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Monday, October 14, 2013

Bad Credit Equity Loan - Would This Be A Good Choice For You?

If you are financially stressed and your family has needs, your home needs repairs, maybe even your business needs a pick-me-up where do you go? You actually are ashamed of your credit record, but things have just gotten out of hand and you've done the best you could do. But now what? Well, take heart, there are avenues to pursue! And the one I am referring to is the bad credit equity loan.

Yes, I know it's difficult to get a loan of any kind with bad credit, but it is possible. The bad credit equity loan is available by many lenders, although you will pay a higher interest rate than for the normal equity loan. Of course you have many questions because you haven't researched the subject and you know nothing about how loans are figured; you certainly haven't heard about the "loan to value ratio". Hopefully this article can fill in some of the gaps for you, although it won't be all you need to know.

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When applying for a loan, perhaps the most uncomfortable time comes when the lender asks for the history of your credit. What do you tell him - about all the late payments or the times you didn't pay, or maybe just partial payments, or the number of checks that bounced or overdrawn bank accounts...? Why did you even THINK you could get a loan? But don't give up! Times have changed and lenders are willing to take a chance.

They aren't really taking a chance, because they'll always get their money somehow. One way, as we said is to charge a higher interest rate, but you can handle that and besides, the cost of the interest on the bad credit equity loan is tax deductible. If you're sure you can handle the higher interest, then proceed.

While that embarrassing credit history looks bad and does hurt, it's not the only criteria for approving a loan, thank goodness. Your salary or income is quite important as well as your job history, like have you been at the same job for two years or more, and are your recommendations acceptable. One of the highest credentials on the list for a bad credit equity loan is the loan to value ratio. That is the ration between the value of the home (what it could sell for) and the amount still owed on the mortgage.

For whatever reason you are seeking a bad credit equity loan, your chances of receiving it are usually better than for other loans because they are more easily approved and offer more options. The main reason is that the individual may receive a lower rate of interest because of the value of the equity. And as an added incentive, these loans can actually build up your credit rating.

Online quick and hassle free bad credit equity loans are being secured with little paper work and almost no inconvenience and bad credit home equity loans are being granted to those whose credit score is 500. That's because the home serves as collateral to the lender. The amount of equity (the difference between what you owe on your mortgage and the value of your home and property) you have in your home plays an important role in this also.

A final thought about securing this bad credit equity loan. Your bad credit may not be as important as you thought it was, contingent upon the amount of equity that you have in your home; that might be enough to cushion the effects of your bad credit and allow a lower interest rate. Here's your chance to repair and restore your credit. Beware of unscrupulous lenders, and move on toward the freedom from bad credit.

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