Installment Loans – The Perfect Option for People with Bad Credit

by Kaylie Phelps

If you have bad credit and you need money fast, you may feel as if there is nowhere to go. However,you may want to look into installment loans, which are long term loans, as these exist specifically for people with bad credit. However, it is likely that you will have to be able to prove you are in permanent employment before you will be accepted for this type of loan, as the lender will need to know that you can make the repayments. So how do you get one of these loans?

Having the Right Attitude

First of all, always remain positive. Before you do anything, you also have to do some research. Start with yourself: what is your current income and what are your expenses? You are not trapped by bad credit, but you do need to know just how bad your credit actually is. This will enable you to only approach those lenders that will consider someone with your particular history for their installment loans.

Check Your Options

Ideally, you should be able to go to the bank or your local credit union in order to get a loan. Always try the bank with which you have a bank account. If you are seen as a loyal customer and you clearly explain why you need a loan and how you intend to repay it, they may be willing to consider you.

Next, think about whether a secured option could work for you. If you have some sort of collateral that you can put up against a loan, you will be far more likely to get accepted, particularly if you have bad credit. Additionally, the interest and terms and conditions tend to be much better.

There are still options out there if none of the above works. The best place to look for these options is online. A number of online lenders focus specifically on people with bad credit and many of these could be suitable for you.

Focus on Results

Remember that taking out a loan is a serious commitment. You will be in debt and you will risk damaging your credit rating even more if you default on it. Hence, it may be an idea to take out two small loans and not one large one. You could then have one payment come out at the start of the month, and the other in the middle, for instance. This may make it slightly easier for you to actually meet the repayments. On the other hand, it tends to be more expensive overall.

Remember, everything is about competition and this is the same with installment loans. Lenders do have to compete with each other in order to get the most customers, because they make their
money in part by lending it to you. Hence, use this competition to your advantage and find the one that will offer you the most attractive deals or rates in order to get you to sign up with them.


9 Secrets to Save Money, Achieve Financial Fitness, Avoid Bankruptcy, and Become a Millionaire

by Kaylie Phelps

A report from Credit Suisse in 2013 showed that 13.2 million millionaires existed in the US alone that year. That’s huge number.

So, what are the wealth secrets the 13.2 million millionaires (the number may have increased several folds since 2013) won’t tell you?

Today, we are going to share a list of the secrets that are increasing the number of millionaires in the US. The millionaires probably don’t want you to know these secrets. But we have found them for you.

1. Spend less than you earn

If you want to join the club of millionaires, always spend less than you earn. This will not only add money to your savings, but will also keep you from bankruptcy. And over the long haul, it would be good for you to go incognito millionaire rather than spend more than you earn, which will land you to the club of the poor and bankrupt.

If you are already experiencing personal or commercial bankruptcy and want to get it resolved, so you can make a new start to become a millionaire, the qualified attorneys at Canterbury Law Group can be a great help.

2. Waiting without complaining

Chances are you won’t become a millionaire over few days or weeks or months or even years. Remember, patience is virtue. If you continue spending less than you are earning, you should wait and see your wealth grow slowly. And as your wealth accumulates, the odds are that you are set to become a millionaire over the next few years.

3. Spend a modest life

Millionaires became millionaire because they spent modest lives. If you are a family of three, you should live in a 3-bed 2-bath house, and cut spending drastically on unnecessary and unhealthy food and luxury items. Don’t invest on gadgets that won’t help you accumulate your wealth. And when it comes to your car, avoid big and luxurious ones. Instead spend on a car that is more fuel-efficient and has less maintenance cost.

4. Pay off your credit cards in full

Pay off your credit cards completely every month. On the path to become a millionaire over the next ten years, you must be shrewd enough to realize that if you don’t have enough cash to pay for something, then you should not buy it because it is above your affordability line. Paying off your credit card every month will also ward off bankruptcy.

5. Money does not buy happiness, but financial freedom

If you think that money can buy happiness, think again. Ask a millionaire and perhaps he would tell you that being millionaire is not about being happy, but enjoying financial freedom, which is the peace of mind that comes from having no debt strings attached. So, you should focus on achieving financial freedom, rather than thinking of buying happiness with money.

6. Craft saving and investment plan

Only the few lucky millionaires have reached their goal without a proper saving and investment plan. Come up with a simple, but carefully crafted saving and investment plan. Set you milestones with a work plan and timeline to achieve. Keep your goal big and your objectives SMART (Specific, Measurable, Achievable, Realistic, and Time bound) because financial freedom and success demand broad vision.

Saving to save is not a good idea. Keep aside a modest amount and invest the rest in businesses you can manage along with your existing income source. Make the wise decision to invest in business you can understand enough and have necessary skills to manage.

7. Cut on utility bills

Your utility bills take a big chunk of your earning. Save money by cutting unnecessary utility costs, including electricity, gas, television, cable and telephone. These savings will gradually accumulate in to an amount enough to invest in a small business.

8. Sell unnecessary valuable items

Don’t keep unnecessary valuable items at home. Sell them and invest the proceedings in a business. Remember, unnecessary collections would not bring you wealth, but would become a burden that would keep your money trapped. Your money should keep growing, just like a snowball.

9. Create multiple incomes sources

Create multiple sources of income because keeping all your eggs in one basket comes with high risk. Take calculate risks and invest in multiple businesses. Again, you should have enough time to manage your investments and understand your business.

If you want to become a millionaire, start now. Taking the first step is often harder, but it’s worth it. These 9 secrets will make you wealthy a decade’s time. Avoid people who would try to belittle your ambitions. It is not greed that is driving you to become a millionaire, but financial freedom. And if you are going through bankruptcy, get yourself together, stand up and make a fresh start with

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