When you have a bad credit, you should realize that getting loans would be a difficult task. This is because, for a lender, a poor credit score means you are a high-risk customer for the lenders. Lenders who lend money to customers with poor credit scores tend to have very strict loan terms and standards. Visiting a Credit Union: A credit Union affiliated with your company or your community is one of the best options for people with bad credits. They tend to look beyond the credit score and look at your character and the ability to pay. Smaller credit unions have merged with larger ones who are actively looking for borrowers. Borrow from Friends and Family: It is better to borrow from a friend or family on short-term loans. However, non-payment of loans can poison the relationship. Even if it is a family, it is best to formalize the loan with fixed interest rates with proper documentation to avoid problems in the future. Getting a Co-Signer: Even if you are unable to get a loan from friends and family, then you can use them as a co-signer for your loans. This will work if they have a good credit score.

A credit score rates a person’s ability to pay back his debts. The scores range from 350-800. Higher the score, lower are his credit risk. A credit score and report is based on a scoring system with 35% weight to your payment history, 30% debt burden, 15% on the length of credit history,10% on types of credit cards used and remaining 10% on the inquiries and applications filled for other credits. With the introduction of the FACT Act, every resident is entitled to a free credit report from the reporting agency once a year. The need for credit bureaus rose from the era when people started extending credits to businesses. They had their own vetting process and as the cities and trade grew it became difficult to assess the creditworthiness. Vetting people became a huge challenge leading to people stepping up to solve the problem. You can get free Credit Score is by visiting www.annualcreditreport.com , once every year. Today, three major companies dominate major market share in this industry; Equifax, Experian, and TransUnion. The above link will give you all 3 free credit reports once a year. You can buy credit score and reports from Experian or Equifax at any point of the year.

Unforeseen vehicle repairs or medical expenses are bound to happen just when your savings have hit rock bottom and when there are no more sources of loans available. Or so you thought. Short term loans with no credit checks provide instant cash. If you have a low credit score, when getting loans from most lenders is next to impossible, a loan with no credit check is a boon. Before lenders provide money to borrowers, they perform credit checks, which in fact further lowers the credit ratings of the borrower. But lenders who provide short-term loans with no credit check only perform a soft credit check, and this has no impact on the borrower’s credit score. But when only the ability to repay the loan in full, within the agreed period, is the criteria for a short-term loan with no credit checks, then it becomes the only solution for someone in urgent need of money. Safe, secure and most convenient, short-term loans with no credit checks come with quick approvals where the borrower is asked to submit a simple application online. Upon checking eligibility, lenders discuss the loan terms and after approval, the loan money is transferred directly to the borrower’s bank account.

Before heading towards the facts about consumer credit counseling , we must first know what consumer credit is? We always come across this work and probably some of us get confused by certain other terms. After fully knowing what consumer credit is, what ill effects it has on us, it will give us an extremely broader view of consumer credit counseling. What Are Consumer Credits? Consumer credit is said to be the amount of financial assistance given to a consumer to buy a certain commodity. But the definition varies at every different level. But if spoken in a broader concept then it consumer credit can be defined as any type of assistance given to a person to buy a product, and the expected return of the equal amount is said to be consumer credit. Consumer credit is not done out of sympathy or concern. It is given by one business entity to another entity or individual. The borrower has to return the credit given to him either in the same form or by other means. What Is Consumer Credit Counselling? Consumer credit counseling has been started by watching the scenario where people are struggling hard to get their debts managed.