NEED HELP: HOW CREDIT COUNSELLING PROGRAMS WORK

When you are being entrapped in the vicious cycle of debt, you get so much stress and pressures that won’t give you rest. It seemed like you cannot get out of loan problems and you cannot find any more solution by yourself. This is the reason why credit counseling programs are made available.

How It Works?

            According to debt.ca,Of all the debt relief solutions available to consumers in Canada, credit counseling is one of the best in terms of making sure that you understand what got you into debt in the first place and how you can avoid consumer debt problems in the future. Credit counseling is a viable option for you because the assistance it gives in negotiating with your creditors and helping you learn to manage your finances better is often all that is needed to solve a debt problem.”

In other terms, your credit counselor will help you track the roots of your debt problems and also serve as your middle-man to help negotiate with your creditors. Usually, the root to almost all financial problems is mismanagement.

Where Is It Available?

            You can browse the web for Credit Counseling to find a nonprofit credit-counseling agency near you. Most Credit Counseling agencies provide their services at no cost, except for those debt management fees. In many countries, some non-profit organizations and universities also offer this kind of help, you just need to persist in inquiring.

What Do I Need to Do?

            While in the process, all you need to do is to cooperate with your counselor and be patient. Your counselor is not a magician or a superhero that would make your debts disappear in an instant. The process you need to go through with your counselor requires humility, time, effort, persistence and determination. You also need to listen to your counselor when he/she corrects of you on your spending.

Some Reminders

            Be cautious of the counselors who ask you details and even fees before giving you free information and explaining to you the services they have to offer. Many people will grab the opportunity to deceive you especially when they see you desperately need help.

How to Protect Yourself from Home Renovation Loan Scams?

The perfect home only exists in fictional works and marketing copies. Every now and then, your home will have little damages of various proportions. Some damages can be repaired easily, while others must be fixed through a costly renovation process. To help homeowners deal with their repair problems, low interest money lender have created home renovation loans. These loans are specially meant for homeowners who want to renovate areas of their homes but are short in cash. Generally, home renovation lenders offer solutions. However, some of these lenders offer nothing but scams that will drain your money away.

 

Here’s how you can protect yourself from home renovation loan scams:

 

Understand the Full Value of Your Home

 

Borrowers who ended up paying huge fees to home renovation lenders are those with little knowledge about their homes. Knowing and understanding the full value of your home is important because you can have a clear expectation about the lender’s upcoming rates. So, how will you know the full value of your home? You can do the hard work and run up with a quick estimate. Alternatively, you can hire the services of a home inspector. The inspector will take a quick look at your home and give you a detailed report. This report can be your proper guide.

 

Read Between the Lines

 

Lenders tend to bring out confusing agreement clauses that will force you into paying additional fees per month. Not all home renovation lenders are doing this, but some are notorious for the tactic. Always review the agreement and watch out for any clauses that may be confusing or contradicting. Your eyes may not be trained enough for this, so you can try asking for help. Ask some financial experts so your knowledge can expand.

 

Research Properly

 

Research is important before putting your trust towards a home renovation lender. What are the things that you must research about? First, you need to know the status of the home market. This will help you estimate the correct range that lenders must offer. Afterwards, you need to know what other borrowers are thinking. Are there some specific trends driving the home market forward? More importantly, you should know if the damage of your home can be repaired by few people. In that case, you can forget about getting the loan.

 

Create a List of Top Fives

 

Going for the first lender that will pop up in your search is very risky. To manage this risk, you need to come up of multiple lender options. Five is a good starting point. Filter your home renovation lender search according to location and the best reviews. Focus on money lender Singapore review with many positive, unbiased reviews. Social media can also help you find the ‘top five’ lenders within your area.

 

Not all home renovation lenders are bad, but it won’t hurt to protect yourself from scams. Awareness is your great advantage, so use it properly! Remember, you have the right to decline any sneaky home loans that you might encounter.

 

How to Maximize Your New Home Improvement Loan?

Home improvement loans are now as popular as personal loans. To apply for this kind of fast cash loan in Singapore, you must have a home first. You should also know the full value of your home so you can’t be ripped off. After getting approved a home improvement loan, you’ll receive it as a lump sum and you can now use it for that home extension that you’ve always wanted. What if you need the lump sum for other purposes? This is actually a common tactic. Many borrowers around the world are using their home improvement loans to fund the other things they need. As a borrower, no one’s stopping you from using the loan for any reasonable purpose.

 

Do you want to know how to maximize your new home improvement loan? Check out these ideas:

 

Room Extension and Renovation

 

Room extension is a common choice among homeowners. Since homeowners want to add rooms to their homes, a loan can be really useful. If you’re planning to have a room extension project, you need to do your research first. Assess the price of the materials and labor that you’re going to need. Room extension projects tend to eat up your cash if you’re not careful around details. If possible, you must seek the help of a renovation expert.

 

Savings Account or Contingency Fund

 

If you’re not planning for any repair or renovation, you should at least consider putting your loan towards a savings fund. Sooner or later, you’ll use this fund for something else – perhaps to fully repay your home improvement loan someday. Your savings fund can also be handy in case there are financial situations at hand.

 

Financial Emergency Solutions

 

Loans are always meant for emergencies. They should not be treated as crutches that you can use anytime. Whenever a financial emergency hits your doorstep, your home improvement loan can resolve that. Other types of flexible loans that you can aim for are personal loans, payday loans, and home equity loans.

 

Various Investments

 

Another valuable method is to use your home improvement loan as an investment fund. Nowadays, there are hundreds of investment options that you can choose from. Online assets have become more popular and handy, as well as paper assets. You can also try setting up a product review site and let the affiliate commissions roll in. Collectible items are also great investment types because their depreciation rate is slow. With multiple small investments under your name, your financial state is somehow secured.

 

How to Find A Reliable Credit Builder Loan?

Aside from personal loans, one of the most flexible types of loans is a credit builder loan. This type of loan is issued to virtually anyone who has less than satisfactory credit rating. Many borrowers rely on credit builder loans because they can achieve multiple goals such as credit rate improvement, financial leverage, and additional privileges in the future. Credit builder loans have varying amounts that can be matched according to your lifestyle.

 

Here are some ways to help you find a reliable credit builder loan:

 

Scour the Web

 

The Internet is your reliable source of all information, especially loans and financial instruments. Simply conduct a regular Google search for credit builder loans and filter it according to your location. Better yet: visit an online credit lender site and file your application there. Typically, the application for credit builder loans can only take less than an hour. If you’re approved, you can get your money in the next hour.

 

Look for Offers in Banks

 

Banks are great sources of variable loans, debt programs, and investments. Credit builder loans are not exempted. By issuing credit builder loans, banks can stimulate a lending-borrowing culture in an area. While banks tend to be stricter, there’s a big chance that you can get a credit builder loan with higher amount. More importantly, the bank can check your credit report in just few minutes. The bank may also give you additional incentives after applying for a credit builder loan. Some banks may have higher interest rates for their credit builder loans, while others have moderate fees. Juggle your options and pick the best one that matches your preferences.

 

Check Out Local Community Lenders

 

Community lenders are somehow reliable if you want to build your credit rating. However, not all of them will conduct credit report analysis. Since they are only operating in communities, these lenders are usually not tied with banks. If you can find community lenders with bank tie-ins, you’ll have an advantage. Community lenders also have smaller rates compared with banks, but the amount ceiling for your loan can also be low. Still, it’s nice to keep a community lender’s contact up your sleeve.

 

Once you’ve paid out your credit builder loan, you can now apply for bigger and better loans. If you want to apply for mortgage, for example, credit builder loans will boost your financial profile. Be careful though – miss a payment and your credit score will be down to negative! Plan properly so that you can repay your credit builder loans with ease.

 

GETTING OUT OF THE RUT: HOW TO GET OUT OF PAYDAY LOAN DEBT

While it is very easy to get a payday loan nowadays, it is often too difficult to get out once you’re tied up in it. Since payday loans are short-term loans, the loaners are not given much ample time to spend the money and pay it back. Once you fail to pay your loan, which is usually less than a month due, the only solution you will be offered is to roll over the loan and pay additional fees. So here are some tips on how you can possibly get out of payday loan debt.

Get long-term installment loan

If you’re struggling to repay your current payday loan amounts, try to make smaller and more manageable repayments. You can do this by borrowing an installment loan and then pay off your payday loans right away. Most long-term installment loans have lowest personal loan rates compared to short-term loans since installment loans are basically designed as a long-term financial remedy. You will then be out of the payday loans’ trap and will just have one loan to deal with in which can give you ample time to prepare for payments. In addition, because you will pay off the loan over a longer period of time, there will be lower repayments every month.

 

Ask For an Extended Payment Plan (EPP)

You can also ask your payday lender if you can get on an extended payment plan (EPP), before closing on the last business day before your loan is due. This will break your loan up into smaller installment payments. If given more time to repay the loan, it will prevent you from paying additional fees or interest in the meantime. By doing this, you would usually be asked to sign a new loan agreement with the terms of your extended payment plan. However, make sure you read it carefully and understand the full terms before you agree so that you will not be entrapped by predatory lenders.

 

Seek Advice

When you think you are drowning with the inescapable cycle of debt, you are not alone! Many are suffering due to this problem. But don’t fret! Debt or credit counseling programs are now made available in some universities, credit unions and other non-profit organizations to help you with money management. Just don’t be ashamed to seek professional advice. Those who seek help shall find help.