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What is a bad credit loan? (Page 1 of 2)
Bad Credit Loans
A bad credit loan is a type of loan that is offered to individuals that have poor credit.
How do you know if you have bad credit?
First, before you apply for a loan, you should write the credit bureau to get a copy of your credit report.
How can you tell if you have bad credit?
If you are receiving calls from a collection agency, you have bad credit.
You have bad credit if you have three or more late payments on your credit report.
But there is more!
You also have bad credit if you have any of the following on your credit report:
Unpaid closed accounts. This could be credit cards, auto loans, home loans, apartment lease, cellular phone, cable bills and much more.
Any account that is closed and was not paid off will show a charge off on your credit report.
This is one of the worst items that you can have on your credit report. It tells the person that checks your credit that you will never pay off the bill.
You can also get bad credit by co-signing for another person.
For example, you could co-sign for a person to get a new car, loan or apartment. If the person you co-signed with is ever late of a payment, that would cause you to have bad credit.
How To Clean Up A Bad Credit Report
If you would like to clean up or repair your credit, your first step is to order your credit report.
Once you have received your report, you should either pay off any unpaid bills on your report or contact the account holders to make some type of payment arrangement.
It is always better to pay the bill off if possible. If you owe a large amount of money, you may want to contact a debt consolidation service.
For a small fee, they would contact each account holder to work out a payment plan that you could afford.
They would combine all of your bills into one monthly payment. This service would improve your credit history over time.
If all of your accounts are paid off and still show a history of late payments, you could hire a credit restoration service. Credit restoration or credit repair companies can contact the credit bureau to try to get them to remove the late payments from your credit report.
These types of services can only help you to clean up your credit history if you have already paid off your accounts. The reason why your account must be paid off for a credit repair company can be able to help you, is because the credit repair service will send a letter to the credit bureau requesting to have all the negative items removed from your credit report.
The credit bureau will send all your account holders a letter stating that you would like to remove the negative information that they sent to the credit bureau about your account. If your account holder does not respond to the credit bureau’s letter, the credit bureau would have to remove the information from your credit report. There is a much better chance that the account holder will not respond to the credit bureau if your accounts are closed and paid off. If your accounts are not paid off, the account holder knows if they respond to the credit bureau, the negative items will stay on your credit report.
Small Fast Loans-Excellent and easy financial source
Do you need to access instant money to pay off your urgency? Expenses are left to be paid off but you are out of money? Small fast loans are the suitable and feasible loan deal for the people who are seeking an immediate fiscal help right away. If anytime, you found yourself in financial distress and need swift monetary aid, this loan is the right way for you. These loans are termed as short tenure fiscal assistance for the needy people. Anytime when you face unwanted financial dilemmas and need a quick fix way out, approach this loan to grab quick money.
There are several terms and conditions that the applicant needs to be fulfilled in order to get approved with small fast loans. These are as follows:
1. The applicant should be an inhabitant of UK. 2. He must be eighteen years or above. 3. He must be in regular employment. 4. He should earn the monthly income of minimum £1000. 5. Must hold well enough repayment ability. 6. Possessing a checking account is necessary.
When you need fast money till your next paycheck and cannot wait for more days, avail the funds with fast loans UK with ease. Here, you do not need to face cumbersome and time consuming formalities. Borrowers with any type of credit status can be eligible with this loan without any discrimination. Even if they are suffering from bad factors like CCJ, arrears, insolvency, foreclosures and so on, all are applicable.
Plus, as its name suggests, small fast loans are short term loan aid that do not need any security against the borrowed amount. Therefore, if you are unable to place any valuable asset, this can be the beneficial deal for you. Tenants and non homeowners can find this loan a lucrative one. The amount that you can borrow depends upon your monthly salary that can be varied up to £1500.
Online method of approaching is really easy and instant. The application and approval will be more fast and simple as it is free from all faxing and documentations. To find the reasonable deal of all, it is advisable to search the web thoroughly. Making comparisons and negotiation with the lender will land you up with the better deal in hands.