Where to Find Bad Credit History Loans: Loans for People with Poor Credit

Bad credit history loans provide a means of borrowing money when an individual has failed to comply with the T&C’s of a credit agreement. This could be as little as a late payment to filing for chapter 7 bankruptcy. The more serious the credit transgression, the more expensive it will be to borrow money. However, there are a number of bad credit lenders who are prepared to take on this risk.

Bad Credit History Loans

Finding loans for people with poor credit is more difficult, but it needn’t be an insurmountable obstacle. Whilst poor credit secured loans are an option for a homeowner, there are also a number of adverse credit unsecured loans available for tenants. It is possible to borrow money from Prosper.com, Credit Unions, pawnbrokers or a same day payday loan lender. Some lenders don’t perform credit checks.

Loans for People with Poor Credit

  • Pawnbroker loans. Adverse credit history isn’t an issue when borrowing money from a pawnbroker because there is no credit check. The borrower provides collateral, such as gold or jewelry, to get a poor credit secured loan. The amount that can be borrowed will depend upon the value of the asset, but some loans are for upwards of $10,000. The larger the sum of money borrowed, the lower the APR. Interest rates vary considerably between lender, but 70% is about average.
  • Prosper loans. Rather than borrowing money from a bank, it is possible to get a bad credit history loan from a peer-to-peer lender. A credit check determines the category the borrower falls into. Whilst Prosper no longer assists those with very poor credit, they can assist those with a credit score rating that is below average.
  • Same day payday loans. Given that the APR is over 1000%, it is normally only feasible to borrow money over a month or less. Payday loan providers will lend as much as $1,000 without the need for a credit check. Applicants will need to be U.S. citizens, in full-time employment and be in a position to provide photo identification.
  • Credit Union loans. It is necessary to join a Credit Union on the basis of a common interest, such as locality or employment. Once a member, it is possible to get a bad credit history loan, provided that the borrower is able to demonstrate affordability. Unlike private lenders, they exist purely to serve the interests of their members and not to make a profit.

Poor Credit Secured Loans

Provided that a homeowner has sufficient home equity, it is possible to get a loan for people with poor credit. The provision of collateral reduces the lending risk as the lender is able to sell the asset to recover any money they have lent. Other secured loan criteria include a stable employment history and affordability. Always think carefully before taking out a loan that is secured on the family home.

Whilst there are a number of bad credit history loans available, the cost of borrowing will be higher. This means that it is important to establish affordability prior to signing up, particularly if considering a poor credit secured loan.

Secure Paypal: Avoid Paypal Scams and Credit Card Fraud

Ever received an email from Paypal or any other banking institution that asks for password verifications? Paypal scams are one of the most common online scams that cost people thousands of dollars. Paypal is an online card payments system that lets you pay bills and send money to your bank.

It has become one of the most commonly used merchant account payment gateway systems for small and large businesses. However, it is an easy way for identity theft victims to lose money from linked online bank accounts.

Avoiding Money Scams and Password Protection

Passwords set for your Paypal account are an important part of the process to secure Paypal from scammers and identity thieves. Never use well-known values for your password. For instance, using your pet’s name as your Paypal password makes it easy for someone to simply guess the password used to login.

The best password protection for your Paypal account is using numbers, letters and special characters. Never use a simple dictionary word. This type of password can be what is called “brute force” guessed. A brute force password attack is one in which the attacker uses all possible words in the dictionary to guess the user’s password.

Paypal Scams and Phishing Emails

The biggest and most popular way for an identity thief to access an online credit card payment website is through a phishing email. A phishing email is one that has the official online bank account logo and signature in the text, but the link sends the user to a phishing website when it is clicked.

Online banking security includes never clicking a link in an email that claims to be your official online banking account correspondence. Always check with the online banking account institution or check with the official FDIC website for any identity fraud incidences.

Online Card Payments: Use a Separate Bank Account for Paypal

Paypal sets up a bank account or credit card account in case your online bank account balance is not enough for your next purchase. Paypal withdraws the money from the bank account or credit card to cover the purchase. This is how scammers withdraw money from your accounts and commit credit card fraud using Paypal. If you decide to use Paypal for several transactions, set up a separate bank account strictly for Paypal. This limits the amount of money a Paypal scams person can withdraw from your accounts.

These Paypal protection methods avoid the amount of monetary loss when an identity thief is able to access your account. If you have a credit card linked as the default Internet credit card processing unit for your purchases, you lose no immediate money and can file a dispute without loss of spendable cash. Never click a link in a Paypal scam email. Always type the Paypal address in your web browser and check with the company before entering your password for emails claiming that you need to verify your account.

Types of Programs for Mortgage Loans

Choosing the right type of home to purchase is a task in and of itself. With so many types of mortgage loan programs available, this makes the task that much more difficult. Before making a decision, it is important to know the types of loans that are available as well as the benefits and risks of each. In addition to knowing the categories, take the time to research and review with a financial advisor.

Popular Mortgage Loans

The most popular types of mortgage loan programs include fixed-rate mortgages, Federal Housing Administration (FHA) loans, Veteran Affairs (VA) loans and interest only mortgage loans. Fixed-rate mortgage types are those that are amortized and give you the option of 15, 20, 30, 40 or 50-year mortgages at a fixed rate. FHA loans are ideal for first-time home buyers since FICO scores are not relevant and the down payment requirements are minimal; these types of loans are backed by the government through mortgage insurance. VA loans are available to veterans and, in some cases, the spouses of veterans who have passed; this government loan does not require a down payment. Interest-only mortgage are not really interest-only, these loans include the option of making an interest-only payment.

Hybrid Mortgage Loans

There are also hybrid mortgage loans which include option ARM mortgage loans, adjustable-rate mortgage loans, piggyback/combo mortgage loans and mortgage buydowns. Option ARM mortgages are based on an adjustable rate; these complicated mortgage loans may end in negative amortization. Adjustable-rate mortgages come in a variety of options where the interest rate fluctuates on a monthly, annually or semi-annually basis; it can also remain fixed for a certain period of time. Piggyback/combo mortgage loans consist of two loans, a combination fixed-rate and adjustable-rate mortgages or two of each. Mortgage buydowns are when you, as the borrower, pay fees to lower the interest rate initially.

Specialty Mortgage Loans

Specialty mortgage loans also exist and include bridge/swing mortgages, equity mortgages, streamlined-k mortgages and reverse mortgages. Bridge/swing mortgage loans are used in instances where the home is on the market but has not yet been sold; the seller is borrowing equity from the home to purchase another home. Equity mortgage loans are used to receive cash and can be fixed, adjustable or used as a line of credit. A streamlined-k mortgage loan is used to repair, or fix-up, a home. Reverse mortgages can have fixed or adjustable rates and are available to homeowners who are at least 62 years old; in this case, if the homeowner has enough equity, the lender makes payments on a monthly basis to the homeowner instead of the lender receiving payments. This happens as long as the owner lives in the home.

Building Credit and a Better Life

We all know that building and maintaining good credit can make or break us when it comes to making some of the bigger decisions in life. Buying a car, a house, an RV, or even things as simple as renting a home and having a checking account are heavily impacted by that special number between 450 and 850. Credit can be a tough thing to build, but an exceedingly easy thing to destroy. Before I worked for a bank, I, like many people, knew only that credit was important, but not how to manage it. School certainly didn’t teach me, and when aked about a credit card, my parents simply responded “Don’t”. So, in the hopes of creating a more educated consumer, here are some insider tips on what really counts toward managing your credit, from someone who deals with this business every day. First, some basics.

*Make Payments On Time
Whether you are payin your electricity bill or making credit card payments, do it at least a few days before the deadline. Every time a payment on anything comes in late, it can negatively affect your credit. It might help to mark a calender with due dates after receiving billing statements, or ask your bank about setting up automatic billpay to make things totally foolproof. One thing that helps me is to have a separate checking account that budget all of my bill money into. This way, everything is set aside and I know exactly what is left for me to spend in my regular account.

*Don’t Get Too Close to Your Limit
The closer you get to maxing out a card, the more chance it is going to negatively affect your credit.

*Don’t Let Items in Collections Fester
If you screw up and end up with an item in collections, make it priority one to get that taken care of. Some lenders will still be able to work with you on a low credit score, but items in collections can put the cabash on the whole thing.

Also, here are some things I have found that most people don’t know:

*Don’t Pay Your Whole Balance at Once
It sounds like a good idea, but what creditors really want to see is that you can responsibly make payments over a period of time. Yes, this might cost you some in interest, but down the road a better credit score will help get you lower interest rates and save money.

*Don’t Close Credit Cards if You Can Possibly Help It
Every time you close a credit account, it dings your credit score. Keep accounts open until you are confident your score is solid.

*If You Get Turned Down, Wait Awhile to Reapply
Multiple consecutive inquiries on your credit shave points off your credit, too. If you got turned down once, you probably aren’t qualified for that type of product. Wait awhile, follow the rest of these recommendations, and try again.

Good credit is important, and so is knowing how to get and maintain it. With some attention to detail and careful money management, good credit is within reach.