Credit

Bad Credit? No Problem! Common Questions Asked About Bad Credit Title Loans

Having a problem with your credit? Dealing with less than satisfactory credit is not something anyone wants to deal with, but it’s a reality that you unfortunately face. The problem is that many lending companies are not as forgiving of your credit.

When lenders consider giving money to clients, they first check out your credit score to see if you would be a good candidate. A bad credit score may make them consider looking the other way.

However, not all is lost just because of a low credit score. You can still get bad credit title loans if you’re ever in a situation where you need cash fast. Keep reading to find out how it works, and if it’s right for you.

What Are Bad Credit Title Loans?

As said earlier, getting a loan without stellar credit can be a challenge. However, you can still get the money you need by giving your title in exchange for a loan.

Here’s how it works. You would take the title of your car to a loan center that works with clients with bad credit. You would then give your title to a lending company, who in exchange would hand you the funds you need.

The process is specifically geared to help people just like you to get back on their feet when no one else is willing to help.

How Hard Is It to Get a Loan?

Getting a loan is actually quite simple!

With most bad credit title lending companies, you don’t have to jump through hoops just to get the funds you need. The actual application and transferring of the loan is a short process, and you can get your money on the same day.

You can even go online to start the process of getting a title loan, and the process is entirely streamlined and easy to do.

Will I Get My Title Back?

Absolutely! Your title is only held by the lending company until you finish repaying the loan. After you pay the loan off, you get the title to your car returned to you.

The title only does to main things for the company: it gives them an actual monetary value that they can give you in loan money, and it acts as collateral to protect their assets.

After you pay off the loan, they have no reason to hold on to your title any longer. It will be released immediately and returned to your hands in a few business days.

We Can Help You Budget

Now that you know how to get bad credit title loans for your needs, you may want to learn ways to save and budget the money you already have. We can help you do just that.

At Budget and the Bees, we love finding ways to make the most out of your dollar. We cover ways to advertise on a limit, how to pay off your debt quickly, how to organize and invest your funds, ways to travel smartly, and so much more.

Ready to get started? Check out our site to learn all about what we have to offer you. We’re sure you’re going to love what you see here!

The Ultimate Guide on How to Read a Credit Report

Were you denied for a credit card again? Are you tired of trying to guess why creditors won’t lend you anything?

Are you trying to understand how to read a credit report? If so, then you’ve come to the right place. Read on to learn everything you need to know about your credit report and score.

What’s Your Score, and What Does it Mean?

The first thing you’ll notice about your credit report is your score. This three-digit number is what most lenders will have their eyes on. So, what does it actually mean?

Credit scores range from 300 to 850. Scores at the higher end of the spectrum mean you’ll get lower interest rates. A high score means you pay bills on time, don’t over-extend your credit, and have a good reputation.

Scores at the low end mean you’ll get viewed as risky for lenders. That means you’ll have high interest rates and trouble getting loans.

There are several types of credit scores, but most use similar models to calculate the score. In general, good financial decisions will result in a higher score.

Verify Your Data, Accounts, and Inquiries

Once you see your score, you’ll want to find out why it is what it is. So, what goes into making a credit score? Here are some of the most important factors:

• Your payment history (late or unpaid debts)
• Your credit utilization ratio (used credit versus your credit allowance)
• The types of credit accounts you have
• New credit inquiries
• Your credit history (the age of your accounts)

While looking through your report, take note of all the accounts listed. Verify that all your personal data is correct and the accounts are actually yours.

Many people first learn about identity theft from their reports. If you see an account that’s not yours, then it deserves attention.

Also, take note of any hard inquiries on your report. These hard pulls happen when creditors check your credit. These happen when you apply for a credit card or a loan.

They’re important because too many hard pulls can lower your score. So, don’t apply for any new lines of credit unless you intend to use them.

What to Take From Your Credit Report

Once you’re done looking over your credit report, a few things should pop out at you.

If there’s anything wrong with your report, then you need to deal with it right away. Consider using services, like the ones offered at www.disputebee.com, to remove the errors.

Otherwise, take note of what’s causing your score to drop. Are you often late with payments? Are you using too much of your available credit?

Use the information you learn to make better financial decisions. You should see your score start to rise in no time!

Knowing How to Read a Credit Report

We didn’t learn how to read a credit report in school. Yet, this crucial skill can help us build a better financial future.

If you don’t pay attention to your score, then you’ll have trouble getting loans. It could also impact your ability to get a job, rent a home, or apply for credit cards.

Take control of your financial future and start working on your credit today. Are you looking for more financial advice? If so, then check back on our blog on a regular basis to see our latest content.

What Lowers Your Credit Score: A Guide on Everything to Know

There’s no worse feeling than going to the bank to talk about getting a loan only to find out you don’t qualify. 

It’s embarrassing and can make you feel incredibly low. Worse yet, it can be frustrating and confusing for those who don’t fully understand why it happened. Many people who are turned down for loans are taken completely off-guard.

We’re going to clear a few things up, namely, what lowers your credit score. 

If you’ve had a bad difficulty getting approved for loans or lines of credit in the past, our goal is to help you understand why. Keep reading for our quick guide on what lowers your credit score and how to turn things around!

What Lowers Your Credit Score

As you read through our list, it may come as a shock to you just how many things are taken into account to determine your credit score. While it would be easy to throw your hands in their air and give up, we highly recommend you take a different route.

You see, your credit score is vital for getting approved for car loans, home loans, apartments, and credit cards. It also affects your interest rating on these loans, which over the years can add up to tens of thousands of dollars. Your credit score also affects how much you can get approved for on said applications.

If you want to improve your credit score, take a look at our list of the top nine things that lower it.

A High Debt-to-Income Ratio

Your debt-to-income ratio is a relatively easy concept to grasp. It is the basic formula of money coming in versus money going out. However, this only looks at debts, leaving out things such as groceries, gas, utilities, etc. 

To find your debt-to-income ratio, take all of your debts and divide them by your income (after taxes). If your answer is lower than .43 (43%) than you’re doing good. If not, you may have difficulty getting approved for loans or loans with low-interest rates.

To improve this rating, start paying down debts. Generally, start with the smallest debt first. Once that’s paid off, use the money previously designated for that payment and throw it at your next smallest debt.

Maxed Out Lines of Credit

Another answer to what lowers your credit scored is maxed out credit lines. This includes any revolving lines of credit, typically credit cards.

Having a few credit cards isn’t a bad thing. In fact, credit cards can actually have a positive effect on your credit score. However, having any of your credit cards at their maximum limit is bad.

It shows creditors that you can spend easily, but not pay back easily. This is not the characteristic of someone they want to loan to.

Little or No Credit History

No credit history can be just as bad as negative credit history. You don’t start fresh out of the gate with a sterling credit score, you have to build it up.

The best way to do this is with simple credit cards or very small loans. Remember not to max out your credit lines, but you must use them. A credit card sitting with a $0 balance won’t do anything for you.

We recommend using your credit card for groceries, gas, etc., then paying it off every month down to zero. However, don’t get in over your head or your credit builder will become your credit destroyer.

Making Late Payments

Your payment history is a large factor in determining your credit score. Creditors want to see how you have treated other debts and bills.

If you have a history of making late payments, they won’t be chomping at the bit to loan you money. A few late payments over the course of a couple of years is no big deal, but a repeated offense is what lowers your credit score.

Missing Payments or Making Partial Payments

Even worse than late payments are non-payments or even partial payments. Again, remember that your credit score is a tool creditors use to determine if they want to trust you with their money. 

If you have a habit of missing payments altogether or only making partial payments, it won’t bode well for your application.

Having Too Many Credit Cards

Earlier, we told you that owning a couple of credit cards is a good thing, assuming you keep them paid down. However, too much of a good thing can be bad. Even drinking too much water can kill you.

Likewise, too many credit cards in your name can quickly become what lowers your credit score. It shows potential creditors that you may have trouble paying all of those lines of credit each month. 

Think twice about applying for in-store credit cards, even if the deal seems too good to be true.

Having Bills Sent to Collections

If you are negligent on any payments long enough for them to be sent to collections, it can very negatively affect your credit score. 

This shows creditors that you not only miss payments but do so to the extent that third parties need to get involved. For this reason, it’s important to always update your address if you move. Otherwise, you could have bills sitting in the mailbox of an empty home.

Applying for Multiple Lines of Credit/Loans

In an attempt to beat the system, applying for multiple loans can also be what lowers your credit score. However, in the case of “rate shopping” for home and auto loans, it usually isn’t affected poorly. 

On the other hand, applying for multiple lines of credit within a short period of time will lower your credit score.

Errors

Finally, errors can be another contributing factor to what lowers your credit score. No person or company is perfect. It’s not uncommon for mistakes to be made by others which negatively affects your credit score.

That’s why it’s important to frequently check your score and take an in-depth look if something seems off. In this scenario, you can dispute the error to get things lined up.

Start Making Changes Today

Now that you know a little more about what lowers your credit score, hopefully, you have a good idea of how to turn it around!

We hope this article was helpful to you. If it was, be sure to check out the rest of our financial articles and posts. Good luck with your credit score!

The Benefits of Applying for No Credit Check Personal Loans Online

Did you know that the average American has about $38,000 in personal debt? 

That’s a $1,000 increase compared to the previous year, and it doesn’t even include home mortgages. Also, fewer people carry no debt anymore, a drop from 27% to 23%.

If you also experience problems with your finances, you might want to consider no credit check personal loans online. It’s the type of loan that’s becoming more popular than traditional loans. The main reason is due to its speed, convenience, and higher rates of approval.

Are you ready to learn how no credit check personal loans can benefit you? Read on and find out more.

The Benefits of No Credit Check Personal Loans Online

A common misconception is that only banks can become a trusted source of loans. But the good news is that over the years, a lot of people now put their trust in online loans. There are a lot of reasons to trust no credit check personal loans online, and here are some:

1. Convenience

This reason is one of the major benefits you can get when you try to get online personal loans. Unlike bank loans, you can apply for a personal loan from the comfort of your own home. These loan websites will let you fill in online forms that get your loans approved faster than any bank.

The best part is that all your dealings with the lender will happen in an online landscape. That means it’s much more convenient if you have a tight schedule. It’s also the best solution when you’re not the type of person that would want some extra trips to the bank.

The reason for this convenience is that online lenders aim to disrupt traditional banking. It’s due to the fact that most big banks won’t give quick access to capital when needed. They also have no streamlined processes that they can do from anywhere.

2. Lower Rates

Direct payday lenders won’t need any form of physical offices. That means their operating costs go down and they can offer lower rates and fees. Without any need for physical locations, they can also offer fixed interest rates.

You won’t have to worry about any fluctuations in the interest rates through your loan’s life cycle. It’s a beneficial option when you’re doing what you could to consolidate your loans. Paying off your student loans first using the money from this online source helps you pay less interest over time.

There are a lot of online loan providers out there that report to the credit bureaus. Loaning and paying on time using these lenders will help you improve your credit score. It’s a natural and legitimate way of raising your credit score instead of using credit repair companies.

But you need to remember that it will take some time. To make the most out of it, you need to pay all your bills on time each month.

3. Easier Access

It’s an accepted fact that banks are pick when they’re trying to lend money to people. They’re only likely to pick people with good credit scores and financial standings. In contrast, online loan services aren’t as meticulous with their set of requirements.

You’re more likely going to get an approval when you apply for online loans. In some cases, you won’t even need to have a good credit score since they won’t check. For example, some peer-to-peer lending sites will pitch out loans to individual investors.

If you’re lucky enough to get someone who’s willing to take your debt, you can get approval. It doesn’t matter whether you have a low credit score. This will help you get financing when you need it the most.

4. Partial Loans

Banks will always ask you to get approval for an entire loan. Depending on the type of online loan you’re getting, you might get the loan even in partiality. For example, a lot of peer-to-peer online lending services enable you to take the money even when only about 60-70% of it got funded by investors.

A peer-to-peer online lending platform has individual investors that will bid on the part of your loan. In some cases, they might even end up funding the full amount. Regardless, if you try this kind of service, portions of your loan get funded by any number of people.

This will give you some sort of peace of mind. After all, even when you don’t get approved for the entire loan, you still have a chance of getting a partial amount. This is necessary when you need to at least pay a certain portion of your debt each month.

5. Different Criteria

Bank lenders, regardless of whether it’s brick-and-mortar or online, will need you to have a good credit score. If you have bad credit, you won’t have any means of getting an unsecured personal loan from them. This isn’t the case with a lot of online lenders, especially those who don’t check your credit.

Some online lenders won’t take your credit history into account since they’ll look at other factors. They’ll check financial health markers like your employment history and monthly earnings. Traditional banks will do the same, but they’re more likely to loan to people with excellent credit scores either way.

6. More Features

Online lenders have stiff competition for the best customers. That’s why you’ll often see a lot of them offering different perks to their potential customers. For example, some lenders will have some sort of unemployment protection that puts your loan on hold if you lose your job due to unfavorable circumstances.

Try No Credit Check Personal Loans Online Today!

There are a lot of no credit check personal loans online but it’s important to do your research first before you try them out. There are unscrupulous lenders out there—stay vigilant and pick reputable lenders to ensure you get the most out of your loan.

Why stop here? If you’re in need of more guides, read more of our posts and discover more financial tips and tricks.

Can You Get Big Loans with a Bad Credit Score? Yes, It’s Possible. Here’s How

Bad credit is a serious problem for a lot of Americans. In fact, approximately 25 percent of all Americans (that’s 43.4 million people) have a credit score that is 599 or lower.

If you’re part of this group, you know that getting approved for credit cards and loans (especially big loans) can be quite challenging.

It’s important to know, though, that it’s not impossible for you to get the money you need, even with a low credit score.

Read on for some tips that will help you get big loans if your credit score is subpar.

Learn Your Credit Score

The first step to take if you want to apply for a loan is to check your credit score. A lot of people have no idea what their credit score is or if it’s accurate.

Start by checking your credit report and finding out your score. Then, look more closely at your report to see if there are any errors that are bringing your score down. If you notice any errors, work on getting them corrected as soon as possible.

Evaluating your report will also give you insight into the issues that have caused you to have a lower score. Is it a lot of late payments or missed payments, for example? 

Work with a Credit Union

Once you know where you stand with your credit score, you can do some more research and find out which lenders are most likely to work with you.

As a general rule, credit unions are often more forgiving than banks and are more willing to work with people whose credit is less-than-stellar.

Reach out to a local credit union and find out what kind of loans you qualify for. You might be surprised at what’s available.

Apply for a Secured Loan

If your credit score is low, you might still be able to qualify for a secured loan.

Secured loans require you to offer up an asset like your car or your house as collateral in exchange for funding. Lenders are more likely to approve your application if they know that the loan is secured against something for value.

Make sure you have a plan to pay back this loan, though. Otherwise, you’ll end up losing your belongings if you can’t meet your payments on time.

Find a Co-Signer

Having someone with a high credit score co-sign your loan is a good way to access financing when your own credit isn’t up to par.

A co-signer is someone who agrees to take over your loan if you default. It’s a big responsibility, so it can be hard to find someone who’s willing to do it.

If you can, though, it’ll help you build your credit while also giving you access to the money you need.

Consider Personal Installment Lenders

A personal installment lender takes a lot of factors into account (not just your credit score) when determining whether or not they’ll provide you with the money you need.

Look into working with one if you’ve been turned down by other lenders and need money to cover a large emergency expense.

Work with an Online Lender

Online lenders are another good option to consider if you find yourself getting turned down by traditional lenders.

According to Bonsai Finance, online banks often offer better loan terms and interest rates than traditional lenders. They’re often more flexible as well and have options for people in all financial situations, including those with bad credit.

Before you agree to work with an online lender or give them your personal information, be sure to do some research to make sure they’re credible and don’t have any complaints against them.

Get Multiple Quotes

No matter what kind of lender you’re considering using, it’s smart to get multiple quotes before you agree to work with one over another. 

Doing some research upfront will help you ensure you’re getting the best rates, loan terms, and fees possible. 

Beware of Predatory Lenders

When your credit score is low and it’s harder for you to get lenders to approve your loan applications, you’re a prime target for predatory lenders.

Be wary of loan offers with terms that seem too good to be true. There’s a good chance they are.

Many predatory lenders offer loans that seem great on paper but are actually full of fine print that can cost you a lot of money in interest and fees later on.

Always read through loan agreements carefully before you agree to work with a particular lender.

Improve Your Credit Score

All of these strategies are useful when it comes to trying to get a loan with a bad credit score. While you’re working on choosing the best loan situation for your needs, though, it’s important to also work on improving your credit score.

Set up automatic payments to avoid late penalties, and make sure you’re keeping your credit utilization as low as possible.

You might even want to delay applying for a loan for a just a few months until you can raise your score. Even raising it by a small amount can help to increase your chances of approval and allow you to enjoy better terms and interest rates.

Get Big Loans Today

As you can see, it’s totally possible to get big loans when you have a low credit score. The key is to make sure you’re implementing the tips listed in this post. 

It might take a bit of trial and error for you to get your loan application approved, especially if you want a loan with great terms and interest rates.

If you know all your options and take the right steps when applying for these loans, though, you’ll be much more likely to get approved and get your hands on the money you need.

Do you want to learn more about how to qualify for loans and manage your money?

If so, we’ve got plenty of helpful resources available to you. Check them out today by visiting the Money Management section of our website.