Personal Loans For People With Fair Credit

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If your credit score is in the low- to mid-600s, you have what is usually considered to be fair credit — not in the range where you have trouble getting personal loans at all, but in the range where finding a good interest rate and reasonable terms can be challenging. Whether you are experiencing a temporary fall in otherwise good credit or you have built your credit up from poor to fair status, it takes effort to find a loan that meets your needs.

Banks and credit unions are less likely to offer you a loan with fair credit unless you take the path of a secured loan that is backed by some form of collateral, such as your car, the contents of your bank account, or the equity in your home. With a secured loan, you are likely to receive a much better interest rate than you could receive otherwise, but there are two drawbacks: you put your collateral at risk, and your loan amount is limited by the amount of collateral that you supply.

Depending on your reason for the…

Subprime Loans – Should You Take the Risk?

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Subprime Loans are Back

Since the housing crisis began over a decade ago, subprime mortgage loans basically disappeared – thanks to regulatory actions from government and self-preservation for both lenders and borrowers. The effects of borrowing more than you could safely afford to repay became obvious to all parties.

Subprime mortgage loans have been making a slow comeback over the last decade, driven by years of pent-up consumer demand and lending institutions competing for more business.

If you have borderline or poor credit (credit scores in the 580-669 range or below), lenders are devising new ways to offer you a mortgage loan. Are you ready to take advantage of these offers – and, even if you are, is a subprime loan the best choice for you?

Increased Risk But Greater Scrutiny

Data from the Mortgage Bankers Association (MBA) shows that during the first quarter of 2007, approximately 13% of all residential mortgage loans we…

Can Minor Debts Land You In Prison?

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The Equivalent of Debtors’ Prison

Is there such a thing as a modern-day debtors’ prison? Not literally, as
debtors’ prisons were outlawed by Congress in 1833. However, a recent ACLU
report on the criminalization of private debt points out that some private debt
collectors are creating the equivalent of debtors’ prison via the courts.

The ACLU found instances of debtors being arrested for debts as small as
$28. Once incarcerated, the debtor may be stuck in jail for days trying to
arrange bail, missing work and family obligations. Jobs may be lost, and the
warrants and arrests may show up on future background checks – making it
difficult to get a new job or go back to school.

While these tactics may be technically legal, the result is often a
punishment far greater than the crime.

It’s Not Just “Deadbeats”

The ACLU report breaks the stereotype of the deadbeat willfully tr…

Video: Can You Be Fired From Your Job If You Have A Low Credit Score?

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Can your current and prospective employers use your credit score to hire and fire you? Does this really happen? Watch our exclusive video above to learn your rights and how you can prepare for such situations.

Maintaining your credit score can prevent many negative outcomes. You can check your credit score and read your credit report for free within minutes using Credit Manager by MoneyTips.

Free Credit Freezes And More Credit Changes You Need To Know

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Credit Reporting Changes

On Thursday, May 24, President Trump signed into law the Economic Growth, Regulatory Relief, and Consumer Protection Act – the administration’s first step in dismantling the Dodd-Frank regulations enacted in the wake of the housing crisis and the Great Recession.

Many of the Act’s provisions are targeted at bank regulations, affecting consumers indirectly. However, certain changes directly relate to one of your most critical tools as a consumer – your credit report, and the steps you can take to protect it.

Improved Fraud Alerts

Fraud alerts notify lenders that someone else may try to apply for credit in your name. Lenders must then take reasonable steps to verify the identity of anyone requesting credit in your name. To take pre-emptive action, you can file an initial fraud alert with one of the three major credit bureaus (Equifax, Experian, and TransUnion). The bureau that receives the filing will notify the …

Americans’ Biggest Money Mistakes

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You’ve made some life decisions that you’ve regretted, and some of those decisions surely involve money. What sort of money mistakes have you made?

Don’t be shy about admitting your financial mistakes. According to the latest version of Finder.com’s annual America’s Biggest Money Mistakes survey, you have 192 million fellow Americans to keep you company. More than three-quarters (78.3%) of respondents claimed to have made a money mistake in their lifetime. We’re surprised that number isn’t closer to 100%!

As Finder.com Consumer Advocate Jennifer McDermott says, “It’s understandable that so many have made a money mistake in our lifetime – we’re only human! However, while a slip-up doesn’t need to derail our entire financial wellbeing, it’s important to recognize the triggers to make better choices in the future.”

What’s the most cited financial mistake? By far, the winner …

10 Worst States To Live In With A Bad Credit Score

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What’s worse than a bad credit score? Having bad credit and living in a state where bad credit makes life even more difficult.

RewardExpert, a rewards optimization site, compared factors such as cost of living, usury laws, and the overall financial health of a state to determine how bad credit affects life in each state. Their findings suggest that you avoid the following states if your credit is substandard.

1. Washington – High prices in all categories and poor protections against predatory lending practices make Washington the most difficult state for consumers with bad credit.

2. Tennessee – The Volunteer State combines a high maximum allowable usury rate and poor rankings in all other categories to earn the status of second-worst state for residents with poor credit.

3. South Carolina – Prices are generally high in South Carolina, with housing and educational costs among the highest in th…

Get Money Back From Western Union Scams

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Western Union has served as a reliable method for rapidly sending money over long distances since the late 1800s. Once known for telegraphs, it currently offers services to more than 200 countries across the globe. Unfortunately, Western Union is frequently used by scammers, thanks to convenience, speed, and limited means of recovery for fraudulent transactions. According to a recent settlement, Western Union had not been doing enough to protect consumers from these scammers.

Between January 2004 and August 2015, the Federal Trade Commission (FTC) reported that Western Union received over 550,000 money transfer complaints regarding popular scamming schemes, such as fake family emergency requests, fraudulent lottery winnings, or prize awards requiring upfront fees. Internal Western Union reports raised concerns about fraud committed by their own agents, but these concerns were not properly …

10 Best States To Live In With A Bad Credit Score

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It’s no fun having a bad credit score. You pay higher interest rates for your credit – if you can get credit at all. You have little room for financial error. A small, unexpected bill can cause big problems.

At least your hardships may not be as bad if you live in certain states.

RewardExpert, a site that helps users optimize credit and debit card reward programs, examined factors that affect residents with poor credit – such as typical expenses, usury laws to limit predatory lending, and the status of debt collectors – and how those factors vary in each state.

Where is bad credit more tolerable? Consumers with bad credit should avoid the coasts and stick to the Midwest – not surprising, given the typically high costs of living in coastal areas.

Here are the top ten states to live in when your credit score is low.

1. Iowa – Iowa tops the list by doing well in all categories. Iowa is tied for the lowest maximum usury …