Debt is stressful; no one enjoys creditors constantly putting pressure on to pay an outstanding debt. If you have been in this situation or still are then you will all too easily be able to relate to the scenario. The problem is that people under stress sometimes become desperate. They certainly sometimes make decisions out of desperation that they would not make if they were not under pressure and made those decisions with a clear head in the cold light of day. That said, debt will not simply go away; it cannot be ignored. However there is usually more than one solution to a problem. The secret is to select the right one.Continue Reading...
Bad credit loans are the only avenues available for people with bad credit. The best way to avoid having to take them is to not have bad credit in the first place, but sometimes there is no other choice. Before you do take one of these credit loans, you need to learn some hard truths.
Expect High Interest
The better your credit record the better interest rates you can get. Those with negative credit records will have to pay higher interest rates. Look at payday loans and you will see that the interest rates can sometimes enter triple figures. Other financiers will not give you anything below double figures if you have bad credit.
This means you can end up paying far more for a loan than is necessary.
To lenders, a bad credit record means you are untrustworthy when it comes to money. Nobody in his or her right mind is going to take a risk on you. Instead, they will ask you to provide some collateral. This is known a secured loan.
The most common type of collateral you will be asked to put forward is your home. Fail to pay the loan and you could find yourself on the streets.
Need $5,000 to buy that new car? Forget about it if you have bad credit. It can be extremely difficult to find a reputable lender for bad credit loans let alone for higher limits. It is why credit cards designed for people with a negative credit score only have limits of a few hundred dollars. These loans are not as useful because you are heavily limited on how much you can apply for.
Due to higher interest rates, you will have to make greater monthly repayments. This brings a higher risk on your part. Monthly repayments are less manageable, so you are going to have to put up with the fact you may find yourself in a situation where you are further damaging your credit record because of missed payments. We recommend carefully thinking about your finances prior to taking out a bad credit loan. Sometimes it’s better to not take out the loan at all. You don’t want your credit record driven further into the ground.
Many debtors take out bad credit loans because it is the last place they can turn. They are desperate for funding. This has led the industry to becoming a haven for people who are prepared to take advantage of people.
If you are searching for one of these loans, you have to examine the lender to ensure they are genuine. There are no guarantees because these are private companies and moneylenders. When checking out a lender, here are some of the points you should keep in mind:
- Do you have to send out an upfront payment before you can obtain the loan?
- Does the company have a history of unhappy customers and/or fraud?
- Watch out for companies that claim to not care about your bad credit. No responsible lender takes such an approach to loaning money to people.
- Is the company a copycat company?
- Does the company have a physical office you can visit?
Handing Over Responsibility
Many bad credit loans require you to have a co-signer. The person who co-signs the loan must take on the responsibility of you paying back the loan. This is a lot of pressure and it’s an unfortunate hassle you’ll have to go through if you want to obtain the funds you want.
A bad credit loan may seem like an easy way to negate the problems associated with a bad credit record. It’s not all it seems, though. There are many harsh truths you are going to have to face if you want to go down this route. When in need of a loan, one can always leverage the equity of their home. It is important to become familiarized with Home Equity Loan Rates.
If you do decide to take out a bad credit loan, crunch the numbers and think carefully about whether this is the right option for you. Getting this wrong could make a bad credit record even worse, thus further ruining your ability to obtain loans.
Technology is known to make the difficult tasks easier. Unfortunately, some people avoid purchasing different gadgets because of their purchase price. However, a small investment in a gadget now can help you save money in the long run. Here are 10 impressive gadgets that will help you save money.
Image via Flickr by brendan-c
When you use a programmable thermostat to adjust your home’s temperature, you are reducing your energy consumption. You can program the thermostat to decrease or increase during times when you are sleeping or away from home. Research shows that using a programmable thermostat can save you 20% on heating and cooling costs. Some programmable thermostats can be controlled by an app downloaded to your smart device for extra convenience.
Consider purchasing a book light for reading at night, or use a free flashlight app on your smartphone to save money and electricity. These options allow you to read in bed without disturbing your partner. For added fun, pull your sheets and blanket over your head while you read with your book light and pretend you’re reading past bedtime and might get caught.
Wireless LED Lights
You can control your lights over Wi-Fi through a variety of gadgets including your smartphone or tablet. If you like to keep your lights on because you hate coming returning to a dark home, mobile apps now allow you to turn your lights on remotely.
Universal Battery Charger
While this isn’t a new gadget, it certainly is one that saves families money time and time again. Battery chargers are great if you have kids using battery-powered toys and remotes. You will pay the initial out-of-pocket expense for the rechargeable batteries, but it’s a one-time purchase and from there you’re set. Simply add it to the charging dock and in a few hours they are ready for at least a day’s worth of use.
Tablets are little computers that anyone can use. High-end tablets are now more affordable to own than ever, thanks to low monthly payment options available from carriers like T-Mobile. Tons of money-saving apps are available at your fingertips on powerful tablets like the Google Nexus 9, in addition to hours of fun. Connect your tablet to a reliable network, then can clip coupons, scan weekly ads, have a laugh at a silly cat video, learn a new language, and browse the Internet for child-friendly games.
Instead of spending $3 to $5 at your local coffee shop, you can buy a coffee maker and spend less than $10 on a bag of coffee. An 11-oz bag of Starbucks coffee can yield approximately 30 cups. A simple coffee maker can give you the delicious coffee fix you crave and save you money at the same time.
Change all of your faucets to low flow faucets. Add a shower meter and a low flow shower head to help reduce the amount of water you use for showering by 60 percent.
Water Filtration System
Why pay for bottled water when you can have filtered water from your faucet? The average family of four drinks about two gallons (or over five bottles) of water per day. By using a system like Brita to filter tap water, you can save up to $2,900 a year.
Fluorescent Light Bulbs
Fluorescent light bulbs might cost more, but they last longer than traditional light bulbs. If you replace 10 traditional light bulbs with fluorescent light bulbs, you stand to save approximately $57.55 on energy use per year.
TV Stick or Streaming Device
You can turn any TV into a Smart TV with a streaming device like Roku or the Amazon Fire TV Stick. Plug one of these devices into your HDTV and gain access to thousands of hours of watchable content from various streaming services like HBO GO, Netflix, and Hulu Plus. Why pay $125 a month for cable when you can get one streaming service for under $10 a month?
These 10 gadgets all follow the “Buy now, save later” principle—they all prove their worth in the initial investment. Which gadget are you most excited about?
Loans (from anyone) are always difficult to secure when you have a bad credit rating. You may think your only option is to carry on without a loan, but this is not the case. There are still options available to you, and we are going to show you a few of them.Continue Reading...
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Are you interested in taking a payday advance because you feel you have no other option? It’s important to understand there is an ugly truth that lies behind them. They aren’t the loans that will save the day as you may think them to be. In fact, sometimes taking these loans can put you in a worse state than before you had this money in your checking account. Easy, fast money has its advantages and disadvantages. Read on to discover the ugly truth about payday advances.Continue Reading...
On average when a loved one passes away the family can expect to need about $10,000. This number does vary based on the specific situation, however regardless of the number you do not want to leave your loved ones with financial burdens. You probably have considered investing in burial insurance yet you do not know how much burial insurance costs on average. Today, we will be discussing the average cost of burial insurance.Continue Reading...