Bad Credit Loans from Credit Unions

Bad credit loans provided by credit unions help people who want to fix the poor credit score reflected on their credit report. This is because a good credit report makes everybody’s life easier and more convenient. As such, almost everyone finds a way to fix their credit situation and go back to their normal lives.

Credit unions are financial companies that exist to provide financial assistance to individuals and businesses. Their main goal is to help out and not to gain profit. With the bad credit loans and all other services they provide, they can assist many people in different ways.

Based on several studies conducted by different organizations, credit unions have always been helping people who are making an effort to improve their financial records. And, the credit unions are giving additional assistance and bad credit loans to those with lower incomes by offering certain programs.

Every program has its own specifications and requirements. Each was designed and thoroughly thought out in order to ensure that it fits the needs of the clients. But, there are requirements that a

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client must meet. These qualifications are just fair because the loans provided by credit unions to individuals with bad credit have lower interest rates compared to other sources of the same loan. Moreover, credit unions plan loan repayment to provide the individual a chance to pay and balance the money they have.

Those who are interested in obtaining a bad credit loan from a credit union should first try to check every program that the different credit unions provide. This is to allow them to check and compare the loans that will be best suitable for their needs. There are many resources online that provides the list of credit unions who give out different forms of bad credit loans. These loans may be available in specific forms such as Home Equity Loans, Personal Loans, Car Loans and a lot more.

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Lawmakers are Setting Strict Rules on Buy Here Pay Here lots

Lawmakers of California are setting strict and new regulations on Buy Here Pay Here lots. This is a category of the used car business that sells cars with high mileage to individuals with bad credit.

Buy Here Pay Here lots are said to be exploiting many people and families because they oftentimes sell cars for prices that are greater than its market value and charge interest of as much as 30% for those who will take a loan for the purchase of the car. Moreover, these used car dealersare also known for their aggressiveness in repossessing unpaid cars in order to resell them again and again.

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The usual customers of this business are those belonging to low-paying jobs that require a vehicle to be able to go to work but cannot qualify for traditional auto financing. Since these car dealers offer their own loans without the need for external financing, they are able to sell their vehicles to those who do not have much choice.

Assemblyman Mike Feuer introduced AB 1447, a legislation that targets some collection and sales practices of Buy Here Pay Here dealers. Senator Ted Lieu and Assemblyman Bob Wieckowski also expressed their plan to introduce different bills aimed at regulating the practices of Buy Here Pay Here dealers. The move of these lawmakers came as a response to the different stories featured in the Los Angeles Times that discussed the practices of this type of used car lots.

Feuer’s bill will ask the dealers to visibly put the price of the vehicle on the car. Moreover, it will prohibit dealers from asking its customers to pay their car in person. Also, the dealers will not be permitted to contact personal references after the completion of the sale. Finally, the dealers are not allowed to install GPS devices or trackers on the vehicles that can shut them down remotely.

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• Buyers Choosing Car Dealer Finance (confused.com)
• Used-car leases on upswing, but pitfalls abound (seattletimes.nwsource.com)