Bad Credit? With Poor Credit You Can Still Refinance Or Get A Home Equity Line Of Credit

Have you decided to refinance your home or apply for a home equity line of credit but worry about your credit rating? Even with poor credit it is possible to refinance your existing mortgage or obtain a home equity line of credit. New practices in the lending industry have made it easier than ever for you to refinance your mortgage or get a home equity line of credit. If you have adverse credit, specialized lenders can help you find the loan package your need with an interest rate you can afford.

Refinancing your home loan can allow you to make improvements to your home or consolidate debts. Some lenders offer loans up to 125% of your home's value even if you have less than perfect credit. Your current mortgage terms and interest rate, the length of time you intend to stay in your home, and the level of debt your currently have are all factors to be considered in making the decision to refinance your mortgage. If you have equity in your home, you will often receive a lower interest rate than those with little or no equity.

Home equity lines of credit are revolving accounts with your home serving as security for the loan. When you get a home equity line of credit you are approved for a certain amount of credit. The maximum amount you can borrow at a given time will depend on your credit limit. Typically, a home equity line of credit will have a variable rate of interest although some lenders may offer a fixed rate as well. You will have an amount you can borrow at any given time and you may not borrow more until a certain amount is repaid. Often you will have specific times as to when you may borrow money from your available credit limit.

Obtaining a home equity line of credit is can be the perfect solution for people with remodeling goals, children to put through college, or the need for access to extra cash in the event of an emergency or unexpected financial situation. You can use the money for any purpose and gain peace of mind in knowing you are prepared for whatever life brings you.

Refinancing your mortgage or getting a home equity line of credit has been the answer for millions of people looking to realize their financial goals. Even if your have bad credit there are loans and lenders who specialize in helping finance people with poor credit. They can help you reach your individual objectives.

Bad Credit Wedding Loans In Case You Want To Race Towards The Altar With Bad Credit

So you are engaged. Congratulations. It was not easy. What? Getting engaged? No, finding the right person. But it is just the beginning. There is still a wedding to plan. Do you know how much you have to plan? Perhaps you have some idea but you will know the reality only when you actually start planning your wedding. Caterers, ceremony, cakes, car, invitation, music, photography, tuxedos, wedding gown, jewelery, hair, gifts, decoration…….is the list over? Not yet, not even near over. However, one thing you still forgot to take into account. You don’t have ample money. And on the top of it you have BAD CREDIT.

That doesn’t sound too good especially when Are trying to get a loan. But bad credit loan for wedding. You haven’t given it a thought. Or perhaps your thoughts have stopped in the middle because of bad credit. Bad credit wedding loans are as realistic as your wedding plans.

If you have made your wedding plans then perhaps you know how much you have to spend. According to a study the national average of wedding costs about £22,000. Most of the couples are geared to pay for their own wedding. An April 2004 survey shows 75% of people paying for their own wedding. Bad credit wedding loans are the answer if you belong to these 75%. Bad credit wedding loans can help you explore every wedding fantasy in case money is short.

Bad credit wedding loans usually have only one major negative vibration. High interest rates. Every kind of bad credit loans, including wedding loans,
implicates higher interest rates. So be prepared for that with bad credit wedding loans. Bad credit wedding loan can be either secured or an unsecured.

A secured bad credit wedding loan is more compatible with respect to loan lenders requirements. This bad credit wedding loan provides warranty for your loan claim. The warranty on secured bad credit wedding loans is in the form of your property, your home or any other valuables. Therefore, your property is in peril of being lost if you make a non repayment mistake your bad credit wedding loan.

Traditionally unsecured loans have higher rate of interests as compared to secured loans. Unsecured wedding loans with bad credit thus come with an added disadvantage of increased interest rates. Missing loan repayment, divorce, redundancy, or any other unexpected event can lead to your being blacklisted. Yet loan lenders have grown flexible with respect to bad credit and are furthering bad credit wedding loans.

Some unforeseen circumstances can lead to bad credit. Bad credit can pounce upon you unexpectedly. Perhaps you are too young or perhaps you did not have any credit before. Usually people with prior history of CCJs, arrears, closure, charge offs are considered for bad credit wedding loans.

You can easily borrow the required for your wedding with bad credit wedding loans. With loan borrowing a very crucial thing is planning. First of all make the budget of how much you require. If you know how much you require you would perhaps be able to make a better claim for your bad credit wedding loans. Taking a bad credit wedding loan that is beyond your limits is a sure way to remain a bad credit contender.

There are loan lenders who specialize in bad credit. If a regular loan lender is apprehensive about your bad credit status then switch to loan lenders who provide loans for bad credit. They have specialized products for bad credit wedding loans and would suit your financial status. Every loan lender has different eligibility criteria. So you might not find your bad credit wedding loan at every loan lender.

Your bad credit wedding loans come with the option of fixed or variable rate. Fixed rate on bad credit wedding loan implies a fixed monthly payment for the loan repayment. Bad credit wedding loans with fixed rate are ideal if you like making financial plans beforehand. Bad credit wedding loans with variable rate implies the freedom of making monthly payments based on your income. With the online facilities, you can ask for more than one lender to give you a loan quote depending on your requirements. Try to make your bad credit wedding loans both a mode of finance and a way to re-establish your credit history. Make your wedding an opportunity for a great and positive start financially with bad credit wedding loans.

Bad credit is like an ongoing battle. You have to fight your way up when you have bad credit. Bad credit wedding loans has created an alternative source of financial funding for those who endure due to bad credit. This time when you have finally made up your mind don’t let bad credit slow down your way to the altar.

Secured Loan For People With Bad Credit History / Pamella Scott

Are you facing problem getting a loan, just because you have a bad credit history? If yes, then there is good news for you. Now you can avail a loan specially designed for people like you, popularly known as “Bad Credit Secured Loan”.

A Bad Credit Secured Loan is defined as a secured loan for people with bad credit. Lenders define “bad credit” as a black spot in your credit report, it includes missing a credit card payment, defaulting on a previous loan, filing for bankruptcy in the past seven years or not paying your taxes.

A secured loan is a loan that is secured against property. Secured personal loans are suitable for when you are trying to raise a large amount; are having difficulty getting an unsecured personal loan or have a poor credit history. The interest rate charged is low as compared to that in the case of unsecured loan.

A poor or bad credit history can happen to anyone, to even you or me. In case you fail to make payments that were due on the previous loan just because you had no money with you. Your default will get noticed in your credit report and can pose as a hindrance in taking a loan. Considering all these circumstances the Bad Credit Secured loan is introduced to help those who are in trouble and couldn’t get the loan just because they have a bad credit score.

You can get a Bad Credit Secured loan only if you own a property. Your property will work as a security against the loan. You can borrow any amount from £5,000 to £75,000 and repay it over any period from 5 to 25 years. Bad Credit Secured Loan is an easy and manageable route to generate extra cash.

You can use the Bad Credit Secured Loan for any purpose. You can use the loan to buy your dream car or you can go out for a luxurious holiday or you can make improvement in your home or for debt consolidation or anyway you like. It solely depends on you how you wish to spend it.

If you are looking for a Bad credit secured loan, first you should shop around, though it will be a little difficult for you but your efforts will definitely pay you in future by getting the best deal for you. One of the fastest growing industries online is the financial industry. Now you can look for the online lenders who can offer you loan that you need. You can browse through various credit website and can choose among them. And then, you can compare the quotes of different lenders and look for the deal that is most suitable and match your expectations.

A Bad Credit Secured Loan allows you to borrow money at a far better rate than an Unsecured Loan because your home is used as security. Bad credit secured loan can also be used to tackle bad credit. This loan offers not only a remedy to the bad credit but also helps in building a positive or good credit status.

Bad Credit Secured Loan provides opportunity to people with bad credit to take loan and fulfill their desires by keeping their property as a security with the lender and can upgrade their credit status.

Bad Credit Record And Property Investment / Dirk Wessels

When I first moved up to Johannesburg and my career was just starting to flourish many years ago, I heard of and spoke to a number of people in a relatively short period of time with above average salaries who had lost everything and had to start over at a somewhat more mature age. I thought they were just stupid and never gave much thought to it, because it would never happen to me. Well, as Forest Gump says "It" happens.

What if the banks won't give me a home loan due to a bad credit record?

As I have mentioned before on my wealth creation site, I had a bit of a financial setback a couple of years ago. I am slowly recovering from that, but there's not much chance of a bank giving me a loan at this stage. I still have 2 judgments against me. However, it is possible to buy a property even with bad credit.

Installment Sale

One option is to buy a property through an Installment sale. This is not necessarily an easy option, but depending on your situation it could be the quickest way to get into the property market. With an Installment sale you need a third party to "give you a loan" and almost act like a bank for a period of time.

Basically, with an Installment sale you pay a certain amount extra for a property than it would sell for in the open market at this stage. Let's say Jack Flash wants to sell his house. He's looked at the market and believes he can sell it for R500,000. After performing a number of rituals including a 7 day fast, dancing naked on the hilltop and cutting off your left ear as a sacrifice, it has been "revealed" to you that Jack has recently won the lottery and has no immediate need for the R500,000, but just wants to get his money at some stage. Having looked at the property market in the area you believe that the value of the property will continue to rise and that it would still be worth your while paying R550,000 for the property. So, you go speak to Jack and offer him R550,000 for his property on condition that he sells it to you on an Installment sale.

With an Installment sale, the loan for the property remains in the name of the 3rd party, Jack in our example. The two of you then sign a contract that states that you are buying the property from Jack. You agree to pay R25,000 upfront, another R25,000 12 months later and a monthly Installment. This contract is completely legal and can be compared to the contract you sign when taking a loan from a bank. Generally there will be a clause that states that Jack may "take back" the property if you miss an Installment or x number of Installments. This is just to protect the 3rd party, who is really taking a risk in giving you a loan. This is true of any loan with a bank as well where they may re-posses the property if you fail to pay your Installments. Make sure you get a professional with experience in Installment sales to draw up the contract for you and explain the details to both parties.

There are two complications here. Firstly you need to ensure that it is worth buying the property at the higher value. It may seem that you are going to loose money if you pay R50,000 more for a property than it is worth. However, you need to look at the average property growth rate in that area and compare it to the current interest rate. Take a look at my explanation on passive income on my website. The following calculation is not 100% correct, but for simplicity's sake. If the interest rate is 10% and the property growth rate is 20%, it means that you'll recover the R50,000 within the first year even without taking the rent that you'll earn from the property into consideration. It means that you may not make as much profit as the next person, but it does help you to get (back) into the property market and work your way up from there.

The second problem is finding a person who is willing to sell their property on Installment sale. I don't know how you do this. Speak to a wealthy uncle or maybe a family member who qualifies for a second bond, but cannot afford the monthly Installment. You'll be surprised how easily banks give a second loan. If all else fails, do the naked dancing on the hilltop, listen to the wind and speak to your animal guide. Where there's a will, there's a way.

Clear your credit record

I know this is stating the obvious, but let me just say it. If you do have a bad credit record, you need to work out a plan of how to get out of that situation. It's so easy to get overwhelmed by financial mountains. You don't see your way clear to paying off that debt, so you just shove it to the back of your mind. Don't do this, the problem just escalates!! Go speak to a financial advisor and be honest about your situation. Ask them to help you draw up a plan to settle your debt and clear your name. Some of these guys are brilliant and know all the legal tricks to clear your name ASAP.

You also need to decide whether it makes more sense to settle your debt first or to buy a property while still paying off the debt. You need to compare the interest rate of your debt with the property growth rate, the interest rate of a bond and the rent you'll earn from letting the property. For example, if the property growth rate is 20% and the bond rate is 10%, but the interest rate on a credit card is also 20%, then it may be better to settle the credit card debt first. Do the math yourself.

An instalment sale is just one method of getting into the property market if you don’t qualify for a home loan through a bank. My point with this article is that it is possible to get a home loan even when the banks tell you it isn’t. The decision of whether you should buy a property at a slightly higher price and while you still have debt to settle is completely up to you and should depend, amongst other factors, on the property growth rate in your area relative to the interest rates of your bond and other credit facilities.

About the Author:

Dirk Wessels is the owner and author of http://www.showcase2look4.com. You may freely distribute this article on condition that you keep this Author bio intact with an active link to my website.

Better Deals On A Bad Credit Secured Loan

A bad credit situation is like a blot on a borrower’s credit report. The late payments or unwilling defaults were circumstantial, but now they are strafing your reputation as a borrower. Every time you visit a lender for some help, bad credit remarks raise their ugly head and you return empty handed. However, all is not lost for people with bad credit or ccj’s against them.

The lending market is fiercely competitive. In spite of having bad credit or a few ccj’s, you can still hope to find a bad credit secured loan, if you have something to offer as collateral. The key to getting such a loan is persistence. Don’t get disheartened if some lenders refuse you politely, offer lame excuses or worse show you the door. Since, it is you who is in need of the money, the efforts should be greater at your end. Shop around, meet every lender who suits your purpose, try harder and it won’t be long when you find the one who is willing. Things won’t be too tough as a collateral is being offered.

Bad credit secured loans takes your home or any other property that you own as the collateral. In simple terms, it means that your property is pledged to the lender. He will give you the secured loan but will own the house or property until the loan is paid. Once you pay the installments completely you are again the legitimate owner of the property. If under any circumstances you default on payments, the lender can repossess your property. He is fully authorized by the credit agreement to sell the property and recover his amount.

There are some lenders who deal only with those persons who have a bad credit score. Lending to bad credit people is a lucrative business. Indeed, it is risky for the lenders since they are dealing with people who are already proclaimed defaulters but this gives them the opportunity to charge higher interest rates on their loans. Don’t expect a fair deal from every lender who specializes in bad credit secured loan. You must have heard the term “Loan Sharks”. Yes, they are real and swarm the lending market. Often, garbed as ‘most helpful lender’ and armed with the ‘most promising offers’ they wait for their prey - the people with poor credit scores. These scandalous lenders offer loans, which are glossy and attractive but have outrageously exploitative terms buried in fine print. So, if you are dealing with a lender who exclusively deals in bad credit loans, please be very careful and do so only after getting convincing references about the lender.

The process of applying for a bad credit secured loan is similar to other types of loan. Although, the loan is secured by your house or property, it doesn’t overlook the fact that you have a bad credit. Your credit report is the first thing any lender will go through. Expect a thorough credit check. Be ready with the details of your employment history, the income slips and details of your outstanding debts. The sooner you provide all the details, the faster will be the loan approval.

By taking a bad credit secured loan you have a chance to improve our credit situation. Don’t shy away from the truth, recognize the fact that you are solely responsible for your condition- whether it is for the better or for worse. It is true that some things are unavoidable; it is true that one cannot change the circumstances, but in any given situation you can take charge and adopt financial discipline. It will definitely improve your credit ratings and remove the blot of bad credit from your dossier.

You Can Apply For A Personal Loan Online Even If You Have A Bad Credit Rating

Some people don't dare to apply for a personal loan online because the have a bad credit rating. They automatically think that if they have bad credit, they can never get a loan. Fortunately this isn't true. However, with bad credit you will most likely have to:

- pay a higher interest rate
- accept that you in some cases and from some credit companies you might not be approved
- for the entire amount you were looking for, but at least still be able to get something.

So, if you have a bad credit history you can have a personal loan and you can even use this loan to help increase your credit score. The way to do this is:

- make sure that all of your payments are on time
- pay a little more than required each month, if you can do so. This also means that the total cost of your loan will decrease because you'll pay off the loan faster, thus paying less interests.

Other things you can do to increase your credit rate

Allocate some time where you can sit down undisturbed and do the following:

- Write down all your sources of income
- Write down all your expenses like power, rent, mortgage payment, gas bills, dining out, other regular bills etc. - everything you are using your income to pay for.
- Then, go through the list of your expenses and see what you can cut out in order to make your payments on time and even pay a little more each month.
- If you are able to it put a part of the excess money (when you have paid your loan on time and added a little more to your regular payments) in a savings account.

It is easy to apply for your personal loan on the internet. Just be aware that since the internet is a huge marketplace there are some not so good loan companies out there, so keep to recommended loan or credit companies with a great reputation.

You Can Fix Your Bad Or Poor Credit

Tips on how to get started now.

You will not be able to build good credit overnight. It will take discipline and persistence on your part to change your credit for the better. After you have fixed and improved your credit rating in the eyes of lenders, you will notice more opportunities offered to you to borrow money at more desirable terms than when your credit was bad. Just because you have bad credit does not mean that you can not borrow money or get a loan, it just means that less opportunities will be available. The funds you can get will come at a greater cost in terms of higher interest rates and more stringent repayment terms.

Many banks and lending companies are less likely to make loans to people with bad credit. Therefore, it only makes sense that you strive to improve your creditworthiness in order to convince potential lenders that you are a good credit risk. Once you have improved your credit history and track record you will be have better opportunities to buy a car, finance a personal loan, or buy a house. If you have already been trying to financed for any large purchases, then you may have noticed the hurdles you've been put through trying to get approved.

Fixing your credit rating may be as easy as getting any inaccurate statements off of your credit report. Therefore it is important to frequently check yours to see if everything on it is correct. If you do find inaccuracies immediately contact the credit bureau and work with them to get them corrected and off of your credit report.

For others, fixing or repairing their credit rating may be a lot more involved and complicated. Start by getting your personal budget balanced. You should not be spending more each month than what you bring in each month. If you are, then get that straightened out immediately. Cut out all unnecessary spending and charging. It is critical that you get your budget and debt repayment plan balanced, while making all debt payments on time. Not making on time payments each month increases the late payment fees you will have to pay, bring about increased interest rates and continue to negatively your credit rating. Once you start making and continue to make your monthly debt payments on time, you should see your credit score start to rise.

If you find that you can not do this on your own, there are many companies that can provide debt consolidation services.

So in essence to improve your credit:

• Create and live by a personal budget that balances your monthly income with your monthly expenses.

• Create a plan to save money and pay off your credit cards and debt.

• Use credit wisely.

• Pay your bills on time every month.

Once you have put all of these tips into action and your credit score begins to improve, you should see your borrowing opportunities improve as well. But remember, good credit habits must be worked at every day, so do not give up and make it a lifetime habit.