Personal Loans for Those With Bad Credit – Examining Your Strategies

Having bad credit is not so far from normal nowadays. The bad economy and job losses have caused many folks to take some hits on their credit histories. In fact, there are so many folks with bad credit, to whom traditional lenders will not lend, that private lenders have stepped in to fill the gap. For folks with this problem, personal loans for those with bad credit are one way to address their problems. With careful shopping you can find a personal loan that will almost be tailor-made to address your personal needs with an eye on low interest rates and comfortable repayment terms.

Credit Histories

Before you start seriously thinking about a personal loan for those with bad credit, why not go ahead and pull your credit scores and see what your FICO is. (FICO is short for a credit rating company called Fair Isaac Company.) If it is below 680, you are seen as a high risk. You should also get your scores from Experian, Equifax, and TransUnion. Look them over to make sure there are not discrepancies – often there are. You may be able to clean them up quite a bit to improve your rating. Best of all, you may not be as bad off as you thought.

Shopping for Your Loan

If you have been with a bank or credit union for a significant period of time, you may try to apply there. However, since so many loans went into default in the last decade, many traditional lenders have tightened their lending standards. Should you be turned down by these, start your search online. As noted above, many lenders have stepped in to provide personal loans for those with bad credit. Simply fire up your computer and punch your browser with Personal Loans. You will be able to shop around and find a lender with the best repayment terms and interest rates.

Before Approaching the Lender

Once you have decided on four or five lenders, check each of them out on the Better Business Bureau online listings. There each business will be graded and you will find customer feedback. You should also check out personal finance online forums to see what kind of experiences other borrowers have had with certain lenders. Before you go shopping for a personal loan for those with bad credit, get all your documents in order. You will need some government-issued photo identification. You will need proof of a job and salary. Lenders like you to have a direct deposit checking account. You will also need proof of residency.

Personal Loans for Those with Bad Credit Available Two Ways

Many loans can become available under either of two plans – secured and unsecured. A secured loan is a loan that has some property to back it up. Property such as real estate (a home), stocks and bonds, a valuable heirloom piece such as jewelry, or even a late model car. Should you put up security, or collateral, for your personal loan for those with bad credit, the lender will be able to seize the property and sell it to cover the cost of the loan. Because of this security, the lender may be willing to lend a larger amount, depending on the property offered, and should be willing to cut interest rates significantly. Without collateral, interest rates may be somewhat higher and loan amounts will be somewhat smaller.

Using Your Loan

Unless you really need it, do not waste the money on a vacation. Gather up your bills and use your personal loan for those with bad credit to pay them all off. You will be glad you did. Or use it to make a large-ticket purchase such as a refrigerator or another car. Whatever you do, make sure you pay if off according to the terms of the contract so you can improve your credit scores.

A Car Loan Can Be Yours, Even With Bad Credit

You have bad credit and you know it. It was not a situation you planned on, and in fact, it may be due to circumstances totally out of your control, such as a job layoff, unexpectedly high medical bills, a messy divorce, or a wide variety of other reasons. But your bad credit is something you are working to resolve and you are aware of it.

Although your bad credit situation and label will get resolved in time if you work at it properly, one of the problems is that you may need a car loan NOW, not when your credit problems are behind you. So what are your options?

Even in these economic times, the financial lending market is very competitive and can be very aggressive if you shop around. Although the interest rate you will pay is probably going to be higher than if you had an AAAA credit rating, the good news is that you can, more than likely, get approved for a car loan even with your bad credit.

Remember, the interest rate charged by the lender is a direct reflection of many factors, and most prominent of those is your credit score and credit history. The lending market is a financial game, where the lender is assessing his risk in getting repaid if he approves a loan. That risk factor that the lender is going to incur is a direct reflection of the interest rate that you will be assessed.

For your new car loan, the more money you can put down as a deposit on the car is going to be to your benefit. This is not simply a matter of lowering the total amount of money financing, but has a deeper almost psychological meaning. In other words, if you are dipping into your own pocket for that deposit on this new car, then the lender sees you as having a vested interest in the car, having put some equity into the new car loan, and from a psychological standpoint you are then less likely to default on the new car loan.

Another option, perhaps to be used in conjunction with a deposit or down payment, is to put up some kind of collateral. This would be something of value that you own that would “back up” your car loan, with the thought being that if you default and things really go south, the lender would have legal right to repossess the car AND take whatever item(s) you put up as collateral. Obviously this type of drastic action is something that the lender hopes will never happen, but again, the lender is hedging his risk knowing that this option is a possibility and that you are aware that this could happen.

Above all, shop around for your car loan. Even if you have bad credit, it is clearly not in your best interests to just accept the first loan that is approved without doing additional shopping. Some people maintain that shopping for the right loan and best loan is every bit as important as negotiating the price on the new car, if not more so, because the difference between an “acceptable” loan and a “great” loan can mean the difference of several hundred or even several thousand dollars by the end of the loan term.

Your bad credit car loan can be a reality for you, but you need to know the rules of the game and what your options are. Be sure to shop around to allow yourself the opportunity to get the most cost effective car loan possible.

Finding a Bad Credit Car Loan

Shopping for a new car or other vehicle can be stressful; shopping for a new car or other vehicle with bad credit can be a nightmare. Many people think that because they have poor or bad credit they won’t be able to get the financing that they need to purchase the car that they want, though in many cases a bad credit car loan can be found if you simply know where to look. Before you give up on ever finding the bad credit car loan that you want, take a little bit of time to consider some of the following information; you might just find that the bad credit car loan that you thought was beyond your grasp is actually in your reach.

Car Loans and Collateral

When shopping for a car or other vehicle, there generally isn’t any additional collateral needed because the car itself serves as collateral to secure the loan. This is true of a bad credit car loan just as it is of one for good credit… the higher value of automobiles works well to secure the loan. It is possible to secure the loan using other forms of collateral, such as home equity, though loans taken out in this manner generally are used to purchase more than just a single car or truck.

When shopping for a bad credit car loan, you should consider whether or not you would want to use an alternative collateral as security; though some forms of collateral might improve your chances of loan approval, the downside exists that if you fall behind on payments you might lose whatever the alternative collateral item was.

Taking the Time to Investigate Options

Just as there is no one solution that’s right for your general lending needs, there isn’t one particular source of a bad credit car loan that’s going to be right for every person or even for every car. It’s important that you take a little bit of time at the offset of your search to look into different banks, automotive financing companies, loan offices, and online lenders to make sure that you’re going to get the best deal on your loan that you can get.

Request rate and term quotes from several different lenders, making sure that you’ve investigated many of your options both locally and online. It would be a shame to spend time looking for a loan, only to miss out on your best offer because you didn’t feel like checking out a few more possibilities.

Comparing Loan Offers

After you’ve received several different bad credit car loan quotes, you should carefully review each one and compare it to the other quotes that you gathered. Ideally, you’re looking for a loan quote that offers a low (or at least reasonable) interest rate along with flexible loan terms… after all, a good rate isn’t any good to you if it’s coupled with loan repayment terms that you aren’t able to work with. If you don’t see any quotes that seem overly appealing, don’t be afraid to spend a little longer requesting quotes from other lenders in order to make sure that you’ve covered as many lending options as you can.

Choosing Your Car Loan

Once you’ve reviewed all of your bad credit car loan quotes, it’s time to make a decision on which loan is best for you. Take your time, since you’ll likely be repaying the loan for several years down the road. Find the best and most balanced loan from the offers you’ve received, and then follow through with your application.

10 Free Android Apps That Will Actually Make You Money While Shopping!

Shopping is either pure bliss or torture depending on who you ask. Regardless of which end of the spectrum you are on, Android apps will help you save money and allow you to become a more efficient shopper (which I’m sure appeals to most of you). So what does that entail? It’ll give the shopaholics more bang for their buck, which is never a bad thing. Perhaps even more importantly, these Android apps will provide shopaphobes what they really crave- less time in the stores!

The pure power and functionality of these Android apps can really make shopping virtually an all new experience. No matter if these apps function as a shopping list, database, storefront or a supplemental knowledge source, they’re all squarely aimed at one thing: if you use them, they will save you money!

You’re getting a feeling like Android shopping apps, in general, might just help you, right? Well here are 10 Android apps that will save you money while they help you fulfill all your shopping needs and desires. Oh and did I mention that all these ten are completely FREE to download?

SnapTell

Want to know more about an item you saw on the rack? Just use SnapTell to scan the barcode of any CD, DVD, book or video game and you will be able to get all the information you could possibly need. What type of information? Well, if you just want some more cursory information, that’ll work. Most notably, if you want to see how the price stacks up to other distributors, it can do that for you in seconds. This app could be a big time money-saver for you if you take the time to use it before you make that next media purchase!

Key Ring Reward Cards

This is a very handy app to consolidate all your clutter in your purse/wallet while ensuring that you don’t lose valuable reward/loyalty cards. How does it work? All you do is take a snapshot of the barcode of your reward card (just about any decent sized company with a rewards program is in the database- over 650 programs) and enter some basic information about the store. That’s it; you’re now ready to use your phone as your reward card at that store in the future by pulling up your reward information from that store on this Android app. It’s probably not for non-techies or those who crave extreme simplicity. It is, however, a great idea and technology that will no doubt get crisper in the future.

If you don’t mind carrying all your reward cards and potentially losing one or two along the way (and having to suffer through the wait to replace the card), this free Android app sounds like a waste of time. But, if the extra inch of not-so-soft plastic padding for your rump (or the misuse of perfectly good purse space- not to mention the potential inability to use your chic tiny purse out shopping) isn’t idyllic, this app is worth the few minutes to download and get everything set up properly.

OurGroceries

This is the perfect app for the happy, busy family of Android phone users. It allows the kids to endlessly add all their necessary foods. When the items are purchased, they can be removed from the list (on all the Android phones it’s registered to) and then, 4 hours later, they can easily be added back onto the list! Joking aside, this is a great app to have for the new-age hyper busy, hyper tech families that want to become more efficient.

Hey, it costs a lot of money to keep purchasing that extra loaf of bread that your husband/wife (or even you- thanks to that undecided hmmm, don’t we need bread moment even though you just bought two loaves yesterday- yes you’re not alone!) just picked up and will end up turning green before anyone has a chance to make a sandwich with it.

OI Shopping list

To me, this app, fully named the OpenIntents Shopping list, is like the OurGroceries for the single folks out there. Not to say a family wouldn’t benefit from this app, it just has more features and it’s not a perfect fit like the other app is for families that need a simple solution to keep up on their latest shopping needs. That being said, this app is a powerful workhorse and can really end up saving you countless hours and some decent cash at year’s end.

US Yellow Pages Search

This is one of the more useful free Android apps available and I’ll be honest, it doesn’t 100% fit with the theme of helping you save money while shopping. I could argue that it does, but for simplicity, I’ll just use an old clich: Time is Money! Saving some time is just as good as saving cash on those busy days out and about. Having this app on your Android phone is like having 300 super-thick Yellowbooks from all over the US crammed into your back pocket. Not a bad thing if you travel a decent amount or enjoy living outside of your house. It’s just a great resource to have on hand for those times when you need to find a business’s number fast.

eBay

This official app brings eBay to your Android phone. It’s kind of crazy, but I think I like this UI better than the actual website on my computer. I don’t know if that’s a good thing or a bad. Nonetheless, it gives you an idea that this Android app was developed correctly and really hits the mark. That is, if you’re an eBay fan; if you’re not, sorry!

Amazon.com

Similar to eBay’s Android app, this beauty from Amazon brings all the functionality from the full-sized website to your Android phone. It’s amazing how seamless this transition appears for these giant resellers. This is a great thing for us though!

Craigslist

The last of the GIANT resellers’ Android apps on this list, I promise. Well, kind of: if you don’t include Groupon in your list of “resellers”, I haven’t lied to you. So, if you’ve ever used Craigslist, you know how utterly important it is to check out a potential “killer item” within 5 minutes of it being posted and subsequently be the first handful of people to contact the seller to have any hopes of actually ending up with it in your possession.

That being said, if you use Craigslist and you have an Android phone, YOU NEED THIS APP NOW! Haha, sorry to scream, but if you’re going to use this portal of goodness with the hopes of eventually buying something you want/need, you have to have instant access to newly posted items. The only way to do that (I’m taking liberties assuming you aren’t a recluse and on your home computer 24/7) is to have access “on-the-go” to instant notifications for your set of items that interest you and also a way to view them. This app performs both of these necessary actions and does them well.

*Please, for your sake, if you want to be the guy (gal) bragging about the awesome deal you got on the “coolest thing in the world” instead of the not-so-happy version of you regrettably telling the story about “the one that got away” to anyone who will listen, download this app!*

Groupon

This is the official app from the immensely popular and rapidly growing Groupon website. This site has a “cult-like” following (not in a bad way!) which actually benefits its users. Essentially, the more people that use their services, the more offers are presented to the users and that helps all of us save a good amount of money! This free Android app ensures that you’re never out of the “Groupon loop” and you’ll have the opportunity to take advantage of the appealing offers wherever you may be.

The Coupons App

Another money-saving coupon app? Yes! That’s all I can say- the prospects of saving a buck in this economy is a powerful force it seems. I’m almost a bit surprised at myself that I didn’t completely inundate this “shopping list” with coupon apps (patting myself on the shoulder for spreading out the love). If only I could go back in time to 1989 and use this app instead of clipping 500-plus coupons from the Sunday paper (for my mom). Well those were good times- minus the paper cuts.

What’s this Android app going to do for you? Anything and everything coupon related; it brings the coupons with you on your phone and allows you to find new ones even while you’re at the store! That’s pretty awesome for those of us not commanding “Top CEO” salaries…

Honorable Mention:

There’s only one free Android app that I would consider putting on this list. The reason is because it’s probably the most important app for everyone to download today. I consider it more of a “mandatory app” than an Android shopping app and that’s why it’s here.

The app I’m speaking of is the Barcode Scanner. Among other things, it allows you to browse the web on your computer and take a photo of the QR Code of an app you’re interested in downloading. Once the code is processed (which takes very little time- talking seconds), the corresponding Android app’s download page appears in the Google Marketplace! It’s that simple and works like a charm once you get past the short “operator error” stage that plagues most of us.