Thursday, December 18, 2008
When to use credit repair service
You know it is embarassing is you are just down for a loan, not only that is could put you in a dangerous position if your finances is are not is order, that is why repairing your credit history is very important, you don't have to wait until you are denied a loan before considering repairing your credit, start now because you don't when you'ld be in need of a loan. Your credit report tells alot about you that is the more reason, you must make effort to make it look good. The details shown on your credit report could remain on it for between seven to ten years if you don't make effort to correct it, you must understanding that correct a bad credit take time and some effort on your part and the best way to start correcting your bad credit is to work with a credit repair service, but before working with a credit repair service make sure you have chosen a reputable company, by choosing a reputable company, you will have the support of people that have the correct knowledge. Although this will involve some cost on your part but at the end they will have help you saved thousands of dollars on interest.
Wednesday, October 15, 2008
Credit repair tips
Credit repair tips
You know what it means to have a bad credit score, having a bad credit score is not always good both for your presence and future stance, that is why making effort to correct them will be to your advantage.
Some of the tips listed below will be of great benefit to you, if you thick to them.
· Request for your credit report at least quarterly and look out for any mistake in the report or misleading information.
· If you spot any mistake, do not wait time in reporting it, so that it can be corrected immediately, any misleading information on your credit score is surely going to affect you.
· Preparing a monthly, budget is a nice thing to good as this will help you control your spending, in your credit report look out for items that have made your credit score bad, and start saving money towards repaying for these items.
· Arrange a plan with your creditor that will be convenient for you to pay the dept and if they are willing to give you any assistance that will make the process of your repaying the debt faster, accept it. As it will make them know that you are really serious.
· Make sure you stick to the plan of debt repayment that you have agreed, try everything you can to ensure that nothing disturbs the plan, if you do, it will be to your advantage.
· There are organizations that you could approach that could also help you negotiate with your creditors and they also provide counseling on how you could improve your credit.
· If for some circumstances beyond your control, you have to skip payment, make sure, you inform you creditors before hand, as this will make them trust you, but do all you feel you can in order not to skip payment.
· If you are an impulse buyer, try as much as you can to stick to the loan repayment plan and also have a list items that you consider very important before making a purchase offline or online.
If you can follow the tips listed, you surely going to build your credit score.
You know what it means to have a bad credit score, having a bad credit score is not always good both for your presence and future stance, that is why making effort to correct them will be to your advantage.
Some of the tips listed below will be of great benefit to you, if you thick to them.
· Request for your credit report at least quarterly and look out for any mistake in the report or misleading information.
· If you spot any mistake, do not wait time in reporting it, so that it can be corrected immediately, any misleading information on your credit score is surely going to affect you.
· Preparing a monthly, budget is a nice thing to good as this will help you control your spending, in your credit report look out for items that have made your credit score bad, and start saving money towards repaying for these items.
· Arrange a plan with your creditor that will be convenient for you to pay the dept and if they are willing to give you any assistance that will make the process of your repaying the debt faster, accept it. As it will make them know that you are really serious.
· Make sure you stick to the plan of debt repayment that you have agreed, try everything you can to ensure that nothing disturbs the plan, if you do, it will be to your advantage.
· There are organizations that you could approach that could also help you negotiate with your creditors and they also provide counseling on how you could improve your credit.
· If for some circumstances beyond your control, you have to skip payment, make sure, you inform you creditors before hand, as this will make them trust you, but do all you feel you can in order not to skip payment.
· If you are an impulse buyer, try as much as you can to stick to the loan repayment plan and also have a list items that you consider very important before making a purchase offline or online.
If you can follow the tips listed, you surely going to build your credit score.
Saturday, October 4, 2008
How to correct your credit report and get approved for loan
You just found out that your loan application has been denied, you are in a fix as to where to get help, you can’t figure why your application did not go through, your hope of getting money has been dashed. What is the forward? Do not be discouraged there is still a way out of this situation; you were denied the loan because the lender does not have confident in use. A loan would not be approved for three main reasons, insufficient evidence repayment potential, insufficient income to fund the debt and bad credit, when lenders find you in this situation, they consider you a very risky business and you would surely be denied the loan. Lenders will not loan their money to business or person that have not been able to convince them with sufficient document to repay the loan.
Here is what to do when you loan application failed, remember your credit history will be checked when you apply for a loan, you might be wondering why lenders ask for a credit report before granting a loan, it is because they want to know if you have a bad credit history and once they know that your credit history is poor, consider the loan application over but when your credit history is seen to be good, your loan application will be consider, therefore before applying for a loan make sure you have put your credit history in order. Do you know that there are credit report bureau that collects transactions of everybody, the information that this credit reporting bureau keep are sold to banks, credit card companies, insurance companies and potential employers.
Credit Report Information
Your credit report will work either for or against you, since lender will use it to decide if they would loan you money or if employers will hire you. Since your credit report contains your name, address, date of birth, social security number as well as name of your employers, the credit report will reveal the various debts you are linked too and reveal how fast you paid, it also states an overdue account and if it has been sent to collection agency. Also other information that is included in your credit report includes, foreclosure, tax lieu and bankruptcies
What to do with Credit Report
It is advisable that you request for your credit report once a year, it is your right, look at it properly if you are planning to make a major purchase, such car, home or any valuables, in order to correct any abnormality. A negative credit report will stand between you and the loan, therefore look at it now before approaching the lender in order to avoid embarrassment. How would you feel when you hear that you have been denied the loan?
Where to start
Go through your local yellow pages and look for credit reporting agencies or credit rating, your file may be available in more than one agency, therefore contact all the reporting agencies listed to find out if they have a file in your name and social security number, and request a copy of your credit report, though most of these reporting agencies request a small fee to before issuing the credit report, but if you have already been denied a loan, you can request for a free credit report within 60 days of loan denial and also when you are unemployed.
Correcting Your Credit report
After going through your credit report, you might come across mistake and inaccuracies, there are credit bureaus that can help you investigate and correct any mistake found on the report.
You have to contact this credit bureau in writing explaining the information that you think is wrong but make sure your name, address and social security number is included and state clearly the items that is being disputed in the credit report with sufficient evidence to back up, include copies of documents that support your claim.
Send the letter through reputable courier and request for delivery receipt, as this will show that the credit bureau received your mail also keep copies of your correspondence. The credit bureau company will investigate within 30 days and notify you as well as other credit bureaus of the correction and you will be given a free copy of the credit report.
When you are sure that your credit is in order you can reapply to the loan again.
Where to get loans
There are many lenders out there but you have to try as many as possible until you find the best and you can always find many of them on the internet.
Here is what to do when you loan application failed, remember your credit history will be checked when you apply for a loan, you might be wondering why lenders ask for a credit report before granting a loan, it is because they want to know if you have a bad credit history and once they know that your credit history is poor, consider the loan application over but when your credit history is seen to be good, your loan application will be consider, therefore before applying for a loan make sure you have put your credit history in order. Do you know that there are credit report bureau that collects transactions of everybody, the information that this credit reporting bureau keep are sold to banks, credit card companies, insurance companies and potential employers.
Credit Report Information
Your credit report will work either for or against you, since lender will use it to decide if they would loan you money or if employers will hire you. Since your credit report contains your name, address, date of birth, social security number as well as name of your employers, the credit report will reveal the various debts you are linked too and reveal how fast you paid, it also states an overdue account and if it has been sent to collection agency. Also other information that is included in your credit report includes, foreclosure, tax lieu and bankruptcies
What to do with Credit Report
It is advisable that you request for your credit report once a year, it is your right, look at it properly if you are planning to make a major purchase, such car, home or any valuables, in order to correct any abnormality. A negative credit report will stand between you and the loan, therefore look at it now before approaching the lender in order to avoid embarrassment. How would you feel when you hear that you have been denied the loan?
Where to start
Go through your local yellow pages and look for credit reporting agencies or credit rating, your file may be available in more than one agency, therefore contact all the reporting agencies listed to find out if they have a file in your name and social security number, and request a copy of your credit report, though most of these reporting agencies request a small fee to before issuing the credit report, but if you have already been denied a loan, you can request for a free credit report within 60 days of loan denial and also when you are unemployed.
Correcting Your Credit report
After going through your credit report, you might come across mistake and inaccuracies, there are credit bureaus that can help you investigate and correct any mistake found on the report.
You have to contact this credit bureau in writing explaining the information that you think is wrong but make sure your name, address and social security number is included and state clearly the items that is being disputed in the credit report with sufficient evidence to back up, include copies of documents that support your claim.
Send the letter through reputable courier and request for delivery receipt, as this will show that the credit bureau received your mail also keep copies of your correspondence. The credit bureau company will investigate within 30 days and notify you as well as other credit bureaus of the correction and you will be given a free copy of the credit report.
When you are sure that your credit is in order you can reapply to the loan again.
Where to get loans
There are many lenders out there but you have to try as many as possible until you find the best and you can always find many of them on the internet.
Thursday, October 2, 2008
How to create a good business loan proposal
Getting your loan proposal right is critical to its being approved, therefore what is required of you to do is to put a good loan proposal forward, once your loan proposal is right, then you will be increasing your chances of been approved. We would be taking a look at what a good loan proposal should contain
Business name and address: State your business name and address in your loan proposal as this will add some value to your request also the social security numbers principals should be included
Purpose: State the purpose of the loan and it should be clearly written out, what you intend doing with the loan; write out all the things you want to do with the money
Amount required. Make your that the amount of money you are asking for is not too low and it should not be ridiculously high.
Business details: Describe what your business is all about.
Organization Structure: State the ownership structure of the business
Management profile: Outline your business experience as well as accomplishments since your business experience will make lenders know you can repay the loan
Remember writing a good loan proposal is not complete without outlining a good business plan, lenders are also interested in your business plan as it will help in decision making. Your business plan should also contain company financial statement, because most lenders want to see this, make sure your business plan is solid, it should contain market information, financial information and business goals.
Market details should state the product and services that you provide and state why your business is unique. Also present a competitive market analysis that shows you have researched the market.
Financial information should reveals to lenders your company balance and income statement in the last three years as this will assist the lender to determine how stable your business is financially. Lenders are mainly interested in your cash flow statement, ensure that it is included and list all your business collateral; also your personal financial statement may be included.
Business Objectives: State your market strategies and how you go about them, since lender are only concerned about how you are going to repay the money, they want to be sure that you can meet up with payment, also lenders want to build a long time relationship with you.
Points to note
Your financial details might not be up to the requirement of the lender, but a loan could still be possible depending on your commitment to the project. Lenders want to be sure that you are investing your own money into the project as they will not provide you with 100% of the project cost.
When you put your own money into the business it shows commitment and when lender sees this in your proposal, they might take the risk and grant the loan to you.
Business name and address: State your business name and address in your loan proposal as this will add some value to your request also the social security numbers principals should be included
Purpose: State the purpose of the loan and it should be clearly written out, what you intend doing with the loan; write out all the things you want to do with the money
Amount required. Make your that the amount of money you are asking for is not too low and it should not be ridiculously high.
Business details: Describe what your business is all about.
Organization Structure: State the ownership structure of the business
Management profile: Outline your business experience as well as accomplishments since your business experience will make lenders know you can repay the loan
Remember writing a good loan proposal is not complete without outlining a good business plan, lenders are also interested in your business plan as it will help in decision making. Your business plan should also contain company financial statement, because most lenders want to see this, make sure your business plan is solid, it should contain market information, financial information and business goals.
Market details should state the product and services that you provide and state why your business is unique. Also present a competitive market analysis that shows you have researched the market.
Financial information should reveals to lenders your company balance and income statement in the last three years as this will assist the lender to determine how stable your business is financially. Lenders are mainly interested in your cash flow statement, ensure that it is included and list all your business collateral; also your personal financial statement may be included.
Business Objectives: State your market strategies and how you go about them, since lender are only concerned about how you are going to repay the money, they want to be sure that you can meet up with payment, also lenders want to build a long time relationship with you.
Points to note
Your financial details might not be up to the requirement of the lender, but a loan could still be possible depending on your commitment to the project. Lenders want to be sure that you are investing your own money into the project as they will not provide you with 100% of the project cost.
When you put your own money into the business it shows commitment and when lender sees this in your proposal, they might take the risk and grant the loan to you.
Wednesday, October 1, 2008
Tuesday, September 30, 2008
LOAN AND LOAN SOURCES
A loan is money borrowed that has been promised to be repaid between a specific period with interest. When a loan is taken the borrower has entered into a contract with the lender and it is one of the common sources of financing. Loans are classified into categories, long term loans and short term loans
Long term loans are loan whose maturity exceed one year, while short term loan maturity do not exceed two years. Whether long term loan or short term long they are usually backed by collateral such as home, stock, bond or things purchased with the loan, since the lender is the one undertaking the highest risk, they have to ensure there is a means of recovering the money should the borrower fail to repay the loan. Since every loan given must be repaid with interest lenders use their discretion to charge interest depending on the situation.
A start up company will be charged a higher interest than a company that has been making profit over the years. Loans can be classified into long term, short term and intermediate loan
Long term loan
This are loans that the maturity period for repayment is above one year, most long term long are usually secured with the asset the loan was used to purchase, for instance a loan gotten to purchase a mortgage is often secured by the asset, therefore should you fail to repay the loan at the time of maturity, the lender has the right to repossesses the asset in order to recover the money.
Short term loan
Loans of this type have maturity periods that do not exceed one year, most short term loans are used to make up for shortage in cash
Intermediate Loan
Are loans used to purchase household items such as furniture, office equipment, vehicles and plant, maturity for this type of loan usually exceed one year but less than five years, there should you fail to repay the loan, the lender has the legal right to seize the asset that the loan was used to purchase in order to recover their money
Take note that the of maturity of every loan you is important, there before applying for a loan, consider your needs first and look for other sources fund to supplement your loan in order to reduce the debt that you might be owing the lender, since the lender want you to be indebted to them, also consider your source of repaying the loan before the expiration of maturity period or else you will be a the mercy of the lender.
There are many sources of loans available today only if you search properly and you can find many of them online but make sure to check on many lenders as possible before deciding to the one to borrow money from, but remember every loan is charged an interest.
Long term loans are loan whose maturity exceed one year, while short term loan maturity do not exceed two years. Whether long term loan or short term long they are usually backed by collateral such as home, stock, bond or things purchased with the loan, since the lender is the one undertaking the highest risk, they have to ensure there is a means of recovering the money should the borrower fail to repay the loan. Since every loan given must be repaid with interest lenders use their discretion to charge interest depending on the situation.
A start up company will be charged a higher interest than a company that has been making profit over the years. Loans can be classified into long term, short term and intermediate loan
Long term loan
This are loans that the maturity period for repayment is above one year, most long term long are usually secured with the asset the loan was used to purchase, for instance a loan gotten to purchase a mortgage is often secured by the asset, therefore should you fail to repay the loan at the time of maturity, the lender has the right to repossesses the asset in order to recover the money.
Short term loan
Loans of this type have maturity periods that do not exceed one year, most short term loans are used to make up for shortage in cash
Intermediate Loan
Are loans used to purchase household items such as furniture, office equipment, vehicles and plant, maturity for this type of loan usually exceed one year but less than five years, there should you fail to repay the loan, the lender has the legal right to seize the asset that the loan was used to purchase in order to recover their money
Take note that the of maturity of every loan you is important, there before applying for a loan, consider your needs first and look for other sources fund to supplement your loan in order to reduce the debt that you might be owing the lender, since the lender want you to be indebted to them, also consider your source of repaying the loan before the expiration of maturity period or else you will be a the mercy of the lender.
There are many sources of loans available today only if you search properly and you can find many of them online but make sure to check on many lenders as possible before deciding to the one to borrow money from, but remember every loan is charged an interest.
Monday, September 29, 2008
LOAN SOURCES
How to secure a loan when unemployed
If you have a bad credit history, securing a loan might be difficult talk less when you are unemployed, not to worry people in this situation till have a way out to get loans, therefore don’t be troubled if you find yourself in this situation.
When you are not employed can be a very trying period especially when you have lots of responsibilities to take care of, you would definitely need finance during these period while looking for a source of steady income. Most times the fear of using your home as collateral is certainly sure to arise as a result of the fear of repossession, because you are not sure when you would have enough money to pay back for loan collected.
Unsecured Loans
This is where unsecured loans could be very helpful in situation like this and the loan is meant for people that have lost there jobs and requires money for their day to day activities while searching for another job, it does not matter how long you might stay unemployed, there is a loan that will cover you until you return to normal working life.
The main problem with unsecured employment loan is the repayment term since there are no collateral, the lender is more at risk and will concentrate on a ways of repayment. The nice thing about unsecured loans is that you don’t have pay any installment payment and it will offers you the opportunity to work on getting your job back.
Interest on the loans
The interest charged on an unsecured loan is usually high since the lender believes they are helping, therefore before applying for an unsecured loan; make sure you check on as many lenders as possible in order to find out the ones with the lowest interest rate. When you have done this, it will be very easy for you to decide, which of the lenders that suits your need, and the best place find them out is from the internet. Online search will give the opportunity to check out as many financial sources as possible.
Remember that the loan you received from these lenders are meant to help you out through your unemployed months and should be paid back as soon as you are gainful employed again, therefore make sure you do a careful search of the loans providers before finally selecting the best deals. There are many financial institute out there that are wait to help you during your unemployment days.
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