Adverse Credit Loans - Do Not Let Your Credit History Run You Down
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James Copper
Apr 26, 2013, 4:30:03 PM4/26/13
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Please consider this free-reprint article written by:
James Copper
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Article Title: Adverse Credit Loans - Do Not Let Your Credit History Run You Down
Author: James Copper
Word Count: 564
Article URL: http://www.isnare.com/?aid=146301&ca=Finances
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=146301
Easy Publish Tool: http://www.isnare.com/html.php?aid=146301
*********************** ARTICLE START ***********************
For a variety of reasons, whether it is youthful foolishness, unexpected job loss, loss of employed spouse in a one-income house or severe medical problems, people get into debt and ruin their credit history.
They then find themselves in trouble with the bills they have already accrued and things just get financially worse. For those who want to get out of debt and repair their credit there is help in the form of adverse credit loans.
These loans usually cost more than those given out to borrowers with good credit. The interest rates are higher because the lender assumes more risk. With some help or a little careful searching you can find adverse credit loans whose rates are not adverse as well.
It is easier, for example, to get a better rate on an adverse credit loan, if you have paid back or settled the bills that gave you the poor credit history in the first place.
The trick that makes the financially positive difference for the borrower is that she or he take on these adverse credit loans and then pay them back on time. In other words, the consumer must not miss or be late with even one payment.
Adverse credit loans have far stricter repayment expectations than standard loans to those with good credit scores. Miss one payment on an adverse credit loan and your rate will go up, and you may even be facing a foreclosure.
No matter how low or high that interest rate on the adverse credit loans you are considering there are a few things you should be cautious of. If you can, avoid adverse credit loans that include late payment increases.
Lenders have discovered recently that they may in fact make more money just raising adverse loan rates for late or missed payments rather than hurrying to foreclose. While the ideal is to never miss a payment, you would be wise as a consumer to avoid adverse credit loans that have this stipulation.
Avoid if you possibly can adverse credit loans - or any type of mortgage or other loan, for that matter - that has a clause allowing for a prepayment penalty. If you are trying to get yourself out of debt it makes no sense to sign on the dotted line of a plan that says if you can pay your bill early it will cost you more. That is essentially what a prepayment penalty is.
This penalty means that is you pay more than you are required to do so each month or even one time only so that your balance is paid prior to the predetermined end of the loan you will incur additional fees and charges. Besides, who wants to do business with a lender who wants to get rich off of your misfortune?
Adverse credit loans can have balloon payments built in. What this means is that you make an attractively low payment for a considerable period of the loan but then you are required to make a huge payment of the balance at the end of the loan period.
This makes no sense. If you were able to make a huge payment you would not have needed to look into adverse credit loans in the first place.
About The Author: James Copper is a well established mortgage broker. He works for http://www.any-loans.co.uk/adverse-credit-loans.shtml as an adverse credit loan advisor.
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=146301
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
- For more free-reprint articles go to http://www.isnare.com
Message delivered directly to members of the group:
publish-the...@googlegroups.com
*****************************************************************
Please consider this free-reprint article written by:
James Copper
*****************************
IMPORTANT - Publication/Reprint Terms
- You have permission to publish this article electronically in free-only publications such as a website or an ezine as long as the bylines are included.
- You are not allowed to use this article for commercial purposes. The article should only be reprinted in a publicly accessible website and not in a members-only commercial site.
- You are not allowed to post/reprint this article in any sites/publications that contains or supports hate, violence, porn and warez or any indecent and illegal sites/publications.
- You are not allowed to use this article in UCE (Unsolicited Commercial Email) or SPAM. This article MUST be distributed in an opt-in email list only.
- If you distribute this article in an ezine or newsletter, we ask that you send a copy of the newsletter or ezine that contains the article to http://www.isnare.com/eta.php?aid=146301
- If you post this article in a website/forum/blog, ALL links MUST be set to hyperlinks and we ask that you send a copy of the URL where the article is posted to http://www.isnare.com/eta.php?aid=146301
- We request that you ask permission from the author if you want to publish this article in print.
The role of iSnare.com is only to distribute this article as part of its Article Distribution feature ( http://www.isnare.com/distribution.php ). iSnare.com does NOT own this article, please respect the author's copyright and this publication/reprint terms. If you do not agree to any of these terms, please do not reprint or publish this article.
*****************************
Article Title: Adverse Credit Loans - Do Not Let Your Credit History Run You Down
Author: James Copper
Word Count: 564
Article URL: http://www.isnare.com/?aid=146301&ca=Finances
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=146301
Easy Publish Tool: http://www.isnare.com/html.php?aid=146301
*********************** ARTICLE START ***********************
For a variety of reasons, whether it is youthful foolishness, unexpected job loss, loss of employed spouse in a one-income house or severe medical problems, people get into debt and ruin their credit history.
They then find themselves in trouble with the bills they have already accrued and things just get financially worse. For those who want to get out of debt and repair their credit there is help in the form of adverse credit loans.
These loans usually cost more than those given out to borrowers with good credit. The interest rates are higher because the lender assumes more risk. With some help or a little careful searching you can find adverse credit loans whose rates are not adverse as well.
It is easier, for example, to get a better rate on an adverse credit loan, if you have paid back or settled the bills that gave you the poor credit history in the first place.
The trick that makes the financially positive difference for the borrower is that she or he take on these adverse credit loans and then pay them back on time. In other words, the consumer must not miss or be late with even one payment.
Adverse credit loans have far stricter repayment expectations than standard loans to those with good credit scores. Miss one payment on an adverse credit loan and your rate will go up, and you may even be facing a foreclosure.
No matter how low or high that interest rate on the adverse credit loans you are considering there are a few things you should be cautious of. If you can, avoid adverse credit loans that include late payment increases.
Lenders have discovered recently that they may in fact make more money just raising adverse loan rates for late or missed payments rather than hurrying to foreclose. While the ideal is to never miss a payment, you would be wise as a consumer to avoid adverse credit loans that have this stipulation.
Avoid if you possibly can adverse credit loans - or any type of mortgage or other loan, for that matter - that has a clause allowing for a prepayment penalty. If you are trying to get yourself out of debt it makes no sense to sign on the dotted line of a plan that says if you can pay your bill early it will cost you more. That is essentially what a prepayment penalty is.
This penalty means that is you pay more than you are required to do so each month or even one time only so that your balance is paid prior to the predetermined end of the loan you will incur additional fees and charges. Besides, who wants to do business with a lender who wants to get rich off of your misfortune?
Adverse credit loans can have balloon payments built in. What this means is that you make an attractively low payment for a considerable period of the loan but then you are required to make a huge payment of the balance at the end of the loan period.
This makes no sense. If you were able to make a huge payment you would not have needed to look into adverse credit loans in the first place.
About The Author: James Copper is a well established mortgage broker. He works for http://www.any-loans.co.uk/adverse-credit-loans.shtml as an adverse credit loan advisor.
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=146301
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
- For more free-reprint articles go to http://www.isnare.com
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