Category Archives: Credit

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Why Hire Debt Settlement Professionals

Debt affects people’s quality of life and can negatively impact their concern for other things such as environmental conservation and what is right and just; as they focus on how to survive. That is why being debt-free or at least reducing it is so important. Debt management is a task that individuals and companies can handle on their own. In fact, the conventional wisdom about debt management is to look at the things you can handle on your own and how far they will take you towards lesser debt before you consider hiring a debt management/settlement company. There however comes a time when the decision to hire professional help has to be made. Here’s some information to help you decide.

Can You Handle The Intricacies Of Debt Settlement?

If you are in so much debt, it may be necessary to get the help of a debt settlement company or lawyer because chances are you can’t pay a large amount of debt and meanwhile, the interest could be increasing. The services of debt settlement professionals would, therefore, be worthy of the fee you will pay them if they can help you become debt-free. Further, negotiating with creditors can be tricky and requires a lot of patience and negotiation skills because the process can be long and painful. Remember too that the creditor is not under obligation to agree to a settlement. If you are not ready or equipped to handle these, better use a company or lawyer.

The company or lawyer is also probably more skilled and experienced at negotiating and understands all the settlement options available. If you are indebted to multiple creditors, the process of negotiating with each of them can be tedious. Professionals also know the rules of the game and what creditors are likely to accept. While debt-for-nature and debt-for-equity strategies available for nations and companies might not be an option for individuals, debt settlement professionals can work out reasonable strategies and offers to make. They can help shield you from harassment from at least some creditors and debt collectors.

What Other Options Are There

Aside from negotiating debt settlement agreements, options such as bankruptcy and debt consolidation financing are also valid options. If you can handle these on your own, then you don’t need to hire debt settlers. However, there are still some complex details involved especially in filing bankruptcy. If you don’t understand the procedure or qualifications of filing for bankruptcy you can easily mess it up and hurt chances of your application being approved. This makes it necessary to hire a debt settlement lawyer. Other services that debt settlement professionals can provide include determining your qualification for tax exception in regards to the debt reduction.

Once you determine whether you really need professional debt settlement services, you need to decide which type of professional you are going to hire; whether an attorney or a regular debt settlement company. Whichever option you settle for, you must remember to take potential candidates for hire through a rigorous selection process because you don’t want to end up paying for a service that won’t be delivered. This Accredited Debt Relief Review (Updated for 2017) provides information on one of the debt settlement companies you can hire based on the commonly used selection criteria.


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How to Find Loans for People with Bad Credit

Acquiring bad credit loans seems impossible for those who have been turned down by major banks and financial institutions. When all hope seems lost, however, there’s often another way out.

People with poor scores can still get loans from other sources, but these loans often come with caveats such as high-interest rates and short payment periods. To find loans for people with bad credit, here are some places you can start:

Bad Credit Loans

1. Personal Loans for Bad Credit

Personal loans for poor scores are a type of loan from a bank or any financial institution. These are meant for personal instead of business or commercial use. This can be used to fund personal expenses or to consolidate debts.

Personal loans for bad credit can be secured or unsecured. Secured loans require collateral while unsecured loans do not. Of these two, it’s easier for those with poor credit to get secured loans since credit scores are a huge factor in acquiring unsecured loans.

If you don’t have any asset to offer, try looking for credit unions or banks that will grant you an unsecured loan. The catch is that unsecured personal loans have much higher interest rates than secured loans. Personal loans are usually used by borrowers to consolidate existing credit debts. This is because personal loans often come with fixed monthly payments with interest rates that are lower than their credit card debts.

2. Peer to Peer Lending Companies

Another way to find loans for individuals with poor credit is to inquire in peer to peer lending companies. This type of business is purely online and connects individual lenders to borrowers.

A P2P loan is one of the easiest bad credit loans to get because your credit score is not too big of a factor in their decision on whether to grant you a loan or not. Some peer to peer lending companies offer loans with under a 10% interest rate, making it attractive to people looking to get out of debt.

3. Payday Loans

Perhaps the fastest cash you can get without any assets required is through using payday loans. Basically, you apply for a loan which you will pay back in a lump sum on your next payday.

The current going interest rate is a little less than one-fourth the total amount. Although, this will quickly add up if you continue to roll out your payment to the next payday. If you move your payment three times, the interest will triple. So this loan is for those who are confident that they can fully pay off the loan the next month.

Second Chance Loan Lenders

A Few Reminders:

*Perform thorough research on these types of bad credit loans. Know the catch in each loan type, so you’ll know what you’re getting into.

*Compare rates to make sure that you’ll get the lowest possible interest rate.

*Consult trusted with families or friends whether they think your plan will work and if they have better ideas on how you can handle your situation.

It’s not impossible to find loans for individuals with poor credit. Some lenders will be more empathetic to borrowers with low credit scores. The key is to do thorough research.