bad credit – Blissfield http://blissfield.net/ Fri, 25 Mar 2022 16:01:16 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://blissfield.net/wp-content/uploads/2021/10/icon-3-120x120.png bad credit – Blissfield http://blissfield.net/ 32 32 Why lines of credit are better than payday loans https://blissfield.net/why-lines-of-credit-are-better-than-payday-loans/ Tue, 01 Feb 2022 16:56:49 +0000 https://blissfield.net/why-lines-of-credit-are-better-than-payday-loans/ What comes to mind when you need urgent financial support? Some will say payday loans, others will say lines of credit. But what is the best option that will help you in 2022? Today, I’m going to show you which option between the two would be of great help while considering many factors. But first, […]]]>

What comes to mind when you need urgent financial support? Some will say payday loans, others will say lines of credit. But what is the best option that will help you in 2022? Today, I’m going to show you which option between the two would be of great help while considering many factors. But first,

What are payday loans?

Once you take out a payday loan, you’ll get your funds as quickly as possible, but the lender will need you to repay the loan within the next 16 days. Additionally, payday loans are very expensive, with an APR of over 391%. It doesn’t stop there. Once you skip a payday loan repayment, thelenders will double interest, and it will eventually become difficult to repay the loan. So imagine if you were to pay a claim of $50 after doubling the bet, the new interest would be $100. And it’s not a small sum.

What are lines of credit?

Lines of credit allow you to access funds whenever you need them. You can only get a line of credit from a bank where you have a checking account. You can pay a line of credit immediately or after agreement with your bank. In addition, the interest rates for lines of credit are cheaper than those for payday loans. However, to access a line of credit, the bank will perform credit checks, and if you have a bad credit score, it will not be a good idea. for you.Now,

What is best for you in 2022?

In terms of speed

If it’s time to get quick cash with quick approval, you may need to consider payday loans instead of lines of credit. Once you apply for a payday loan, the lender will approve the loans within hours. As for lines of credit, it can take time as the bank has to do credit checks and see how much you should get. Therefore, if you had an emergency, lines of credit would not be a good option for you.

Interest rates

As much as the interest rates on lines of credit vary, they remain the best compared to payday loans. As I said earlier, payday loans are expensive, short-term loans that you pay back in 16 days. If you don’t want to get into apossible debt trap, then payday loans should not be on your mind. The terrible thing happens when you cannot repay the loan within the agreed time, the lender doubles the interest. And that makes it more difficult to repay the loan, and therefore default.

Refund conditions

Once you’ve taken out a line of credit, the lender may give you extended and flexible repayment terms that might be good for you. On the other hand, payday lenders need their money strictly after 16 days. That is why they are called payday loans. Once you skip this payment, the trouble begins. Therefore, if you need flexible payments without affecting the interest you pay, lines of credit would be the way to go.

The legal

Some payday lenders do not follow any state guidelines regarding consumer protection. And that is why the interest rates are too high compared to other loans. However, lines of credit come from banks that generally have valid business licenses and follow state consumer protection rules. Therefore, if you need a loan from a reliable source, it will be a good idea to go for lines of credit.

The best for bad credit

I said the banks that give lines of credit do credit checks, so those with bad credit might not be lucky enough to get help. However, with payday loans, lenders don’t even care what other type of loan you have. Instead, they focus on your ability to repay the loan. And that’s why they attract many borrowers on board since most have lousy credit. Payday lenders tend to exploit those with bad credit because they can’t get loans anywhere else. However, this is different from the Vivapayday loan, which will give you afast payday loansat an APR ranging from 5.99% to 35.99%. But if your credit score is bad, payday loans will be your best option for 2022. But don’t expect to build your credit score using a payday loan. Payday lenders do not report your repayment discipline to any of the three credit bureaus.

Conclusion

Now that you’ve seen the best option to help you financially in 2022, now you need to make sure you don’t fall into a debt pit. As you have seen, payday loans have very high rates that could sabotage your income. That’s why lines of credit might be the best option if you have a great credit history.1

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Using payday loans during the COVID-19 pandemic https://blissfield.net/using-payday-loans-during-the-covid-19-pandemic/ Mon, 24 Jan 2022 15:39:59 +0000 https://blissfield.net/using-payday-loans-during-the-covid-19-pandemic/ On a day-to-day basis, paying bills can be a real challenge for most individuals and households. Unfortunately, with the COVID-19 pandemic, the financial situation has worsened, highlighting the need for most people to obtain emergency cash. Payday loans give you access to short-term funds, but usually at a higher interest rate. Most payday loans are […]]]>

On a day-to-day basis, paying bills can be a real challenge for most individuals and households. Unfortunately, with the COVID-19 pandemic, the financial situation has worsened, highlighting the need for most people to obtain emergency cash.

Payday loans give you access to short-term funds, but usually at a higher interest rate. Most payday loans are usually between $500 and $1,500 or less. In addition, your personal loan is due when you receive your monthly salary.

One could easily imagine that the pandemic will be helpful to the business of payday lenders. However, quite the opposite happened, as fewer people took out payday loans. This can be attributed to a number of factors.

First, at the height of the pandemic, most states made it easier for households to access cheaper loans. In reality, small business administration (SBA) has undertaken a Paycheck Protection Program to ensure businesses can access loans to stay afloat and keep employees working.

Also, with the federal relief and child tax credit available to many people along with other social benefits, the need for payday loans has diminished. Nevertheless, many finance experts believe that there could be an increase in demand for payday loans very soon. Although there are fewer lockdowns and restrictions, COVID-19 is still in full swing. So the pandemic lending rules may apply to most payday lenders.

Either way, here’s how to navigate getting and using a payday loan during the pandemic. In this article, you’ll also learn about the pros and cons of payday loans in these circumstances and whether it’s the best cash advance option for you.

How to get a payday loan during the pandemic

For starters, payday loans aren’t as popular as they were a few years ago. Only about 31 states allow payday loans while the rest have banned the loan structure at varying levels. So, you may need to check with your state loan policies to see if payday loans are allowed.

If so, you can visit payday loan stores near you or access a lender app from your mobile device. Applying for a payday loan can be done through an application form with the lender. Since payday loans are unsecured, you don’t have to worry about collateral when applying for a loan.

Applying for a payday loan during the pandemic, or at any time, requires that you have a current job. You will need to submit your payment stub and authorize your lender to transfer the amount electronically or you can write a post-dated check for this amount.

Common payday loan terms

Payday loans are a special form of financing because they differ from most conventional loans. Here are the common loan terms you should expect when taking out a payday loan during this pandemic.

  • A short payment period: Most people refer to payday loans as a two-week performance loan. Indeed, the time window for reimbursement is very short, generally not exceeding two weeks.
  • High interest rate: It is best to calculate the interest rate for payday loans using the annual percentage rate (APR). Most loans have an average APR of 400% or more, which makes them very expensive.
  • Single payment: Unlike most loans, you cannot repay your personal loan in installments. All payments are usually made in one installment on the next payday.

What happens if you can’t repay your payday loan?

Most of the time, borrowers are unable to complete the repayment of their payday loan. Usually, the lender tries to cash the check or make an electronic transfer. If you have an insufficient balance, your bank will charge you an overdraft as often as it happens.

If you continue to default, lenders may call endlessly, contact relatives, or hand you over to collection agencies. To avoid this, you can contact the lender to offer extended payment plans if you think you won’t be able to meet the payment due date. Most lenders are generally open to this feature. You can also take out a debt consolidation loan or declare bankruptcy if you are truly unable to repay the loan.

In extreme cases, after a long period of default, the lender may seek a settlement requiring the borrower to pay less than agreed. Since the interest is usually exorbitant, the lenders end up losing nothing. However, this can ruin your credit score.

Alternatives to payday loans

If you decide that payday loans aren’t the ideal pandemic option for you, there are several alternatives you can try. Here are some other types of emergency loans without the drawbacks of payday loans.

  • Bad Credit Loans: These loans are ideal for times of emergency, especially if you have a low credit rating. They are secured unlike payday loans and they have lower interest rates.
  • Cash Advance Apps: Cash Advance apps are mobile software that can offer loans in anticipation of future income. Although they also charge by APR, they are cheaper and won’t put you in a debt cycle.
  • Lending Circles: Instead of getting payday loans with ridiculous repayment terms, you can pool resources from family or friends with little or no interest.
  • Pawnbroker: This type of loan requires you to provide collateral in exchange for a loan. If you pay as agreed, your property will be returned to you. This process is less expensive than payday loans.

Final Thoughts on Payday Loans

While payday loans are undeniably useful for emergency financing, they leave you with more than just debt to settle. This is why many financial experts advise borrowers to avoid loans. If you’re already in this one and the pandemic is affecting your ability to pay, you can follow one of the recommended steps in this article. Otherwise, you better look for other emergency loan options.

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[COLUMN] Achieve freedom by getting rid of your mountain of debt — https://blissfield.net/column-achieve-freedom-by-getting-rid-of-your-mountain-of-debt/ Sun, 23 Jan 2022 04:38:24 +0000 https://blissfield.net/column-achieve-freedom-by-getting-rid-of-your-mountain-of-debt/ The TOUGH financial times caused by the pandemic are pushing consumers to the limit. Chargebacks and overdue credit card balances are on the rise again. In the face of layoffs and economic hardship, many people are resorting to using their credit cards to pay for basic expenses such as food and housing. Many people dip […]]]>

The TOUGH financial times caused by the pandemic are pushing consumers to the limit. Chargebacks and overdue credit card balances are on the rise again. In the face of layoffs and economic hardship, many people are resorting to using their credit cards to pay for basic expenses such as food and housing. Many people dip into their credit card hoping it’s just a temporary fix “until things get better”. The bad news is that credit cards come with a hefty price tag – sky-high interest rates, not to mention late fees and overlimit fees.

Once the credit cards run out, some people resort to even more desperate measures just to make ends meet. Lately, I’ve seen a lot of people go so far as to get some of these so-called “payday” or “emergency” loans, which are ten to thirty times worse than credit cards! In most cases, interest rates on these loans can range from 390% to 900% APR if you continue to “roll over” the loan (i.e. ask for an extension of the payment term)! !! Can you believe that? I have seen clients have 2, 3 or sometimes more payday loans at the same time. No wonder these people are broke before payday even arrives! Loan sharks often prey on people with bad credit who are already over-indebted.

If you’re struggling with debt, you may find it harder and harder to catch up each month. If some of your accounts have been turned over to collections, that’s even worse because it means you can be sued by your creditors at any time. Once they have obtained a judgment, creditors can then garnish your wages or debit your bank accounts. Some people are paralyzed with fear and do nothing, hoping that somehow, by ignoring their debt problems, creditors will just give up. Be real. You cannot ignore your debt problems. If you do nothing, you will realize one of these days that your inaction has only made your debt problems worse.

If you’ve done everything you can but nothing has worked so far, should you declare bankruptcy as a last resort? Bankruptcy can often be an option for many people who can no longer afford to pay their debts. In Chapter 7, credit card debt, personal loans, medical bills, and most types of unsecured debt can be erased. This means you can start over and rebuild your credit instead of having all of your overdue debt reported to the credit bureaus each month. Your fresh start begins the day your bankruptcy case is filed and creditors can no longer collect from you. For the first time perhaps in a very long time, you can finally breathe and feel like a human again.

If you are able to pay a certain amount each month, you may also qualify for Chapter 13 debt consolidation to significantly lower your monthly payments. In most cases, credit card payments can be reduced to half (or even less) of what you are currently paying. You also pay 0% interest on your credit cards and can get out of debt for 3 to 5 years, depending on the length of your Chapter 13 plan. If you’re in foreclosure, Chapter 13 can also help save your home. and update your payments.

If you’re in debt and need to find the best solution for your situation, call toll-free 1-866-477-7772 to schedule a free consultation.

* * *

NOTE: Due to the COVID-19 pandemic, I am offering free consultations OVER THE PHONE to anyone who needs help dealing with their debt issues.

* * *

None of the information contained herein is intended to provide legal advice for any specific situation. Atti. Ray Bulaon has successfully helped over 5,000 clients get out of debt. For a free evaluation of your situation by an attorney, please call RJB Law Firms toll-free at 1-866-477-7772.

(advertising supplement)

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What should you consider when considering getting a payday loan? https://blissfield.net/what-should-you-consider-when-considering-getting-a-payday-loan/ Fri, 21 Jan 2022 10:45:37 +0000 https://blissfield.net/what-should-you-consider-when-considering-getting-a-payday-loan/ Once the loan is accepted by the credit company, the amount is immediately credited to your account. Online payday loans are received simply and in a timely manner. Online payday loans are a fantastic choice for people who have little money to meet their needs. Regardless of the name, these loans are rather short term […]]]>

Once the loan is accepted by the credit company, the amount is immediately credited to your account. Online payday loans are received simply and in a timely manner. Online payday loans are a fantastic choice for people who have little money to meet their needs. Regardless of the name, these loans are rather short term with higher interest rate while people can get anywhere from $50 to $1500. These loans are available without any restriction if used wisely. Online payday loans are a type of advance for lenders in the United States, Great Britain, and other countries where they are in demand and legal.

Potential of payday loans

Online payday loans are exactly the case when the borrower installs some sort of security for the borrowed money. A person can get payday loans online at the best possible price if they apply for it. Usually people choose loans when they are short of money. In line payday loans were designed to create a good borrowing experience and almost everyone is qualified.

Online loans can also be considered an ideal solution if you have a bad credit report, says Dan Carpenter, CEO of MoneyZap.com. Cash loans can be used for whatever money you want. Payday loans are considered an option these days if you want to borrow funds to use on the day. Lenders give you the money you need when needed without the hassle and red tape in the long run, which also allows you to solve financial problems.

Some are much better than others and are one of the best options for getting quick cash. Payday loans without credit checks are difficult compared to the borrower’s salary. In other words, unlike next month’s salary. Instead, seek out the help an MFI can offer. Payday loans provide quick access to cash assistance and meet all demands.

How to get payday loans online?

You can get funding from virtually anywhere in the United States. Completing an online application is all you need to do to get a 12 month loan. Online loans allow you to reach your goals quickly, pay all the bills you need, and get your loan back with reasonable interest rates and coverage periods. Online loans are a great way to get instant funds.

Loans without credit check is a line of credit specially designed for poor lenders to help them with quick financial relief. Make sure you are ready to repay the loan without delay. Online payday loans can be obtained from $100 to $1000. Secured loans, credit checks are not observed in the form of secured and unsecured properties.

Canadian individuals can get a minimum of US$100 for short-term loans with bad credit. However, they cannot get more than 1500 US dollars as this is the maximum limit. People apply for a large number of loans when faced with a very low interest rate. Compared to secured loans, pre-paycheck online loans charge a slightly higher interest rate. Moreover, online payday loans do not need collateral.

What should you know about online payday loans?

There is nothing wrong with borrowing money or taking out payday loans online. Having a well-managed debt is actually an important part of the practice. However, it is common knowledge that a personal loan is difficult to manage because it has very high fees and interest rates. This type of loan is for people already living on paychecks and who may have difficulty repaying the debt in full.

Commissions and interest

The commission for a payday loan can be a percentage of the amount borrowed or a fixed commission depending on the increase in the money borrowed. For example, for a loan of $100, the commission could be $15 with an additional $15 for every $100. The fee is reloaded each time the loan is renewed or renewed if the borrower is unable to repay the loan within a time limit. specified period of time.

Payday loans will also have an annual percentage rate (APR) which depends on many factors and further increases the amount. People who live paycheck to paycheck find it especially difficult. Paying off a payday loan means they don’t have enough money to pay. In this situation, another loan is often taken out with the same fees and the same annual interest rate. Once you enter this cycle, you pay off the payday loan to take another because it becomes extremely difficult to survive until the next paycheck.

Regular fees and short repayment periods

Regular fees, short payment terms, and small payment amounts mean that the cost of getting a payday loan adds up very quickly. This is often mentioned by companies providing employer-sponsored financial advice.

Should I take out a payday loan?

Experts agree that payday loans should be approached with caution. They can solve a short-term financial crisis. But if you can’t pay off your original loan with the money you have left to avoid borrowing another one, they can cause you even bigger problems. However, financial instinct does not outweigh the urgency that many people feel when they are unable to buy basic necessities or pay their bills.

If you need to borrow money and cannot borrow responsibly from family or friends, explore short-term payday loan alternatives first. They offer a small loan from your credit union, bank or small loan company. Be sure to pay attention to the fine print to understand the associated fees and interest rates to ensure this is a smarter option than a payday loan. If a loan is still your only option, choose a loan with the lowest fees and interest rates.

Lenders are required by law to disclose the cost of the loan. Borrow only what you owe and make it less than your salary so you can repay the loan at no extra cost. Ideally, you have enough money left over to pay your next paycheck. So you don’t have to borrow more money to fill the gap. While researching loan options, regardless of your loan or income, beware of apps that promise to lend money fast. Many offer small cash loans for a few days and often don’t have a check. They are a safer and smarter alternative to payday loans.

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Capitol Drive Loans offers payday loans in Milwaukee, WI https://blissfield.net/capitol-drive-loans-offers-payday-loans-in-milwaukee-wi/ Wed, 19 Jan 2022 16:34:48 +0000 https://blissfield.net/capitol-drive-loans-offers-payday-loans-in-milwaukee-wi/ Milwaukee, Wisconsin- The pandemic has created an environment of uncertainty and financial need, especially for people in Wisconsin who have lost their jobs and suffered pay cuts/reductions. As things slowly return to normal, individuals/families still need basic necessities, medical bills and other urgent needs that cost money, a problem that Capitol Drive Loans is alleviating […]]]>

Milwaukee, Wisconsin- The pandemic has created an environment of uncertainty and financial need, especially for people in Wisconsin who have lost their jobs and suffered pay cuts/reductions. As things slowly return to normal, individuals/families still need basic necessities, medical bills and other urgent needs that cost money, a problem that Capitol Drive Loans is alleviating .

Since its inception, Capitol Drive Loans has helped local Milwaukee residents meet their short-term cash flow needs, allowing them to pay their emergency bills on time. The professional, friendly, helpful and knowledgeable team leverages their knowledge of the financial industry to help clients understand the process of taking out a payday loan and guide them through the process.

The payday loan company serves clients who may need loans for dental bills, unexpected medical bills, emergency home repair costs, house/rent payments, unexpectedly high utility bills , broken appliances, car repair costs or any other unforeseen expense. Applying for a loan at a bank takes time, requires a guarantee/co-signer, an individual’s credit review and other guidelines before the money is released. However, Capitol Drive Loans provides loans to people with good or bad credit within 24 hours, an approach that has contributed to its longevity as a Best payday loan company in Milwaukee WI.

In addition to credit checks, the loan company serves customers who have filed for bankruptcy, those who do not have a paycheck directly deposited into their account, and those who have been approved by SSI. Knowing that finances are a sensitive matter, the team respects the privacy of its clients at all levels. They also keep all personal information and transaction information confidential.

To apply for a payday loan from Capitol Drive Loans, a client needs a verifiable income and an open/active checking account. With this, they can start the application process over the phone, online, or at one of the company’s convenient locations. Once their request is received, they go through a quick approval stage before a customer can withdraw their money or check their bank account balance. During this process, the team offers advice on how to repay the loan and is available to answer any questions or concerns.

Capitol Drive Loans was founded over 20 years ago and has grown into a trusted loan provider with customer interests in mind. The managers and entire team of financial experts go above and beyond to make life easier for every client, regardless of their current situation, an approach that has earned them numerous 5-star reviews and positive testimonials.

To take advantage of these benefits, apply now for milwaukee payday loans on the company’s website. Capitol Drive Loans is located at 6512 W Capitol Dr, Milwaukee, WI, 53216, USA. For any additional inquiries, call 414-240-2543 to speak to an expert.

Media Contact

Company Name
Capitol Drive Loans
Name of the contact
John McGregor
Call
414-240-2543
Address
6512W Capitol Drive
City
Milwaukee
State
Wi
Postal code
53216
Country
United States
Website
https://capitolddriveloans.com/

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Credit Reports: Your Questions Answered https://blissfield.net/credit-reports-your-questions-answered/ Mon, 17 Jan 2022 11:55:20 +0000 https://blissfield.net/credit-reports-your-questions-answered/ Credit Reports: Your Questions Answered Authors): Central Bank of Barbados What is a credit report? Your credit report includes a history of your credit and repayment patterns. To prepare this report, a credit bureau collects this information from any financial institution from which you have taken out a loan, or from any entity that sells […]]]>

Credit Reports: Your Questions Answered

Authors):

Central Bank of Barbados


What is a credit report?

Your credit report includes a history of your credit and repayment patterns. To prepare this report, a credit bureau collects this information from any financial institution from which you have taken out a loan, or from any entity that sells items on credit or credit. Your credit score measures your ability to meet your financial obligations to an entity that has offered you items on credit and/or hire-purchase.

Why is the credit report introduced?

Credit reports have existed in Barbados for many years. What the new Fair Credit Reporting Act will do is regulate and expand this activity.

Who is my credit information collected from?

Your information will be collected from financial institutions that offer credit, such as commercial banks, finance and trust companies, credit unions, and insurance companies.

It can also be collected from utility companies, companies that offer hire-purchase and other entities such as the Student Revolving Loan Scheme.

A more detailed list can be found in the law.

What information will be collected about me?

  • A credit reporting agency may collect a wide range of information about you:

  • Personal information (eg name, date of birth, address)

  • The type and amount of any loan or similar type of credit, including hire purchase, that you have with a financial institution or other entity

  • All your outstanding loans as well as potential liabilities, e.g. ongoing lawsuits

  • The date you took out loans and the terms of those loans, such as principal, interest rates and repayment schedule

  • Information about assets you use as collateral for a loan or other type of credit

  • The current and maximum balance of your loan

  • The status of any outstanding loans you have, including the last time you made a payment on them

  • Any collateral you have agreed to provide (i.e. if you are acting as a guarantor for someone else’s loan)

Do I need to authorize the collection and sharing of my information?

In some cases, you may be asked to give your consent. However, in other cases, your consent is included in the terms of the credit agreement you enter into with the credit information provider (e.g. financial institution, utility company, business) .

The Company may also notify you that your information will be shared by posting a physical notice on its premises or by posting a notice on its website. In such cases, doing business with the entity in question after notification constitutes consent.

Do I need to authorize a company to access my credit information?

Yes. However, a company or other entity may determine that your consent to access your information is a condition of offering you credit.

With whom will my information be shared?

Anyone using the services of the credit bureau may receive your credit report, credit score, or other credit information about you.

This includes banks, credit unions, and other financial institutions, as well as companies that offer hire-purchase, potential landlords, and potential employers, if the position involves significant financial responsibilities.

Will I be notified when someone accesses my credit information?

No, you will not be notified when someone accesses your information. Remember, however, that entities cannot access your information without your consent.

What happens if I do not consent to my information being collected or shared?

If you do not consent to your credit information being collected or shared with an entity, that entity has the right not to enter into an agreement with you.

Can I access my credit report?

Yes. Each year, you are entitled to a free copy of your credit file upon request.

What if something on my credit report is inaccurate?

If the credit bureau information about you is incorrect, you can send a letter requesting that the error be corrected. The credit bureau must, within seven days of receiving your letter:

  • Investigate your complaint and make the necessary corrections

  • Inform you that you can report the dispute to the Central Bank of Barbados

How can I be sure that the information collected about me will be secure and not misused?

The credit bureau and all credit information providers must have appropriate systems, policies, and procedures in place to protect your information from accidental loss, destruction, or damage. Any malicious violation of your data privacy is subject to a BDS$50,000 fine.

How will a bad report hurt my credit outlook?

A company might refuse to give you a loan if they consider you to be at risk of bad credit.

Will having a good credit rating increase my chances of getting a loan or other type of credit?

Companies and other entities can determine who they do business with or not, but it is natural to prefer doing business with customers who have a good track record of meeting their obligations, as these customers are considered low risk.

How can I get a good credit score?

The best way to boost your credit score is to seek to meet your credit obligations as agreed and speak to your credit provider promptly if you are having difficulty.

What counts as bad credit? If my bills are due in the middle of the month, but I pay at the end of the same month after payday, does this affect my credit score?

The Fair Credit Reporting Act does not identify specific factors that contribute to your credit score. So different credit bureaus will determine what activities they take into account when determining what is considered bad credit and how much they weight them.

Will different issues be weighted differently? Will paying an invoice late count as not paying an invoice?

Different credit bureaus will use different metrics and apply different weightings to assess your creditworthiness.

How would something like moratoriums during COVID count in terms of my perceived creditworthiness?

Since the moratoriums during the COVID-19 pandemic have been offered by financial institutions, it is unlikely that someone who agreed to the moratoria will see the related non-payments reflected in their credit rating.

How long will it take for bad credit to clear my report?

According to the Fair Credit Reporting Act, credit bureaus can keep information about your credit activity for seven years after you pay off the loan or other debt.

How often will my credit file be updated?

The credit report is an ongoing activity, so each time you enter into a new credit agreement or pay off an existing loan, it will be reflected in your credit report.

Is everyone starting from zero when the law comes into effect?

Although the Fair Credit Reporting Act was only recently passed, credit bureaus have been operating in Barbados for several years. It is therefore likely that these bureaus and others will use the credit information currently available about you and rely on it in the future.

Can I be denied a loan, hire purchase, or access to a utility if my credit is bad?

Yes. Companies and other entities can determine who they want to do business with and can choose not to do so with someone they consider a credit risk.

Can a business change the terms and conditions of an existing loan or agreement based on a credit report?

This is unlikely as the terms and conditions of existing agreements would already be defined. Your credit report may, however, affect any future agreements you may enter into with the same or another company.

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Mum who couldn’t afford to feed herself pays off £9,000 debt and forgave home loan https://blissfield.net/mum-who-couldnt-afford-to-feed-herself-pays-off-9000-debt-and-forgave-home-loan/ Sun, 16 Jan 2022 07:00:00 +0000 https://blissfield.net/mum-who-couldnt-afford-to-feed-herself-pays-off-9000-debt-and-forgave-home-loan/ Exclusive: Tracy Prees, 47, was £10,000 in debt at her worst two years ago after taking out overdrafts, credit cards and loans – but she has since turned her life around Tracy Prees shared her debt journey ( Image: Tracy Prees) A single mum who couldn’t afford to feed herself has told how she wiped […]]]>

Exclusive:

Tracy Prees, 47, was £10,000 in debt at her worst two years ago after taking out overdrafts, credit cards and loans – but she has since turned her life around

Tracy Prees shared her debt journey

A single mum who couldn’t afford to feed herself has told how she wiped out £9,000 of debt in two years by transforming her finances.

Tracy Prees, 47, who works as a driving instructor in Birmingham, says cutting her bills and complaining to payday loan companies has helped her financial transformation.

She also took advice from MoneySavingExpert founder Martin Lewis and says getting the right insurance has helped her in an emergency.

The mother-of-one, who has a 12-year-old daughter, says her debt troubles began when she applied for her first credit card when she was just 18.

At its lowest point two years ago, it had racked up £10,000 in debt through overdrafts, credit cards, loans and missed payments.







Tracy is now almost completely out of debt
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Picture:

Tracy Prees)

She was also paying Brighthouse £55 a week for her TV and was unable to buy food.

Speaking to The Mirror, she said: “I’ve always worked but always struggled to pay my bills. Every month I owed more than I earned.

“It got to the point where I had to have a part-time job, alongside a full-time job.

“You end up with bad credit – even now my credit report still isn’t great – but it gets you in trouble because you always pay more when you borrow.

“You feel penalized because you can’t get the cheapest borrowing rates and you can’t have an overdraft or a normal loan.”

Tracy says taking a close look at her finances – so she can clearly see how much money she’s getting each month – has been a major factor in overcoming her debts.

Have you been able to clear a £1000 debt and want to share your journey? Let us know: mirror.money.saving@mirror.co.uk

She started transferring money from one bank account to another specifically for her bills so she knew exactly how much money she needed to spend each month.

Tracy would also make sure her bills went out the same day so she wouldn’t miss any payments.

Cutting her bills with Martin Lewis’s advice—including cutting her car insurance, gas and electric, and broadband—also gave Tracy more money to spend on her debts.

“I made sure to swap my car insurance and because of Martin Lewis it went from £50 to £100,” she explained.

“I’m a bit of an insurance queen, so I always like to cover myself. For example, I have insurance that covers me for my tires and my batteries.

“Just before Christmas, I ended up with a flat tire and it didn’t cost me anything. When you have no money, you have to think of other ways to deal with an emergency.

“I’ve saved money on gas and electric by comparing prices, although there’s not much you can do to save money on that right now.

“I also saved by cutting off my broadband and used cashback sites for additional savings.”

Tracy was also able to reduce her debts by complaining to loan companies, including Provident and Amigo Loans.

She had complained to Provident about the amount she was repaying and had received an email from them just before Christmas telling her they were closing her account.

“I owed around £1,000 but it was interest – I had paid back what I had borrowed,” Tracy said.

“I had an Amigo loan with my ex-partner and I also complained to them and they changed what I owe from £1000 to £200.”

To help her out of a difficult situation when her washing machine broke down, Tracy sought cheaper loans and ended up borrowing from the charity-owned ethical lender Fair for You.

Fair For You helps people who don’t have access to regular credit to buy household essentials only with 3.5% interest per month.

Of course, you should really only borrow if you absolutely need to – but if you’re having trouble and there’s an emergency, always try to look for the cheapest options.

Some charities such as Turn2Us will help connect you with grants that can help pay for appliances and other furniture for free.

“My washing machine exploded and I was having a hard time at the time,” Tracy said.

“I paid Fair For You now. It was half the price compared to if I had stayed somewhere else like Brighthouse.”

Tracey says she has around £1,000 to pay off before she is fully debt free – but says she is relieved to finally see the light at the end of the tunnel.

She says her advice to anyone in debt is to not put your head in the sand and tackle your problems head on.

“If you have to, call the company you owe money to and explain your situation,” she said.

“Most companies will be able to offer you a refund plan and that will keep them away from you. This means that you also pay them something.

“You have to be realistic and budget properly – calculate how much you have and how much you can afford.

“I work overtime at my job, so I can pay off the rest of my debt quickly.”

How to Get Free Debt Help

Don’t suffer in silence if you’re in debt and really don’t know where to turn – seek free, professional advice.

Always be wary of companies that try to charge you for debt help, as you can get advice without paying a dime.

Contact one of the following organizations:

Read more

Read more

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Oportun 2022 personal loan review – Forbes Advisor https://blissfield.net/oportun-2022-personal-loan-review-forbes-advisor/ Mon, 10 Jan 2022 23:20:37 +0000 https://blissfield.net/oportun-2022-personal-loan-review-forbes-advisor/ Personal loan applications are approved or denied based on a number of factors. All lenders have their own underwriting requirements, but these usually include information from the applicant’s credit profile and other factors demonstrating the ability to repay the loan, such as income. Meeting the requirements below does not guarantee approval, but they can help […]]]>

Personal loan applications are approved or denied based on a number of factors. All lenders have their own underwriting requirements, but these usually include information from the applicant’s credit profile and other factors demonstrating the ability to repay the loan, such as income. Meeting the requirements below does not guarantee approval, but they can help you decide if a personal loan is right for you.

Credit score requirements

Timely does not disclose the minimum credit score you need to be approved for a loan. However, it is aimed at people with bad credit. Depending on the company, you may be able to get a loan even if you have already filed for bankruptcy.

Income requirements

When you apply for a loan, Oportun will verify your income by checking past bank statements or current pay stubs. You will need to earn at least $ 500 per month to be eligible for an Opportunity Loan.

Co-signatories and co-borrowers

If you are having difficulty getting approved for a loan based on your credit, one option is to pledge your car as collateral for the loan (i.e. get a secured loan). But if that’s not an option for you, you might be able to use a co-signer instead. Keep in mind that your co-signer will be required to repay the loan if you don’t.

Oportun does not allow co-borrowers.

Related: Co-borrower vs. Co-signer

Secured loan requirements

If you want to get a secured loan and increase your loan amount, Oportun allows you to pledge your car as collateral, which it can take back if you don’t pay off your debt. Your car will need to meet its own set of criteria.

You will need to be the sole owner of the vehicle (with no one else, such as a spouse), and it will need to be repaid in full without any other loans or liens. Your car will also need to be 25 years or older. Types of cars not eligible include:

  • Utility vans
  • Rented cars
  • Electric car
  • Cars registered in a different state from where you live
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Startup aims to solve the problem of high cost loans https://blissfield.net/startup-aims-to-solve-the-problem-of-high-cost-loans/ Tue, 21 Dec 2021 16:18:14 +0000 https://blissfield.net/startup-aims-to-solve-the-problem-of-high-cost-loans/ A London-based startup is on a mission to help the UK become dependent on high-cost loans. There are a number of loan options available for people who need a quick injection of funds, including logbook, payday, and guarantor products that can generate interest rates ranging from $ 50 % to 1000% APR. Fund Ourselves, was […]]]>

A London-based startup is on a mission to help the UK become dependent on high-cost loans. There are a number of loan options available for people who need a quick injection of funds, including logbook, payday, and guarantor products that can generate interest rates ranging from $ 50 % to 1000% APR.

Fund Ourselves, was started to help the 3 million Britons who depend on these high cost loans and can often find themselves in a worse financial situation than when they started.

The company was founded by Nadeem Siam, a former NASA engineer who wanted to better understand the problems consumers face with expensive loan products, what he calls “the lost wonga generation.”

Here he is referring to Wonga.com, the once very dominant short-term lender that was on the verge of floating for £ 1billion, before suffering the impact of regulation and a compensation bill. ‘worth over £ 4 billion, which has led the company to go into liquidation.

“With Fund Ourselves,” says Siam, “we offer short-term loans ranging from £ 100 to £ 1,500 for 4 to 6 months, but without a penalizing structure. Of course, we need to do credit and affordability checks with each client to make sure they can repay their loan, but if they are having trouble repaying, we will give them up to 12 months to clear their account. , at no additional cost or impact. to their credit rating.

“The problem (with high cost loans) is that if you are having trouble paying back the fees are very high and you can find yourself stuck in a cycle of debt that is very difficult to break out of.”

“With our product, you have the ability to repay over time in monthly installments, which makes it more affordable to start with – and without penalizing, we provide an efficient way to pay off your debt and maintain a healthy financial position. Our goal is for clients to leave Fund Ourselves in a better position, not the other way around. “

Fund Ourselves is based in London Bridge, with a customer service team based in Woking, Surrey. The company officially operates as a peer to peer lender, which matches an individual investor with a pool of their borrowers, to earn an interest rate of 5% to 15% per annum.

Investors can deposit as little as £ 100 and this is diverse among a number of borrowers looking for short term loans. The amount you can receive in interest will vary depending on good credit customers (around 5%) or bad credit customers (up to 15%). FCSC does not cover your investment for losses, but Fund Ourselves includes its own reserve fund that sets aside capital for defaults and the customer service team works hard to recover losses.

Fund Ourselves is another very promising startup looking to provide alternatives to expensive products. Another growing area is salary funding, which provides on-demand salaries to employees, directly from their employees as a free in-kind benefit. It is currently popular with hospitality, food and healthcare workers, but could offer a very inexpensive and effective way to help people get their money back before payday and avoid paying ‘get caught up in high cost loans.

This is a sponsored feature

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How to avoid renewing or postponing your cash advance https://blissfield.net/how-to-avoid-renewing-or-postponing-your-cash-advance/ Mon, 20 Dec 2021 09:12:27 +0000 https://blissfield.net/how-to-avoid-renewing-or-postponing-your-cash-advance/ Payday loans with cash advance are expensive, so it’s a good idea to make sure you can pay them off before signing along the dotted line. If you cannot meet this agreed upon due date, you have the option of renewing your loan. It can seem like a great backup when the going is tough. […]]]>


Payday loans with cash advance are expensive, so it’s a good idea to make sure you can pay them off before signing along the dotted line.

If you cannot meet this agreed upon due date, you have the option of renewing your loan. It can seem like a great backup when the going is tough. But not only do you have to pay a fee for the lien, but you will also earn additional interest during the extension.

Cash.jpeg

Since your cash advance already comes with high fees as a bad credit loan, you’ll want to avoid this at all costs. Here’s how:

Know your budget before looking for loans

Before taking out a loan online, you need to know how much money you can afford to borrow.

Sit down with your budget to get a feel for your cash flow. The money you have left over after you’ve paid off the essentials is what you need to spend on your loan repayments, which is the upper limit of what you can afford when you take out cash advances.

Finding Alternatives to Payday Loans With Cash Advance

Many people take out a payday loan because they think it is the only option available if they have bad credit.

It is true that bad credit will limit the number of borrowing options you have. But you have more options than payday advance loans. Some online direct lenders offer installment loans for bad credit, too.

Bad credit installment loans can have similar fees to payday loans, and you might find it just as easy to qualify. The main difference is the time you have to pay off what you owe.

Bad credit installment loans spread out your payments, so you don’t have to pay it off all at once. You may have several months to pay off your loan, which can give your budget a bit more leeway.

Reduce unnecessary expenses

Normally, your spending plan should be budgeted for fun. You have to splurge on things that you love that make life worth living. But you should put this “rule” on hold every time you take out a cash advance.

By reducing the weight of your budget over the life of your advance, it may be easier to reach your next due date and avoid the delay.

You would be surprised at how much money you can free up by making smart changes in your spending habits.

Tips for reducing unnecessary expenses

  • Cancel subscription and streaming services until you pay off what you owe
  • Switch to an online banking to avoid paying bank charges
  • Stop taking take out by following a meal plan
  • Ban alcohol for the duration of your tenure to save money
  • Make coffee at home if you splurge on Americanos and lattes

Tips for limiting essential expenses

  • To kiss a vegetable diet rich in legumes to save rising meat and dairy prices
  • Switch to a cheaper insurance company if possible
  • Reduce your energy consumption to reduce your electricity bills
  • Adjust your cell phone plan – switching to pay-as-you-go could save hundreds
  • Carpool with co-workers or on foot, if you live close enough to work

Takeaway meals

A rollover makes you pay more money on an already expensive borrowing option. To save your money, research your alternatives and use your budget strategically. These tips will help you avoid a rollover.

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