Bad Credit Lender - FAQ
I need a loan - credit score 575 - Help!
What are the best lenders for FHA loans when you have a bad credit score?
Where can I find bad credit auto lending review
When should I use a payday loan?
Is an FHA origination fee negotiable?
How Much Mortgage Can I Afford?
I need a loan - credit score 575 - Help!
If you need under $1500, a payday loan is probably your best bet. Many companies can deposit mony into your bank account within 24-72 hours. Most payday loan companies could care less about your FICO score.
Find Payday loan lenders:payday loans
If you need between $2000 and $225,000 and have horrible credit , believe it or not there are companies that will consider your bad credit loan. Expect higher interest rates in exchange for the risk taken on by the lender, but these loans are being approved every day.
Read More:personal loan for bad credit
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What are the best lenders for FHA loans when you have a bad credit score?
Fico score is NOT the main criteria lenders use when you apply for an FHA loan. As a matter of fact, your FICO score can plain stink ( below 600) and you can still qualify. FHA states no minimum score to qualify and the lender who makes the loan to you is insured by the federal government in case of default - so there is a push among lenders to get FHA loans out the door.
Please visit:FHA Qualifications to find FHA lenders online.
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Where can I find bad credit auto lending review ?
Please visit:Bad credit auto loan review
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When should I use a payday loan?
Payday loans or quick cash loans are best used when it is the least cost alternative.
For example, your getting close to 30 days late on your car loan and you need to come up with $200, but don't get paid for 2 weeks. What do you do?
Miss your car payment by 30 days and your credit is trashed for 7 long years. Your credit score will be lowered by 30-50 points...possibly putting you into sub-prime category.
Borrowing short term funds via a quick cash or payday loan is exprensive in the short term but NOT as expensive as long term borrowing at high interest rates.
In some cases it pays to "bite the bullet" and use the payday loan to "save your credit".
Read More:when do I use a payday loan?
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Is an FHA origination fee negotiable?
Absolutely. You should pay no more than 1% of the loan amount. For example if you are borrowing $150,000 expect to see a $1500 origination fee - 1%. Always ask the lender or loan officer IN ADVANCE what they charge for an "origination fee". It should appear on your Good Faith Estimate, line 801.
Since the maximum loan amount on FHA loan can be as much as $700,000 in some states, a 1% origination fee would make many loan officers drool for an easy $7000...try to negotioate to lower the %, or simply shop for the best FHA loan - competition is the best equalizer.
Read more: FHA Qualifications
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