Bad Credit Loan — Let’s Cut Through the Hype!

Jessil Serna — Fri, 26 Feb 2021 02:40:07 +0000

Do you need a loan but have bad credit? Then you MUST learn a few facts your potential lender doesn’t want you to know. If you want to avoid being “taken to the cleaners” be sure to follow the advice in this report. Bad credit loans seem to be a hot topic these days. In fact, if you need a bad credit loan, you’re likely to find an overabundance of information. See if this sounds familiar. You need a loan. Maybe you want to buy a car, enrol in college, or take out a home improvement loan. Or perhaps you’re a first time home buyer and you’re looking for a mortgage. The problem is, you’ve got a bad credit history, and you’re afraid you won’t be able to find a lender. But then you do a little research on bad credit loans and find that, lo and behold, there ARE loans for people with bad credit available! In fact, EVERYONE wants to give you a loan. Loans for cars, mortgage loans, student loans, personal loans, loans for just about anything you want. Not only loans, but credit cards too. Why, who would have ever thought is would be so easy to get a loan when your credit history is so dismal? So, that’s great news, right? RIGHT? Let’s just stop for a moment. Ask yourself: “Why is everyone so eager to extend credit to me when my credit history is so bad?” The question can be answered in two words — HIGH RATES. Sure, you can get a bad credit loan easily enough. But you will pay through the nose when it comes to the interest rate. So “What’s the BIG DEAL about paying a little higher rate?” you ask. Let’s look at a few figures: Suppose you want to buy a car. After looking long and hard, you find the “perfect” car for $20,000. So you apply for a car loan and get a loan with no trouble, but because of your poor credit, you have to pay 20% interest. On a 60 month loan, your monthly payments will be $529.88. Now if your credit were very good, you might have gotten the same 60 month loan at an interest rate as low as 10%, with monthly payments of $424.94. The bottom line is, over the life of the loan you’ll have paid an additional $6,296.40 in interest that you would NOT have paid if you had you gotten the loan at 10% interest. Your bad credit loan will have cost you $6,296 more FOR THE SAME CAR! But if you think that’s bad, take a look at a home mortgage loan. Suppose you want to buy a $100,000 home and you’re just thrilled to find a lender willing to give you a 30 year loan in spite of your bad credit. He’ll charge you 12% interest, and your monthly payment will be $1,028.61. If your credit had not been so bad, you could have gotten the loan for a rate closer to 9%. If your credit had been very good, you might have been charged only 6% interest and your monthly payment would have been $599.55. The bottom line? That bad credit loan will have cost you (over the 30 year term) a staggering $154,461.60 MORE than you would have paid had you gotten a loan at the 6% rate. No, this is NOT a typo. Your lender will pocket $154,461.60 in additional interest payments because you were charged a higher rate for a bad credit loan. That is over 1.5 times the cost of the house itself! So why did he charge you the higher rate? Because he knows he can get it! After all, he’s got you over a barrel. He knows (and you know) that you need a loan, but because of your bad credit no one’s going to give you one at a low interest rate. Do you see now why people are so eager to lend you money in spite of your bad credit? In fact, credit reporting companies make a fortune selling lenders the names of people who have bad credit. Those lenders know they can charge them high rates, and that if they need credit, they have no choice but to pay them. So what’s the solution? You may be thinking “What choice do I have anyway? My credit is bad, I need a loan to get a house (or car, college education, or whatever) and there’s just nothing I can do about it except find a lender willing to give me a loan at whatever interest rate I can get!” But consider for a moment whether you might be looking at the situation from a completely wrong angle. Rather than resign yourself to the situation, you should be thinking about repairing your credit. Now if you just found the house of your dreams, you may have no choice but to act now before someone else buys it. But if you can wait a couple of months, it’s highly likely you can make some major improvement in your credit score and THEN look for a loan. Maybe this isn’t what you wanted to hear. After all, you’re looking for a loan, NOT credit repair advice. But wouldn’t it be worth it to postpone getting that house or that car if it would save you thousands, tens of thousands, or maybe even $150,000.00 or more over the long haul? If you’re thinking your bad credit history is something you’re just stuck with, or that it will take years to improve, you’re mistaken. It is often possible to make major improvements in your credit rating in just a few months, and in some cases in as little as 30 days! Itís not that difficult either. You basically have 2 options. You can hire a “Credit Repair Agency” or you can take the #DIY approach. If you decide to hire an agency, you can easily find one in your phone book or online. Just look for “credit repair”. However, it won’t be cheap. Agencies usually charge from $2,500 to $5,000 or more to repair your credit. But that’s still a bargain compared to how much you’ll be saving in the long run. But if you think only a professional agency can fix your credit, think again! In spite of their high fees, they won’t do anything for you that you can’t easily do for yourself. If you can write a few letters, address, stamp, and mail them you can repair your own credit. If you choose the DIY route (recommended) you can learn how by doing some online research. Unfortunately, along with all the good information you’ll find some misinformation as well. A better option is to find an authoritative book on credit repair and follow the advice therein. In conclusion, you should seriously consider postponing your search for a bad credit loan. First spend a couple of months improving your credit rating. Then you can abandon the search altogether, and begin looking for a GOOD credit loan! Want more? Follow me on Youtube: jessilserna.com/youtube ______________________________________________________________________________ Follow Me On Instagram: @jessilserna Join Our Private Facebook Group: https://jessilserna.com/community Ready To Invest? 🤔� � WealthSimple: “Canada’s first $0 commission stock trading app – sign up now and you’ll get $10 to trade” 💰 https://jessilserna.com/wealthsimple Ready to Start Blogging? 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Bad Credit Loan — How to Get the Best Interest Rate

Jessil Serna — Sun, 14 Feb 2021 15:53:42 +0000

If you have bad credit and need a loan, what you don’t know CAN hurt you! Following this simple advice could end up saving you a small, or even a large, fortune. Bad credit loans are in high demand. And if you do any research on bad credit loans, you will find plenty of advice on how to get the lowest interest rate. You will also find plenty of people willing to give you a bad credit loan, but you’d be making a mistake to accept it. Unfortunately, most of what you’ll find approaches the problem from the wrong direction. The way to get the VERY best interest rate on a bad credit loan is usually overlooked or concealed altogether. But before we continue, let’s digress briefly and look at how significantly the higher rate for a bad credit loan affects the borrower. Let’s say you want to buy a house, but have bad credit. No matter how diligently you shop for a lender, you’re still be charged a higher interest rate for a bad credit loan than if you had good credit. With good credit, you might get a mortgage loan at 6% interest. But a bad credit loan will cost you closer to 12%. Assuming you get a $100,000 mortgage over 30 years, the difference you’d pay in interest amounts to a monstrous $154,461.60 MORE because you have bad credit. That’s over 10 times the loan itself! Now getting back to our original problem, how can you get a better interest rate for a bad credit loan? The answer is probably not what you were expecting. The solution is to think outside the box. The way to get a bad credit loan with the best interest rate is to NOT get one! Instead, spend a couple of months fixing your bad credit, and then look for a good credit loan instead. This answer probably comes as something of a shock to you. More than likely, several objections to this approach will come to mind. I need a loan NOW or It is not worth my while to wait until I repair my credit. Oh really? Well, is it worth a savings of $150,000 or more? Granted you may not be looking for a $100,000 loan. But even if you want to borrow only $10,000 or so, the better rates you’ll enjoy with good credit will still save you several thousand dollars. Fixing my credit will take too long, or it just isn’t possible. It’s often possible to make very a significant improvement in your credit rating in just a few months, and in some cases as little as 30 days. I don’t know how to repair my credit and can’t afford to hire a credit repair agency For a fraction of the cost of a professional agency, you can purchase a good book on credit repair that will walk you through the whole process. ìDo-it-yourself credit repair is too difficult or I don’t think I can repair my own credit Don’t be intimidated by the idea of fixing your own credit. If you can write a few letters, address, stamp, and mail them you can repair your own credit. Your decision comes down to this: you have two choices. You can spend some time (maybe a LOT of time) shopping for a bad credit loan with the lowest possible rate, and still end up paying thousands (even tens of thousands) more in interest. You can spend some time fixing your credit and spend those thousands on your family’s needs, instead of paying them to your lender. Do you really think your lender needs your hard earned money more than you and your family need it? Anybody can work on fixing their own credit. That is right, anybody! ______________________________________________________________________________ Follow Me On Instagram: @jessilserna Join Our Private Facebook Group: https://jessilserna.com/community Ready To Invest? 🤔� � WealthSimple: “Canada’s first $0 commission stock trading app – sign up now and you’ll get $10 to trade” 💰 https://jessilserna.com/wealthsimple Ready to Start Blogging? HawkHost: https://jessilserna.com/HawkHost Make money from home: SwagBucks: https://jessilserna.com/swagbucks COINBASE: “Get $10 in free Bitcoin (when you fund $100).” ⭐ https://jessilserna.com/CoinBase

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Bad Credit Loan — Let’s Cut Through the Hype!

Bad Credit Loan — How to Get the Best Interest Rate