Category: meddling madness

A poor credit history makes it far more difficult to get an urgent loan from the bank to help with a surprise bill. However, it may be possible to get fast cash or an emergency cash loan from a payday lender, pawnbrokers or credit union with no credit checks. The money is normally available within just hours.

The Cost of Fast Cash Loans with Poor Credit

A small loan with bad credit is only intended to be a source of short term borrowing because the rate of interest is high. It typically costs about $20-25 to borrow $100 for a month. This is because an adverse credit lender faces a far greater risk that the customer will fail to repay the money they have borrowed.

Urgent Loans with Bad Credit from a Payday Lender

It may be possible to get a no credit check emergency cash loan for up to $1,000 for a calendar month. The lending criteria for a same day cash advance are that the borrower is a U.S. citizen, at least 18-years old and in full time employment. A valid checking account and at least 2 forms of identification (one of which must be photo I.D.) are also essential.

The customer provides the payday lender with a postdated check that clears when that borrower is paid. This will need to cover the principal and any interest that will accrue. If the application is received prior to 2.30 PM, the money will reach the customer’s account on the same day. Should it arrive later, a quick cash loan will reach a checking account within 24 hours.

An Emergency Cash Loan from a Pawnbrokers

Borrowing money from a pawn shop involves providing the lender with an item of value (gold, silver, jewellery, electrical equipment). They will then appraise the collateral and decide upon the maximum value of an urgent loan. After appropriate identification has been provided, the customer is then free to decide on the size of their pawn shop loan.

The customer will be provided with a receipt for their collateral and will normally receive their fast cash within just minutes. The lending term is typically a month, although this could be extended. The collateral can only be redeemed by paying back the quick cash loan and any interest that has accrued. Failing to do so will lead to the sale of the item at the pawnbrokers.

A Quick Cash Loan from a Credit Union

In order to qualify for an emergency cash loan from a credit union it is necessary to become a member. People join on the basis of a shared interest, such as locality, work or religion. Once approved as a member, that person becomes eligible for the full range of services.

A credit union is a non profit organisation that operates purely for the interests of its members. Although the cost of a fast cash loan is about the same as a same day cash advance from a payday lender, a credit union provides guidance in relation to whether borrowing money is prudent.

New College Graduate? Got Overwhelming Student Debt? Take Charge of Your Financial Future!

Graduating from college can be a fearful event in this economy. The uncertainty of finding a job in your field and a looming student loan debt sets in as the big day of graduation arrives.

Every time a student takes out a student loan, the student must sign a promissory note, which holds the student to promise to pay back the debt when they are no longer a student. For most, it is fairly easy to rack up between $30,000 and $50,000+ in student debt by the time graduation rolls around! It is very common for the loans to be with multiple lenders. As soon as graduation day is over, the bills start to roll in.

If the student has not already organized the loans, after graduation is the time to take charge of the debt. Failure to respond to the bills by their due dates will cause the graduate’s credit score to decline. Failure to pay for 3-6 months may result in the loans going into default.

Defaulting on loans means that the student did not pay the loan back as promised and the loans are sent to a collection agency and posted on your credit report. A new graduate does not want the harassing phone calls of bill collectors and to wreck their credit score! So, what should a new graduate do that cannot find a job right away and feels overwhelmed by all the bills coming in?

It is recommended that the new graduate try to consolidate their multiple loans into one loan payment. Consolidation is simply having one bill a month, instead of 4 or more a month. It saves time, streamlines the process and makes the debt a lot less stressful by working with just one lender.

First step: Organize all your student loan bills from every lender. Don’t wait; act before the loans first payments are due!

Second step: Contact an organization such as VSAC (Vermont Student Assistance Corporation) or the U.S. Department of Education’s Federal Direct Loan Consolidation for assistance in consolidation. Organizations such as these will contact all your lenders and take on the debt from the original lenders. Consolidation lenders should never charge you fees for consolidating your loans, so be sure that the organization is a legitimate one.

They will offer you a consolidated loan which will be one payment to one lender, instead of payments to many lenders. Organizations such as VSAC will offer you a fixed percentage rate on your loans and are as reasonable as the economy allows.

Third step: The graduate will need to make three major decisions on repayment of the consolidated loan. These decisions can be changed easily if needed.

Choose whether you need to defer your payments, which you can do for usually 6 months until you find a job. If you can start paying right away, then it is smart to do so.

Choose whether you want a graduated payment plan or a fixed payment plan. A fixed payment entails making a payment each month that is always the same amount. A graduated payment involves payments that start out low and increase over time. Graduated payments are smart for graduates who are not making a lot of money right out of school.

In my personal case of owing $50,000 in loans, my first graduated payment amount was $162.00. Now four years later, my loan payment is $190.00. It will increase over the years and hopefully so will my income. If I had flat payments, I would have had to start out at $350.00 a month. I knew that I could not keep out with that but I knew I could make regular monthly payments of under $200.00.

Choose how long you the life of your loan will be. Often the graduate can choose a 10, 20, or 30 year repayment plan. Paying the debt off quickly will save the graduate money because the interest over the life of the loan will be less. However, for someone with a lot of debt, it may only be reasonable to pay it over a longer period, even though the graduate will pay more in interest.

If I had chosen a 10 year repayment loan, I would have had to pay $650.00 a month. This would have led me to default on my loans. The new graduate must agree to an amount that is reasonable and that they know that they will be able to pay faithfully for years to come!

Student debt does not have to be overwhelming, there are always options! Graduates need to take control of it so that they do not wreck their financial future before it even begins! Consolidation makes paying student loans stress free.

Finding a fast personal loan means knowing where to go for an unsecured loan. There are several places to go when you want to apply for an unsecured loan. In finances, just like in life, sometimes it is more important who you know, but even if you are not “connected” you can find unsecured loans. Unsecured loans are loans that require no collateral to back them up.

You should have these things in hand when you go to apply:

• Proof of income – pay stub, tax form
• Identification, driver’s license with photo
• Recent bank statements
• Personal references information

If you have good or excellent credit it will be easier to find this type of loan. If you have no, bad or poor credit rating the search is a bit harder, but not impossible.

Where to Go for an Unsecured Loan

1. Friends or Family. The best place would be somewhere you borrow cash with no interest. This could be a family member or a friend.
2. Credit Card Advance. Another opportunity to obtain an unsecured loan at low or no interest is with or a credit card that has a low interest rate or special deal for balance transfers.
3. Financial Institution. The next best place to seek an unsecured loan would be a regular financial institution like a bank or credit union. Here you need good credit standing and your loan will have a longer repayment period than cash advances. These are low interest loans for most applicants.
4. Payday Loan or Cash Advance Store. An option for those who are credit challenged with bad or no credit is cash advance or payday loan stores. With income, a bank account and identification you can get a smaller loan from $100 to $1500 that has is unsecured.

Warnings:

1. A loan that is backed by collateral requires that if you default on the loan the lender can seize your pledged collateral item and sell it to pay off the loan. If they do not recover all you owe, they will still come after you for the balance of the loan.
2. Payday loans are unsecured but you leave either a check or ACH withdrawal permission so if you default you will be in a bounced check situation and incur fees, possible legal action and will still owe the lender.