Tag Archives: repayment
Bad Credit College Loans
Your bad credit rating need not stop you from putting your finances back on track and getting the best refinancing deals, such as college-loan consolidation. Yes, even with less-than-perfect credit, many companies are willing to help you simplify your college loan repayment terms and enjoy lower interest rates
Consolidation can work wonders in getting your finances back on track. By combining all your loans and paying them with from your different creditors, loan consolidation companies simplify your payment terms so that you only have to deal with one creditor (them) and one interest rate. And because you now only have one creditor, your overall FICO credit rating significantly improves.
With consolidation, you can decrease your monthly payables by as much as fifty percent by extending the standard repayment plan to up to thirty years, so that you can slowly rebuild your credit. Interest rates imposed by consolidation companies are now as low as ever and even with bad credit, you can qualify for as low as 3.50%!
Before you apply, it is best to personally talk to representatives from consolidation companies in order to get answers to your specific questions, such as how much you can actually save monthly, deference and forbearance terms, and special conditions for individuals with bad credit.
Be prepared with a list of your concerns and demand straight facts, not sugarcoated marketing statements. It is a good idea to ask for a detailed payment schedule before you sign up for anything. Finally, compare the terms and conditions imposed by different consolidation companies until you arrive at the best one.
Remember that college loan consolidation should help you manage your debt and avoid loan default, not make your life even harder. Do not immediately sign up for consolidation if you do not know how it works and what implications it has on your long-term financial health. Consult several experts before making a decision.
Bad Credit Loans: Financial Help With Credit Improvement
Credit worthiness is an influential factor when it comes to getting loans approved. A high level of credit worthiness shows that you are not going to renege on your payment obligations. But if you have bad credit, and consequently a low level of credit worthiness, then you will face difficulties while applying for loans. However, if you apply for a bad credit loan, which is a specialized loan tailored to meet the needs of those with bad credit history, you will receive financial help without any fuss.
A bad credit loan can be availed by anyone whose credit history has been affected by one or more of the following:
*Arrears or missed payments
*Defaults or non-payments
*County Court Judgments
*IVAs
Bankruptcy None of these comes between you and your bad credit loan. However, your credit score, income and recent credit history might be taken into account. Get your credit score updated by a good credit reporting agency so that there are no errors and no information missing. Also, if you have any small debts that can be easily repaid, do pay them off to make a favorable impression.
With the help pf a bad credit loan, you can finance any personal undertaking. A family holiday, a wedding, college fees, medical charges, paying off huge bills and debts- any of them can be easily covered. You can borrow the loan under a secured option or an unsecured option depending upon your requirements. If you need an amount up to £25000, taking an unsecured bad credit loan is more feasible. The repayment term is up to 10 years. If you need a larger amount, you can provide collateral and go for a secured variety. Repayment period is longer, up to 25 years at least, depending upon the amount.
Bad credit loans are said to have high rates of interest, so it will be better if you compare the quotes of various lenders to select a more affordable one. Borrow an amount that is within your repayment capability. That way, you can pay off the loan in time and help improve your own credit.