Connect with us

Bad Credit

7 Personal Loan Tips for College Students With Bad Credit

Published

on

Sometimes students’ loans are insufficient to see you through college; therefore, taking out credit becomes imminent. These are the situations that may be good for you to avoid; however, some circumstances are beyond one’s power of control. The loans you are likely to sign up for our personal loans, especially if you already have exhausted your student loans from the federal government.

Taking out financing on education is a significant investment; it, however, may not seem so, but the results will be worth your struggle. There are going to be many unscrupulous business people out to frustrate and take advantage of this. However, there are good lenders out in the market who will get down to your situation and prescribe the best form of financing you would wish to take from several which you qualify. Most of the loans on the market have provisions which you must pass to be considered eligible. These factors include the credit score of the applicant.

Then again, some loans have pretty low thresholds for eligibility. You wouldn’t know the potential the market has if you don’t walk around to explore those gaps that will enable you to get what you want without having to go through a lot of trouble trying to, provide and prove – some of the requirements. This paper gives you tips on how you can get a loan to finance your studies or school upkeep when you are unable to demonstrate a compelling position to the lender to qualify for the loan, and at the same time, your credit rating is low.

Many students don’t have any idea that they can apply for student loans from the Federal Reserve towards their education. Besides, these loans are generally cheap. They have low rates of interest on them, adding to the fact that they take much longer to mature than other loans. Also, federal student loans have a grace period plus a host of other privileges ranging from loan forgiveness to loan payment adjustment.

Furthermore, these loans are insured by the federal government. Therefore, the loans are given without any provisions about the credit rates. However, programs such as loan plus – designed for independent students such as the graduates, have this provision. But, the qualification criteria is low, the rates are not as stringent as the rest of the personal loans offered by other lenders are neither are they directly specified.

You can also play this card if your student loan perspectives are low, or you are already a beneficiary. The industry is growing, and with growth comes dynamism. This maybe your window to check out the online lenders who are likely to use other evaluation tools to ascertain your loan eligibility. They are likely to use your future job perspectives, academic performance, among other factors. This may be a good alternative for you, however, your credit capacity may be adversely affected as well. Always work with a licensed money lender for your good.

Some student loans are never issued without a cosigner. However, since you are looking for an alternative with a personal loan from a private lender, you can pass the credit check requirement by providing a guarantor who has an impeccable credit rating. A co-signer can be anyone – with family ties or not, but the person must be willing to take responsibility for you in case you default on loan repayment. If this happens, then the co-signer is expected to take the payment mantle. This would also have an effect on the guarantor’s credit score. Therefore if you take out financing, you should have plans to start repaying it in time so that it doesn’t become a defaulting case.

By local lenders, the focus is on banks and credit unions operating in your area of residence. Usually, these are not the lenders you’ll consider with a poor credit score; however, some banks and credit unions adjust their requirements to meet the capabilities of the people they are serving. That6 is why, as a student, lenders in your areas will most likely be inclined to give credit to you with regards to the situation in the home town and the general financial condition of residents. Alternatively, there are those lenders who operate online but only deal with a limited population from a specific area. If you can locate one organization that could help, then you can save your time and energy moving from one lender to the next.

This may seem like a long shot, but it is still an option to explore. After a private receives your details, they may consider other factors other than credit scores or guarantors. Such belief and chance are what you need. If the day is yours and the lender is willing to overlook your situation and approve finances to you, the better it will be.

If it comes down to this, you may have to take a loan, which will then consolidate all other debts you have to one with an extended payment period and reasonable terms of payment. Refinancing helps you to organize your finances and be able to re-establish a good score for you to be eligible for personal financing from private lenders without issues being raised.

It is not always that the decision on credit will go your way; however, if you feel you have grounds to appeal your application, then do so. This is your last resort, having failed on other alternative fronts.

The bottom line

Financing is a business like any other; however, a risky business. Due to this, lenders always want to protect themselves from losses that are likely to befall them where the finances advanced out, not find their way back to the system. This is the reason lenders will need confirmation and leverage on you to assure them that their funds are in safe hands, and it will be paid back. Students, on the other hand, may have bad credit or have none at all since they are young, and most don’t have a job. Financing their studies is a priority which remains to be fulfilled by taking out credit. Above are a few tips to enable a young scholar to find studies in amidst of financial inadequacy.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes.



Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Bad Credit

‘There is no new normal’: Worcester small business owner pivoted during COVID-19 and expects only more change after pandemic

Published

on

It took about eight minutes for the bank to reject Natalie Rodriguez’s application for a loan through the Small Business Administration.

Rodriguez opened Nuestra, a Puerto Rican inspired restaurant in Worcester, in January of 2020. When COVID-19 arrived months later she discovered Nuestra wasn’t eligible for the federal or state funding that thousands of other establishments received.

To qualify, restaurants were required to show payroll and salary for years before 2020. Those figures didn’t exist for a restaurant that weren’t open in 2019.

“[I was] determined and knew that ‘no’ is not an OK answer,” Rodriguez said. “A door may close but you may need to kick down another door.”

Rodriguez then applied for conventional loans only to be led to more closed doors. Less than 10 minutes after applying for an Economic Injury Disaster Loan, she received notice that her poor credit score resulted in her application being denied.

Rodriguez used the dead end with the SBA to create a new path for herself and Nuestra.

She not only learned how to improve her credit but wanted to ensure others didn’t have to follow her journey as an entrepreneur.

Rodriguez extended the “Nuestra” brand to include financial advising. She started Nuestra Financial in April of 2020.

“Now I’m helping others. I’ve been able to restore my credit,” Rodriguez said. “I’ve been able to help others restore their credit and be able to help them make a business themselves if they so choose. I’ve been able to survive.”

Without grants and other funding, Rodriguez managed to keep her restaurant open through funds generated from Nuestra Financial.

“I was very quiet about it in the beginning. I didn’t want people to be like, ‘Oh look at this girl, she just opened a restaurant in the middle of a pandemic,’ and talk smack,” Rodriguez said. “About a month or two later, a light bulb hit and I was like, nobody pays my bills but me. I needed to mind my own business and not worry about what other people thought.”

In creating Nuestra Financial, Rodriguez said she’s helped Worcester residents restore their credit and purchase new vehicles and homes.

Rodriguez said financial literacy is rarely taught to children in school and wasn’t something she learned. When a situation arises like a rejection notice for an economic disaster loan, many don’t know how to respond or where to find answers.

Rodriguez said she’s helped young and old people, along with those who have bad credit or no credit.

“We lack the confidence, including myself, because we weren’t taught,” Rodriguez said. “So if you don’t know something, you weren’t taught, you’re not going to be confident about it.”

Coming out of the pandemic, Rodriguez remains confident about both her businesses. Nuestra, the restaurant, while closed for daily service continues to provide catering services. Rodriguez is still preparing what the future holds for the restaurant but plans to announce an update soon.

As masks start to become less a part of daily routines, Rodriguez, as a small business owner, doesn’t envision many differences from this year to last.

So many aspects of life remain uncertain from rising food costs to a potential third booster for vaccines and whether the country will ever reach herd immunity for COVID-19.

The pandemic arrived with Rodriguez immediately pivoting. As it approaches its potential end, Rodriguez will continue to do what helped her to navigate it.

“I feel like there is no new normal just yet,” Rodriguez said. “I think we’re all just trying to adjust and pivot at the same time and getting creative. I think it’s where we all are.”

Related Content:

Owner of Worcester’s Nuestra restaurant, closing due to COVID impact, has something she’d like to say to Gov. Baker

Source link

Continue Reading

Bad Credit

Columbus Mattress Wholesale moves to newer, larger Gahanna store

Published

on

More than four years back, Cathryn Clark’s boyfriend, Christopher Robbins, was on the hunt for a new mattress. He just couldn’t find one at an affordable  price. 

Clark, 29, and Robbins, 34, who are now engaged, were living in Franklinton, where they still live today.

They had no experience owning or operating a small business; Robbins worked as a retail assistant for SAS Retail Services while Clark worked as the communications director for two Methodist churches. 

But in 2017, Robbins, with Clark at his side, took the leap and opened Columbus Mattress Wholesale on the West Side, with the goal of  helping low-income consumers secure mattresses and other bedtime products.  

“We really wanted to bring a store to people that, you know, they weren’t paying an arm and leg, but they still could get a good night’s sleep,” Clark said.

Customers at Columbus Mattress Wholesale can pay cash or credit, for example, but the business also works with financing companies that serve people without credit scores, with bad credit or who are lower income. 

Last month, the business made a big move. It expanded from its original location on Harrisburg Pike to a store double the size at 435 Agler Road in Gahanna.

Clark said she and Robbins saw a need in the broader area, with many of their customers coming from outside the Hilltop, such as Linden.

Nestled between Dollar Tree and the Ohio BMV in Gahanna, the new storefront opened Memorial Day weekend and sells mattresses, bed bases, bed frames and pillows. Mattress prices range from under $100 to more than $1,000, depending on the size and brand, which includes some well-known names such as Serta, Beautyrest and Casper.

Clark said while she and Robbins originally sold solely Ohio-based brands, they’ve branched out to national brands as business has grown.

Columbus Mattress Wholesale also offers free same-day delivery on most orders from customers living in Columbus. 

Clark does a little bit of everything for the business, from running communications, to working on the sales floor, to managing the sales team, to ordering what they sell. 

She said a big mission for herself and Robbins, beyond doing business, is aiding the community.

“We’ve seen a lot of people struggle,” Clark said.

Clark said she and Robbins work to mentor other people who are hoping to open or currently own a small business. She added that the store starts employees at $17 per hour.

She and Robbins haven’t decided yet what they will do with the original location — which is currently closed — but said they might shift it into an accessory store.

[email protected]

@SarahEDon

Source link

Continue Reading

Bad Credit

A Guide to Getting Mobile Deals with Bad Credit History

Published

on

You’re interested in a new mobile deal but there’s only one thing that’s stopping; you’ve got a bad credit history. Does that mean that your hopes of getting a new phone contract are crushed? Well, not exactly. In this article, you will learn how to get a mobile phone with no credit check required and how you can navigate the issue to get a great deal even with bad credit history.

Why is a bad credit history a big deal?

When taking a new phone contract, it means you’re entering into a financial agreement that requires you to make payments in monthly installments. As such, many providers of the service will want to ensure that they’re entering into an agreement with someone who will pay the agreed amount without violating the terms.

The best way for them to have that assurance is by looking into the credit history of the client. But does it necessarily mean that if you’ve got a bad credit history you can’t honor your side of the bargain in a phone contract? Of course not; which is why this article gives you the options you can pursue to end up landing a pretty impressive deal.

Although you might not find a deal that includes the latest devices in the market, you’ll not lack a relatively cheaper but functional option. For instance, if you’re a great fan of the iPhone, you might end up landing the iPhone XR instead of the latest release of iPhone 12. When the deal is cheaper, you stand higher chances of success as opposed to one that just dropped in the market and so it’s in high demand.

Another alternative is to find a contract that comes with a used handset as such tend to be less strict in terms of credit history requirements. That means you’re likely to pass the test of a contract with an already used gadget as opposed to that of a brand new phone.

Another alternative could be to go for SIM only deals especially if you already have an alternative source for a handset. Most of the providers won’t require you to sign any contract and so they’ll not look into your previous credit history. SIM only deals tend to be intensive on minutes, texts and data offers.

Networks that favor people with bad credit

There are networks that are more lenient to people with bad credit history than others. Major networks including Vodafone, O2 and EE usually come with strict requirements that might only frustrate you. The following are the alternatives you could consider looking into:

Smarty:The company offers SIM only plans that don’t require you to sign any contract. If you have an alternative handset, this could be a great alternative to consider as they won’t do a credit check on you. Their services and offers run on a monthly rolling basis which means you can walk away at any time in case you’re dissatisfied with the quality of service you’re getting. Their deals start at 2GB of data and unlimited texts and calls at a cost of £5 to unlimited calls, texts and data for £16.

Giffgaff:You won’t be subjected to a credit test here as well during sign up for one of the packages that the network offers. You’ll be required to sign up for a monthly bundle of your choice that’s inclusive of calls, data and texts. You can proceed with the same plan or switch to a new one after the month is gone. Most of their deals start at £8 a month.

VOXI:The network has numerous offers that operate on a 30-day rolling basis. They also won’t bother performing a credit check on you as it has no use in the first place. A bonus with this network is that they won’t include the social sites you frequent in their data charges.

Mobile phone to go with a SIM only deal

The SIM only deals we’ve highlighted above means that you’ll need to have a separate handset. In case you don’t have one already, you can take a separate mobile phone contract to go with your preferred SIM only deal. The other alternative is to buy one outright. But in case you don’t have money to make the purchase, you can always save up and buy when you’ve accumulated enough.

Some great smartphones that are classic and yet won’t put a huge wall in your pocket. Coveted brands such as iPhone and Samsung have great devices such as the Samsung Galaxy A52 5G that goes for £349 and the iPhone SE valued at £399. As you can see, with some savings, you should be able to get your hands on these gadgets and many others out there. And if you feel that these cost on the higher side, you can opt for refurbished phones. Refurbished phones refer to those handsets that have been used but have undergone intensive testing to ensure they still have got higher functionality.

When do credit checks apply?

Credit history is required by providers that have a mobile phone that requires a payment plan spanning several months or years. In most cases, the major network providers including EE, O2 and Vodafone will do a background check on your credit check before allowing you to sign up for their deals. Some factors that might make you have a poor credit rating is when you’ve missed several months’ payments, made late payments or placed too many credit applications concurrently.

Want to improve your credit rating?

The following are several steps you could consider to help you improve your credit rating. Most of these revolve around efficient management of your money, bills and other forms of payments.

  • Have a proper and functional bank account
  • Pay all your outgoing bills on or before the due dates
  • Ensure you’re registered on the electoral roll
  • Don’t share your account with a person with poor credit rating

That’s how you can work out things to get mobile deals even if your credit history isn’t a good one. But going forward, the best action plan would be to work towards improving your credit rating so that you can take advantage of the opportunities that come up in future.

Source link

Continue Reading

Trending