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Bad Credit Credit Cards – Gulf Street Advisors Bad Review: The Wrong Way To Take Out A loan | Fintech Zoom



Bad Credit Credit Cards – Gulf Street Advisors Bad Review: The Wrong Way To Take Out A loan

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If you have been thinking about it and you just received a “too good to be true” loan offer in the mail from Gulf Street Advisors – listen to your gut instinct.

Companies like Gulf Street Advisors, Sooner Partners, Old Dominion Associates, Memphis Associates, Brice Capital, Johnson Funding, Harrison Funding, Tate Advisors, Plymouth Associates, Tiffany Funding, White Mountain Partners, Americor Funding, or Titan Consulting Group, Credit9, and Simple Path Financial, have been flooding the market for years with questionable loan offers.

Gulf Street Advisors Debt Scam
Credit: Studio 72

Before you take out a loan, you must know that you are taking on financial responsibility. It doesn’t just end with you buying what you need or investing in an opportunity after getting the loan. It only ends once you pay off the debt completely.

1.     Why Do You Need to Take Out a loan?

You need to be clear on why you need a loan in the first place. It should be a concrete reason that you need the money for.

Taking out a loan to ease cash flow or purchase a car is not considered financially savvy anymore. If you want to weather an emergency, get a house, or get a medical loan, that’s another story. Before you fill out a loan application or take out a loan, know what the reasons are.

2.     How Much Do You Need?

When you’re taking out a loan, you need to know how much you really need. Consider the offers that are made to you. They can be tempting with very little interest and a high loan amount, but they may add up to a lot of monthly payments. It’s often the case that the bigger the loan, the more expensive it gets. Hence, the harder it is to repay.

So get what you need and the lowest interest rate you can. Remember that as long as you have good credit, you will be able to get additional loans. Still, it’s important to not get greedy and take out a loan for only what is necessary.

3.     What is Your Credit Score?

Your credit score is a total picture of your financial responsibility, your spending habits, and your debt. It doesn’t show how rich or poor you are, but just how committed or focused you are when it comes to money. You need to have a baseline credit score to take out a loan from most companies or banks in the first place. However, the better your credit score, the better interest rates you can get for it. The better your credit score, the better benefits and the larger the loan you can take out.

You can check your credit report to find out what your credit score is from three agencies. These are Equifax, Experian, and TransUnion. They will compare the reports and look through them for any errors and discrepancies that there might be. Sometimes, checking your credit report can even improve your score in case of an error. Take up any errors with rating agencies immediately to improve your score.

4.     What is the Cost of Taking a loan?

The total cost of a loan isn’t the total loan amount. To calculate it, you should add up the loan and the total of the interest that you will pay. This should also include any fees you have to pay.

Common fees that apply to loan include late penalty fees, loan origination, repayment penalties, and failed payment fees.

In addition, look out for the debt consolidation scams that have been taking advantage of unsuspecting consumers.

5.     What are the Requirements to Take Out a loan?

Before applying for a loan, you should look up the major requirements for taking out a loan.

These include:

  • Your Credit Score: This basically determines if you can take out a loan or not. It confirms your spending habits, how many loans you’ve taken out, and how responsible you are with money. In order to keep your credit score high, you should keep credit card balances low, unused credit cards open, etc. You should also pay all your bills on time and not apply for new credit accounts. It will severely impact your ability to get approved for a credit card refinancing.
  • Debt-to-Income Ratio: This is your monthly debt obligation compared to your monthly gross income. In addition to the personal loans you have, these can include any other obligations like credit card payments, student loans, etc. This reveals how much of the income you have is going to debt. It determines the likelihood that you will be able to keep up with your loan payments.
  • Employer/Income Verification: This isn’t necessary for secured loans. It comes in handy when getting an unsecured loan that isn’t backed up by collateral like a home or a car. Hence, for unsecured loans, they ask for your employer and income information. This is a riskier loan that can be paid back by money from your employer.
  • Proof of Residence: Your lender will have to verify that you have an actual home address. This is for various reasons. The first is that you need to confirm whether you actually are trustworthy and your information checks out. The second is that homeownership or some kind of residence shows that you’re a responsible adult. It also shows that you’re stable. Documents needed to verify this include utility bills, lease or rental agreement, voter registration card, or proof of ownership/renter’s insurance.
  • Payment History: 35% of your FICO score is made up of your payment history. If you pay your utility bills and other loans on time, your payment history will show responsibility. If you are late on your payments, it will definitely affect your credit score. This includes payments that you have to make regularly like mortgage loan payments, credit card payments, store card payments, etc. To take out a loan in the first place, you need to prove a great payment history.

6.     How to Shop Around for the Best Offers?

Before taking out a bank loan, you need to shop around for the best loan offers. The best place to start with this endeavor is online. You can compare different offers within a small span of time that way. Also, you can look at various different types of loan that are pertinent to your needs. Looking in the market physically by going from bank to bank is a waste of time today. You can zero in on some great choices online and then follow up on them online or through phone calls.

However, when checking online, you should look at the potential solution provider’s reviews as well. It doesn’t matter if they offer great services on paper. What matters is whether they have satisfied customers or not. A single bad review here or there doesn’t prove much. However, a barrage of bad reviews should be a pretty recognizable red flag. Don’t take out a loan from a company that doesn’t deliver. Also, look for reviews that are repeatedly outlining the same issues as billing problems and hidden costs. Even good reviews that are bringing up certain problems should be a red flag to you.

Bad Credit Credit Cards – Gulf Street Advisors Bad Review: The Wrong Way To Take Out A loan

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How Do I Sell My Vehicle With Joint Ownership?



A joint auto loan is when two borrowers have rights and responsibility to the same vehicle and loan. If you have a cosigner, then you, the primary borrower, have all the rights to the vehicle. Here’s what you need to know when you need to sell your car with two people responsible for the loan.

Selling a Joint-Owned Vehicle

Joint owners are typically spouses or life partners who combine their income to meet income requirements or get a larger loan amount. Both co-borrowers are responsible for paying the car loan and have 50/50 rights to the vehicle, so both their names are listed on the title.

Since your co-borrower has the same rights and obligations to the vehicle as you, you must get their permission to sell the car. In most cases, they also need to be present for the sale to sign the title. This may not always be the case, though, so it’s important to know how to read your car’s title.

If you have it, take a look at your vehicle’s title for the names listed on the back where you sign to transfer ownership. For example: let’s say your name is Jane and your co-borrower’s name is Joe. You’re likely to see either:

  • “Jane and Joe”
  • “Jane or Joe”
  • “Jane and/or Joe”

If you see “and/or” or the connector “or”, this typically means only one person needs to be present for the sale of the car. But if you see “and” this means both of you need to be present to transfer ownership – this is usually the case with joint ownership.

In all three cases, you still need the permission of the co-borrower to sell the vehicle even if they don’t have to be physically present to sign the title. If you sell it without the co-borrowers consent, it may be considered a crime because it’s their property, too. Moving forward, discuss the sale with your co-borrower to avoid potential legal trouble.

Selling a Car With a Cosigner

How Do I Sell My Car With Joint Ownership?If you have a cosigner on your car loan, then things become easier. A cosigner doesn’t have any rights to the vehicle and their name isn’t on the title. Their purpose is to help you get approved for the auto loan with their credit score, and by promising the lender to repay the loan if you’re unable to. A cosigner can’t take your vehicle, sell it, or stop you from selling it yourself.

However, it’s nice to let them know if you do decide to sell the car because the auto loan is listed on their credit reports. If you can, reach out to them about your plans to sell the vehicle. The car loan’s status impacts them and could affect their ability to take on new credit when it’s active.

If you sell the vehicle and the lien is successfully removed from the title, then you’re both in the clear.

Removing the Lien From a Vehicle’s Title

If you still have a loan on your car, then your number one priority is paying off your lender. Your lender is the lienholder, and you can’t sell a vehicle without removing them from the title – they own the car until you complete the loan. This typically means paying off the loan balance until naturally during the loan term, or getting enough cash to pay it all off at once from a sale.

When you’re selling a car with a loan, you want to get an offer for your vehicle that’s large enough to cover your loan balance and to remove the lien. If you don’t get a large enough offer, then you need to pay that difference out of pocket before you can sell the vehicle. Or, you may be able to roll over the remaining loan balance onto your next car loan if you’re trading it in for something else.

Looking to Upgrade Your Ride?

Many borrowers ask for help to get the car they need. If you need more income on your loan application to meet requirements, asking a spouse or life partner to chip in can do the trick. If you have a lower credit score, then a cosigner with good credit could help you meet credit score requirements.

But what if you want to go it alone on your next auto loan and your credit isn’t great? A subprime lender could be the answer. Here at Auto Credit Express, we’ve been connecting credit-challenged consumers to dealerships with bad credit resources for over two decades, and we want to help you too.

Fill out our free auto loan request form and we’ll look for a dealer in your local area that’s signed up with subprime lenders. These lenders assist borrowers with many unique credit circumstances to help them get the vehicle they need. Get started today!

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Fixed-rate student loan refinancing rates sink to new record low for the second straight week



Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders who compensate us for our services, all opinions are our own.

The latest trends in interest rates for student loan refinancing from the Credible marketplace, updated weekly. (iStock)

Rates for well-qualified borrowers using the Credible marketplace to refinance student loans into 10-year fixed-rate loans hit another new record low during the week of May 3, 2021.

For borrowers with credit scores of 720 or higher who used the Credible marketplace to select a lender, during the week of May 3:

  • Rates on 10-year fixed-rate loans averaged 3.60%, down from 3.69% the week before and 4.32% a year ago. This marks another record low for 10-year fixed rate loans, besting the previous record of 3.69%, set last week.
  • Rates on 5-year variable-rate loans averaged 3.19%, down from 3.23% the week before and up from 3.04% a year ago. Variable-rate loans recorded a record low of 2.63% during the week of June 29, 2020.

Student loan refinancing weekly rate trends

If you’re curious about what kind of student loan refinance rates you may qualify for, you can use an online tool like Credible to compare options from different private lenders. Checking your rates won’t affect your credit score.

Current student loan refinancing rates by FICO score

To provide relief from the economic impacts of the COVID-19 pandemic, interest and payments on federal student loans have been suspended through at least Sept. 30, 2021. As long as that relief is in place, there’s little incentive to refinance federal student loans. But many borrowers with private student loans are taking advantage of the low interest rate environment to refinance their education debt at lower rates.

If you qualify to refinance your student loans, the interest rate you may be offered can depend on factors like your FICO score, the type of loan you’re seeking (fixed or variable rate), and the loan repayment term. 

The chart above shows that good credit can help you get a lower rate, and that rates tend to be higher on loans with fixed interest rates and longer repayment terms. Because each lender has its own method of evaluating borrowers, it’s a good idea to request rates from multiple lenders so you can compare your options. A student loan refinancing calculator can help you estimate how much you might save. 

If you want to refinance with bad credit, you may need to apply with a cosigner. Or, you can work on improving your credit before applying. Many lenders will allow children to refinance parent PLUS loans in their own name after graduation.

You can use Credible to compare rates from multiple private lenders at once without affecting your credit score.

How rates for student loan refinancing are determined

The rates private lenders charge to refinance student loans depend in part on the economy and interest rate environment, but also the loan term, the type of loan (fixed- or variable-rate), the borrower’s credit worthiness, and the lender’s operating costs and profit margin. 

About Credible

Credible is a multi-lender marketplace that empowers consumers to discover financial products that are the best fit for their unique circumstances. Credible’s integrations with leading lenders and credit bureaus allow consumers to quickly compare accurate, personalized loan options ― without putting their personal information at risk or affecting their credit score. The Credible marketplace provides an unrivaled customer experience, as reflected by over 4,300 positive Trustpilot reviews and a TrustScore of 4.7/5.

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Provident Financial calls time on doorstep lending business



Provident Financial has confirmed plans to shut its 141-year-old doorstep lending arm, as its full-year results highlighted the strain the coronavirus pandemic and growing customer complaints have put on subprime lenders.

The Bradford-based company reported a pre-tax loss of £113.5m for 2020, compared with a £119m profit the previous year. The biggest drag was a £75m loss in its consumer credit division, which includes home credit.

Malcolm Le May, Provident chief executive, said: “In light of the changing industry and regulatory dynamics in the home credit sector, as well as shifting customer preferences, it is with deepest regret that we have decided to withdraw from the home credit market.”

Jason Wassell, chief executive of the Consumer Credit Trade Association, which represents alternative and high-cost lenders, said the decision showed that “the current regulatory framework does not work for the market, or its customers”.

“The result in this case is that access to credit will be reduced for hundreds of thousands of people.”

Provident built its name as a provider of home credit, or doorstep lending, which involves a team of local agents who regularly visit borrowers to collect repayments and discuss their products.

Proponents believed agents’ local expertise and personal relationships with borrowers allowed them to achieve better results than traditional bank lending to people with bad credit scores, but the approach has increasingly been superseded by digital models in recent years.

Provident’s business has also been affected by a series of self-inflicted and external difficulties. Its consumer credit division has been lossmaking since a botched effort to modernise the unit in 2017, which led to a pair of profit warnings and an emergency rights issue. More recently, its recovery has been hampered by an increase in customer complaints that prompted an investigation by the Financial Conduct Authority.

The complaints rise has been driven by professional claims management companies, echoing a broader trend across the subprime lending industry which has also affected companies such as Amigo, the guarantor lender. Executives also accuse the Financial Ombudsman Service, which adjudicates on customer complaints, of overstepping its mandate and encouraging huge volumes of complaints.

Provident said it would wind down or sell the consumer credit division, with either option expected to cost it about £100m. 

The move will see Provident exit the most controversial areas of high-cost credit to focus on what it describes as “mid-cost” lending through its Vanquis credit card business and Moneybarn vehicle finance arm. Vanquis and Moneybarn both remained profitable during 2020, despite more than a quarter of Moneybarn customers requesting payment holidays at the height of the pandemic.

The results were slightly better than average analyst forecasts, and the company said Vanquis and Moneybarn had both reported “improving trends” during the first quarter of 2021. Shares in Provident nonetheless dropped more than 10 per cent in early trading.

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