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Personal Loans for People with Bad Credit

Getting through a financial emergency can be challenging, most especially if you don’t have the money to cover for such an expense. And while getting a loan may provide you with a quick solution, this may not be an option for people who do not have a good credit score. When you have poor credit rating, traditional lenders such as banks would likely turn your loan application down.

Fortunately, there are other lenders that specialize in providing personal loans to borrowers like you who are unlikely to get regular personal loans through banks and other traditional lenders because of bad credit.

These personal loans usually have short repayment term, usually ranging from days to a month. The most attractive feature of personal loans with bad credit is that the loan process is fast. After meeting the basic requirements, you can get the money within 24 hours.

With these features, personal loans for people with bad credit are great solutions for emergencies and when you cannot get credit from anywhere else. Whether you need extra money to pay for an unexpected bill, a medical emergency or to fund a vacation, personal loans for bad credit borrowers are among your most convenient options or alternatives to regular bank loans.

Qualifying for Bad Credit Loans

Thankfully, if you do find loans for people with bad credit to be your only option, the chances of you being approved are very high. Since no thorough credit checks are performed, you can expect to get a response on your application in as fast as 24 hours.

The basic requirements to getting personal loans for bad credit include:
– You must be at least 18 years old.
– You must be in regular employment earning over a specified amount.
– You must be a US citizen. Some lenders, however, only allow permanent US residents to apply, and not citizens who live overseas.
– You must hold a valid checking or savings account.

Since lenders do not look at your credit history or status, lenders that offer these loans lower the risks on their part by making sure that you have a stable income to pay for the loan. Most lenders require you to also provide proof that you have been employed in the same company for at least six months and that your income can afford the amount you intend to borrow from them.

Loans for people with bad credit are also subject to the specific terms of each state, so make sure you check your own state laws. Loans for people with bad credit give you a real lease of life when you need it most. If you are approved then the money will be in your bank by the next working day, which makes loans for people with bad credit a really speedy solution.

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3 Things to Ask Your Lender

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Because you are the one in need of cash doesn’t mean that you should not be discerning of the loan your lender is offering you. After all, any loan comes with a cost and if you’re not too careful enough you might end up paying a lot more than how much you should have.

Here are some things you should be asking your lender before you take a loan offer.

1. How Much Is the Interest Rate?

This is the additional cost you will have to pay on top of the loan principal.

Determine whether they charge a monthly or annual interest. Most payday loans lenders only charge a fee per $100 loan, usually 20% of the principal.

2. Any Fees and Penalties?

Know what are the type of penalties your lender will be charging you if you fail to satisfy your lender’s term. Lenders usually charge penalties for late payments, returned payments, or additional interest for missed payments. For cash advances through credit cards, your card issuer may charge a different fee so know how much exactly you will be charged of so if you unfortunately default on your loan obligations, you will have an idea on whether getting the loan is worth it.

3. Do You Report my Payments to Credit Reporting Agencies?

Most especially if you are after fixing your bad credit score in addition to solving a financial emergency, ask whether your lender will report your payments to the credit reporting agencies. Otherwise, all the good payments you will be making for your loans for people with bad credit will not have any effect on your credit score.

There are lots of predatory lenders out there taking advantage of people who are in dire need of cash. So be more discerning of who you should be dealing with to avoid falling into the trap of these lenders.

Property Taxes

Property taxes can be burdensome especially that these taxes rise steadily overtime. Unfortunately, when you don’t pay these taxes, your bill will rise with penalties or interest. And unless you get your property/ home reassessed, there is no way to negotiate on your tax.

If you think your property’s value has gone down and that your property tax is not fair, you should get your property reassessed. Here are some tips to get started.

Understand the process of reassessment. Every year, local governments send assessment notices and in such notices, you will find the contact information of the unit you should call should you disagree with the assessment. Also, pay attention to instructions on how to make an appeal. The appeal has to be made within a specific time frame, so if you fail to make it for that year, you’ll most likely have to wait for another year to request for a reassessment.

Get property tax card and review it. In many states, the card can be accessed online. Alternatively, you can go to the town hall and request for it from the office of the local assessor. Check the details contained in your card and look for errors that may have affected the amount of tax you need to pay. For instance, there might be discrepancies in your house dimensions or size of the property.

Check property value in your neighborhood. Your house may be overvalued so gather evidences in your neighborhood that will help you prove your claim. Check houses for sale in your neighborhood and the price they have been sold. If the price of the properties in your location has dropped, then most likely your property value has dropped as well.

You can save a lot of money on property taxes. If you think you are paying too much for your property, get it reassessed right away by starting with the tips above.