United nation membership – List Nation http://list-nation.com/ Wed, 18 May 2022 16:22:19 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://list-nation.com/wp-content/uploads/2021/10/icon-120x120.png United nation membership – List Nation http://list-nation.com/ 32 32 How to get a small business loan with bad credit https://list-nation.com/how-to-get-a-small-business-loan-with-bad-credit/ Wed, 18 May 2022 16:22:19 +0000 https://list-nation.com/how-to-get-a-small-business-loan-with-bad-credit/ Image source: Getty Images Bad credit doesn’t have to make your business unbankable. The Ascent shows you how to get a small business loan even if you have bad credit. Our local convenience store recently closed for a few weeks for renovations. When it reopened I was pleasantly surprised to find self checkouts available. The […]]]>

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Bad credit doesn’t have to make your business unbankable. The Ascent shows you how to get a small business loan even if you have bad credit.

Our local convenience store recently closed for a few weeks for renovations. When it reopened I was pleasantly surprised to find self checkouts available. The time it takes me to pick up a Diet Mountain Dew has been cut by at least half. My dentist couldn’t be happier.

Businesses are doing everything they can to automate processes and banks are no exception. Many banks underwrite all loans below a certain amount (sometimes the amount reaches $1 million) with algorithms – even banks that don’t have to deal with more and more regulations from the Federal Reserve and the FDIC.

The result is that it’s harder than ever (relative to interest rates) to get a traditional bank loan if you have bad credit. Read on to find out how bad credit affects your creditworthiness and what you can do about it.

Overview: How does bad credit affect you getting a small business loan?

There are two types of credit that banks will underwrite for business loans: business and personal. Personal credit is easy; they’ll pull a personal credit score, and if it’s below a certain number (usually around 670), they’ll decline the loan or ask for an explanation. Business credit is more difficult.

Having poor business credit can mean anything from an uncollectible debt service coverage ratio to poor business credit.

For any business loan, you will go through an underwriting process. Gone are the days when you could get a signature loan from an old friend in two days. Banks will look at your financial history and current leverage, personal finances, competitive position, management experience and analyze your collateral. If there are any issues with any of these, you will need to figure out how to fix them.

Many banks will compile a commercial credit report as part of the underwriting process. Corporate credit reports are widely derided by business owners. The company I work for generates over $1 million in net revenue per year and always pays accounts payable promptly. Yet we have a bad business credit rating.

We are a general contractor and have a pay-as-you-go policy that is communicated to all of our sub-contractors. We do all the government work, which sometimes means we get paid six months after the job is done — that’s when our contractors get paid as well. It only took two subs with big contracts to report that we paid late to screw up our score forever.

If your bank does a commercial credit report, make sure you know what’s on it and have any negative information answered.

How to get a small business loan with bad credit

Here are the steps to get a loan even if you have bad credit.

1. Fix your credit

This step is both the easiest and the hardest. If you can fix your personal credit score by paying off certain revolving lines or having offensive false reports removed, do so as soon as possible.

Even if it’s not easy, you still have to work on it. Check your personal credit once a month on your personal bank accounts or on credit card websites. Pay credit cards monthly. Pay all overdue accounts.

If your business’s credit rating is low, you might be tempted to pay the reporting agency to fix it. I would never do that in any of the companies I work for. I think it’s a racketeering. You pay thousands of dollars to have someone at the reporting agency automatically dispute any late payment claims, and then, maybe, your score will go up. This defeats the whole purpose of the score.

There are, of course, other steps you can take. Create a free account with the agency and submit business referrals. You can also manually enter and dispute any false late payment claims. This may or may not increase your score.

If you have a low score, do whatever you can without paying to fix it and prepare a letter for the bank explaining the situation. Most bankers understand that scores are random.

2. Work on financial forecasts

If you have bad credit because your business is losing money, you will need to work on a financial forecast. Show the bank how you are going to turn the business around and what the financial situation will look like in a year or two.

Start with a detailed budget and explain what costs can be cut and how to increase revenue.

3. Have thick skin

If you have bad credit, you need to develop thick skin. Some bankers review hundreds of loan applications a year and have to turn down anything imperfect just to get through the day. You may have to go through a lot of rejection before you figure it out. The key is to persist.

3 options for small business loans with bad credit

Here are three places you should consider applying for business loans with bad credit.

1. Community Bank

When I worked at a community bank, we affectionately called each other “the local lender of last resort.” Community banks generally have a higher cost of funds than national banks, which can spread regulatory and overhead costs among many more borrowers. For this reason, the interest rates that community banks have to charge are higher.

Many community banks focus on building lasting service-based relationships to offset their higher prices. They must also accept borrowers that the big banks might refuse.

Research local banks and consider entrusting your entire banking relationship to them if necessary to secure small business loans, even with poor credit.

2.SBA

Government loans for businesses with bad credit come from the Small Business Administration (SBA). Loans are technically issued by banks (you can use the same community bank mentioned above) and guaranteed by the SBA. The guarantee reduces the bank’s risk and makes it more willing to lend to those with weak credit.

3. Hard Money Loan

The last resort is a hard money loan. Hard money loans come either from high net worth individuals or from non-bank lenders who manage cash reserves. Hard money loans will have shorter terms, higher interest rates and more prohibitive restrictions than anything you would find at a bank.

If you really need it, find a local loan broker that has good reviews and work with them to find the most trustworthy lender.

3 tips for finding a small business loan for bad credit

Here are three tips to keep in mind when looking for business loans with bad credit.

1. Know your business

As an investment banker, the most frustrating times for me were when I had to tell my borrowers about something about their business or their credit that killed the deal. Go to all meetings with bankers knowing as much as possible why your income statement line items have changed, why you have late payments on your credit file, or even why you’ve had overdraft charges recently.

2. Have a plan

Whatever problem has hurt your credit, you need a plan to fix it. It can be helpful to have a meeting with your key personnel and write down exactly what happened and how you are going to fix it.

Simply having a plan to improve is better than 90% of businesses with bad credit.

3. Run

Of course, having a plan is not enough. Banks will start to find you more creditworthy once you can show that you’re actually following the plan and executing it, when you have interim financial periods that show a turnaround, or when you start to pay off your debts.

Good credit, bad credit, no problem

The key is to understand what your options are for reducing your leverage and fixing your credit scores. If you need to refinance a business or personal loan, do it. If you need to get a hard money loan to buy new office space and increase your income, do it.

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Types of bad credit loans and their uses https://list-nation.com/types-of-bad-credit-loans-and-their-uses/ Thu, 14 Apr 2022 21:07:05 +0000 https://list-nation.com/types-of-bad-credit-loans-and-their-uses/ If you have bad credit and need cash fast, you may not realize that you may still have loans you qualify for. A loan for bad credit could be an option if you have been refused by your bank or credit union and borrowing from relatives or friends is not an option. There are several […]]]>

If you have bad credit and need cash fast, you may not realize that you may still have loans you qualify for. A loan for bad credit could be an option if you have been refused by your bank or credit union and borrowing from relatives or friends is not an option.

There are several types of bad credit loans to choose from. They often come with high interest rates that could cost you several hundred or thousands of dollars more over the life of the loan. It is therefore worth exhausting all your options and exploring other alternatives before applying for a loan for bad credit. However, if you’re in trouble, a bad credit loan might be what you need.

What is a bad credit loan?

Bad credit loans are designed for consumers with low credit ratings who cannot be approved for financing elsewhere. You can expect higher interest rates and fees with these loans because the risk of default is higher.

The FICO scoring model, which 90% of lenders and creditors use to make a loan decision, ranges from 300 to 850. Lenders who offer bad credit loans typically target consumers in these FICO score ranges:

  • Bad credit: 300 to 579
  • Fair credit: 580 to 669

Although these loans are expensive for borrowers, the advantage is that you can get the money you need to meet an unexpected expense or financial emergency. Additionally, some lenders offer a simplified application process and same-day or next-day financing.

Secured loans

Secured loans are for consumers whose credit is not perfect, but require some form of collateral to be approved. Title loans and home equity loans are popular secured loan options, but you risk losing your car or home if you fail to repay the loan.

Still, they might work if you haven’t found better options elsewhere and don’t anticipate any problems repaying the loan on time.

Before applying for a secured loan, research several lenders that offer title and home equity loans to determine if you meet their eligibility criteria. You’ll probably have better luck with a title loan if your credit score is in the trenches, but you may qualify for a home equity loan from some lenders.

Loans without credit check

As the name suggests, these loan products do not require a credit check to be approved. They are attractive to borrowers with very low credit ratings who have been turned down for other loan products, but come with high interest rates to compensate for the risk they pose to the lender. As a result, you could get a monthly payment that doesn’t quite fit your budget and find yourself in even more financial trouble over time.

Some lenders will extend the loan term on these loan products to give you a lower, more attractive monthly payment. However, this simply means that you will pay more interest over the term of the loan, as the lender will have more time to collect the interest from you.

Common loans without a credit check include payday loans, installment loans, auto title loans, and cosigner loans.

Payday loans

Payday loans offer a short-term solution for borrowers in credit difficulty. These loans usually come with exorbitant interest rates, sometimes well into the triple digits, and capped at around $500.

Most payday lenders won’t check your credit to qualify for a loan, and you could get the loan proceeds within hours. Nevertheless, payday loans should only be used as a last resort, as the cost of borrowing is high. Plus, you’ll usually have to pay back what you borrow before the next payday or face high fees if you extend the term of the loan. This could lead to a vicious cycle that is difficult to escape.

Cash advances

A cash advance allows you to withdraw funds from your credit card‘s available balance up to the preset limit established by your credit card issuer. The amount you borrow is added to your outstanding credit card balance. You will likely pay a higher interest rate than on regular credit card purchases.

Cash advances are usually made by withdrawing cash from an ATM. You can also request a cash advance from a cashier at the physical branch of the credit card issuer (if applicable).

If possible, use cash advances only in times of financial emergency. Although they offer a quick fix if you’re in financial difficulty, they can be expensive and keep you in credit card debt for an extended period of time.

Banking agreements

Some banks offer short-term loans for smaller amounts to account holders with a positive banking history. However, the qualification criteria differ depending on the financial institution. You should therefore contact your bank or credit union to determine if this option is viable for you.

Alternatives to Bad Loans

Although bad credit loans are designed to help consumers who have difficulty accessing finance, they can be expensive and predatory in some cases. If you are facing a financial emergency or unexpected expenses, here are some viable alternatives:

  • Asking a relative or friend for money. Be sure to write out a repayment plan that works for both parties to avoid problems later.
  • Use a credit card. If you have available credit on a credit card, the cost of reading it is likely much less than what you’ll pay if you take out a bad credit loan. However, you want to pay back what you spend as soon as possible to avoid spending a fortune on interest.
  • Find local help. Some communities have religious and nonprofit organizations that offer financial assistance to those going through a financial crisis.

Most importantly, work on building your emergency fund and improving your credit. That way, you might not have to borrow money the next time life comes around. Plus, you’ll potentially qualify for loan options with better terms and more competitive interest rates if you don’t have enough savings to cover a financial emergency should it arise.

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Launch of new products for people with bad credit https://list-nation.com/launch-of-new-products-for-people-with-bad-credit/ Sun, 10 Apr 2022 15:10:36 +0000 https://list-nation.com/launch-of-new-products-for-people-with-bad-credit/ A new line of products aimed at potential borrowers who have poor credit due to issues such as previous indebtedness was introduced by Precise Mortgages. These products are designed to provide people who have credit problems due to past county court judgments against them or debts they are currently paying off under a payment plan […]]]>

A new line of products aimed at potential borrowers who have poor credit due to issues such as previous indebtedness was introduced by Precise Mortgages.

These products are designed to provide people who have credit problems due to past county court judgments against them or debts they are currently paying off under a payment plan a way to obtain a mortgage and to access the housing ladder. For those with low-level issues that affect their credit rating, Precise Mortgages has indicated that 85% will be the best loan-to-value (LTV) ratio available.

For borrowers with much more serious, long-term credit problems, the lender has indicated that it plans to reduce its level five products with LTV to a maximum of 80%.

This new product line will include five- and two-year fixed rates and is available to those with existing mortgage arrears – unsecured or secured – as well as other debts that are being addressed by repayment plans.

Adrian Moloney of OSB Group, the specialty lender that owns Precise Mortgages, told Mortgage Strategy that:

“The pandemic has undoubtedly left a mark on many customers who may be struggling to get loans elsewhere and this range could provide a simple solution, particularly for those with an affected credit rating.”

As a result of CeMAP mortgage advisor training, advisors are currently dealing with a large number of clients with credit issues, so new products aimed specifically at them will be a welcome development.

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‘Payday lender’ rate cap hurts borrowers with bad credit https://list-nation.com/payday-lender-rate-cap-hurts-borrowers-with-bad-credit/ Tue, 05 Apr 2022 17:00:00 +0000 https://list-nation.com/payday-lender-rate-cap-hurts-borrowers-with-bad-credit/ As for Rep. Will Guzzardi’s letter to the editor on payday lenders, it’s one thing to report success, it’s another to have data to back it up. Guzzardi is right to say that it is expensive to be poor in America. In Illinois, it’s even harder, because tens of thousands of consumers with or without […]]]>

As for Rep. Will Guzzardi’s letter to the editor on payday lenders, it’s one thing to report success, it’s another to have data to back it up.

Guzzardi is right to say that it is expensive to be poor in America. In Illinois, it’s even harder, because tens of thousands of consumers with or without subprime credit no longer have access to any form of regulated, reliable lending.

Guzzardi says 46 new businesses are now giving installment loans at rates at or below 36%, and some lenders are offering interest rates as low as 6%, depending on the borrower’s credit.

What he doesn’t acknowledge is that the new law prevented 28% to 36% of Illinois — more than a third of the adult population — from qualifying for that 6%. In fact, they cannot claim any small dollar loan to any interest rate.

While it is impressive to see an almost 70% increase in consumer loan applications with a non-profit lender, this data is incomplete without seeing how many of these new loan applications were declined because consumers did not don’t have the creditworthiness to qualify.

SEND LETTERS TO: letters@suntimes.com. We want to hear from our readers. To be considered for publication, letters must include your full name, neighborhood or hometown, and a phone number for verification purposes. Letters should be a maximum of approximately 350 words.

The American Financial Services Association includes traditional installment lenders that are regulated by both Illinois and federal agencies, and offer safe, ethical, and transparent loans with fixed terms and no lump sum payments, hidden fees, or penalties for prepayment. Unlike payday lenders, our member companies offer subprime or non-credit customers the opportunity to improve their credit rating, as our member companies report to credit reporting agencies.

The AFSA said there is no room in the consumer credit industry for predatory lending practices. We also believe that every American consumer deserves access to some form of credit, especially when needed. Unfortunately, Illinois’ Rate Cap Act, by driving responsible lenders out of the state, has cut off access to credit and deepened economic inequality for people who are not privileged enough to have more money. credit options.

Danielle Fagre Arlowe, Senior Vice President, AFSA

ShotSpotter always a bad idea

One Sunday afternoon, we were called three times to a hospital trauma room to tend to another gunshot victim. The rampant gun violence epidemic has led cities to seek different solutions, such as ShotSpotter, a sound detection system that alerts local law enforcement to the location of a suspected gunshot. However, this is not an effective solution.

Following the 2021 murder of 13-year-old Adam Toledo, who was shot by a deployed police officer via a ShotSpotter notification, ShotSpotter released adeclarationclaiming that its technology “is a vital tool for law enforcement.” In reality, ShotSpotter wastespolice resources. theMacArthur Justice Centerfound that “89% of ShotSpotter deployments in Chicago revealed no gun crime”. Yet Chicago haswideneda multi-million dollar contract with ShotSpotter until 2023.

ShotSpotter also encourages excessive surveillance in communities of color. Areportof the Chicago Inspector General’s Office found that ShotSpotter “rarely produced[s] documented evidence of a gun-related crime” and led officers to perform more “stops and frisks” in black and brown communities. The report said the implementation of ShotSpotter changed the how police interact with citizens near ShotSpotter alerts, and these effects may influence ShotSpotter’s algorithm because the algorithm relies on information from police reports.

Any ER doctor or trauma surgeon on the South Side can attest that Chicago is experiencing a crisis of gun violence. But ShotSpotter technology is inherently reactionary, only alerting after a gun has supposedly been fired. The solution does not simply lie in short-sighted and racialized policing.

Public health policy should guide the city’s response to gun violence.

Meredith Hollender, first-year medical student
V. Ram Krishnamoorthi, MD

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Bad credit van finance: how to buy a van if you have bad credit https://list-nation.com/bad-credit-van-finance-how-to-buy-a-van-if-you-have-bad-credit/ Thu, 24 Mar 2022 10:56:08 +0000 https://list-nation.com/bad-credit-van-finance-how-to-buy-a-van-if-you-have-bad-credit/ If you’re having trouble getting financing for a new van because of your bad credit, bad credit or a subprime van financing solution could help you get the utility vehicle you need. There are specialist lenders who may be able to help, although the deals available may not be as attractive as those offered to […]]]>

If you’re having trouble getting financing for a new van because of your bad credit, bad credit or a subprime van financing solution could help you get the utility vehicle you need. There are specialist lenders who may be able to help, although the deals available may not be as attractive as those offered to buyers with higher credit scores.

A bad credit score can be the result of a number of different factors, including a limited or poor credit history, unpaid debts, county court judgments, or default on payments in the past. A bad credit rating simply means that a lender will take a greater risk by offering you financing for a pickup truck because your credit history suggests you may have difficulty making your payments.

It’s usually much easier to get financing when you have good or excellent credit, but it’s still possible to get financing if your credit rating is poor or bad. When it comes to commercial vehicles, it can feel like a catch-22 where you need a van to work, but you have to work to prove you have the money to pay for the financing. There are ways to get out of this vicious cycle and buy a new van, whether you’re a small business, self-employed, or just have a less than perfect credit score.

Bad credit van finance: things to consider

First, if you’re having trouble getting financing, you can look for ways to improve your credit rating, such as getting on the voter rolls, paying off any outstanding loans, or closing accounts related to someone with bad credit. .

Bad credit van finance is generally a hire purchase agreement (HP) rather than a personal purchase agreement (PCP). While both types of agreements would allow the lender to repossess the vehicle if you fail to make the payments, HP is simpler with a deposit followed by a series of monthly payments after which you own the van. You can also opt for a personal loan.

HP agreements often have a higher monthly payment because the cost of the vehicle is spread evenly over the term of the contract. PCP contracts defer part of the cost of the vehicle to the end of the agreement and for someone with bad credit, it may be more difficult to pay a lump sum, otherwise known as a “lump sum payment”, to the end. With HP, once the contract ends, you own the vehicle.

A significant difference when you get van financing with bad credit is that you may need to put down a larger deposit of around 10% to lower your monthly repayments and get a more favorable interest rate. Another way to cut costs and make the path to a deal easier is to opt for a less expensive van until you can improve your credit rating.

To make it easier to get financing, you could ask someone to be your guarantor, which means they would be responsible for your repayments if you weren’t able to pay. However, you need to make them aware that it would impact their credit rating if they were also unable to pay.

How do you get bad credit van finance?

The actual process for getting approved for bad credit van financing is the same as getting any type of car or van financing. You will need to speak to the dealership or a financing provider and determine what kind of options are available to you in your particular situation.

It probably makes sense to research online what kind of funding deals might be available first. A credit check with one of the major credit checking agencies is free and will give you your credit score Experian, Equifax Where Trans Union and an online car finance calculator like our used car and van calculator will give you an idea of ​​how much you can borrow. Then it’s time to talk to find a vehicle and talk to the experts.

Can I Have Bad Credit Van Finance If I’m Self-Employed?

When it comes to obtaining financing for a van, a bad credit history is one problem and being self-employed is another. If both apply to you, getting financing is more difficult but still possible. If you’re self-employed you’re less likely to have a steady income with evidence you can show a lender, but if you can show regular income at a level that can afford repayments you’ll have a lot more to do. easy. .

Should You Get Bad Credit Van Finance?

If you need a van to run your business but are having trouble getting financing due to poor credit, this type of financing might be a good option for you. In addition to helping you maintain your business, Bad Credit Van Finance can help improve your credit score – as long as you are able to make all your payments on time and fulfill the contract. This would make it easier to get finance for a van in the future, and you’ll also own a van at the end of the deal that you can use to trade some in for a down payment on a better van.

Regardless of the type of financing, it’s always important to determine whether you can afford the monthly repayments you commit to. This is especially important to consider if you have a guarantor, because if you are unable to make the payments, it will fall to them or the lender may repossess your vehicle. Van finance offers with bad credit often have higher deposits and interest rates than other finance offers, but many van buyers who consider them have no other choice.

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Can you get a mortgage if you have bad credit? https://list-nation.com/can-you-get-a-mortgage-if-you-have-bad-credit/ Mon, 21 Mar 2022 10:32:09 +0000 https://list-nation.com/can-you-get-a-mortgage-if-you-have-bad-credit/ Can I get a mortgage if you have bad credit? It’s a question that comes to readers from time to time, and the answer is: if your credit isn’t great and you want a mortgage, you’re not always doomed, but you can pay a higher rate. According to March 17, 2022 rate data from MyFico, […]]]>

Can I get a mortgage if you have bad credit? It’s a question that comes to readers from time to time, and the answer is: if your credit isn’t great and you want a mortgage, you’re not always doomed, but you can pay a higher rate. According to March 17, 2022 rate data from MyFico, a borrower with a credit score just between 660 and 679 can expect to receive an average APR of 4.46%. This compares to 3.85% for someone with an excellent credit score between 760 and 850. Over time, this could lead to a borrower with a lower score paying thousands of dollars more for their mortgage.

Sometimes you won’t be able to get a mortgage at all if your score is low. Indeed, some lenders have minimum score requirements. For example, Freddie Mac and Fannie Mae both require a 620 or higher, and many other lenders follow these rough guidelines as well. That said, it’s not impossible to get a loan if your credit score is lower. Here’s what the pros told us.

Look at FHA, VA and USDA mortgages

Depending on your situation, you may consider applying for an FHA or VA loan. “Both loan programs not only have less stringent credit requirements than most traditional loans, they also have less stringent income and down payment requirements,” says Jacob Channel, senior economist at LendingTree. Adds Holden Lewis, real estate and mortgage expert at NerdWallet: “If your credit score is below 720 and you don’t have a 20% down payment, consider an FHA-insured mortgage or a VA-backed loan. if you are eligible.

What is an FHA loan?
An FHA loan is a US Federal Housing Administration insurance-backed mortgage that requires a lower minimum credit score than other loans. Borrowers can have a credit score as low as 500 to qualify, but those with a score between 500 and 579 will need to deposit 10%, while those with a score above 580 only need to deposit 3 .5%.

FHA loans also require mortgage insurance, and all FHA loans require the borrower to pay two insurance premiums; an initial mortgage insurance premium which is 1.75% of the loan amount and an annual mortgage insurance premium which varies from 0.45% to 1.05% depending on the term of the loan. If you borrow $150,000, your initial mortgage loan insurance premium would be $2,625 and your annual premium would range from $675 to $1,575, spread over 12 months.

What is a VA loan?
A VA loan is a government loan that is available to active and veteran duty personnel and their eligible surviving spouses. You can get a VA loan with no down payment and they offer lower interest rates than other mortgages, plus they don’t have a monthly mortgage insurance requirement. VA loans do not require a minimum credit score, and instead individual lenders determine their specific requirements. The VA does not limit the amount you can borrow, but the loan limit for a no down payment loan is $647,200 for many counties. Still, even without a down payment, be prepared to pay closing costs and other fees, like VA financing fees that range from 2.3% to 3.6% of your loan amount. You will also need to prove that you have two months of mortgage payments in a reserve fund.

What is a USDA loan?
A USDA loan is a zero-down payment mortgage specifically designed for very low-income rural and suburban homeowners, for homes 2,000 square feet or less. Interest rates on these loans can be as low as 1% and borrowers with credit scores below 640 may be eligible for USDA loans, but will need to be manually approved, taking into account factors such as cash reserves and low indebtedness.

Compare the prices for the best mortgage rates and conditions

Another way for low credit borrowers to increase their chances of getting a mortgage is to shop around and compare multiple lenders on rates and terms. The pros say 3-5 quotes is a good goal: “The more lenders you look at, the more likely you are to find one that’s willing to work with you,” says Channel.

But here’s something to consider: when you apply for a new line of credit, a serious request is recorded on your credit report and can potentially lower your score. “A firm credit application will stay on your credit file for 24 months and can impact your score for the first 12 months,” says Glenn Brunker, president of Ally Home. This guide will help you learn how to shop around for a mortgage without hurting your credit score too much.

If you’re intimidated by shopping around on your own, using a mortgage broker can be helpful in finding special rates as well as saving your time and expense.

Improve your credit score before you apply for a mortgage

The good news is that your current credit score isn’t permanent — and improving your score can lower your borrowing costs and give you more options to choose from when taking out a loan. To do this, pay your bills on time, repay your debts and avoid opening new lines of credit. “After your payment history, your debt-to-equity ratio, also called credit utilization ratio, is the second most important factor in your credit score. As you pay down your balances, your credit availability increases, and in short, the lower your credit card, retail store, gas station, and HELOC debt, the higher your FICO score,” says Brunker.

While fraud and credit reporting errors are out of your hands, they are known and if left undetected, you could pay the price in the form of a lower credit score. “If you find any inaccuracies in your report, you should contact the appropriate credit reporting agency immediately to report the issue,” says Brunker.

Improve your debt ratio before submitting your application for a mortgage

Your debt-to-income ratio is the sum of your monthly debt payments like your mortgage, car payments, student loans, and credit card payments, divided by your gross monthly income. Lenders generally like to see a DTI ratio no higher than 36%, while a DTI of 43% is generally the highest a borrower can have while qualifying for a mortgage.

Save more for a down payment on a house

As a general rule, the more money you can spend on a down payment, the better the rate you are likely to receive. With that in mind, those putting 20% ​​or more on a home can generally expect to get a very competitive rate, assuming they earn a decent income and have a good credit score. “Of course, a down payment isn’t the ultimate solution when it comes to getting a good mortgage rate, and even if you can’t afford to put down a lot, you can still get a good rate. if you have a great credit rating,” Channel says.

Remember to wait about getting a mortgage

Because a higher rate can make monthly payments hundreds of dollars more expensive — and cost thousands of dollars in interest over time — Channel says it might make more sense for some poorer borrowers to delay payment. getting a mortgage and instead working to boost their rating. “The higher your score, the more likely you are to find a lender and the better your rate will be,” Channel says.

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FundsJoy Review: Is Funds Joy Legit Or Cheap Bad Credit Loan Lender? https://list-nation.com/fundsjoy-review-is-funds-joy-legit-or-cheap-bad-credit-loan-lender/ Fri, 18 Mar 2022 08:30:00 +0000 https://list-nation.com/fundsjoy-review-is-funds-joy-legit-or-cheap-bad-credit-loan-lender/ FundsJoy is a personal loan website with loans from $200 to $5000. Designed to be quick and simple, FundsJoy lets you fill out a form in 10 minutes and receive a loan within 24 hours or one business day. Does FundsJoy live up to its reputation? How does FundsJoy work? Keep reading to find out […]]]>

FundsJoy is a personal loan website with loans from $200 to $5000.

Designed to be quick and simple, FundsJoy lets you fill out a form in 10 minutes and receive a loan within 24 hours or one business day.

Does FundsJoy live up to its reputation? How does FundsJoy work? Keep reading to find out everything you need to know about FundsJoy in our review.

What is FundsJoy?

FundsJoy is a personal loan company available online at FundsJoy.com.

Like other personal loan websites, FundsJoy partners with a network of lenders. When you complete an application on FundsJoy.com, you get lenders competing for your business. FundsJoy displays several offers and you choose the one that best suits your needs.

You can borrow between $200 and $5,000, depending on your credit score and income.

FundsJoy is a free service. It’s free to apply for a loan through FundsJoy and connect with a lender. Although each lender charges interest rates and fees, FundsJoy itself is free to use.

How does FundsJoy work?

FundsJoy is designed to be as easy to use as possible. Here’s how it works:

Step 1) Submit a request: It takes about 10 minutes to complete the FundsJoy online application. There are no papers to fill out. Simply fill in a few details and then click “Get Started” to begin the online application.

Step 2) Check the offers: FundsJoy displays several offers based on your income and credit score. Browse offers based on interest rate, fees, and total loan cost. Then sign the agreement online and get ready to enjoy the money.

Step 3) Receive the money: Funds arrive in your account shortly after the agreement is electronically signed. Lenders use direct deposit to deposit funds into your account. Most lenders deposit funds within one business day, which is around 24 hours. Once the money is in your account, you can spend it however you want. It’s your money.

That’s it! FundsJoy has designed its lending process to be as quick, simple and transparent as possible.

FundsJoy Features and Benefits

FundsJoy emphasizes all of the following features and benefits:

Fast, reliable and transparent: FundsJoy has designed its website to be as fast, reliable and transparent as possible.

No hidden fees: FundsJoy is free for applicants and there are no hidden fees. When viewing lenders through FundsJoy, you can view each lender’s fees and interest rates to avoid any surprises. Overall, FundsJoy emphasizes maximum transparency.

Private and secure: FundsJoy wants users to submit requests without having to worry about data security threats or any other obligations.

Simple and Fast: It takes less than 10 minutes to complete the FundsJoy online form. After entering basic personal and financial information online, you submit the form and immediately view loan offers.

Available from any internet-connected device: You can access FundsJoy via phone, tablet or computer.

Asking $200 to $5,000: Whether you need a few hundred dollars or a few thousand dollars, you can get the payout you need through FundsJoy. Lenders might offer the exact amount you requested. Or, you might have different offers based on your income and credit scores.

READ ALSO : MoneyMutual Reviews

FundsJoy Borrowing Terms

To borrow money through FundsJoy, you must meet the following conditions:

  • Legal resident of the United States
  • 18 or older
  • Have a stable source of income

FundsJoy’s borrowing terms are similar to those of other lenders. You must provide information such as your name, contact information, and social security number to receive a loan through FundsJoy. You must also provide proof of income, such as a payslip or other source of income. The more income you can prove, the more money you can borrow through FundsJoy.

FundsJoy Credit Score Requirements

FundsJoy and its lenders may check your credit score before providing a loan. Like the others lending websitesFundsJoy makes it easy to get a loan with a good credit rating instead of a bad one.

However, having a less than perfect credit score does not prevent you from getting a loan. Submit an application to determine what borrowing options are available with your credit score.

Here are the credit score levels on the FundsJoy app:

  • I do not know
  • Excellent (720+)
  • Good (680 to 719)
  • Fair (640 to 679)
  • Poor (639 or less)

The higher your credit, the more loan offers you will receive at the best possible rates. However, having a low credit score (or an unknown credit score) does not prevent you from obtaining a loan. Some lenders specialize in low credit loans.

FundsJoy Income Requirements

When applying, FundsJoy asks you how much income you earn per month.

You can choose amounts such as:

  • Less than $1,500
  • $1,501 to $2,000
  • $2,001 to $3,000
  • $3,001 to $4,000
  • $4,001 to $5,000
  • Over $5,000

The more income you earn, the more loan offers you will receive. Like a payday lender, FundsJoy can give you a cash advance before your next paycheck.

FundsJoy asks for your employer’s phone number to verify your employment status. However, FundsJoy claims to never contact employers: it just uses this information to verify your employment.

If you receive paychecks by direct deposit, that’s a good thing for lenders. You will receive more funding offers via FundsJoy. However, you can still get paycheck loan offers via paper check and other methods.

How to deposit funds with FundsJoy

In the final stage of the application, FundsJoy asks for your routing number to identify your bank or credit union.

Your routing number is unique to your bank. You can find the routing number on any of your checks. Or, you can search for it online.

Once you have completed an application with a specific lender, that lender will ask for your account number. They use this account number to deposit money into your account.

How much does FundsJoy cost?

FundsJoy is a free service. The company does not charge users additional fees for acting as an intermediary between you and a lender.

Like other personal loan websites, FundsJoy puts lenders in competition for your business. FundsJoy takes payment from lenders for each successful applicant, but applicants pay nothing.

Each lender has their own fees, interest rates and other fees for the loan. Check the lender’s fee structure before accepting a loan.

FundsJoy Reviews: What Are Users Saying?

FundsJoy online information and average user experience is limited.

However, according to the Better Business BureauFundsJoy has 7 closed complaints in the past 3 years, giving the company an overall rating of F.

Some independent review websites have reviewed FundsJoy for the past 3 years, although reviews are mixed.

Overall, FundsJoy is a legit lending platform, although there are few reviews available online today.

About FundsJoy

FundsJoy provides limited information about itself online. Here’s how the company explains its business model on its “About Us” page:

“With our in-depth knowledge of the market, we can facilitate your financial recovery by finding you a reliable source of money. With minimal requirements and unparalleled speed of the entire process, you have the ability to get through tough times and move forward without a burden on your short-term shoulders.

Beyond that, we know little about FundsJoy’s location or background. However, since FundsJoy is not a lender (it is an intermediary between lenders and borrowers), this information is not necessary.

According to at the Better Business BureauFundsJoy is based in Oakland, California.

You can contact FundsJoy via:

FundsJoy’s BBB profile was opened in September 2019 and it looks like the company was launched around the same time.

Last word

FundsJoy is an online lender that distributes loans from $200 to $5,000 to customers across the United States.

If you’re 18, have a steady job, and need some quick cash, then FundsJoy could help. The website partners with dozens of lenders to provide borrowers with multiple options for their unique needs.

To learn more about FundsJoy and how it works, or to borrow money through FundsJoy today, visit the official website at FundsJoy.com >>>

READ ALSO : Best Bad Credit Loans – Review of the Best Bad Credit Lenders of 2022

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The links contained in this product review may result in a small commission if you choose to purchase the recommended product at no additional cost to you. This serves to support our research and writing team. Know that we only recommend high quality products.

Warning:

Please understand that any advice or guidance revealed here does not even remotely replace sound medical or financial advice from a licensed health care provider or licensed financial advisor. Be sure to consult a professional doctor or financial advisor before making any purchasing decisions if you are using any medications or have any concerns from the review details shared above. Individual results may vary as statements regarding these products have not been evaluated by the Food and Drug Administration or Health Canada. The effectiveness of these products has not been confirmed by the FDA or Health Canada approved research. These products are not intended to diagnose, treat, cure, or prevent any disease or provide any get-rich-quick scheme.

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Loans for bad credit with guaranteed approval online: the best way to get fast money https://list-nation.com/loans-for-bad-credit-with-guaranteed-approval-online-the-best-way-to-get-fast-money/ Wed, 16 Mar 2022 19:03:03 +0000 https://list-nation.com/loans-for-bad-credit-with-guaranteed-approval-online-the-best-way-to-get-fast-money/ Pexels.com If you have bad credit and need cash fast, a guaranteed approval bad credit loan may be the best option for you. These loans provide quick cash specifically for people who find it difficult to get approved for traditional loans. You don’t have to worry about your credit score when applying for a bad […]]]>

Pexels.com

If you have bad credit and need cash fast, a guaranteed approval bad credit loan may be the best option for you. These loans provide quick cash specifically for people who find it difficult to get approved for traditional loans. You don’t have to worry about your credit score when applying for a bad credit loan online – all applications are processed without a credit check. This makes it easy for you to get the money you need, even if your credit rating is low.

What is a bad credit loan and why would you need one?

Bad credit loans are a form of personal loan available to those with poor, weak or no credit. There are many types of bad credit loans, including unsecured personal loans, as well as home and auto loans, and business lines of credit.

The interest rates on these loans can be quite high due to the risk taken by the lender.

Loans for bad credit generally have higher interest rates and shorter loan terms than loans offered to people with good credit histories. The reduced risk for lenders allows them to charge much lower interest rates on these types of personal loans, allowing borrowers who may not qualify for traditional financing options (such as banks or credit unions) to get the money they need in no time.

How do bad credit loans with guaranteed approval work?

Loans for bad credit with guaranteed approval work like any other personal loan – the only difference is that you may have a harder time getting approved if your credit score is low.

When you apply online for a loan for bad credit, the lender will not check your credit. This means that anyone can qualify for these loans, regardless of their credit history. The only requirement is that borrowers meet certain income requirements and have a checking account at an approved bank.

The lender will then send you an email with instructions on how to complete the online application process, which usually takes less than five minutes! To get started, simply click here (link) for more information on Guaranteed Approval of Bad Credit Loans.

How to Compare Different Lenders and Find the Best Deal

When comparing lenders, it is important to consider the amount they charge for their services. The best way to do this is to look at their interest rates and fees, as well as any other fees such as origination or prepayment penalties. Many companies offer loans for bad credit without a credit check, so there will be no surprises when you receive your loan offer from them.

If you are looking for a trusted loan company to help you with a bad credit loan, you can check out the Bridge Payday website.

With payday bridgeyou can apply online and be approved in less than 24 hours!

What to do if you can’t make your refunds

If you can’t make your repayments on a loan with bad credit, it’s important to contact the lender as soon as possible. They may be able to work out a payment plan that fits your budget, or they may be willing to extend the term of your loan so you have more time to pay it off.

It’s important to remember that you should never skip or miss payments on a loan with bad credit – it will only make your financial situation worse.

Alternatives to Loans for Bad Credit with Guaranteed Approval

If you are not comfortable taking on more debt, there are other alternatives to bad credit loans with guaranteed approval.

You can try to get a personal loan from a bank or credit union, or you can ask family or friends for a loan. You can also consider using a credit card to pay for emergencies instead of taking out a loan.

Whichever option you choose, be sure to do your research to find the best deal possible.

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What is a bad credit personal loan? https://list-nation.com/what-is-a-bad-credit-personal-loan/ Mon, 14 Mar 2022 20:51:38 +0000 https://list-nation.com/what-is-a-bad-credit-personal-loan/ If you don’t have good credit. you may still qualify for a bad credit personal loan. However, these debt products can be expensive. Before taking out a loan, make sure it’s the best option to support your long-term financial success. What is a bad credit loan? A bad credit loan is a type of personal […]]]>

If you don’t have good credit. you may still qualify for a bad credit personal loan. However, these debt products can be expensive. Before taking out a loan, make sure it’s the best option to support your long-term financial success.

What is a bad credit loan?

A bad credit loan is a type of personal loan that caters to borrowers with lower credit scores. Many banks, credit unions, and online lenders offer these loan products. They usually have a fixed interest rate and are payable in equal monthly installments.

There are no restrictions on how the funds can be used. Some borrowers take out bad credit loans to cover a financial emergency, pay medical bills, or consolidate debt. Others use the loan proceeds to cover larger purchases or make improvements to their homes.

Loans for bad credit are either unsecured or secured. The latter is backed by guarantees, such as a car or a house, that your lender can seize if you are late in payment.

Who might want to consider a loan for bad credit?

If you need money fast and can’t get approved for a traditional loan, a bad credit loan may be worth considering. You could pay several hundred or thousands of dollars more in interest. Still, the rate is usually much lower than what payday lenders charge, and some lenders offer same-day or next-day financing.

A secured loan is a good choice for borrowers who are confident they can make loan payments on time. These are ideal for people who have something to use as collateral and could benefit from lower rates.

An unsecured loan might be more ideal if you’d rather not put an asset as collateral and don’t mind paying a higher cost to borrow the funds you need.

Are some types of bad credit loans safer than others?

Not all bad credit loans are the same. When weighing your options, consider these factors to assess whether the loan you’re considering is a safe and viable choice:

  • Is the lender trustworthy? The lender must be registered to do business in your state and have a physical address and a secure website.
  • Does the lender impose prepayment penalties? You may want to avoid bad loans with prepayment penalties. Otherwise, you will be charged a fee if you get back on track sooner rather than later and repay the loan sooner.
  • Is the interest rate excessive? Bad loans come with high interest rates. The quote from your preferred lender should be comparable to what other lenders offer. Otherwise, it may be a scam.
  • What are the refund conditions? Avoid bad loans with extended payment periods, as they can mean bad news for your finances. The lender may extend the loan to make your monthly payment more affordable, but you’ll also be paying a fortune in interest because they’ll have more time to collect from you.

Also, be on the lookout for lenders who guarantee approval before you apply or require an upfront payment to secure a loan. Both are signs of a scam, and these types of lenders should be avoided at all costs.

How much does a personal loan cost when you have bad credit?

It depends on the lender and your credit rating. You can expect an APR of up to 36% when you take out a bad credit loan.

A lower credit score means you’ll usually get a higher interest rate because there’s a higher risk of default. But if you opt for a secured loan, the lender might give you a slight reduction in interest because they will assume a little less risk.

What are the alternatives to a loan for bad credit?

If you can’t get approved for a bad credit loan or prefer to explore other options, here are some alternatives to consider:

  • Credit card: Some credit card companies offer products for consumers with past credit problems. Only consider options that don’t charge high annual fees or monthly maintenance fees if possible.
  • Payday loans: These loans should only be used as a last resort as they often come with three-digit interest rates. Plus, they’re usually due within two weeks and can put a strain on your finances if you’re unable to pay and incur additional interest and fees due to loan renewals.
  • Family or friends: You can also ask a relative or close friend to lend you money. Put an agreement in writing to avoid confusion and only commit to a repayment schedule that you can comfortably afford and that suits your budget.

As you get back on track financially, consider improving your credit health and building an emergency fund. This way, you won’t have to resort to a bad credit loan if you run into financial difficulties in the future.

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How to Choose the Best Loan Company for Bad Credit https://list-nation.com/how-to-choose-the-best-loan-company-for-bad-credit/ Tue, 08 Mar 2022 20:59:55 +0000 https://list-nation.com/how-to-choose-the-best-loan-company-for-bad-credit/ A bad credit loan could be a viable option if you can’t get approved for a loan from a bank, credit union, or borrow money from friends and family. It is relatively easy to apply and most lenders issue quick loan decisions. Interest rates can reach up to 36% on unsecured and secured personal loans […]]]>

A bad credit loan could be a viable option if you can’t get approved for a loan from a bank, credit union, or borrow money from friends and family.

It is relatively easy to apply and most lenders issue quick loan decisions. Interest rates can reach up to 36% on unsecured and secured personal loans for bad credit or triple digits for payday loans and cash advances.

However, not all loan options are the same. Before applying, consider how to choose the best bad credit lender.

What is a bad credit loan

A bad credit loan is a personal loan for consumers with credit difficulties. You may also qualify for a bad credit loan if you have little or no credit history.

Loans for bad credit generally have no restrictions on how the funds can be used. Some borrowers cover financial emergencies, medical bills, or make expensive home repairs. Others use the money to consolidate their debts or as they see fit.

These loan products usually come with high interest rates because they are risky for the lender. But the interest rate on most bad credit loans is fixed, so the monthly payment amount won’t change. Loan proceeds are allocated in a lump sum and payable in equal monthly installments over a specified period.

Payday loans and cash advances are alternatives to bad credit personal loans. However, interest rates and fees tend to make these loans very risky options.

Types of loans for bad credit

There are four main types of bad credit loans.

Secure loan

You will need collateral to get approved for a secured loan. However, the rate will generally be lower than what you would get with an unsecured loan. Your lender can seize your property and sell it to recover their losses if you fail to repay the loan.

These loan products are also easier to obtain if you have bad credit. However, they should only be used if you can comfortably afford the loan repayments.

Unsecured loan

This type of loan is preferred if you need a bad credit loan. You won’t need collateral to qualify and you could be eligible for a hefty amount. The downside is that your interest rate will be higher with a lower credit score.

Consider targeting online lenders. They tend to offer more flexible personal loan options for borrowers with bad credit than traditional banks and credit unions.

payday loan

A payday loan can be used as a last resort if you cannot qualify for a personal loan or borrow from family or friends. It is a short term loan of $500 or less. It comes with an excessive interest rate, usually in the triple digits, and is payable on the day of your next payday.

These loans are extremely risky and can trap you in a dangerous cycle of debt if you are unable to pay and are forced to extend the term of the loan. You could rack up several hundred dollars in interest and fees each time you carry over the balance.

Cash advance

Like payday loans, cash advances are another expensive way to borrow money. They are available from some credit card issuers and involve withdrawing funds from your credit card’s available balance.

The amount you borrow will be added to your existing account balance, but you can expect to pay a higher interest rate than that charged for purchases made with the card.

How to Choose a Loan Company for Bad Credit

Beyond funding timelines, there are other factors to consider when evaluating bad credit lenders.

Borrowing costs

The cost of borrowing varies by lender and loan product. Get options from multiple lenders and compare them to see which offers the most competitive interest rate and doesn’t charge a fortune in fees.

Reputation of the lender

Loans for bad credit are readily available from several financial institutions, both physical and online. Not all lenders are the same and some should be avoided. Some lenders may even be scammers.

Avoid lenders that aren’t registered to do business in your state, offer guaranteed approvals without a credit check, or require an upfront payment to approve you for a loan. It is equally important that they have a secure website and a physical address.

Loan conditions

An extended repayment term means that your monthly payment will be lower, but you will pay more interest over the life of the loan. So, a shorter loan term might be more ideal if you want to pay off what you owe faster and save a lot of interest.

Client experience

The lender should offer customer support by phone, online, or both at times that suit your busy schedule. It’s also essential that the application experience is seamless and that the lender gives you the ability to manage your loan online through a mobile app once it’s approved and you start making payments.

At the end of the line

Several loan options for bad credit could be suitable. But before applying for a loan, research loan types and shop around for quotes. When narrowing down your options, you also want to evaluate lenders based on their reputation, loan costs, terms, and customer service to find the best one for you.

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