Hope for your financial life and beyond

Borrowing Money with Bad Credit

If you have made some wrong financial choices in the past, that doesn’t mean that you shouldn’t be given a second chance and a way to get back on your feet. And it doesn’t mean no one is willing to do so.

Conventional lenders such as banks or credit unions might decline candidates with poor credit reports because they don’t consider them trustworthy. Even a secured loan may be out of the question. Direct or online lenders may be more open to approving your application, but their terms won’t always be most favorable.

Here are some options to consider if you have bad credit and are looking to take out a loan.

[Read more…]

What is a Line of Credit and How Does it Work?

From time to time, you might find yourself in need of additional money to fund a project, pay a medical bill or cover for an emergency. It can be hard determining where to get access to the cash you need. It may be that a line of credit is just the thing to get you by.

A line of credit (LOC) is an agreement between a bank and an individual that is geared towards establishing the maximum amount of money a customer can borrow. Once agreed upon, the customer is allowed to access the borrowed funds from the financial institution through their bank accounts. They are then required to make repayments on the loans per the terms established with the bank.

Here is how a line of credit works.

[Read more…]