How To Get Consumer Financing When You Have Bad Credit

Being a consumer today is more difficult than ever before.

Remember the days when you carried a wallet full of credit cards ready to take on the world? There was no emergency that could catch you unprepared.

Well, those days are long gone.

Perhaps you had your spending power vanish when the credit card companies panicked and crushed your credit limits. Perhaps you lost your job for a time causing you to temporarily fall behind on some bills and therefore, destroying your credit score. And perhaps, you no longer have that job that leaves you with any much extra income to save for those emergencies.

The end result is that you are walking around afraid that life will throw you a curve and you won’t have the resources to deal with it. What if your car breaks down requiring a costly repair? Or you have a health issue that requires a significant out of pocket expense? And what if something breaks in your home that costs thousands of dollars to fix?

It’s not a fun position to be in.

But if misery likes company, you certainly have plenty of it.

According to a survey conducted by the National Foundation for Credit Counseling, 64% of Americans claim they don’t have enough cash on hand to handle a $1,000 emergency expense.

This is frightening.

Think of all the things that can go wrong in your life that can ultimately cost more than $1,000.

What would happen if you woke up one morning and your tooth was in excruciating pain? You get yourself to the dentist and find out you need root canal. The cost? A few thousand dollars.

Or maybe, your dog or cat gets sick.

What would you do?

Some businesses, but not many, have decided to work with people with minimal resources. Unfortunately, they are few and far between.

If you walk into most health professionals, they will point you toward Care Credit, a consumer financing option arm of GE Capital.

But here’s the problem. Unless your credit score is 680 or higher (and if you’re still reading at this point, chances are it’s not), you will likely get declined. And approximately 70 percent of applications submitted to Care Credit are either declined or approved for an amount less than requested.

Those are not great odds.

But the purpose of this article is not to get you depressed. It’s to tell you that an answer may exist at a business near you and if not, if will very soon.

There’s a new form of merchant consumer financing that does not base approvals on credit scores at all. Instead, they focus on your most recent checking account history.

This form of financing cleverly determines risk in new way. If you have an established checking account used to pay bills and have avoided being insufficient in your account over the previous 90 days, you stand a very good chance of getting approved.

Businesses that offer this option can typically get an answer on your simple seven line application in less than ten minutes. You won’t be required to produce pay stubs or bank statements either. One personal check and a photo id is all you will need.

So, your days of living in a home that requires maintenance, driving around in a car that’s in disrepair or walking around in pain, may soon be a thing of the past.

In the not too distant future, a business offering a non-credit based in-house payment option will be as common as one accepting credit cards. Until then, when the need arises call a business and ask them if they offer it and if not, suggest they do, so you can get what you want and they can get a new customer.

Lawsuit Financing Companies Use Critical Documents For Research

Companies that provide lawsuit financing have traditionally needed mountains of documentation in order to process a case. The information needed includes basic facts about the situation or incident and the person filing the claim. A great deal of research, background checks and information gathering is necessary to determine whether a plaintiff in a case is eligible for financing. Recent developments in technology have made the process less time consuming and more environmentally friendly for lawsuit financing companies to do the necessary work.

Document Production

A lawsuit involves a great deal of information being passed back and forth between plaintiffs and their attorneys. This allows the lawyer to become well-versed in all of the case’s facts so that they can make the best presentation possible for the client. This exchange of information includes police reports, insurance company correspondence, witness statements, financial documentation and, for medical-malpractice and personal injury suits, medical records from healthcare providers. Client communication and production of documents to the lawsuit financing company are also very important. This helps the company determine whether the case is viable and a reasonable risk to produce a lawsuit advance that will likely be paid back. Most companies have a contingency in the agreement that if the plaintiff does not win the case or receive a settlement, then they do not have to pay back the money. There is thorough review of these documents that are produced by the plaintiff to the legal funding company in the hopes of receiving financing. Medical records alone can sometimes fill dozens of boxes in documentation.

Reproduction
Naturally, the funding company cannot keep the documents, as they are needed by the attorneys for the lawsuit itself. Some of the items may even be personal property of the plaintiff, and they would like it back. Instead, the documentation must be copied and returned as quickly as possible. Due to new technology, this no longer involves photocopying documents on paper. The use of email and electronic correspondence requires very little, if any, paper to be used. Medical records are also more readily available in electronic formats than they used to be. Rather than producing carton after carton of paperwork, the client may come up with several DVDs or CD-ROMs containing the pertinent information. When this is not possible, the staff at the lawsuit funding company can scan the images to create electronic files. These are much easier to store. They take up less space, are not affected by moisture and are readily transportable from room to room or location to location as the finance team does its research on the case. A more environmentally-friendly approach, this is becoming the norm, rather than the innovation.

Where to Find Car Loan Low Interest Finance

You may be surprised to learn how much you will be able to save when you take out car loan low interest finance. If you have been working hard to negotiate the best sale price on your new car, you certainly won’t want to negate the savings you make by paying dearly for finance. There are many companies around who can offer you a good deal on an auto loan and, when looking for car finance, you should aim to pay the lowest rate you can.

When looking for car loan low interest finance you should ensure that you consider all options available to you. A lot of people feel more comfortable sticking with their own financial institutions or the larger bank lenders as they seem to think they will be able to provide the best loans at the best rates. This is not always the case. These days there are a large number of non-bank lenders who provide car loan low interest finance.

Probably the best place to start looking for car loan low interest finance is on the internet. The majority of non-bank loan providers operate solely online as it is an easy way to set up their business without having to outlay a lot of capital. These companies also have minimal running costs, so they can afford to offer car loan low interest finance and still make a reasonable profit.

It is important, when searching for car loan low interest finance, that you realize that interest rates can vary considerably between lenders these days. Ensure that you take the time to shop around and get as many quotes as possible, as you may never know when you will come across the perfect auto loan at the lowest price around. It is only by approaching as many lenders as you can that you will have any success in finding car loan low interest finance.

Looking for car loan low interest rate financing is quick and easy when you do it online. Not only can you compare lenders at a time that is convenient for you, but you will only need to enter your details once in order to receive multiple quotes. The other great thing about getting car loan low interest finance online is that the application process is incredibly straight forward. Once you have found a great rate from a reliable lender, you will be able to apply for your loan online by completing a standard application form. Your application will be submitted to your lender immediately and so the processing of your application is a lot faster.

One thing that you will need to be cautious about when getting car loan low interest finance online is that you will need to ensure that the lender you go with is legitimate and reputable. Sometimes a company that offers ridiculously low rates may not be the most trustworthy, so always take the time to find out more about a lender before signing on the dotted line. You can check out the business ratings of various lenders online through the Better Business Bureau or through auto finance review sites.

Be Prepared for the Problems in Used Car Financing With Solutions Before You Start

Financing properly is more important in financing a used car than when buying a new car. Most problems that occur in buying a used car are due to there being a problem connected with the financing. Getting the used car financing worked out properly is the key to a successful used car purchase.

Most buyers aren’t aware of how important the paper work is to making the deal a successful one or a failure. They view it as paperwork that should be completed as quickly as possible so they can drive away in their new car.

To start with, it’s very important to get the deal agreed upon by the salesman to be put in writing in the contract. This often involves determining monthly auto loan payments based on an interest rate. Sometimes, the interest rate a customer qualifies for is inflated so the dealership can make extra profit.

This headache can easily be avoided by obtaining independent vehicle financing before going to the dealership. This means the consumer can proceed as a “cash buyer” and negotiate only the price of the car. Car salesmen prefer customers to be “monthly payment” buyers because, in this way, it is easier to obscure the total cost of the vehicle.

Independent car financing can be obtained from a bank, credit union or on-line lender. With the popularity of the internet, applying for used car refinance is proving to be simple and very easy to do. Many on line lenders respond very quickly – sometimes as short as 15 minutes by email or telephone. If the application is approved, the borrower is given a credit limit at an established interest rate. Sometimes a blank bank check is issued with no obligation to use it.

“For the majority of consumers, even if you know you have good credit, there is a little apprehension and tension around applying,” one lender said. “So instead of going into a dealership and giving them your information and being sent to the coffee machine to wait for an answer, you can apply on-line, 24/7.”

Most people familiar with how used car dealerships operate confirm that obtaining independent car financing is beneficial to most consumers. .

The most common problems that have a negative impact on a person trying to finance a used car –and their solutions – to ensure that things go smoothly are the following:

Problem #1: Many consumers don’t know what their credit rating is when they apply for an auto loan. The strength of their credit score largely determines what kind of interest rate they will receive. Therefore, it’s critical to make sure your credit report is in the best shape possible before shopping for a car.

SOLUTION: Order a copy of your credit report and look for items that may stand in the way of you getting a good rate. Correct any issues or errors promptly. Are all of your lines of credit in good standing? Are there any signs of identity theft? The credit bureaus will tell you how to correct errors when they send you the report. The following numbers and Web site addresses will assist you in checking your credit.

Top 10 iPhone Apps for Personal Finance

There are many applications for the iPhone that give users the ability to make personal financing easier than ever. While solving one pain-in-the-neck issue, it creates another – which app to buy? Because of the popularity of these headache-reducing apps, there is an overwhelming amount of options available in the App Store. Deciphering which app is the best available is almost impossible. Add in the fact that so many aren’t free, and choosing the right one the first time around could save time and money. Before downloading anything, it’s important to know if the functionality of the app (money transferring, budget tracking, etc.) fits your needs. Provided is a list of ten apps including the price and primary function that can make tracking personal finances much easier.

Mint – There are tons of finance apps available that focus on budget tracking. Few are as popular as Mint, which allows users to manage multiple financial accounts from one simple user interface. With user-friendly features and no price tag, there is little wonder why this app has so many users.

Loan Shark – Dealing with loans is never a pleasant experience. The Loan Shark app helps ease some of the pain endured while handling loans without having to pay anything. It simplifies the process of calculating loans by a great deal and also has many features including a full amortization table, a one-tap extra payment option, and a “favorites” feature.

MoneyStrands – This app is another free option for tracking your budget. With features like alerts, analysis, security, and support, it is one to compare to Mint.

PageOnce – Planning long-term investments can be easy to put off. This app also assists in budgeting your current finances like MoneyStrands and Mint, but really excels in planning for the future. It gives you the ability to look at your 401k, IRA, and stocks all at the same time, while not costing you a cent.

Toshl – Toshl incorporates cloud computing into every day financing with this free app. The cloud feature allows users to automatically sync their mobile movements online. Additionally, there is a premium upgrade ($19.95/year) that allows users to export to Excel, PDF, or Google Docs among other features.

MoneyBook – MoneyBook is another addition to the long line of apps for budgeting. This one, however, comes at a price. Promoted as “Finance with Flair,” the app costs $2.99 and is loaded with features to make financing easier.

SplashMoney – At $4.99, what differentiates this from the free apps is its ability to connect wirelessly to most online bank accounts.

Square – The price is right for this free app that makes credit card purchases simpler than ever. By signing up, Square, Inc. will provide a credit card reader that can be attached directly to the iPhone. Once connected, users have the ability to swipe all major credit cards with only a 2.75% charge per swipe.

PayPal – Ebay-owned PayPal provides users a secure, simple way to send or receive money wirelessly.

General Banking – The bulk of major banks have available apps for free. These provide easy-access to any and all bank accounts in a secure fashion.

This is only a small example of the many, many apps that can help make financing easier. With the continuous release of new applications and updates to old ones, banking from your iPhone will continue to simplify; finding the app for doing so may not. This list is a great place to start looking.

For more information about iPhone application development, visit Magenic Technologies who have been providing innovative custom software development to meet unique business challenges for some of the most recognized companies and organizations in the nation.