Bad Credit Loan: Salvation or Damnation?

Written by dDawg

Continued from page 1

Banks may be more selective of their loan applicants. Since banks tend to be more cautious of their investments, they are less likely to offer loan to those with bad credit ratings. You might need to prove that you can repayrepparttar loan.

Or an unemployed can take a home equity line of credit which is like a credit card with revolving balance. You draw against it when you want, like using a credit card, and as you repayrepparttar 149938 balance,repparttar 149939 credit becomes available again. A home equity line of credit or HELOC?s can be very accommodating in case of periodic expenses. Basic necessities are easily fulfilled withrepparttar 149940 help of line of credit during unemployment period. This will enablerepparttar 149941 unemployed to get those increasing credit cards bills to rest.

Debt consolidation floanor unemployed are also accessible. Debt consolidation will make it easier forrepparttar 149942 unemployed to regulate their debts and also considerably lowerrepparttar 149943 rate of interest. As an unemployed you can go to a debt management firm. Debt management firm can get your creditors to reduce your interest rates and also to relinquish any late fees. However, talk to more than one firm before you settle on which debt consolidation or management firm to settle. The debt management firm in question should be sympathetic to your unemployment status and ready to dorepparttar 149944 hard work for you.

Unemployed tenant loan are also readily accessible. Loan lenders are willing to give loan to tenants to those have little or no income. An unemployed who is on income supports, benefits, or disability allowance then this incomes will be counted as total declared income. A flexible unsecured loan would be appropriate for unemployed tenants. Flexible loan for unemployed would be ideal for they have stand by facility, holiday period or overdraft. This will ensure repayment to be made at later time without any severe penalties implemented against you. This is perhapsrepparttar 149945 last thing you would want in your already taut financial condition.

Student can apply for underrepparttar 149946 unemployed loan scheme. A recent survey has found thatrepparttar 149947 people are more worried about their debt than about any other situation. Unemployed loan help college student to get ample money for their education requirements.

Personal loan for unemployed have bothrepparttar 149948 ability andrepparttar 149949 proficiency to match their expectations and requirements. An unemployed consumer seeking a personal loan should search for a repayment plan that can be stretched out overtime. Opting for this type of loan can circumventrepparttar 149950 chance of biting off more personal loan than one can afford while they are looking for a new employment opportunity. More loan information can be found at

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Home Equity Loan – Still a Better Idea Than a 401(K) Loan

Written by Charles Essmeier

Continued from page 1
repparttar interest back to yourself. The additional disadvantages are considerable, though. The money you borrow from your retirement account was money invested before taxes. The money you pay back is after-tax money, effectively increasingrepparttar 149937 amount that has to be paid back. Worse, should you lose your job,repparttar 149938 401(K) loan must be paid back immediately, in full. Should this not be possible,repparttar 149939 loan is treated as a distribution, requiringrepparttar 149940 payment of a 10% penalty in addition to state and Federal taxes. Withrepparttar 149941 job market still rather volatile,repparttar 149942 additional risk of borrowing against a retirement account is substantial.

Borrowing against a tax-deferred retirement fund is rarely a good debt consolidation option. The tax disadvantages,repparttar 149943 threat of penalties and immediate repayment and loss of compounding generally make such a loan a bad idea. Those with existing student loans should probably keep them;repparttar 149944 interest is tax deductible andrepparttar 149945 rate is still lower than with most other consumer loans. For most anyone else, a home equity loan would be a better choice, offering deductible interest, fewer risks, and a fixed repayment schedule. Anyone considering a consolidation loan should consider all of these options carefully, asrepparttar 149946 cost of choosing poorly could be great.

©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including, a Website devoted to debt consolidation and credit counseling information and, a site devoted to information on mortgages and home equity loans.

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