Sunday, June 1, 2014

Finding a Long-Term, Bad-Credit, Affordable Loan

The nice thing about long-term loans is that they allow a borrower to have smaller monthly payments, with a low interest rate. Short-term loans require much larger payments, but they do get retired earlier. At any rate, consumers just need to be aware of the details, the fine print, of any loan to ensure that they do not inadvertently agree to outlandish terms and conditions.

Predatory Lenders

Unscrupulous lenders are always around to take advantage of vulnerable borrowers. They presume the role of stern father and make folks that are down feel like they are doing them a favor. Or makes them feel inferior because of their poor credit histories as a way to make them feel they must acquiesce to outlandish fees and interest rates.

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Options for Borrowers Seeking Unsecured Long-Term Loans

Loans should not be contracted lightly. Have you considered other affordable options to meet your financial shortfall? Perhaps a small cash infusion from a friend or family member who is financially stable and can afford to make a loan would be a better option than an interest-bearing loan. You would not have to endure a credit check nor come up with collateral. Just be sure to put all terms in writing so it is quite clear what is expected from both the lender and the borrower. Do not fail to pay these loans for fear of causing bad blood.

No Collateral, High Interest

If you do decide to request an unsecured loan without collateral, if may be difficult to be approved if you have a bad credit history. Most lenders are very strict when reviewing unsecured loan applications. You may be able to find some private lenders who will extend such loans but they are usually accompanied by high interest rates, tough repayment conditions, and offer the risk of pulling you further into debt.

Options for Borrowers Seeking Long-Term Secured Loans

Homeowners may approach a lender for a secured bad credit loan. Usually, secured loans allow for a longer repayment with lower payments and reasonable interest rates. However, if you default on the loan, the lender can seize the property and sell it to cover the loan amount.

Homeowners Equity Loan Contracts (HELOCs)

Homeowner can also apply for equity loans. Termed HELOCs, these give the owner to borrow money against the real estate value within a specific range of time. The home owner may take on debts until the equity value of the property has been attained. Thereafter, the borrower must begin repayment as agreed in the terms and conditions of the loan contract.

Be Careful, Read the Fine Print

If you absolutely feel the need for a substantial cash infusion to calm your financial problems, make sure you get one that is affordable in spite of your bad credit. Do not sign anything until you have done enough comparison shopping to know you have a decent contract. Look for hidden fees and watch out for sudden changes or increases on your loan payment during the repayment period. These could be criminal fraudulence. Your credit may be bad, but that does not mean you have to be a loser.

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