A new company joining the cash advance industry is Payday Loan Buff. This company is providing payday loans to consumers who can apply for loan online by only showing a proof of income. The company announced lately that they plan to put up a base that will operate in South America. A licensing agreement is being set so that Payday Loan Buff can start an office to operate in Northern Mexico.

According to their CEO, part of the company’s plan for expansion is to start with some countries in South America. He further added that the company is lucky to find a partner that allows them to get a license to operate in the whole country of Mexico. This is a way to gain access to many consumers that have been experiencing tremendous financial challenges. The easy way to obtain cash advances is the company’s goal to help their consumers improve their lives little by little.

Payday Loan Buff’s partnership with Mexicans will be directed by a number of local businessmen and businesswomen. These entrepreneurs personally approached the company after seeing a press release of the company’s intention to operate in their region. This group of entrepreneurs is more aware of the potential consumers in their area. Because of this, they can represent the company in the best way possible. Also, they can keep local customs economics in the frontline.

The plans of the company include website development and training for the Mexican team. Aside from this, the company aims to oversee management. This is to ensure that the policies that have been set by the company are being practiced in the new site. Ownership of the operations will still be given to the company but license of the operations will be placed in the hands of the group of entrepreneurs. The group of businessman and businesswoman will take the daily responsibility of handling the operations.

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• Payday Lender Announces Guarantor Lending (prweb.com)
• Predatory Payday Lenders Put Military Families in the Crosshairs (dailyfinance.com)

A bad credit loan is a type of loan accorded to a borrower with poor credit standing. The reason for obtaining a bad credit history is usually a default in the loans of the individual. Most creditors do not approve loans made by people with poor credit because of the high possibility of default. However, if creditors have to lend money to these people, the interest rate charges are usually high.

Bad credit loans are of two types, secured and unsecured. Secured bad credit loan is the type of loan with collateral like a house or any other asset owned by the borrower. On the other hand, unsecured bad credit loan does not have any tangible collateral that is why it is not easily granted.

Obtaining an unsecured loan can be the only way to obtain a loan for people with bad credit standing. However, getting this type of loan can be a disadvantage. The drawback of getting a bad credit loan must be considered before applying for an unsecured credit loan. High interest rate that can aggravate the existing financial challenges of the borrower is the primary disadvantage of an unsecured credit loan. The average rate of interest for bad credit loans is 15 points higher than the premium loan value.

Another disadvantage of obtaining a bad credit loan is that the borrower can get trapped to a cycle of loans. Many people who get a high interest loan end up having difficulties paying for it that they tend to apply for another one. This cycle goes on and on until the loans and interest rate charges pile up and become difficult to pay.

In order to avoid getting a bad credit loan, explore some possible alternatives to borrow money. Friends and family members can help without the interest charges. Organizing one’s expenses to avoid unnecessary expenses may also become necessary. Of course, saving money must be on the top list of things to do in order to prevent loaning.

Bad credit loans can be avoided if a good credit standing is maintained. However, if there is no other choice left, it is best to look for the best loan from the many available loans provided by lenders. Look for lower interest rates and make a bigger down payment if possible to lighten the payment terms.

A lot of people have made various attempts to fix their financial situation. However, majority of these people failed. This is because financial resolutions need a long-term behavioral change which is very difficult but not impossible to do. There are other things that can be done to fix one’s finances aside from saving and spending less. Here are three tips to try to be able to manage your money better.

First, obtain a free copy of your credit report. The legislation in 2003 entitles all Americans to an annual free copy of their credit report. Each of the three credit bureaus must provide this copy. It can be obtained via AnnualCreditReport.com.

Despite this privilege, survey shows that almost 2/3 of Americans do not order a copy of their report. Getting hold of one’s report is important because it allows you to understand your credit score. It also helps in identifying errors and disputing them so that changes can be made that will help you obtain loans and additional credit for purchasing your needs. Aside from this, credit ratings these days determine employment. If you are planning to apply for a job, you must know your credit standing to see if it will affect your job application.

Second, go through a medical exam. This is a preventive measure rather than a direct solution to a financial challenge. By going through a medical exam, health care expenses are significantly reduced. This is because minor health problems are addressed early on before the condition gets worse.

Finally, update your beneficiaries. Deaths are inevitable and there are plenty of cases wherein the insurance proceeds go to someone else. Sometimes, this is not the intention of the bereaved family member but since the update was not made prior to death, there is nothing he or she can do about it. Remember that the name indicated as the beneficiary will be the person who will be receiving the proceeds of the insurance.

This holds true even if the will of the dead family member states that it must go to his or her spouse or children. Updating of beneficiaries should be done every time a major life change such as marriage, divorce, child birth or spouse’ death occurs. Accounts that usually need beneficiary designations include the following: 401k, 403, 457 plans, retirement plans for the self-employed, individual retirement accounts or IRAs, credit union plans, disability and life insurance policies and annuities.

Debt which is sent to collections will adversely affect your credit score. However, if your creditor seeks and is awarded a judgment, your credit score will be affected even more drastically.

Your creditor is sending a clear signal that it is through playing games if you are served with a Notice to Appear in court for a judgment proceeding. You will have 30 days from being served to object to the filing. You can have the case dismissed if you can prove that the debt is invalid.

Some creditors may threaten to file a law suit but are not serious. However, going to court will be the kiss of death for your credit score and, therefore, should be avoided at all costs.

An “unpaid” judgment will be shown on your credit report for 10-12 years. At the end of this 10-12 year period, if the judgment remains unpaid, it can be renewed. A paid judgment can be shown on your credit report for up to 7 years from the date paid.

It is wise to contact your creditor to arrange a lump sum payment or a payment plan. However, do this only after checking your state’s statute of limitations laws to determine if your debt falls within or outside of the laws. If your debt falls within the statute of limitations, you are still obligated to pay the debt and you should try to negotiate payment. Adversely, if your debt falls outside of the statute of limitations laws, you no longer owe the debt though, if you offer to make payment, you will start the clock running all over again.

If the court issues an official court order for payment of the debt, your credit score will suffer drastically. This negative mark will not show up on your credit report if you contact your creditor and negotiate a settlement prior to the entry of judgment.

Offering to negotiate a settlement is the best solution for all parties. Typically, creditors do not want to go to court and will accept a portion of the amount owed just to bring the matter to a close. If you do not have a lump sum to offer as payment, you can always attempt to negotiate a payment plan. If your creditor is not “in the mood” to consider any offers, you might think about calling the lawyer handling the case for your creditor.

Your credit report will show the debt as “legally void” if the judgment is dismissed. This is much less damaging than a “paid judgment,” which can be shown on your credit report for seven years from the date paid.

It would be best to negotiate a settlement which includes a complete deletion of all negative information from your credit report related to the transaction. If you and your creditor are able to agree, be sure to obtain a written agreement with both of your signatures. You should always remember that, once the court becomes involved, negotiating opportunites become slim to none.

You might consider hiring a good consumer credit attorney. It may cost you a little bit, however, you may find that, by having an attorney handle the negotiations, you may save money as well as minimize the damage done to your credit score.

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Unsecured Loans Bad Credit History

When it comes to unsecured loans and you have a bad credit history, that can be a challenge. Dealing with bad credit can keep you from getting alot of things. If you are looking for a unsecured loan and you have bad credit history, you may not be able to get any kind of loan.

Typically, banks like to see you have a really good credit score, that means 700+ in order for you to get the best rates with credit and terms. The better credit you have, the better interest rates you will get, and the larger dollar amounts you will be able to get in the mean time. If you have bad credit, then one of the best things you can do is work to improve your credit score in an effort to become credit worthy.

There are a few ways to do this, but the main premise is you need to work to show that you are now again credit worthy. You can do this by making ontime payments on all your loans. As time goes by, all of these ontime payments will help to improve your score. In addition, the other thing you can do is work to get negative dings on your credit score removed. Read the rest of this entry