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Bad Credit Loans

Having a poor credit score is not desirable for anyone as it affects the ability to get credit lines. The situation is even worse for people who are in massive debt.
Luckily, First US Financials is here to help! A solution to reduce the burden of the payments can be through debt consolidation for bad credit loans. You get one loan in high volume to cover all your debts. As a result, you only make one payment per month with lower interest!

If you have poor credit performance, there are considerable difficulties in getting loans. In the best case, you can receive bad credit loans. Yet, it also has its disadvantages. Continue reading to find out more about bad loans, and what other options debtors like you can have.

Bad Credit Loans

When banks and other organizations provide credits, they check the credit history of the people. A credit score shows how reliable a person is and how likely it is that he/she will meet the obligations. If you haven’t fulfilled your obligations, such as delaying payments, you will get a low credit score. In this case, when you apply for a new credit line, there is a high chance that your application will be rejected. However, bad credit loans are more achievable for people who have poor credit performance. In general, these loans have a high approval rate, which indicates that eligibility criteria for them are not demanding.

Two Types of Loans

Similar to other loans, bad credit loans have two types, secured and unsecured. In the first one, there exists a requirement to have collateral. Collateral is a valuable asset, such as a house, car, or other property. It hedges the risk of creditors in case you do not pay back the debt. In this case, they liquidate the collateral to get their money. As the borrower takes more burden, the interest rates are a little lower than the unsecured loan.

The second type of loan does not require collateral. Sometimes, borrowers need to have a cosigner to be eligible. Co-signer is a reliable person, usually a friend or family person, with a good credit standing. As they guarantee the payment, if a debtor does not pay back, the co-signer will take responsibility. Again, the risk of non-payment decreases, which leads to better terms in bad credit loans. However, if there is no cosigner and collateral, the loan has an extreme risk for the creditor. Debtors have less to lose. Hence, they might decide not to follow their obligations. Therefore, creditors protect their positions by offering higher interest rates.

Is It Worth to Get Bad Credit Loans?

Many people who are in deep trouble with debts, try to get bad credit loans for consolidation purposes. By taking one loan in a considerable amount, they pay back all other obligations. As they have massive debt, it is not likely that they will qualify for standard loans. Hence, bad credit loans seem to be the best option. However, the effectiveness of this decision depends on the conditions individuals face. While it can benefit some, others can be worse than before when they take bad credit loans.

Pros of Bad Credits

The advantage of these loans is their accessibility. In standard loans, creditors require a lot of documentation to prove that the borrower is reliable and has a good credit history. However, in bad credit cases, all parties are already aware of the borrower's poor credit performance. Hence, the approval and funding process is usually faster. Additionally, the credit score is almost the only significant factor in decision-making for lenders. As you have a low score, there is not much to check about you. A low score still qualifies, so the approval rate for this loan is quite high.

Cons of Bad Credits

Yet, there exist many disadvantages, too. First, secured loans will require collateral. If you do not have valuable assets, there will be less chance to get the loan. Also, if you fail payments, you can even lose your house as collateral. In bad credit loans, people have poor credit performance. Hence, the risk of non-payment is high for lenders. They protect themselves from this risk by requiring higher interest rates. Therefore, even if you consolidate your loans with bad credit, it might be harder to pay the high interest every month. Unless you improve your income level when getting bad credit loans, it is not likely that you will meet your obligation easily. Lastly, the extra fees can be more in bad credit loans. Usually, creditors can exploit the desperate situation of the borrowers. As they have more power over debtors, they can deduct more fees. It is also a strategy to hedge against risks.

The Riskiness of Bad Credit Loans

Debt consolidation is a risky process. If you cannot meet your obligations in the new plan, you can find yourself choking in debt. The risk of non-payment is high even for people with credit history. It means that the chance of getting rid of the debt with bad credit loans is extremely low for poor credit performers.

Additionally, these loans have higher interest rates. Therefore, you will be obliged to pay more money every month. If you can afford such an amount, it does not make sense why you do not meet your debt obligations without consolidation. Plus, if you get a secured loan, you might end up in more debt with no home, car, or other valuable assets.

Bad Credit Loans are not the Only Option

It will be a massive mistake if you directly opt for a bad credit loan without consulting with a debt relief company. We have been providing help to people in a similar situation as you for a long time. Our team of experts has a high level of industry knowledge and skills, enabling them to find the best available option for your debts.

Our Core Values

We operate our services in three building blocks. First, we pay much attention to our relations with the customers. Gaining your trust and satisfaction with our services have the utmost importance for us. We listen to your specifications and create custom plans which would fit your needs perfectly. Second, a reliable image is vital for us. In no case, we lie to our clients and try to convince them through fraudulent actions. Openness and transparency are significant factors in our services. Hence, we keep our clients informed about any decisions regarding their debts. The third fundamental block of our services is professionalism. Our team has years of experience in this field. They acquired skills, like effective communication, persuasion, and networking, to convince the creditors for better terms. In this way, we continuously improve our services to help anyone struggling with debt. These are the core values on which we built our service and achieved success.

What Are You Still Waiting For?

You do not take any risks or obligations for our services. You do not need to make payments beforehand, and we offer a 100% refund if you are not satisfied with the service. As we value honesty, transparency, and customer attitude toward our services, we hope you do not have any question marks in your mind by now. However, if you are still confused and worried, contact our experts now and direct your questions or concerns.

Debt Consolidation

Our experts can help you consolidate your debt, too. However, we try to eliminate the negative aspects that consolidation through bad credit loans brings. Our team will communicate with your creditors to settle for a lower amount of debt. Therefore, you would not be required to get a massive bad credit loan. We also find unsecured loans for you so that you do not lose your assets. Throughout the process, you will work closely with a finance expert who will help you reduce or even eliminate your debt. We offer a premium level of customer services. If you have any questions, contact us now.

Settlement

Besides consolidation, we can also provide debt settlement services. This debt relief program involves negotiations with the creditors. In years of experience, we developed excellent connections with the creditors and debt collection agencies. Our team has the utmost skills for this process, such as persuasion, negotiation, and networking. Hence, we can convince your lenders to agree for a lower amount of debt payment. Till the day of settlement, we will also work with you to make monthly payments to savings accounts. In this way, you will collect enough money to pay off the debt in a lump-sum amount when both parties settle.

Even better, you would not need to deal with pressuring creditors throughout the debt settlement process. Our team will undertake communications with the lenders, and you will enjoy a stress-free life. Plus, we will create a custom savings plan for you, so that you can still afford your necessities while putting money aside for settlement.

Contact Us For Debtless Future

Bad credit loans are extremely risky. Instead of gambling on debt-relief options, get professional help to choose the best program. Our team works closely with clients to understand their unique needs and provide customized alternatives. We have helped many people like you to reduce their debts or help to eliminate loans. Our team is ready and excited to answer all your questions and guide you through the process. Call us now to talk with one of our experts and see what can be done for your financial challenges.

Take No Risk with Our Help

There exist many reasons to get our services. We aim to help debtors to reduce their burden of obligations. This goal only is a whole reason why you should work with us. However, we also provide other benefits. One of the most significant factors is that you take no risk of getting our assistance.

You might be afraid of being tricked and wasting your money with third-parties. We understand this problem and require no upfront payments. Our clients only pay our fees, which is around 20% of all debt, when they get delighted with the results. Also, we provide affordable services. Even after deducting our fee, you still save a lot of money. You should also keep in mind that we do not pressure you to take action. If you are not satisfied with the progress, or offered a solution, you can quit with no obligation to us.

You can have complete trust in our services because we provide full transparency for our clients. You will be aware of all steps of the negotiations and the progress our team achieves. The trust of our clients has the highest importance for us. Hence, we do not lie to them and be honest about what they should expect. The First US Financials do not promise fast results that are impossible to achieve. We analyze your challenges and create plans for two to four years.

How do We Work?

Our help depends on the optimal solution to your problems. No matter the debt relief program needed, the first stage of all plans start with you. First, you need to contact our experts to share a lot of information about the challenges you face. In this way, our experts will be able to assess the situation and find the best relief program that suits your special needs. In the next stage, we start the implementation process. The implementation process has a requirement or task both for our experts and the borrowers. Our team, usually, contacts the lenders to convince them to agree for a lower payment. We communicate with them regularly and try to persuade them through our negotiation and networking skills.

Meanwhile, borrowers follow the specified rules. If the solution is a debt settlement, you need to make savings in your deposit account. The amount is calculated by our experts, which is still affordable for you. Meanwhile, you need to stop accumulating debt. For example, If you are struggling with credit card debt, you need to stop making purchases with that card. For the debt consolidation program, borrowers need to make payments on time. In all cases, our team will be in close contact with the debtors to help them in any challenges they face. Once creditors get their money, we receive our payment, and debtors finalize the process with a high satisfaction level.

Do Not Wait for Miracles.

Your debt problems would not disappear in an instance. Doing nothing and ignoring the magnitude of the challenge you face is the worst decision you can make. There exist solutions for you. All you need to do is contact us and learn about your options regarding bad credit loans. The more you wait, the harder it gets to eliminate the debt.