April, 2015

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Bad Credit Loans and Secured Loans

bad-credit-loans

If at some point on the past you have missed payments or defaulted on a loan, credit card or store card, this will have impacted negatively on your credit rating, and it is likely to affect your ability to get approved for a secured loan.

Your credit rating is one of the main criteria used by banks and other lenders when ascertaining whether you are a good prospect for credit. If you have missed payments in the past, have been issues with a CCJ or have been declared bankrupt, these events will be highlighted on your credit file.

Getting a Loan with Credit Issues

When you make an application for a new loan, most lenders will conduct a thorough search of your credit file. It is highly likely that you will have to pay a higher rate of interest on your loan than someone who has a decent credit history.

If you do have a bad credit rating, then you may find that you have to shop around for a lender that is prepared to lend the amount of money you require. This is because you will be regarded as ‘high risk’, and lenders may be concerned that you will default on the loan. Some more specialist lenders may be willing to lend to you, but at a less competitive rate of interest. Finding the right loan provider is vital to having an affordable loan with reasonable terms and conditions. Click Finance offers loans for bad credit.

If your credit history is poor, then one way to proceed will be to secure the loan against your home. This will provide the lender with the extra security that they require in order to feel confident in lending to you. By opting for a secured product, you should receive a decent rate of interest, meaning that you will pay back less over the course of the loan. However, it is crucial that you bear in mind that if you go on to default your home will be at risk of repossession. The loan provider will have the right to repossess your property if you fail to pay back what you owe – both the loan itself and the interest on it.

If you are struggling with a number of debts and are finding it tricky to meet all the repayments, then you may find it helpful to look at bad credit loans or debt consolidation loans. These types of loan are designed to make your total debt easier to manage. It may also help to save you money if you can secure a better rate of interest to that that which you are currently paying. The new consolidation amalgamates all your current debt into one easier-to-manage loan and can be paid off over a longer period of time, thus relieving any immediate financial pressure.

Taking out a secured loan of this type and repaying it responsibly can help to rebuild your damaged credit score. By demonstrating that you are committed to repaying the loan in full and on time, you will show that that you can be trusted with credit, and you are more likely to be offered a better rate of interest on any future loans you apply for.

Low credit score got you down? Click here for tips for raising your credit score.

Finding the Right Title Loan Company in Los Angeles

Los-Angeles-CA

There are many Los Angeles auto title loan companies. Some companies even offer a wide variety of financial services, not just vehicle title loans. When you need cash fast, you may not have the time to extensively research title loan companies. This can be extremely frustrating because when you find yourself in a financial jam you are not only pressed for time, but if you live in a large city, there are many options available for financial assistance. At The Cali Loan Company in Los Angeles, we are dedicated to always providing our current, former, and prospective customers with honest and straightforward information about the title loan industry.

This article will give you a simple guide to deciding which title loan company you should choose to deal with, as well as outline some red flags to take note of that should steer you away from any dishonest lenders.

Here are some quality traits of auto title loan companies: if a lender demonstrates these qualities you should consider dealing with them.

  1. Clear explanation of loan terms:

Vehicle Title Loans aren’t confusing! If you find yourself struggling to understand the terms of your loan, and no one is available to explain it to you, the lender may be trying to deceive you and get you to agree to higher interest rates than you want.

  1. Availability of professional customer service representatives:

If you have a hard time getting a hold of a customer service rep, there is no phone number or contact e-mail listed on the website, or the people you do talk to do not seem knowledgeable, this is a sign you may want to shy away from these lenders.

The Cali Loan Company we are committed to not only providing you with quick cash, but doing so in a professional and friendly matter. Our experienced staff members have been in the Los Angeles auto title loans business for years and are prepared to answer any questions you may have. If you are considering dealing with a lender that does not offer this level of customer service, consider going elsewhere to apply for a loan.

  1. Professional Website:

In our digital age, most businesses have a website. Most quality businesses have a professional website. If the Los Angeles auto title loan lender you are considering taking a vehicle loan from has no website, or an unprofessional one, they may not be the best company to deal with.

The Cali Loan Company stands by our reputation of quality service and fast loan approval, and we believe our website reflects our standards of professionalism.

  1. Educational Resources:

It’s no secret that the auto title loan industry often gets a bad rap due to unscrupulous lenders and predatory lending practices. Honest lenders will demonstrate a commitment to educating you on the details of your loan, and title loans in general. If you are considering dealing with a lender and find that they provide multiple resources that provide you with the answers you need to make your decision about loan specifics, they are more than likely a good bet.

Dishonest lenders won’t make the effort to keep your best interests in mind, they won’t provide you with the information you need to make the financial decision that is right for you.

Summary:

We realize that when finances are tight and you need money quickly, you’re not always going to have the time to fully research loan companies. We hope that these four basic criteria will guide you in choosing a reputable lender like The Cali Loan Company.

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