Finance: How to Find Instant Approval Bad Credit Loans Online

Posted in Finance: How to Find Instant Approval Bad Credit Loans at 9:02 pm by Administrator

Finance: How to Find Instant Approval Bad Credit Loans Online
(Thu Aug 6th, 2009, by Scot Johns)

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Have you had financial difficulties in the past but need to find extremely long term bad credit loans personal loans? You are in luck, as there are lenders of extremely bad credit personal loans that specialize in helping people just like you attain financing regardless of any financial missteps that may appear on your FICO score.

If your credit is extremely bad, you are not alone. There are more people than you might think that have run into difficulty with their personal finances these past years. Hardworking, honest families have had their lives turned upside down by the collapse of the real estate market, job loss, industry outsourcing and credit drying up. Knocked down by tough economic times and circumstances does not mean knocked out, and we all must move forward, and rebuild.

So if your credit is extremely bad, how does one work to improve your credit score so that you can attain the car loans, home loans, personal loans and credit cards that provide the best interest rates and terms that we had grown used to? We must build credit again where we can with the services of extremely bad credit lenders of personal loans. Unlike banks and traditional institution that have turned their back on you until you reestablish yourself, these lenders specialize in helping honest people like yourself who are in need of a second chance.

Extremely Bad Credit Personal Loans Are Easy to Qualify For

Despite your extremely bad credit history, these personal loans for people with bad credit are very easy to qualify for. The lenders of bad credit personal loans are more interested in your ability to repay the cash you borrow, which is proved through current employment or proof of income. These lenders do not penalize you for your past hardships that show up on your FICO score and ruin your chances for approval with traditional lenders. If you can prove that you have a steady income, are over 18 years of age, and have a valid seasoned checking account, in most cases you can get approved for thousands of dollars in new cash loans.

How it Works

Finding and applying for extremely bad credit personal loans is easy. From the comfort of your home you can use the internet to fill out a secure online application. You will be requested to submit some of your financial details, and information related to your employment and checking account. The bad credit lenders will review your information and then will email a loan offer to you, often within minutes of your completing your new loan application.

You then have the opportunity to review the offer and accept or decline your new extremely bad credit personal loan offer. Upon acceptance your chosen lender will typically wire your money directly into your checking account, available for you to withdraw on the same day. That is all it takes.

Apply Today

So what are you waiting for, don’t let your extremely bad credit prevent you from seizing the life you deserve. Begin the process of rebuilding, with on time payments you can begin to improve your credit score for the future, and with the cash in hand you can get a handle on your emergency money needs. Know you have options, and you deserve the financial relief just like anyone else.


Bad Credit Auto Lenders

Posted in Bad Credit Auto Lenders at 9:45 pm by Administrator


Lenders who make bad credit auto loans have existed in one form or another for over 50 years. These companies though they charge higher interest rates than prime lenders are the only means available to many people who have to get an auto loan and have bad credit.

Some lenders in addition to charging higher rates will also charge bank fees which will be included in the sales price of the vehicle at the dealership. These fees are legitimate and legal. The fees are there to protect the lender against expenses involved with early defaults on the loans. These types of loans are very high risk and some lenders report loan defaults as high 60% in the first year of the loans. Needless to say many of the vehicles recovered are in less than perfect condition.

There are basically two types of lenders out there:

1) “Lenders who buy the customer”, that is to say they look at the customers history for situational bad credit. They look at whether the credit was caused by an event like sickness, divorce, death in the family etc. or is it something that’s been ongoing. Another words is this a person who just never pays their bills on time or at all.

2) “Lenders who buy the collateral”  These type of lenders will give a car loan regardless of persons previous credit history provided the following conditions exist: the customer has a large down payment and will be in a strong equity position, adequate job time and provable income to service the debt. In some instances the lender may require the installation of a gps unit with a start interrupt switch so they can find the vehicle if the customer decides not make payments anymore.


Steps To Negotiate With Your Creditors

Posted in Uncategorized at 2:12 pm by Administrator

Some Useful Means To Negotiate With Creditors

People who live paycheck to paycheck are facing problems to make ends meet as a result of the increase in fuel prices and prices of other essential commodities. If you’re unlucky enough to have accumulated a hefty amount of debt besides the rise in your daily living expenditures, you’re possibly in a condition where you can’t fulfill your obligations. It is high time that you know how to negotiate creditors for your debt.

Debt Consolidation Care

Steps To Negotiate With Your Creditors

• You must remain courteous and inoffensive. You should always keep in mind that you would become more successful by remaining well-mannered than with an offensive, hostile or harsh approach.

• You must remember that creditors are also human beings. Briefly clarify your condition without making any complaints. Debt negotiation is a business discussion. Be brief and clear. If the creditors can comprehensively realize why your problems occurred, they might help you better and figure out some ways to solve your problems.

• Accept to pay what is possible for you. Inform your creditors which payments you are able to make instead of what you cannot.

• Delay the talks if you see they’re getting you nowhere. If you see that you and the representative of your creditor are not attaining any satisfactory solution, just hang up the telephone and contact them afterwards. Chances are you would talk to somebody else. Creditors have their bad times as well.

• Think about offering some collateral as security. Prior to picking up the telephone and making a call, understand that creditors are keen to recover their money. If you can find a cosigner or furnish collateral, it would free your creditors from anxiety.

• Make nominal payments. Despite the fact that you’re not making the payment for the whole amount outstanding, it reflects your sincerity regarding paying down your debt and your creditor would ultimately receive the amount. Creditors don’t wish to see that you are a lost cause.

Lastly, it is worth mentioning that you should maintain copies of all letters from your creditors and record every telephonic conversation. You must not make cash payments and always make payments by money order or check in order to ensure that you have evidence of payment.


How Is The Interest on My Auto Loan Calculated?

Posted in How Interest Is Calculated On An Auto Loan at 6:42 pm by Administrator

There are 2 different types of auto loans. There is the Simple Interest loan and the Rule of 78 loan. Here are the basic differences between the two.

If you don’t terminate the loan early, simple interest loans and Rule of 78 loans will be equivalent. You will pay the same amount and get the interest rate quoted. However, if you pay off the loan early, you will end up paying more interest with a Rule of 78 loan than with the corresponding “simple interest” loan. For that reason, you should not take loans computed on the “Rule of 78″.


Here is a simple auto loan with round numbers:

Amount of loan: $10,000
Interest rate: 12% a year (which is 1% a month)
Length of loan: 1 year (12 months)

Simple interest says that after one month has gone by, you have borrowed the $10,000 for 1/12 of a year and you own interest of 12%/12 or 1% which is $100. The rest of your payment goes to decreasing the principal.

The next month you have borrowed $9211.51 for a month and own $92.12 in interest. After paying the interest, the rest of your payment goes to pay off the principal you borrowed.

Figuring out the payments for a simple interest loan is a job for a loan calculator. In our example, it says that the monthly payment is $888.49.

Over the life of the loan you will pay $661.85 in interest.

On the last payment you make, you will have borrowed $879.67 for one month and owe $8.80 in interest. Notice that your final payment is almost all repayment of principal.

If you look at each interest payment, it decreases each month. If you graphed the monthly interest payments, they would form a slight curve.


OK, now let’s do the same loan as a Rule of 78 loan:

Amount of loan: $10,000
Total interest due: $661.85 (same as above)
Monthly payment: $888.49 (same as above)
Number of payments: 12
Sum of the integers from 1 to 12: 78 (the magic number)

First month’s interest: 12/78 times $661.85
Second month’s interest: 11/78 times $661.85
Third month’s interest: 10/78 times $661.85

Last month’s interest: 1/78 times $661.85

If you were to graph the interest payments, they would form a straight line.

If you were to pay the loan off early, you would have to pay a little extra because the initial payments attribute too much to interest, and too little to principal.

How much does it matter? In our example, the worst it would matter is month 5 where the difference between simple interest and Rule of 78 is $4.01. However, our example was chosen to have round numbers and a 1 year loan.

How much does it matter in a typical auto loan? Consider the following:

Amount of loan: $30,000
Interest rate: 7.3% a year
Length of loan: 4 years (48 months)
Monthly payment: $722.57

If you pay this loan off early, you will always pay more with a Rule Of 78 loan than with a simple interest loan. Between months 7 and 29 you will be paying at least $46 more. Month 17 has you pay $66 more. Is $46 – $66 real money to you?

Want more info on how to get an auto loan? Visit us at www.ohiocreditexpress.com


Bankruptcy Auto Loans

Posted in Bankruptcy Auto Loans at 2:29 pm by Administrator

Bankruptcy Auto Loans

Bankruptcy Auto Loans

Bad Credit Auto Loans|Bankruptcy Auto Loans|Bad Car Financing

Before we get into how to get a bankruptcy auto loan we need to look at the different types of bankruptcies a person would file to get debt relief.

Chapter 7 – This type of bankruptcy allows a person to eliminate their responsibility for repayment of their debts public and private to secured and unsecured creditors. There is a common misconception that many people have perhaps due to advertising by some attorneys that  their credit report is going to be wiped clean after the bankruptcy is discaharged. This is not true. Your credit report will show all those discharged debts as well as the bankruptcy for 10 years.

In this type of bankruptcy you have the option of reaffirming on any debt you that you would like to continue paying. Some examples of debts people reaffirm on are mortgages and car loans. Make sure before you reaffirm on either of these type of debts that you are not in a negative equity position ( that you owe more on the house or car than what it’s worth).

Chapter 13 – This is a debt repayment plan managed by a bankruptcy trustee appointed by the court. Your debts are repaid according to the agreement reached between you and your creditors. In order to get any credit while you are in a chapter 13 you must get a letter of exception. This letter of exception allows you to aquire more debt and it also prevents this new debt from being included in the bankruptcy.

  Before you go shopping make sure you gather up the following items: 1. Your most current paystub, if you’re self employed or on a fixed income 3 months of current and complete bank statements showing this income being deposited into your account. 2. Valid drivers license. 3. Current phone or utility bill. 4. At least 7 personal references with complete names, addresses, and phone numbers. These are used by the lenders in the event you stop paying on your loan and can’t be contacted. Determine the type of vehicle you need and decide if it is a practical choice.  Don’t try to get your dream vehicle. These bankruptcy auto loans are designed to get you into a vehicle you can afford and re establish your credit.

Once you have all your documents together complete the following steps:

1. Have a down payment. If you have had credit issues the lender is going to want to see some kind of commitment from you so they are not the only ones taking a risk.  

2. Be realistic about how much car you are trying to purchase. For example if your gross income (before taxes) is $2000 a month your monthly car payment should not exceed 15% of that amount which in this example would be $300.00 a month.

3. Make sure that all of your monthly bills including your car payment does not exceed 40% of your total income. For example $2000 a month income before taxes = $800 a month in total bills including your car payment

You need to understand that you are going to have to pay a higher rate of interest because you represent a greater risk to the lender. A 17% interest rate or higher is not uncommon.

Now that you know what type of vehicle you want and what kind of payment you can afford you are ready to go shopping.

Once you have selected a vehicle I recommend you include the following items in your car loan:

Entended Warranty – This is critical to protect you from unexpected repair costs that may affect your ability to pay your loan.

Gap Insurance – In the event you total out your vehicle this insurance will pay the difference between what you owe on your vehicle and what the insurance company will pay including your deductible.


Bad Credit Auto Loans

Posted in Bad Credit Auto Loans at 9:38 pm by Administrator

How to get a Bad Credit Auto LoanBad Credit Auto Loans

In today’s economic environment it’s not hard to see why people are struggling with their monthly bills and obligations. Layoffs, business shutdowns and downsizing can spell financial disaster for most people, in particular families who depend on 2 incomes to make ends meet. With incomes falling it becomes very easy for monthly car, mortgage or credit card payments to fall behind. One late or missed monthly payment can drop your credit scores 10, 20, 30 or more points! The lower your credit score the harder it becomes to obtain financing for the items you need such as car loans.

Bad Credit Auto Loans in one form or another have been around for over 40 years. In the past bad credit car loans were not that common, but with the increase of bankruptcies in the last 10 years they have become very common place. I obtain bad credit auto loans for people who have had repo’s, foreclosures and bankruptcies.

I meet a lot of people who think because they have gone through repo’s, foreclosures and bankruptcies that they can’t get an auto loan or that the interest rate will be extremely high. This is simply not the case. Bad credit auto loan lenders make loans based on risk. That is to say the rates and terms in most cases can be improved with good down payments and smaller loan amounts.

If you are trying to get an auto loan and have had credit issues here are a few tips.

1. Have a down payment. If you have had credit issues the lender is going to want to see some kind of commitment from you so they are not the only ones taking a risk.

2. Be realistic about how much car you are trying to purchase. For example if your gross income (before taxes) is $2000 a month your monthly car payment should not exceed 15% of that amount which in this example would be $300.00 a month.

3. Make sure that all of your monthly bills including your car payment does not exceed 40% of your total income. For example $2000 a month income before taxes = $800 a month in total bills including your car payment.

Would you like more tips on building your credit score?
Visit www.ohiocreditexpress.com and sign up for our Free Credit Tips Newsletter.


About the Author

Posted in About the Author at 5:23 pm by Administrator

My name is Mike Elchert and I have been helping people get the credit they need and deserve for more than a decade. If you would like to get more info on how to get an auto loan or how to overcome your credit problems visit us at


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