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Archive for the ‘Loans’ Category

Use bad credit loans if you don’t have credit

So you have never taken out a loan? You don’t have a credit card and you don’t have a mortgage? You always pay cash? You’re a student, a recent widow, a divorcee or from an ethnic minority group who have a tendency not to have any lines of credit? If you are any of the above, then your credit score will not necessarily reflect your ability to pay as you have little or no credit history whatsoever. This will make it difficult to obtain any form of loan and in these circumstances, you may have to take out a bad credit loan.

How prevalent is this?

Fair Isaac estimates that 50 million consumers do not have enough credit information on file to generate a credit score. This means that they are being turned away by lenders for things such as a personal loan.

Why does this happen?

Lenders will conduct a credit check. As there is little or no historic data available to measure the risk in loaning the individual money they will not meet their credit score criteria. More and more often, such consumers have to take out a bad credit loan to finance any large ticket purchases like cars as their credit score limits their financing options.

Is this fair?

It seems ludicrous that this is the case, but you have to look at it from the perspective of the lender. If someone walks into your bank or applies online to a lender for a loan, and their credit score is so low or does not exist, the automatic decision you would make is to reject the client. They appear to be too much of a risk.

Establish your credit history

The only way to remedy this is to start establishing a credit history. There are many specialist lenders who offer bad credit loans and bad credit car loans. They accept clients with little or no credit history far more readily. The bad credit loan will have higher interest rates than a standard consumer loan, but if clients make sure they pay on time and in full this will improve their credit score dramatically. They should just make sure that the lender does file credit reports, as not all of them do! In time, a credit score will be established and they can move on to apply for loans with much more favourable interest rates.


Benefits of emergency cash loans

Life is another name for struggle. Every moment you have to struggle in this world to achieve anything of your choice. But sometimes you find yourself helpless when you have to face unforeseen emergencies in the middle of the month when your payday is far and you have no money to cover the cost of emergencies. But you need not worry about it as well because the lenders of emergency cash loans are ready to offer you loan amount on easy terms and conditions and flexible repayment options.

This is what you need most and this is only thing that will bring back smile on your face. You need not wander here and there in search of a loan lender or to visit any office to get loan amount. You just need to operate the computer with internet connection. Going online, you will find several loan lenders of emergency cash loans that will differ in their interest rates and repayment options. So you should read the loan quotes carefully so that you find the right loan lender. All these lenders have their own websites with loan quotes. Just log on the lender’s website and get fast cash to cover the cost of your emergencies.

No matter what credit score you have in your past credit history, the lenders of emergency cash loans will not even ask you to fax any document against the loan amount or to manage for the co-signer to cover the risk. This is the added benefit of these loans that there is no risk of losing property because you need not pledge anything as collateral. All the risk goes in the account of the lenders, however in exchange they charge a high interest rate to cover the risk. These loans generally offer loan amount in the range of £100 to £1500 for the reimburse period of 1 to 30 days. You also have flexible repayment options to reimburse the loan amount on time. If you find any difficulty in repaying the loan amount on its pre-determined due date, you can easily get it extended paying some extra cash to the lender.