College Loans – Bad Credit

Never let financial restraints keep you from getting a quality education. Even if your credit is bad you still can afford going to college. Consider getting a co-signer. A family member with good credit can help you get loans with favorable rates and terms, despite your bad credit. I’ve also found some loan options that have nothing to do with your existing credit.

The federal Stafford Loan comes in two types – subsidized and unsubsidized. Credit doesn’t matter with the Stafford loan. The subsidized Stafford Loan is awarded to financially needy students. If you qualify, the federal government pays the loan interest due every month while you’re in school and for the six-month grace period between graduation and repayment. The unsubsidized Stafford Loan is available to every student, regardless of need. Another advantage to the Stafford Loan you can reapply every school year!

Perkins Loans
The federal Perkins Loan is another solution for poor credit borrowers. This is another government subsidized student loan that requires no credit check. Perkins loans are available for both undergraduate and graduate students. Typical loan awards are between $1,000 and $4,000 for each school year, not to exceed $20,000 total.

Maybe you are pursuing a degree in one of the health science fields, such as medicine or nursing. There are student loans specifically designed for health science students that are completely credit-free!

The Department of Health and Human Services sponsors the Loans for Disadvantaged Students program, a low-interest, and non-credit based loan, available to socially and/or financially disadvantaged students seeking degrees in approved areas of the health sciences profession. You are required to apply for the Loans for Disadvantaged Students program through the financial aid office of the participating school.

The Nursing Student Loan program provides up to $4,000 per school year to qualifying nursing school students. Loans are low-interest and come with a grace period of 9 months. Recipients must be enrolled at least half-time in an approved nursing program and prove adequate financial need.

The Primary Care Loan program is designed to provide auxiliary, non-credit based student loans to those pursuing medical degrees with a focus on primary care. Loans feature a grace period of 12 months. One of the requirements is that the recipient must remain practicing primary care for the duration of loan repayment.

Now my favorite one the federal Pell Grant. The great thing of a Pell Grant is that disbursed funds do not require repayment, they are a gift. Also nearly every state government offers scholarship and grant money.

Idaho Home Equity Loans – Bad Credit Home Equity Loans

Idaho home values have risen steadily over the last few years. Some of the most profitable cities in the state include Boise, Lewiston, Idaho Falls, Twin Falls, Middleton, and Coeur d’Alene. Many homeowners in Idaho have used these soaring values to their advantage and borrowed from the equity in their home to get cash for home improvements, debt consolidation, college tuition costs, and other similar needs.

Bad Credit Home Equity Loans are Available

If you have thought about borrowing from your equity, but worry that your credit problems will stop you from getting approved, you’re not alone. Many other people have had the same worries. Fortunately, bad credit home equity loans are available. In fact, there are many programs that have been specifically designed for people who have less than perfect credit.

Getting Approved

Getting approved for a bad credit home equity loan is easier than most people think. Because you already own the home, and the equity that has built up, you are essentially borrowing from yourself. As long as you can show that you can afford the extra loan payments, you should have no problem getting approved for this type of financing.

Finding a Bad Credit Home Equity Loan Lender

Finding a lender who is willing to give you a bad credit Idaho home equity loan will also be a relatively simple and painless process. There are many lenders out there, especially online, who are willing to work with borrowers who have bad credit. The key will be finding a lender who deals in the subprime market. These lenders are used to working with borrowers who have bad credit and will have programs specifically tailored to your needs and special circumstances.

Commercial Loans – Bad Credit

Commercial loans for borrowers with bad credit are limited to a few options. Often borrowers find themselves in very difficult positions as many traditional and nontraditional banks will not even look at their loan request if their score is below a 650. Too often the borrower’s credit score is unfairly reported as many commercial borrowers have great credit history, but because they have multiple mortgages, multiple lines, etc. their score is erroneously brought down even though they have never been late on a single payment. We see it all the time.

Options for borrower with bad credit are, in general limited to 3 options – SBA commercial loans, commercial hard money and “story” lenders.

SBA commercial loans carry a lot of misperception by borrowers. The biggest and most important for you to know is that NOT all SBA lenders are the same. And more to the point, the SBA never actually loans any of its own money. They only guarantee banks that they will be paid back if the borrower defaults. So the point is that the banks make up most of the underwriting criteria. There is NO minimum credit score that the SBA mandates. For example we work with a bank out of New Jersey that will often fund SBA commercial loans with borrowers credit score in the low 500′s.

Commercial hard money is probable the first thought for many when considering a commercial loan with a borrower that has bad credit. Most hard money commercial lenders are interested in the properties equity and or its cash flow and the borrower’s credit score is often just an afterthought.

Commercial Hard money lenders want to see at least 40% equity in the property or a 60% loan to value in order for them to seriously consider funding the deal. Speed and flexibility with underwriting are the highlights of commercial hard money. The expense is the downside. Borrowers should expect to pay 3-6% points and have a rate around 13-16%.

“Story lenders” are banks that are willing to listen to the borrower’s story about their difficult situation.

They are often willing to overlook many difficult situations such as bad credit, weak business cash flow, high loan to values, etc. Although there are few banks that would describe themselves as a story lender the borrower should look locally or work with professionals in the business that may know of a few banks that can get over their difficulties.

For example, we recently closed a loan that was in foreclosure by refinancing it with another bank that was more willing to listen to the borrower than their existing bank. Their situation was that their loan had ballooned and despite their best efforts they could not get their existing bank to refinance the loan or find another bank that would either. After a year of searching they couldn’t get it done and their existing bank put more pressure on them by calling the “note” (forced foreclosure). We knew of a bank out of California that would be interested, provided the borrower refinance some of their unsecured business loans into the proposed loan to improve the borrowers over all cash flow.

So, borrowers with bad credit seeking commercial loans should be prepared for some “brain damage” as they will have to find a viable source after hearing many “no’s”.

The Best Car Insurance Rates

If your car insurance is due for renewal and you are considering buying another policy then this article will provide you with important facts that you should know about. Car insurance policies are getting increasingly expensive and you should do all that you can to reduce your costs. How much you have to pay for your car insurance is dictated by a variety of factors as they apply to you and your vehicle.

In this article we will examine coverage limits, your age, gender and marital status, your location and insuring other household members. All of these factors will have a great influence on how much you will have to pay for your policy.

Coverage limits are generally dictated by the price that you are willing to pay for your insurance. A higher level of coverage will generally result in higher premiums. The best way to find a good value policy is to comparison shop. Nowadays it is generally accepted that the best way to do this is by using a car insurance comparison website.

Your age, gender and marital status will have a great effect on the auto insurance rates that you are offered. Insurers rate drivers using a variety of criteria, if you are a young single male driver you will usually have to pay higher rates. If you are a middle-aged female married driver then your rates will be lower. Insurers calculate the best car insurance rates for you by comparing levels of risk. Those groups which are statistically more likely to be involved in an accident have to pay correspondingly higher rates.

Location plays an important part in deciding how much your premiums will cost. Drivers who live in an urban environment will usually pay more than those from a rural area. This is because drivers who live in cities and heavily populated areas are more likely to be involved in an accident, or to have their car stolen or vandalized. Insurers generally offer better rates if you’re able to demonstrate that you keep your vehicle in a garage at night. You may also be able to improve the security arrangements of your automobile by fitting an alarm, immobilizer and steering wheel lock.

Insuring other household members will have an influence on the cost of your policy and the best car insurance rates that you offered. If you have teenage family members living with you and they are added to your policy, then your costs will increase. This may still work out cheaper than if your teenage driver were to have a separate policy in their own name.

In conclusion, there are a variety of different factors which can affect your ability to be offered the best insurance rates. Some of these are coverage limits, how old you are, whether you are male or female and whether you are married or single. Your rates will also be affected by the area where you live and whether other household members are included in your policy.