Protect co-signers
No liquidation