Bad Credit Debt Consolidation Loans An Opportunity Beyond Belief

Submitted by: James Taylor

Every one now a day requires money for different purposes it may be for personal purposes, home improvement, wedding or for the educational purposes. Every one may not have enough money by themselves to fund the event by individually so a loan is a very important tool, which can help us, reach the desired conclusion. But sometimes we have multiple requirements for which we have to take multiple loans from different lenders. This can sometimes create problems of paying of interest rates, which do get inflated and are therefore paying of money higher than usual. With the help of bad credit Debt consolidation loans you can reduce your burden.

The problem gets bigger for people with bad credit histories who are already being charged a rate of interest that is higher than what they should be charged. People with bad credit history include people like:


People in arrears


People who have earlier filled for bankruptcy or

YouTube Preview Image


A tag of bad credit is put on the borrowers when they default or falter in their payments as far as their earlier loan was concerned. Bad credit is based on a credit score, which is a three digit rating of borrower s credit worthiness. A general score of or below 600 is the one, which is considered to be poor, or the one which brings upon the credit history on the borrower. There are other scores as well which you can use to calculate your credit worthiness such as FICO (fair Isaac Corporation) score which ranges between 300 and 850 and there are three such scores provided by FICO and depending on the lender all of your score or the middle score will be taken into account to estimate your credit worthiness. If you do not know your credit score you can get it calculated by any of these credit rating agencies i.e. Trans union, Experian or Equifax.

For calculating the credit score the following factors are taken into consideration.

Late payments

Length of time at the present residence

Employment history

The amount of time credit has been established

Bad credit Debt consolidation loans are an ideal tool for people with bad credit history to reduce the burden on themselves if they use this method of paying their debts.

Debt consolidation is a method in which a person who has taken loans from different creditors at specified interest rates can opt for a single loan from one lender.

An example of debt consolidation is when a person has taken loan from three different creditors at different rates at 10% 11% and 12% and paying a average interest rate of 11%, here the borrower can opt for a single lender where they can avail a few benefits as well.

Benefits of going for debt consolidation loans for people with bad credit history are:

People with bad credit history can improve their credit score with the help of which they can get avail the same benefits as people with good credit score do.

Borrowers after taking debt consolidation loans can help in reducing the interest rates which they are charged for, thus resulting in paying of lesser amount than earlier.

It also stops the creditors harassing you both mentally and physically by making annoying calls every time, as they are paid well in advance.

While you are looking for debt consolidation loans you can get expert counseling by the experts

Any one can have bad time in life it can be financial or any other. Loans are a great solution for our financial needs. But sometimes the multiplicity of these loans can put us in some trouble. For people with bad credit it is even more difficult. That is where debt consolidation can help the people with bad credit history.

About the Author: James Taylor holds a Master s degree in Commerce from JNU. he is working as financial consultant.To find a Personal loans,Bad credit debt consolidation loans that best suits your needs visit


Permanent Link:

on October 18th, 2016 | File Under Finance | No Comments -

Payday Loans Beware Of These Otherwise Excellent Loan Schemes

Submitted by: John Velazco

Payday loans or at times as well called as cash advance loans are supposed to be the way out to get urgent cash if you are in financial trouble between your two paydays. You may want cash immediately for something that can’t wait on until you get paid next. However, you should in no way misuse the payday loan service, because numerous individuals will inform you that this is how they got into debt and struggled to escape out of it once more.

Remember payday loans are short term loans that are offered for 7 to 21 days and you need to pay back the entire loan amount along with all the relevant fees and interest when you get your next salary. If you do not pay back this loan amount when it is due, miss the payment or ask for the extension as you find yourself unable to pay back the loan amount on time, then it is not just the loan amount with the previous fees, however as well additional loan fee and an extremely high rate of interest will be added by the payday loan lender. As a result of the high interest rate charged by payday loan lenders, the amount turns out to be a great deal more than you initially had taken, and can turn out to be a trouble to pay it back all immediately.

YouTube Preview Image

As a result of you letting the payday loan to roll into another term you will at once be acquiring additional interest and this in turn makes the pay back sum a lot more, making it almost impossible to pay it off the next payday. It is sensible to make an effort and raise urgent cash using some other means if you find yourself unable to repay it on time. It may perhaps be more beneficial to have a cash loan from a relative or friend who would most likely not charge you the interest. If it is a sum unpaid that needs to be paid, instead make an effort to get the payment deferred till you get your next paycheck.

Owing to the truth that several people fall into debt due to very high interest rates, these loan schemes are banned in several states in US. Interest rates tend to be way above the average rates charged by banks and other financial institutions. Unbelievable but true these payday loans attract $20 to $30 per $100 you borrow per week, when you calculate this on the scale of APR then it could sometimes run into as high as 1500% or more.

However, payday loans are very fast and easy and borrowers can have access to fast cash loans online by filling in simple online application. It makes the entire process seem very simple and uncomplicated, so much so that several people get a loan when it is not at all required. Despite the fact that these loans can assist you in a crisis, at all times be careful of falling into debt. Take care that you have the resources to pay the loan amount back on time.

About the Author: John is an expert in the field. For more information on

payday loans

, and

online cash advance

Please visit:


Permanent Link:

on December 16th, 2015 | File Under Finance | No Comments -