Tag Archives: bad credit loans



When it’s Time to Cancel a Credit Card

Posted: March 19, 2018 by Ashley Dull

From the time we start building credit in our late teens or early 20s, many of us start collecting credit cards. Those credit cards inevitably begin to pile up, quickly overtaking even the most robust wallet.


By the time you can hardly sit for the bulk of your billfold, the idea of canceling a card or two starts to look pretty good. Even if your card collection has maintained a manageable size, you may need to consider whether it’s time for an upgrade; as your credit grows and financial needs change over time, your old cards may not be the best fit anymore.


For the most part, an unused credit card does little more harm than take up a slot in your wallet, and it may actually be helping your credit. That being said, there are two important reasons you may want to consider canceling a credit card: high fees or high interest rates.


To Stop Paying Unnecessary Annual Fees


The most pressing reason to close a credit card that isn’t pulling its weight is if it charges an annual fee. For example, while instant-approval credit cards can help build credit, they aren’t cards you want to hold on to forever due to the high annual and monthly fees they typically charge. If you’ve used the card responsibly, your credit score should increase enough to qualify for a better, fee-free card so you can leave the costly credit-builder behind.


At the other end of the spectrum, many elite rewards credit cards will charge high annual fees, with $400 to $500 fees not uncommon. While these cards often come with rewards and benefits that can make them worth the annual fee to some users, those who fail to make the most of the extra benefits may not be getting their money’s worth out of the annual fee. If you can’t justify the fee, cancel the card before your next fee is charged and look for a better fit.


To Avoid Paying High Interest Fees


The other main reason you may consider closing a credit card is if it charges a high interest rate. Although a card’s interest rate won’t typically matter if you never carry a balance, the temptation to use a credit card is always there so long as you have the card. If you have credit cards with interest rates above 20%, you may want to consider canceling the card and replacing it with one that offers a lower ongoing APR.


Credit Impacts to Consider Before You Cancel


While there are several good reasons to cancel an unused credit card, there is one solid reason to consider leaving it open: your credit score. Yes, closing a credit card account can potentially lower your credit score.


The impact of closing a credit card may be seen in several facets of your credit score, with the primary impact being to your utilization rate. FICO considers both your individual utilization rates as well as your overall utilization rate when calculating your score. Reducing your total available credit by canceling a credit card can increase your utilization rate if you currently have other credit card debt.


Other important FICO score factors can also be impacted by canceling a credit card, albeit to lesser degrees. Your average account age and overall credit history length (jointly worth 15% of your FICO score) can be reduced by canceling a card, particularly one that you’ve had for many years. While positive credit accounts will remain on your credit report for up to 10 years after they’re closed, closing very old accounts can have negative score impacts.


Lastly, creditors like to see a mix of several credit accounts and different types of accounts, as it shows you can handle a variety of credit products. As such, your overall credit mix, worth 10% of your credit score, can also be hurt by canceling a credit card, especially if you do not have very many other credit accounts.

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How to Best Use Your Tax Refund to Pay Down Debt

Posted: February 27, 2018 by Ashley Dull

Despite the fact that it starts out as our money in the first place, it’s all too easy to think of your tax refund as “bonus” money. Once you know that check or direct deposit is on its way, you may be tempted to start daydreaming of a new big screen or that oft-postponed family vacation. Before you start shopping or packing, however, you should consider the positive impact that refund can have on your bottom line, particularly if you have outstanding debt.


Once you’ve made the (wise, smart, excellent) decision to use your refund to tackle your current debt, you’ll need to determine the best way to distribute the funds. When it comes to prioritizing debts for repayment, there are two main methods that experts recommend, each with a fun winter-themed name: the avalanche method and the snowball method. While both debt prioritization methods can give you the desired results (i.e., no more debt) the methods may vary in the amount of time it takes to reach debt freedom, as well as the total cost to get there.


The Avalanche Method


In general, the avalanche method is most commonly recommended because it will save you the most money during the repayment process. That’s because you’ll essentially be paying off your debts in the order of expense, with the most expensive debt being addressed first.


To follow the avalanche method, you’ll need to list your debts in order of the interest they charge, starting with the debt with the highest interest rate, then the next-highest rate, and so on. For example, any cash advance or short-term loans or high-interest credit cards will likely be at the top of the list, and lower-interest installment loans or introductory 0% APR credit cards will be at the bottom of the list.


While you’ll need to make your minimum required payment for all your debts, you’ll focus any extra money — in this case, your tax refund — on the debt with the highest APR. If your tax refund is enough to pay off your highest-interest debt, apply the remainder to the debt with the next-highest APR.


As you pay off each debt and cross it off the list, use the money you were putting toward that debt to pay off the next debt on the list. By the time you reach your final debt, which will be the one with the lowest interest rate, you’ll have freed up funds from your previous debts and should be able to pay it off fairly quickly.


The Snowball Method


Although the snowball method isn’t the most cost effective of the two prioritization plans, research has shown that it may be the more successful method for many consumers. This is thanks to the motivational boost you get from paying off a debt and crossing it off your list.


To follow the snowball method, you’ll need to list your debts in order of how much you owe for each debt, starting with the smallest debt, then the next-smallest debt, and so on. So, if you had three debts with amounts of $5,000, $1,300, and $2,700, you’d pay them off starting with the $1,300 debt, then the $2,700, then the $5,000.


As with the avalanche method, you’ll need to make your minimum required payments for all of your debts, but you’ll focus any extra funds — including your income tax refund — on the smallest debt first. If your tax refund is enough to pay off this debt entirely, apply the remaining refund to the next debt on the list (and so on).


By focusing on your smallest debt first, you’ll be able to pay it off very quickly, giving you a feeling of progress and an important boost in motivation, which can help you stay on track and keep to your debt repayment plan. As you pay off debts, roll the money you were spending on each finished debt into the next debt. By the time you reach your last and largest debt, you’ll likely be applying a significant amount of money to that debt, making paying it down a realistic idea (rather than a simply overwhelming one).


Your Best Method Will Depend on You


While the avalanche and snowball methods can both be effective ways to prioritize your debt and start paying it off, every consumer’s financial situation is unique. The best way to use your tax refund to pay down debt may involve a combination of the two methods, or may not be according to either method. So long as you are actively working to pay down your debt — and are making at least your minimum payments to avoid credit damage — the specific method you choose is less important than the fact you are working toward debt freedom.

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When to Consolidate Credit Card Debt

Posted: January 12, 2018 by Ashley Dull

In the early days of the internet, getting an email was an event. The friendly little voice informed you that, “You’ve got mail!” and we hurried to click the icon and explore our digital deliveries. These days, the novelty of electronic mail has long since worn off, and checking your email tends to be about as exciting as opening the mailbox to a stack of bills — mostly because those bills have wormed their way into our email inboxes.

Indeed, depending on your situation, that digital stack of bills can be just as overwhelming as their paper-printed ancestors. And when you have a series of debts that bring in a few too many bills — or just a single, larger bill with a few too many digits — your inbox can be a daily reminder that something needs to be done.

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How to Determine the Cost of a Loan

Posted: November 30, 2017 by Ashley Dull

In a perfect world, everyone would have the cash necessary to self-finance important purchases, and debt would be a thing of the past. Unfortunately, we live in the real world, where borrowing is often a necessary part of everyday financial life.

With that being the case, it’s important to understand as much about the borrowing process as possible, not only to avoid the inevitable credit damage from bad financial decisions, but to also avoid paying far more for financial products than you really should. This is especially important for borrowers with poor credit who are already looking at higher-than-average financing costs.

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What to Look For in a Loan

Posted: October 12, 2017 by Ashley Dull

If there’s one thing to be said about the modern world of consumer credit, it’s that the product options are abundant. While this is great for consumers looking for the best deal, sometimes there is such a thing as too many options (a dilemma quite familiar to anyone who has had the pleasure of waiting 15 minutes for the person ahead of them in line to order coffee).

Even something as seemingly simple as taking out a loan can turn into a series of decisions that require not only a bit of thought, but a bit of knowledge, as well. For instance, each type of loan, be it a mortgage, auto, student, or personal loan, has its own variations. Do you want a conventional mortgage or an FHA-backed loan? Should you get federally financed student loans, or private ones?

Beyond the peculiarities inherent in each type of loan, the majority of installment loans operate in the same general fashion, and each will be influenced by the same basic factors. Namely, your loan terms will primarily consist of your principal (how much you’re borrowing), the interest rate, often given as an annual percentage rate (APR), the loan length — how many months you’ll make payments — and the resulting monthly payment.

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What Lenders Look for on Your Credit Report

Posted: August 25, 2017 by Ashley Dull

At the point in history when lending occurred primarily within families and small communities, many borrowers likely knew their lender — and his or her spouse and children — by name. In those days, your personal creditworthiness likely depended as much on your reputation among your neighbors as it did on your actual financial status.

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BadCreditLoans.com: An Advocate for Poor Credit Loan Applicants with a Large Network of Lenders

Posted: February 1, 2017 by Sean Garrity

Since 1998, Bad Credit Loans has been connecting people with poor credit to the funds they need when they need them the most. Though not a lender itself, Bad Credit Loans acts as an advocate for consumers and connects them with a web of lenders willing to provide no-obligation offers. The site’s comprehensive news section alerting consumers to the latest scams, best practices on rebuilding and taking out lines of credit, and a host of other offerings make Bad Credit Loans a valuable resource for those seeking funds in times of need.

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By Sean Garrity for BadCredit.org

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Some Credit Cards Don’t Fall Under the CARD Act of 2009Not Every Card Is Covered by Landmark Federal Law

Some Credit Cards Don’t Fall Under the CARD Act of 2009

Posted: October 22, 2013 by Rachel Shepard

In 2009, Congress passed the CARD Act (officially known as the Credit Card Accountability Responsibility and Disclosure Act of 2009) to protect consumers against excessive interest rates, fees and miscellaneous charges. The act prohibits credit card issuers from initiating fee traps, excessive interest rate hikes on existing balances that create consumer default or retroactive late fees. It also mandates that issuers provides a written account of all rates, fees and charges in plain, simple language that is visible to consumers, as well as guards against excessive marketing of credit cards to young people and students.

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Don’t Get Scammed by a Bad Credit LoanLearn How to Distinguish Financial Predators From Legit Lenders and Loan Companies

Don’t Get Scammed by a Bad Credit Loan

Posted: October 11, 2013 by Rachel Shepard

Like many people these days, you may be trying hard to do the right thing and pay your bills, but find that you are struggling and your debt load keeps growing. You know that one missed payment will bring your house of cards crashing down and you don’t want that. In conjunction with this, perhaps you have noticed various offers for bad credit loans out there and thought to yourself, this could be a way out.

Be careful, though. In these economic times, financial predators are lurking around every corner and they want your hard-earned cash. The trick is learning how to distinguish scam operators from legitimate bad credit loan companies and lenders.

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5 Things That Can Prevent You From Owning a HomeYour Dreams Can Be Dashed by These Obstacles

5 Things That Can Prevent You From Owning a Home

Posted: September 30, 2013 by Rachel Shepard

If you’re in the market to buy a home, you’ve probably already started looking around, and you may have even found the home that you believe is the one you’re meant to buy. But what if some unforeseen surprises spring up, surprises that stop your home purchase deal in its tracks? What can possibly go wrong when trying to purchase a home? The following are five things that can possibly keep you from realizing your dream of home ownership:

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Negotiating With Creditors: Do It EffectivelyFollow Some Simple Tips to Achieve Top Results

Negotiating With Creditors: Do It Effectively

Posted: September 17, 2013 by Rachel Shepard

Negotiating your debt on your own is possible, but there are some basic rules you should follow for best results and to minimize the chances of your getting disorganized or even confused and frustrated during the process. If you are ready to contact your creditors or any collection agencies currently holding accounts of yours, take a look at a few helpful tips first.

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Credit Card Scams and Gimmicks to AvoidBeware of Too-Good-to-Be-True Offers

Credit Card Scams and Gimmicks to Avoid

Posted: September 6, 2013 by Rachel Shepard

With credit card issuers loosening their requirements for cardholders once again, consumers now have a number of choices available to them. At the same time, these issuers are offering a variety of gimmicky cards to attract people to their products. The problem is that many of these offers end up being scams, since with them you end up paying much more than you had envisioned. Before signing up for one of these special offers, make sure that you are aware of what it will cost you.

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Secrets to Saving MoneyThere Are Many Easy, Effective Ways for You to Cut Costs

Secrets to Saving Money

Posted: August 26, 2013 by Rachel Shepard

If you are looking for ways to make your money go further, you are not alone. No matter how much money you make, it is always a good idea to do things as inexpensively as possible, as you never know what can happen in the future. Many successful people were completely caught off guard when the recent financial collapse occurred and want to avoid losing everything again. Thankfully, there are a number of easy and effective ways you can save money every month, and as long as you are committed to maintaining a budget, you can use these methods to build up a nice bit of security for yourself.

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5 Easy Ways to Rebuild Your Credit After BankruptcyRestoring Your Financial Health Is Possible

5 Easy Ways to Rebuild Your Credit After Bankruptcy

Posted: August 13, 2013 by Rachel Shepard

After filing bankruptcy, one of your main concerns should be repairing your credit. For some consumers, a bankruptcy filing can lead to a sense of hopelessness that can be difficult to escape. Once you come up with a firm credit repair plan, however, you can confidently begin the road back towards financial health. And with this type of plan, you do not have to wait too long to begin applying for credit again provided you take the necessary steps.

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5 Ways to Protect Yourself From Online ScamsAvoid the Treacherous Traps Set by Internet Fraudsters

5 Ways to Protect Yourself From Online Scams

Posted: August 2, 2013 by Rachel Shepard

The Internet has brought the global marketplace right to our fingertips, making it easier than ever to purchase goods and services, do our personal banking, and donate money. Along with this technological convenience, however, also comes the dangers of getting scammed online. Providing unsecured websites with your personal information can put you at risk of being taken advantage of and having your money and even your identity stolen quickly and easily.

Before you provide your personal information online, you need to be very aware of the dangers of online scams and make sure that whatever site you are doing business with is reputable and can be verified. The following are five ways to protect yourself from online scams:

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Tips for Paying a Bad Credit Loan Off — on TimeOn-Schedule Repayment Is Critical for the Sake of Your Credit

Tips for Paying a Bad Credit Loan Off — on Time

Posted: July 22, 2013 by Rachel Shepard

In the current economic climate more and more people are being affected by growing debts. Many of these individuals are experiencing difficulty paying off these debts, and this unfortunately is making a bad situation worse, with penalties and fees only adding to the amount owed and consumers seeing their credit rating, which often is already somewhat low, take a hard hit.

For some people, a bad credit loan is among the debts they see piling up, and this is problematic. It is important to remember that the point of a bad credit loan ultimately is not only to provide you with much-needed money when you have poor credit and few other financial options, but also to help you improve your credit. Therefore, if you have taken out this type of loan, it is critical that you pay it off on time for your credit’s sake, as well to avoid any extra charges that may come with late payment. Thankfully, there are a few simple tips for paying a bad credit loan off in a timely fashion.

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5 Ways to Save on Your MortgageHold Onto More of Your Money Over the Long Term

5 Ways to Save on Your Mortgage

Posted: July 9, 2013 by Rachel Shepard

Buying real estate has always been one of the best ways to invest your money and build wealth and equity. However, along with home ownership frequently comes hefty mortgage payments that need to be made each and every month. A mortgage is often the biggest debt that a consumer will have in their lifetime. The good news is that there are ways to actually save money over the term of your mortgage. Here are five ways you can do just that:

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Identity Theft: How to Fix This, QuicklyYou Need to Act Fast If Your Personal Information Is Compromised

Identity Theft: How to Fix This, Quickly

Posted: June 28, 2013 by Rachel Shepard

Identity theft can be emotionally and financially devastating, and it can take quite a bit of time to sort through everything once you are a victim of this crime. To prevent as much damage from happening as you can, there are steps you need to take immediately if you feel that your identity has been compromised. If you follow these steps as soon as you learn about what has occurred, this will make it easier to correct the situation and deal with your bank.

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How Much Will a Bad Credit Score Cost You?With Poor Credit, You Could End Up Paying for Your Past Mistakes

How Much Will a Bad Credit Score Cost You?

Posted: June 17, 2013 by Rachel Shepard

If you have bad credit, you have probably already noticed how difficult it makes it to acquire a loan from your average lender. Many lenders do not want anything to do with you unless your credit score reaches a certain level, and even then, you could end up paying high loan interest rates. The truth of the matter is that having bad credit can cost you hundreds of thousands of dollars in additional interest payments over the course of your life, which makes the effort it takes to improve your credit rating well worth it.

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Credit Inquiries: The Difference Between Hard and Soft InquiriesNot All Credit Checks Are Created Equal

Credit Inquiries: The Difference Between Hard and Soft Inquiries

Posted: June 4, 2013 by Rachel Shepard

Many consumers understand that if multiple inquiries about their credit are made to the major credit reporting bureaus, that can have a negative impact on their credit rating. What many people are not aware of, however, is the fact that there are different types of credit inquiries. One type is not likely to produce an ill effect in terms of lowering an individual’s credit score, while frequent inquiries of a different type could trigger a temporary decline in the credit rating.

Because of the potential impact that a credit inquiry can have on you, before you apply for any type of credit account, it pays for you to know whether the account issuer will initiate a hard or a soft credit inquiry.

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When Is the Right Time to Get a Mortgage Loan?There Are Many Things to Consider Before You Borrow

When Is the Right Time to Get a Mortgage Loan?

Posted: April 30, 2013 by Rachel Shepard

Applying for a mortgage loan is an important decision in a person’s life and is not something that should be taken lightly. Before you apply for a mortgage, make sure that you can afford the monthly payments. While your lender will look at your financial situation to help them decide whether or not they believe that you can afford a mortgage, only you know about your spending habits and the stability of your current job. Unless you are in a stable financial situation, you should wait before applying for a mortgage loan to avoid possible complications.

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5 Things That Maintain a Good Credit ScorePreserving Your Credit Is Easier Than You Think

5 Things That Maintain a Good Credit Score

Posted: April 19, 2013 by Rachel Shepard

There are many things a consumer can do to help them maintain a good credit score. Here are five simple steps to keeping your credit in tip-top shape:

1. Know what a credit score entails.

Knowing how a credit score is calculated is key. Your credit score is calculated based on five different things: your loan and credit card payment history; your level of debt; your credit age, or how long you’ve had credit; the types of credit you have, which should be a mix of credit cards and loans; and recent credit. Knowing where you stand with regards to all five of those areas will help you understand how good or bad your credit score is.

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Why It’s Easier to Get a Car Loan With Bad CreditThere Are Lenders Who Will Help You Purchase Your Dream Automobile

Why It’s Easier to Get a Car Loan With Bad Credit

Posted: April 8, 2013 by Rachel Shepard

Contrary to popular belief, getting a car loan is easy, and in some cases can be especially easy for people with bad credit. This type of loan allows consumers to pay their vehicle off in monthly installments instead of having to completely pay for it up front. For most people, a car loan is extremely welcome since paying cash to buy a new car is not a possibility.

With a car loan, the financing company or bank gives you the money to purchase a vehicle for personal use. The loan is secured against your new automobile. Car loans are also referred to as consumer loans or secured car loans.

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Steps to Getting a Home LoanObtain the Money You Need to Buy the House You Want

Steps to Getting a Home Loan

Posted: March 26, 2013 by Rachel Shepard

Buying a house is a major investment, and with the high cost of homes around the country, it usually represents a major outlay of money for a consumer. Therefore, it should come as no surprise that, according to recent statistics, nine out of 10 homebuyers finance their purchase with a mortgage loan.

If you are a prospective homebuyer and are considering applying for a mortgage loan, there are a number of things you need to know before you begin the application process. You can learn about them here.

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Credit Bureaus: Understand How They Affect YouThese Agencies Can Profoundly Impact Your Financial Standing

Credit Bureaus: Understand How They Affect You

Posted: March 15, 2013 by Rachel Shepard

Credit bureaus are agencies that research and collect consumers’ credit information. In the United States there are three primary credit reporting agencies: Experian, Equifax and TransUnion. Utilizing standard computations, these agencies collect information and tabulate it in a numerical equation that results in an individual’s credit score. It is important for you to understand not only what credit bureaus collect but also how these reporting agencies can personally impact you.

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Why It’s Important for Your Credit to Pay Back Your LoanRepaying What You Borrow Is Critical to Maintaining Your Credit Rating

Why It’s Important for Your Credit to Pay Back Your Loan

Posted: March 4, 2013 by Rachel Shepard

Many reasons to apply for a loan exist, with the main one probably being that having this additional money simply allows you to make major purchases without saving up beforehand. Of course, loans eventually need to be paid back, and they generally come with predetermined repayment terms to which you must adhere. Failure to repay this money within the agreed-upon timeframe could lead to financial problems for you in the future. Therefore, it is vital that you work hard to stick to these repayment terms the next time that you take out a loan.

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Why Bad Credit Doesn’t Mean You Can’t Get a LoanThere Are Options Out There for You

Why Bad Credit Doesn’t Mean You Can’t Get a Loan

Posted: February 20, 2013 by Rachel Shepard

Although having bad credit is never seen as a positive thing, it does not mean that you will be denied every loan for which you apply. There are plenty of options for those with bad credit, as long as you know where to look. Before you get discouraged about the state of your credit rating, research these loan options and find out which types of lenders are more likely to grant you the money that you need.

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Consolidating Your Student LoansYou Can Lighten Your Debt Load After Graduation

Consolidating Your Student Loans

Posted: February 8, 2013 by Rachel Shepard

Student loans are considered the next “bubble” the American economy will have to grapple with. As tuition costs continue to climb, the amount of debt that graduating postsecondary students carry is also booming. Recent graduates are emerging with an average loan debt of $27,000. With a difficult job market and heavy average debt load, it makes sense for graduates to consider student loan consolidation as an option. Consolidating student loans is not as simple as it seems, however, as there are rules governing the behavior of these loans.

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Five Ways to Show Your Valentine You Love Them — on a BudgetYou Don’t Have to Break the Bank to Have a Memorable Holiday

Five Ways to Show Your Valentine You Love Them — on a Budget

Posted: January 28, 2013 by Rachel Shepard

Valentine’s Day is a wonderful opportunity for you to express some heartfelt sentiment to that special someone. And fortunately, despite what some people may think, showing your Valentine love does not require you to bust your budget. Furthermore, not only is it possible to successfully celebrate the holiday without wreaking havoc on your finances, but the truly amazing memories that you can create without spending a lot of money can last a lifetime.

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Beyond Banks: Other Places Your Credit MattersA Good Credit Score Can Be the Key to Your Success in Many Arenas

Beyond Banks: Other Places Your Credit Matters

Posted: January 15, 2013 by Rachel Shepard

Your credit score is a seemingly ethereal number that you likely only think of when you are considering acquiring a credit card or loan. Consumers rarely give much thought to their credit score beyond this sort of scenario. What many people do not understand, however, is how vital maintaining a good credit score is for overall financial health and who considers credit scores beyond financial companies. The fact is, there are many different entities that may look at your credit score, and having a good score can potentially save you quite a bit of money all around.

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How to Get a Personal Loan Despite Bad CreditPast Mistakes Don't Have to Keep You From Getting Cash Today

How to Get a Personal Loan Despite Bad Credit

Posted: January 4, 2013 by Rachel Shepard

If you have any awareness of pirate movies then you know that being marked with the black spot is akin to a death sentence or, at the very least, leads to a really lonely time on a deserted island. Bad credit can work much like the aforementioned black mark when lenders and financial institutions, government agencies, and even mobile phone companies and landlords review and evaluate your credit.

If your credit is bleak at best and you find yourself in a dire situation where you absolutely have to have a personal loan, however, don’t worry. Hope is not completely lost and you have a few options.

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Winter Expenses: Getting a Quick Loan for the SeasonHelp Is Available for the Holidays

Winter Expenses: Getting a Quick Loan for the Season

Posted: December 26, 2012 by Rachel Shepard

The holiday season can be extremely expensive, especially if you have a large family for which to buy presents. As a result, the holidays can be overwhelming for some people as they attempt to come up with enough money to pay for everything that they need. If you find yourself lacking the money needed to come through for your family, a loan to help you out with winter expenses might be your best option. Before applying for a loan, however, you should look at the various types of loans available to select the one that provides you with the most benefits.

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How Your Credit Score Is CalculatedKnowing the Process Can Help You Boost Your Credit Rating

How Your Credit Score Is Calculated

Posted: December 14, 2012 by Rachel Shepard

These days, having a good credit score is key to gaining access to all kinds of things. Because of this, of course, it behooves you to do whatever you can to get your score up as high as possible. And learning exactly how a credit score is calculated is important if you want to know what you have to do to boost your score and open all sorts of new doors for you as a consumer.

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Credit Diversity: How Much Does It Really Matter?Mixing It Up Can Have a Major Effect on Your Credit Rating

Credit Diversity: How Much Does It Really Matter?

Posted: December 3, 2012 by Rachel Shepard

Credit diversity. What is it? Does it really matter? I know, you’re probably thinking, “Credit is credit … right?” The truth, however, is a little more complicated than that. There are actually many different types of credit, and in order to have a higher credit score and get lower interest rates on loans, you need to have a variety of forms of credit in your portfolio.

You hear some people warn against having too many lines of credit. While it’s true that being in this situation can be bad if you aren’t paying your various credit lines off or if you are making late payments (or not making payments at all), the fact is, having a few different types of credit can really help out your credit score in the long run, especially when you’re ready to purchase big-ticket items such as a new vehicle or a home.

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Small Budget Changes to Help You Organize Your FinancesThe Time Is Now to Take Control of Your Money!

Small Budget Changes to Help You Organize Your Finances

Posted: November 26, 2012 by Rachel Shepard

It stands to reason that small changes in your lifestyle can lead to greater rewards. Think about the impact of a small gesture. Saying hello politely to someone can open the door to a healthier, happier day. Now, say hello to your finances in the same way and see what kind of happiness you can lovingly squeeze from your dollars!

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Building a Better SiteIntroducing the New and Improved Bad Credit Loans!

Posted: August 23, 2012 by

In our continuing effort to provide consumers with the best user experience possible, we here at Bad Credit Loans have recently been very busy building some exciting new changes into our website, and they’ve finally just been rolled out.

These latest improvements nicely supplement some major alterations we made to the site just two months ago, and truth be told, they may not be the last. The fact is, we want Bad Credit Loans to keep getting better and better!

Account Center

First of all, we’ve added an exceedingly useful new multipurpose feature called the Account Center. This feature is specifically for individuals who have already applied for a loan, and it allows them to take advantage of several unique benefits, including these:

  • Access to special customer offers and personalized messages
  • The ability to easily review and edit their personal data on file
  • Access to quick, helpful answers to the most common loan-related questions

BadCreditLoans Account Center
The premier benefit of the Account Center, however, is that, whenever they need to, customers can reapply for another loan with the greatest of ease via the special abbreviated “QuickLoan” process.

QuickLoan can enter all your saved personal information into your application for you. If your info hasn’t changed since your last loan, you can complete the form in seconds!


The next change to point out will be the most obvious one to you if you’ve visited our site in the recent past, which is that we’ve redesigned our homepage. Basically, we’ve done the following:

  • Added a few new pieces of helpful content
  • Removed “a little around the edges”
  • Made some minor aesthetic adjustments

In general, we’ve tried to create a maximally optimized homepage that represents a more attractive, streamlined and user-friendly introduction to our service.

“How It Works”

Finally, our “How It Works” informational article has gotten a little more interesting to look at. This piece breaks down the information that is most important for prospective loan borrowers to know, such as how exactly the loan process works, and is structured in a way designed to make the material as quickly digestible as possible.

Knowing that a well-placed graphic can always aid in the learning process, however, we’ve added in a nice, clean diagram of the loan process from application to disbursement of funds. This should help make some already easy-to-understand information even clearer.

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At Stake in the Show Me State: The Availability of Installment Loans?Proposed Missouri Small-Loan Lending Law Could Impact Individuals’ Access to Needed Assistance

At Stake in the Show Me State: The Availability of Installment Loans?

Posted: August 2, 2012 by

Earlier this week, the Missouri Supreme Court issued a ruling paving the way for Missouri residents to be able to make a decision with their vote this coming November regarding the long-running issue of small consumer loans and the interest that can be charged on them in the state. This ruling came in response to a petition drive by a consumer finance activist group, which collected enough citizen signatures to qualify their initiative to be placed on the ballot for the fall election.

If voters go ahead and approve the initiative a few months from now, the result will be that the limit on the amount of interest that can be charged on small consumer loans such as cash advances and traditional installment loans will be capped at a fairly modest level. While this may not sound like a problem to the average consumer, the fact is, however, that it could lead to some decidedly negative consequences for Missourians looking for fast emergency financial assistance from a time-honored source.

Despite claims to the contrary by its proponents, it seems apparent that the initiative effectively targets all small-loan lenders, including traditional installment lenders. After all, it asks Missouri voters to limit rates on all types of small-dollar loans, making no distinction between the various forms of monetary help that fall under this category. Installment lenders, who have provided safe, affordable and exceedingly accessible loans throughout this country for over a century, would most likely be impacted more adversely than other lenders by the passage of the initiative, and a realistic scenario is that such an event could lead to the disappearance of traditional installment loans from Missouri altogether.

These already highly regulated loans are quite popular in the state — it is estimated that almost 200,000 Missourians regularly access them. Like other types of small-money loans such as cash advances, installment loans are utilized by people mainly to cover unexpected emergency expenses and urgent bills, but they offer their own unique benefit in that consumers can repay them gradually, in parts over a manageable period of time.

In the end, of course, the voters will have the ultimate say on whether or not the lending ballot measure should be given a thumbs-up. Hopefully, their final decision will not end up being a classic case of “throwing out the baby with the bathwater,” which if the election were held today and the initiative in its present form were approved, it would seemingly be, based on the details of the initiative that have been made available.

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New Report Highlights Popularity of Payday LoansConsumers Nationwide Are Availing Themselves of Fast Financial Help

New Report Highlights Popularity of Payday Loans

Posted: July 26, 2012 by

It’s no mystery that plenty of people around the country use payday loans to help them get through tough times and deal with urgent financial emergencies. But just how many people are we really talking about? Furthermore, what kind of people are they? Are there any characteristics that can be pointed to as being ones they tend to have in common?

A recently released comprehensive report by the Pew Charitable Trusts dealing with payday lending in the U.S. includes results from a survey of over 33,000 payday loan borrowers. The findings of the survey along with other facts noted in the report are interesting to say the least, and they shed some light on who exactly is availing themselves of payday loan assistance.

First of all, the report reveals that a significant number of people throughout the nation are using payday loans. Approximately 12 million Americans use payday loans annually, and the survey found that 5.5 percent of all adults in the U.S. have used one of these loans in the past five years. The report also notes that those who borrow tend to be repeat customers, with individuals taking out an average of eight payday loans a year. And when they borrow money, they get amounts that are sufficient to help them with all sorts of situations, as the average loan amount taken out is $375.

The report also highlights the diversity of the borrower population. A majority of payday loan borrowers are in their prime earning years, between 25 and 44 years old, but people of all ages from 18 on up make use of quick payday loans. Also, individuals of varying incomes utilize the loans, with more high-income earners than some might expect. A sizable percentage of loan borrowers earning $50,000 or more per year particularly choose to take advantage of online loans. Finally, the report makes it clear that people from all educational backgrounds borrow loans, with those possessing a college degree being much more likely to borrow online than those without one.

Ultimately, the Pew document demonstrates that payday loans occupy a firm place in the American financial landscape. Moreover, they represent an attractive form of financial assistance to a wide range of people. And is this really that surprising? After all, almost everyone at some point in their lives finds that they could use a little bit of help to get through the rough spots, and payday loans provide that help quickly, conveniently and without hassle.

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Credit Bureaus Face Increased Governmental ScrutinyHow Will This Affect Your Ability to Acquire Bad Credit Loans?

Credit Bureaus Face Increased Governmental Scrutiny

Posted: July 20, 2012 by

These days, most everyone probably is familiar with credit bureaus and knows about the big three: Equifax, Experian and TransUnion. If you’ve ever tried to get a loan from a bank or credit union, ever attempted to acquire a credit card, or even just applied for a job recently, most likely you’ve had to submit to a thorough credit check conducted by one of the major credit reporting companies. These firms, whose job it is to basically collect all the financial details of people’s lives, are increasingly an ever-present part of modern life.

Earlier this week, the Consumer Financial Protection Bureau, a federal consumer watchdog agency established two years ago, announced that it is going to begin overseeing and supervising the largest credit bureaus this coming fall. One of the main reasons for the push to establish federal oversight over what has been a fairly unregulated industry seems to be that a sizable percentage of credit reports — the byproduct of credit checks — contain significant, injurious errors that can dramatically impede consumers’ ability to obtain various sorts of items.

On top of that, these errors, if they are even ever identified by the consumers whose credit reports are marked by them, are often extremely difficult to resolve and get corrected.

Undoubtedly, credit bureaus can serve a beneficial purpose for consumers. Through their activities, they can help individuals acquire important things that they need. That being said, however, the new regulatory stance in Washington, D.C., obviously represents a response to a real problem. The cold, hard truth is that credit bureaus can sometimes end up being more of a hindrance than help.

Which leads us to this point: Here at Bad Credit Loans, our lenders don’t require prospective borrowers to submit their credit scores and don’t look at their credit reports in determining their eligibility for our fast financial assistance. So while the aforementioned new development regarding credit bureaus may end up being a big boon to consumers in general, ultimately it won’t really affect those who are looking to us for quick cash. Doing away with stringent credit requirements is just one of many ways in which we try to make it easy for people to get the help they need, without any unnecessary barriers blocking their way.

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A Quick Lesson in How Bad Credit Loans Can Save You MoneyTaking Advantage of Their Versatility Is Easy

A Quick Lesson in How Bad Credit Loans Can Save You Money

Posted: July 12, 2012 by

From time to time, we here at Bad Credit Loans like to remind consumers of the various ways in which the loans offered by our affiliated lenders can be put to use to help people get out of a financial bind and save money at the same time. It’s true, of course, that a bad credit loan can be just what the doctor ordered if you suddenly need a little extra cash in your pocket to pay for an emergency expense, but the possibilities offered by this type of financial assistance really go way beyond that.

For example, say you need to pay an urgent $100 utility bill that, if left unhandled, will result in not only an important service being shut off, but a hefty late penalty and reconnect fee as well. With this kind of bill, the penalties could easily pile up. And you would still have to endure the unpleasantness of going without electricity, gas or whatever the utility in question was.

If you don’t have the money on hand to pay the initial bill and you let it go, you’re in for an ordeal. Instead of waiting for this to happen, however, you can take out a small bad credit loan to cover the costs ahead of time. It will be easy to apply for, easy to get approved for, and quickly disbursed to you. Take out just what you need, pay your bill right away, keep important services in your home on, and save some cash to boot! The one-time lender fee attached to your loan will be a lot less than those painful penalties you’ve been threatened with.

Let’s look at another situation where you may want to get a bad credit loan. Say you buy a cup of coffee one morning with your debit card and unknowingly overdraw your bank account. Since a bank won’t stop you from overdrawing, you keep using the card for small purchases throughout the day: lunch, an afternoon snack, a few gallons of gas, etc. With overdraft fees as high as $35, you can end up $200 in debt before you even realize what’s happening.

Again, rather than dig a ridiculously deep financial hole for yourself, consider what we have to offer. Taking out a bad credit loan instead of risking overdrawing your account will end up costing you much less money. In addition, it will allow you to keep a good relationship going with your bank.

Beyond the aforementioned examples, bad credit loans are also perfect for paying off old, outstanding debts, and thereby helping to prevent your credit rating from ending up completely shot. And really, all this just represents the tip of the iceberg. The main thing to remember is that these loans are versatile and can be used to help you out in just about any type of scenario you can imagine.

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Donating Dollars to Help a Local CauseBad Credit Loans Gives Back to the Community

Donating Dollars to Help a Local Cause

Posted: June 25, 2012 by

We at Bad Credit Loans have always believed in helping those in need. This not only means individuals who are facing financial emergencies, but also nonprofit organizations that are trying to make the world a better place. We’ve also always believed in the importance of giving back to the local community, which in our case is the greater Seattle area. Combining these two firmly held beliefs together, we make it a practice to monetarily contribute to worthy causes and groups doing good work in our beautiful city from time to time.

Our most recent donation was to a Seattle-based organization dealing with one of our favorite causes: animals. The nonprofit, Ginger’s Pet Rescue, focuses on saving abandoned, abused or lost dogs that are slated to be euthanized, and it does this by finding new homes for the animals — which it refers to as “Death Row Dogs” — throughout the western Washington area. It would be an understatement to say that they’ve had some success, as they’ve actually saved an amazing 5,000-plus pooches over the years! In addition to that, Ginger’s Pet Rescue has brought joy and newfound companionship to countless people.

We absolutely love what the good folks at Ginger’s are doing, and so we are extremely pleased to be able to provide them with our strong support. Of course, there are a multitude of wonderful nonprofit groups out there. Knowing this, Bad Credit Loans will continue whenever possible to assist those who are trying to benefit society through their work.

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Hello to Our ReadersIt's a New Day!

Hello to Our Readers

Posted: June 19, 2012 by Rachel Shepard

As the inaugural post of our new blog: Welcome! We want to keep all the users of our site updated on the many goings on with our company. From exciting local events in and around our Seattle HQ to the latest on the payday lending industry nationwide, you can always expect to leave our blog a little more informed.

The big news today concerns the brand new redesign of our site. You can find all sorts of great features that have been added to help you get any bad credit loan you need. Our simple online form speeds up the process while our security features and network of lenders keeps you safe online. On top of that, the new design is not only aesthetically more pleasing, but helps make the loan process faster and more intuitive.

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