Bad Credit Loans Blog

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How time flies.  One day kids are celebrating the end of the school year and parents are trying to figure out how to keep kids out of trouble for the next 2 months.  None the less, as parents we enjoy summer basking in the sun, going vacations, watching baseball games, among other activities. Then, in the blink of an eye, it’s time to start thinking about going back to school.  If you are anything like me, the beginning of the school year is “the most wonderful time of the year,” and time when the children start wondering why mom/dad are smiling all the time.  If you nothing like me, you must be a student. back to school happy parent

Not So Wonderful 

Okay.  So, may be the beginning of the school year is not all wonderful.  Although we may look forward to giving the kids something to do by going back to school, the beginning of the school year also brings expenses.  And, as we all know the retail stores make sure we don’t forget that it’s back to school time.  From book bags, clothes, tennis shoes, computers, it all add up to a big “cha-ching”.  And if you have a college student, let us not forget the dorm room fridge and books expenses among other expenses. 

back to school shopping cart

Need Money, But, Not A Payday Loan

If you need some funds to help with back to school expenses, America’s Loan Company may be able to help with an affordable Personal Loan.  Although approval is not guaranteed, we may be able to help even if you have bad credit.  We can lend as little as $500.00, if that’s all you need, with a term of 6 months to a year.  Our loans are always made to fit your budget and help to not get you into a cycle a debt, as may happen if you get the typical payday loan or title loan.  You may apply at our website, www.americasloancompany.com, or by coming to any of our offices in Ohio.  We also report your loan payment history to TransUnion to help you improve your credit. back to schoo cash

Yes it is summer, officially June 21st.  Time to enjoy the sun, warm weather, some rain (I’ll take rain over snow), and to plan a small vacation.  Whether you are planning a short trip to your nearest amusement park or a more financially significant vacation of several days, the costs can accrue fast.  Don't belive me?  Checkout Disney vacation packages on their website and you’ll scratch your eyes to make sure you seeing right. vacation beach

I Need A Loan For A Vacation and Have Bad Credit

America’s Loan Company does offer Personal Loans, from $500.00 to $3,000.00, for people with bad credit.  These loans have terms between 6 months to 5 years and your first payment is not due till about 45 days from date of contract signing.  This means that you make borrow $500 to a one day trip or mini vacation and not have to worry about the first payment till just about 45 days.  Furthermore, our terms allow you to have payments to fit your budget.  So, no need to get into a cycle debt with Payday loans.  To make it even better, we report payment histories to TransUnion to help improve your credit.

I Have Bad Credit.  Is My Loan Guaranteed?

Our Bad Credit Personal loans are geared to people with less than stellar credit scores.  However, this does not mean that your loan application is guaranteed to be approved.  We do have certain guidelines that are followed to prevent loss.  This means that although we may loan to most people with poor credit, there are some whose credit history is too damaged for us to approve the loan.  But, please, don't let that discourage you from applying for aloan with us.  It may be tempting to just get a Payday Loan or a Title Loan.  But, we are pretty comfident that loan terms will be better for you.

happy sunCould My Credit Score Cause Me To Be Declined For A Personal Loan?

No.  We don’t look at credit scores when determining approval for Personal Loans.  Instead, we look at the entire picture and payment history, among many other factors.  For instance, an applicant may have a credit score of only 600 due to credit cards that went into default many years ago and a bankruptcy discharged.  But this same applicant may have a great history with credit cards in the past few years.  The fact that a person is showing a good payment history in the most recent years, would be a great plus in our view and greatly increase the likelihood of being approved. 

America’s Loan Company can help Ohio residents with Bad Credit Personal Loans.  We have three branches, one in London, Ohio, West Jefferson, Ohio, and Logan, Ohio.  Even though we have 3 locations at this time, we are able to help Ohio residents who don’t live near any of our branches with Personal Loan needs, regardless of poor credit.  We are able to do this without you having to come to any of our branches.

I Live Too Far.  How Do I Apply For A Personal Loan?ohio map

You live in Ohio, but live too far to driver to our branches?  No problem.  Loan applications may completed through our website at www.americasloancompany.com.  This application is secured.  Once you submit the application, it gets sent directly to the branch that you chose to process it.  As far as, which branch to choose, it is up to you.  One of our Personal Loan Managers will be contacting you soon after. 

How Do I Send Documents Needed?

For Personal Loans, we require some documents before a final decision is made.  These are last two most recent bank statements, a most recent proof of income, ID, Social Security Card, and a Personal Check.  However, there is no need to bring these in personally.  These may be either E-Mailed or faxed to the office you chose to process the application.

How Do I Sign My Contract?

loan agreement Once the Personal Loan application is approved, there 2 options.  One, sign the loan contract at any of our branches.   Two, we E-Mail a copy of the contract, secured by a password.  You may then print the loan contract, sign it in front of a   Notary (most banks have notaries that do this for free or for a very small fee),  then E-Mail or fax all contract pages back to us.

 

Now That I Am Approved For The Loan, How Do I Get The Funds? 

You do not need to drive to any of America’s Loan Company’s branches to get your Personal Loan funds.  Once we get the contract signed, you may come to any of our branches to get the funds or we can direct deposit the funds directly to your bank account.  hand cash hand

Don’t let late fees accrue on your Personal Loan or at least not for a very long time.  That should be the end of this blog right there.  Unfortunately, so many ignore this money saving rule.  One reason for this I believe is the misconception that a late fee accrues only once per late payment on the loan.  The thinking is “I was late on my January loan payment, and, although I have not made a full payment to make up that payment, I will only accrue one late fee if the future payments clear.”  This is a mistake that will swell up the amount owman thinking of feesed on your debt.

So, How Do Late Fees Accrue?

Example:  Let us assume you don’t make your January 1st Personal Loan payment of $100.00.  February 1st comes along and you make your regular loan payment of $100.00.  America’s Loan Compay’s late fee is $15.00 that accrue after a payment is more than 10 day late.  Therefore, the $100.00 paid on February 1st will be used to make up January 1st payment, plus late fee.  That leaves February 1st loan payment still outstanding.  Then, no extra full payment is made in February and March 1st comes along.  A $100.00 payment is made on March 1st.  But, because February’s personal loan payment was still outstanding, a $15.00 late fee has now accrued for February.  The March 1st payment is then used to cover what was due February 1st, plus late fee.  As you can now guess, this leaves the payment for March 1st still outstanding.  Unless you make an extra full payment, in addition to the regular payment, between March 1st and April 1st, the process will repeat and you will keep accruing late fees.caution high fees

What Is Ihe End Result Of Accruing All These Late Fees?

So, what’s the big deal with a few late fees?  For one it will take longer to payoff the debt.  There will be a bigger principal balance at the end of the loan term.  Also, extra interest will accrue since less principal is paid every time part of a payment it taken to cover a $15.00 late fee.  In the example above for instance, if an extra full payment is not made to account for the February 1st missed payment, within an eleven month period in that same year alone, you will have accrued $165.00 in late fees ($15.00 x 11 months). 

This may also have a negative effect on your credit.  America’s Loan Company does report your credit to TransUnion.  A late payment that is not made current may make your credit history appear as if the account is constantly a payment behind.  

What If I Can Not Make A Full Payment Immediately?

If a payment is missed on your poor credit personal loan and you can’t make it up before the 10 day grace period is up, an option we give is to make a few extra payments over several installments until enough to cover a full payment is collected.  You will be paying late fees over a few payments.  But, it will reduce the total amount of late fees that will accrue otherwise.  For the example above, a person could make an extra $25.00 over the next 4 installments after January 1st.  So, by May 1st a total of an extra $100.00 will have been collected to make up the one full payment that the account is behind.  A total of $60.00 in late fees will have accrued by May 1st. But after May 1st no more late fees would accrue.  In the end $60.00 in late fees over 4 months is better than $165 over an 11 month period in that same year.

America’s Loan Company offers affordable Bad Credit Personal Loans.  Our aim is to provide our customers with loans with payments to fit their budgets.  But, why get a Personal Loan from us instead of the typical Title Loan?  After all, you can get a Title Loan approved in under 30 minutes.  Whereas, we may take 1 to 3 days from application to contract signing, depending on how fast an applicant provides documents needed.  The short answer, a little patience will save you money. 

Title Loans Are More Expensive

What does it mean when loan is expensive?  This refers to the amount of fees that you end up paying for the loan.  A.P.R. is a measure used to determine how expensive the loan is.  Title Loans are very expensive compared to America’s Loan Company’s Bad Credit Personal Loans.  Here’s a few points to consider mentioned in a Consumer Finance Protection Bureau’s May 18, 2016 report on Title Loans (You can follow this link if you rather read it https://www.consumerfinance.gov/about-us/newsroom/cfpb-finds-one-five-auto-title-loan-borrowers-have-vehicle-seized-failing-repay-debt/):

  • “One-in-five borrowers have their vehicle seized by the lender:”   BEAR TRAP 400 x 300
  • “Four-in-five auto title loans are not repaid in a single payment:” This means that you most likely to fall into a cycle of debt.
  • “More than half of auto title loans become long-term debt burden:” Since you are more likely to fall into a cycle of debt, according to this report, you are likely to need to re-borrow four or more times.
  • “The typical loan is about $700 and the typical annual percentage rate is about 300 percent,”

Are Our Personal Loans Different?

Our Bad Credit Personal loans are still geared towards customers with poor credit (650 credit score and below).  However, our A.P.R. on Personal Loans are never in the triple digits.  On our Home Page we give a few sample quotes.  For instance, a qualified customer may borrow $1,500.00 over 2 years and have a 33.70% A.P.R..  Since our Bad Credit Loans are not as expensive and made to fit your budget, you are not as likely to fall into a cycle of debt. Therefore, in the case that we have to use your vehicle's title as security for a Personal Loan, you are less likely to have the loan go into default and have to deal with a repossession.     best personal loan

As mentioned in a previous blog, always compare shop between lenders and get quotes.  Although we may not be as cheap as getting a loan from a bank, we are very confident that our fees are much lower than what you will pay with many other lenders.

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