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Is It Possible to Get The Money You Need?

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If you’re one of countless Americans who have fallen behind on payments for any reason and have felt the impact of this misfortune on your credit score, then you’re already acquainted with some of the problems bad credit can bring with it. It can mean that obtaining things like credit cards or easy access to personal loans gets a little tougher.

Unfortunately, life doesn’t care about our credit scores. People can still be impacted by everyday occurrences like medical emergencies, troubles with vehicles, and other unexpected expenses. When this happens, you want to know that you have access to funds if you need them. 

So, what kind of options do you have if you are facing the perfect storm of bad credit and no access to backup funds? You might think you’re out of luck, but you’ll be happy to know you still have options with the top 5 short-term loans for bad credit of 2020. People with bad credit may believe the misconception that their options are severely limited, but this isn’t always the case. 

What kind of short term loan options are available for bad credit? 

You’ve probably seen the commercials on television talking about payday loans and other options geared towards folks with bad credit. The problem with payday loans is that they are meant to be paid in full in a matter of weeks, or maybe a month at best. For some folks, they may not have the funds to repay the entire loan in full in such a short amount of time.  

Luckily, payday loans are not the only option available for folks with bad credit who need money right away. You still have options to consider, and you can find some of the best options for you by checking out resources dedicated to online lending networks, such as Let Me Bank, to help you get matched with lenders based on your specific needs. 

With that in mind, what options do people with bad credit have when they are looking to get a short term loan, without having to resort to payday loans? 

Cash Advance Loans

If you have had unexpected expenses come up, and need a little bit of cash on hand to help get you through the month, then you might find a short-term cash advance loan to be an option to consider. Some cash advance lenders offer flexible repayment options, with some repayment ranges spanning several weeks to even a few months, allowing you to have an ample window of time in which to pay back your loan. 

You’ll usually need to meet a few prerequisites to qualify for these loans, however. These usually include: 

  • A checking account: You’ll have to provide your banking information so the lender knows where to send your funds through direct deposit. 
  • Proof of income: Most lenders require you to have proof of your income so they can verify that they will get their money back. This income can be counted whether you get it through your employer or even through the government. 

Keep in mind, short term loans typically have significantly higher interest rates for folks with bad credit, so make sure you consider this when deciding whether it is personally worth it in your situation. 

Installment Loans

Installment loans are also an option for people with bad credit. This is usually a more attractive option, because many installment lenders are a little more flexible with the payment schedule. These loans can be paid out almost like a credit card bill, in that you can pay a minimum amount each month until the loan is fully paid off. 

You will typically have a date that the loan should be paid off by, but it is usually months ahead, allowing you to plan your payments ahead of time. You should look at some of the fine print, however, and find out whether the loan’s interest is charged month-to-month, or if it is paid in a lump sum. Every lender is different, so make sure you know the smaller details before signing any documents. 

Bad credit doesn’t mean you’re out of luck

As you can see, you have several options when it comes to getting access to short term loans, even if you have bad credit. While interest rates and other fees may be higher, you will still find these loans to be more flexible and easier to manage than payday loans. 

With the right planning and making sure to pay your loan back in full, you’ll be able to rest easy knowing you have access to the money you need in emergencies, and paying your loans off on time will look great on your credit report, too. 

 



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Bad Credit

New program to help Black-owned online businesses | Technology

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ATLANTA _ Many Black entrepreneurs struggle to get bank loans and professional help to launch new businesses. A new program aims to remove those stumbling blocks.

An Atlanta nonprofit and another business have committed $150 million to the 1 Million Black Businesses effort, which will make loans and provide financial and business advice to Black-owned startups and established small businesses. Atlanta-based nonprofit Operation Hope, which helps consumers improve credit scores, is kicking in $20 million, and Shopify, the online e-commerce is adding another $130 million for the loans and website-hosting services.

Other services firms providing expertise or help include Aprio, an Atlanta-based accounting firm, and First Horizon Bank.

It’s a package of products that many Black entrepreneurs couldn’t get through a bank or credit union, said John Hope Bryant, CEO of Operation Hope.

“A bank won’t lend you money unless you can prove that you don’t need it,” Bryant said. “That’s especially true with minority-owned small businesses.”

Small businesses with Black owners were half as likely to obtain business loans as whites, according to a Federal Reserve survey published earlier this year.

The initiative is the latest effort to help Black consumers and businesses enter the financial mainstream. Earlier this month, a group that includes rapper Killer Mike opened a digital bank aimed at Black and Latino consumers.

Banks and credit unions have tried for years to help Black consumers open checking and savings accounts. The efforts helped, as the number of U.S. households without bank accounts fell to 5.4% in 2019 from 6.5% in 2017, the Federal Deposit Insurance Corp. said Monday.

Consumers who own checking and savings accounts typically have access loans with better rates and a wider variety of financial services.

The federal government’s $660 billion loan initiative for businesses hit by COVID-19, the Paycheck Protection Program, also helped few Black-owned businesses, Bryant said. PPP loans were based on a company’s number of employees and its rent obligations. many Black-owned small businesses typically didn’t have enough workers to qualify and are based out of the owner’s residence.

Bryant said a bad credit history may not prevent applicants from receiving a loan.

He hopes more companies will contribute services such as insurance advice or software typically available only to well-established businesses.

Bryant noted that 1MBB is not a charitable organization, as participating companies like Shopify will likely get a pipeline of new business customers through the program.

“This is not pure philanthropy,” he said. “Shopify believes that Black-owned businesses are good businesses if they’re properly supported.”

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This Week’s Top Car Deals & Analysis – October 30, 2020

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The final days of October offer a chance to take advantage of outstanding model year-end deals. Most offers end November 2, which means there isn’t much time left to enjoy this month’s best lease deals and deepest new car discounts. We even found incentives that can help those with bad credit buy a new or used car.

2021 car deals. Interestingly, 2021 new car incentives are showing some surprises. For example, Audi is already offering up to $12,000 in savings when leasing the 2021 e-tron all-electric crossover. We even learned that the new Genesis GV80 SUV will debut with a $589/month lease deal plus special financing rates.

Believe it or not, the 2021 Hyundai Veloster N could prove to be a great value despite a nearly $4,700 price increase compared to the previous year. That’s because our analysis finds that better incentives can make it just $10/month more expensive to lease than the 2020 model. Talk about getting more for your money.

Why are small cars bad to lease? Even though smaller cars typically come with lower price tags, that isn’t always the case when leasing. A mix of lower discounts, worse residual values, and smaller discounts can actually make a Nissan Altima cheaper than a Versa despite having an almost $10,000 difference in MSRP.

Shorter-mileage leases. More brands are offering shorter mileage allowances on car leases. Although this is typically used to offer consumers more flexibility, we’ve found cases in which you can end up getting less for your money. If you don’t read all the fine print, this could make comparison-shopping difficult.

Bad credit car deals. If you have subprime credit, you may find it harder to get financed. However, some manufacturers are offering special incentives to help make cars & trucks more affordable. For example, Chevy is offering $2,000 in down payment assistance plus 9.9% APR for 72 months on the 2020 Trax.

$0 down leases. If you’re adamant about now putting down any money on a lease, you’ll love Sign & Drive leases. In addition to requiring no money down, $0 down lease deals can cover your first month’s payment. Even hot sellers like the Honda CR-V Hybrid offer $0 down and as little as $330/month on a lease.

The high cost of safety? Even though most major automakers are offering more safety features than ever before, our analysis finds that the highest IIHS safety ratings still require costly options in 2020. That’s starting to change, but the cost of buying a car with the most bragging rights is still very high.

Disaster relief. Those affected by some of this year’s natural disasters should be aware that automakers are offering assistance. California wildfire assistance programs like Ford Employee Pricing can save thousands when replacing a car. Similarly, a 2020 hurricane relief program from GM offers $1,000 in savings.

Spooky loan situations. There are some scary scenarios you can avoid when getting a car loan. However, boosting your credit score is possible with some determination because negative items on your credit report fall off after 7 years. Our network of dealers is specially equipped to help those with bad credit.

Upcoming vehicles. Genesis finally revealed the new GV70, a small luxury crossover based on the highly-rated G70 sedan. Whether it’s a redesigned car, truck, or SUV, odds are you’ll find it on our Previews page. That said, as we reported last week, discounts ahead of a redesign can result in substantial savings.

This Month’s Cheapest Lease Deals »



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Why bad credit doesn’t have to be a life sentence

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JACKSONVILLE, Fla. – No matter if they’re bad or good, credit scores affect everyone’s lives.

Still, for many people, by the time they’ve learned the importance of having good credit, it may be too late.

“If you’ve had late payments, it would take 24 months of on-time payments to rectify the situation,” Jax Federal Credit Union Interim President Mary Svoboda said.

Svoboda said paying someone who claims they can fix your credit quickly is a waste of money.

“It can cost you several hundred dollars, and you can do it yourself,” she said.

Svoboda says those quick-fix businesses check your credit report for discrepancies and then dispute them. She explains how you can do it on your own instead.

“Check your credit report,” she said. “If there is something, it’s very easy to dispute it directly with the lender or through the online process with the credit bureaus. So you don’t need to pay for that.”

If there is any silver lining from the coronavirus pandemic, it is that all three major credit bureaus — Experian, Equifax, and Transunion — allow anyone to check their credit every week without any penalties. Before, you could only do that three times a year.

Svoboda added that Experian now offers a credit boosting service that is free and can help boost your score.

“The credit report would be linked up to your bank account and through your bank account they could see you have regular deposits and you pay your utility bill and your mobile bill on time, things like that,” she said.

Svoboda said some of the most common pitfalls she sees when it comes to credit is people have too many credit cards. She said that should be avoided when you start building credit.

“Sometimes it’s horrible, you see people that have 20 or 30 credit cards, so that is not a good idea,” she said.

That should all be avoided when you start building credit.

If you want to build credit but need some help living within your means, Svoboda recommends getting what’s called a secured credit card. It’s like a debit card in that you can only spend what’s in your account. But unlike a debit card, a secured credit card builds credit.

What if you’re taking steps to fix your credit but can’t wait and need a loan now?

“Right now, what I would encourage someone to do is if you don’t really have any credit, bring me your bank statements and show me, ‘Look at this. I have made a $600 rent payment for the first of the month for a year.’ I’ll say, ‘Let’s do this loan,’” Svoboda said.

While you’re rebuilding your credit score, Svoboda says you should care about it, make it important, and check it. Because a bad credit score doesn’t have to be a life sentence.

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Copyright 2020 by WJXT News4Jax – All rights reserved.

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