We all know how difficult it can be to obtain funding when you have a poor credit rating. In the US, reporters claim that around forty-five million Americans have no credit score at all.
So, it’s become a real issue for the average person in this country. Today, we’re going to show you that all is not lost. Anyone can get the capital they require if they think outside of the box. Even those with the worst credit scores possible should manage to raise a few thousand dollars. Of course, you need to be extra careful because sometimes the repayment schedules aren’t feasible.
Specialist credit cards
Presuming you only need a small amount of cash, you could apply for specialist credit cards. Most major banks and card companies now offer those products to people with bad credit. The only issue is they always present a higher level of interest than other customers pay. So, you need to bear that in mind when considering this option. At the end of the day, you don’t want to get into a worse situation due to mounting debts. That said, those specialist credit cards can help to improve your score. You just have to meet the repayment deadlines and make sure you always send the money on time. Late payment charges could cost you hundreds of dollars.
Homeowners should consider HARP 2.0 refinance deals when looking to raise some extra cash. That program was designed to help people in financial hardship to get the money they need. The scheme is backed by the Department of the Treasury and Housing and Urban Development. That means it’s above board and a great solution to all your money worries. You could use the money to renovate your home or get your life back on track. Successful applicants could have the cash in their bank within only a couple of days.
Short-term loan companies get a lot of bad press these days. That is because the interest rates offered to customers is very high. However, the deals aren’t that bad if you always meet the repayment schedule. Also, those firms offer a much-needed service to people who have no other options. Thanks to strict government regulations, there is a now a cap on the level of interest those companies are allowed to charge. It means borrowing $100 should never leave customers with a $50,000 debt. That did happen in the past.
The only other thing you might like to consider relates to your valuables. It’s not a good idea to sell any family heirlooms, but there are sure to be items you wouldn’t miss. For instance, some people might have started a memorabilia collection when they were young. Now could be the perfect time to sell all those rare products and get some extra cash. You might even consider downsizing your home and reducing your monthly outgoings.
No matter how dire your situation might seem, there are always solutions just waiting to be discovered. Use the advice on this page, think outside of the box, and you’ll get the funding you require.
Just make sure you always read the small print and understand how much you will have to pay back.