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Short Term Loans Business Consolidation Loans Business Loans Self Employed Short Term Business Loans

Short Term Loans Facts You Probably Don’t Know

Short term loans are convenient and quick ways to get money in a frenzy. You don’t have to worry about a credit check because many lenders offer no credit or poor credit loans. If you have a stable income, you’re over 18 and you’re willing to pay off a loan in as short as two weeks’ time, you have a great chance of qualifying for a loan. A short term loan is also a very potent financial tool that can help you break the cycle of debt and say goodbye to high-interest credit card debts. Read our short term loans facts now and take advantage of this useful source of finance.

How does a short term loan work?

It takes only a few minutes to fill out the application form. In 15 minutes or less, you can get the result of pre-assessment. Lenders will ask basic questions with a soft enquiry such as your income and age and the amount you want to borrow. In most cases, when you apply for quick cash like 90-day loans, lenders will review the information you provided, ask for your income verification and send you a loan offer.

What loan amount should you take? 

Depending on your financial situation, a lender may offer a high loan amount. If you don’t need all of it; don’t take the full amount. Lenders often extend higher amounts of short term loan to earn more money in the form of interest. Stick to the original amount you intended to borrow—which must be limited to the amount of money you need to meet your current need so that you can easily pay it back as soon as you can.

alc simple application process

How long is the repayment period?

Short term loans can be as short as two weeks to three months, or up to 1 year. Often, borrowers pay back the money back in full within 90 days. If they receive their salary twice a month, they pay back a portion of the loan into bi-weekly payments. The lender can break it into 3 monthly payments, 6 monthly payments or more depending on your income. Australian Lending Centre offers flexible repayment terms.

What fees are included in the monthly repayments?

One of the more complicated short term loans facts concerns the fees. The repayment amount includes the interest rate and fees on top of the principal amount of the loan, divided into several payments. The repayment amount each period depends on the total cost of the loan including the amount you borrow.

It is important that you review the terms of the loan, especially the loan amounts, interests and any fees before you accept the offer. If there are any hidden fees or the interest rate is too high; consider declining the loan. It is important to enquire about the interest, and completely understand the loan agreement that you are entering before you sign.

Why do people prefer short term loans that regular loans?

Convenience is one of the top reasons why borrowers choose a short term loan over bank loans and other loan products. It has minimum documentary requirements and an easy income verification process. The review process is extremely quick. Short term loans are a convenient and easily accessible means of acquiring money fast.

Business loans typically require a business plan and extensive paperwork. With short term loans, you don’t have to show any proof or supporting paperwork as to where you are spending the money. Bad Credit Loans also offer Short Term Loans. If your credit history is bad due to a default, judgement or blackmarks you may still be eligible for a loan with no credit check. 

A short term loan is a reliable and flexible financial resource. In times of emergencies, a short term loan can prove to be your saving grace. Unlike traditional loans, you can access the money within 24 hours. Pay it off in just a few weeks or months. Short term loans don’t require collateral. If you have missed payments your assets are still safe.

How should I choose a lender?

There are multiple online lenders promising cheap interest rates, low fees and high amount of loan. But, don’t be fooled, some of them are either scams—asking for advanced payments before releasing the money, or those that charge hefty interests and fees, plus hidden costs that could probably put your deeper into debt.

Look for a credit provider with the following characteristics:

  1. It provides equal opportunity for affordable loans for people with good or bad credit. A stable lending company profits from offering quality products and reliable service, not because it squeezes money from its borrowers.
  2. The loan process is hassle-free. If you qualify, the lender would tell you right away and will make the money available in less than a week. It has a reliable screening system and credit evaluation criteria that allows it to screen creditworthy applicants as quickly as possible.
  3. It offers affordable interest rates, knowing that all borrowers—those with an excellent record or those with bad or no credit record at all must be given reasonably priced loan products to help them out in times of needs.

Now you know the short term loans facts, enquire with Australian Lending Centre to receive professional advice.

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Financial Planning

How To Create A Retirement Spending Plan

Learn how debtor finance can help you find retirement money and build its sources. A strong retirement spending plan can help you to enjoy the life you have worked so hard to build.

If you want to create a retirement spending plan, make sure that your expenses are lower than your income. But, if you have troubles in making ends meet, how will you do it? Good thing debtor refinance can help.

Retirement is something that you buy, that’s a fact, whether you agree with it or not. It’s a plan on how you plan to spend your retirement income. But how do you intend to spend money that does not exist?

Here are simple yet effective tricks to create a retirement spending plan when you have limited resources:

Add up your income

Everything that adds up to your wealth is considered an asset, including consistent income, but not those earnings that are not definite. For example, while you can expect tips as a waiter on a daily basis, you cannot count on them so instead of writing down the total tips you received in a month, just get the average tips. Here are common sources of income that you can include in the list:

  • average tips
  • alimony payments
  • bonuses
  • investment income
  • wages

Track down your expenses

Okay, you probably heard about budgeting a lot, and maybe you’re already fed up with the tips that budgeting is crucial to retirement savings. But, it’s a hard reality that we can’t do anything about.Include everything you spend for. When you add up monthly expenses make sure to include your average food bills, transportation, clothing, entertainment and utility bills. It is also important to take in your credit card payments, loan repayments and if you have a mortgage and auto loan payments, write them down.

Calculate the average expenses you incur each month

Even those things that you seldom buy, such as:

Household items, minor house repairs and clothes

For example, if you buy clothes every three months, get the average cost of the clothes and allot them in your monthly budget.

Don’t forget the add-ons

If you’re paying for self-employment taxes, business taxes and insurance, put them in the expenses list. You can also collect receipts, get a copy of your credit report and track how you spend your cash and borrowed money each month.

Review your debt and credit card statements

If possible, make it a habit to review your debit card records as well as your checking accounts. A lot of people have been surprised how much their money ‘vanishes’ each month, but they’re more stunned by how they spend it.

‘Pay’ your savings account

You only have two options, consider your savings as a top expense you can’t live without, or a debt that you have to pay for a very high interest. You’ll thank yourself later, especially when you’re too old to work.

Here are some barriers to creating a retirement spending plan:

Retirement is not something that people really look forward to

A lot of people have troubles saving for their retirement income. It’s because many people are not really looking forward to old age – the days and years where they will no longer feel in control of their finances. Who is excited to stay in a retirement home? But, if you change your perspective and consider retirement as a adventure, a new beginning that can give your life a new meaning, then it will be an exciting event that you will work hard for.

With a retirement spending plan here’s never ‘enough’ money to save

You have goals and you really want to put away the money for them. But, you have lots of expenses, despite a stiff budget. If that’s the case, why don’t you set up an automatic savings plan? This way, your money will be automatically withdrawn from your checking account and deposited in your retirement plan, savings account or investment accounts. While you can deposit the retirement savings yourself, automation will ensure that you won’t miss doing so. If possible, put all your bonuses, raises and tips to your savings accounts. Make it a habit to reduce your expenses and set aside money for the future.

You can also revisit your retirement spending plan once and a while to adjust to income changes and other conditions that may require additional expenses such as: illness, job loss and other money-related concerns.

Take advantage of the power of compounding interest

If you want to make your small investments large enough to cover your retirement expenses, it’s time to consider investments with compounding interest.

Any amount of money you put into real estate, bonds, stocks, cash savings, or a mixture of these financial portfolio, will work for you, given enough time. The interest on the money you invested and the accumulated interests will eventually increase the size of your savings account. The longer you invest, the bigger the pool of money for your retirement.

Do you need help in obtaining debtor finance so you can save for retirement? Talk to our trustworthy loan experts at Australian Lending Centre. Enquire now!

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Bad Credit Loans Investment Property Loans Personal Loans

How To Get A Large Bad Credit Loan

It’s no longer impossible to secure a huge amount of bad credit. Despite the fact that lenders view people with bad credit as high-risk borrowers, specialised lenders will agree to the deal as long as you submit the right application. In fact, not all lenders look at the credit score at its face value. Some lenders may actually refuse someone with a high credit rating due to failure of meeting other lending requirements. Find out how to get a bad credit loan below.

It is a new niche market

Lending has changed since the big bank tightened their rules around lending. A bad credit lending institution will grant some loans despite a low credit score as long as the loan applicants are willing to improve their scores. If you are unable to secure affordable loans from mainstream lenders, you may still be able to access funds from a specialised lender if you meet their criteria.

Bad credit loans backed up by collateral will increase your chances of getting a larger loan

The presence of collateral reduces the risk for the lender; should you default on the loan the lender will be able to use the collateral as reimbursement.

The key is to offer collateral that matches the value of the amount you would like to borrow

There’s a huge difference in offering $2000 worth of collateral for a $30,000 bad credit loan. The value of the attached asset must be equivalent or higher than the loan it secures.

Income outweighs a poor credit score

While it is not easy to get approval for unsecured loans, lenders will look favorably on applications with proof of substantial income as it validates your financial capacity to repay the loan. Mainstream lenders usually require tax returns, payslips, account records and other forms of documentation to verify proof of income.

What if I can’t prove my income?

Specialised lenders like Australian Lending Centre use other means to verifying your credit rating and capacity to repay the loan. This means you can still obtain a loan despite the absence of some documents required by traditional lenders.

Cosigners assure lenders that no matter what happens, the monthly repayments will be made

If you cannot offer collateral equivalent to the value of your loan, you can look for a cosigner who will then be considered as your security option. Consigners guarantee lenders they will receive the loan repayments on time. If you were to default on your loan your cosigner will fulfill your debt obligation on your behalf.

But, there’s a catch – your cosigners must have excellent credit history. They must prove that their income is substantial enough to cover your repayments if you fail to do so.

Online lending has a bad reputation of making people with bad credit vulnerable to fraud. How do I make sure that a bad credit loan is suitable for someone like me who is struggling with debt?

Online lending is a convenient financing platform. A lot of people can easily apply for finance by simply completing an online form that only takes a few minutes to finish. However, it is your responsibility to differentiate a genuine company from a fraud.

First, look into the company profile

A lending firm that does not reveal its address nor gives away company information is a huge red flag. Be careful who you supply information to. Legitimate lenders will ensure the privacy of your personal details by using tight security measures whilst fraudulent firms will most likely use those details for illicit actions.

Second, check the comparison rates.

Don’t just focus on the interest rate. Australian companies must always list a comparison rate next to their advertised interest rate. The comparison rate is the true cost of the loan, it factors in the interest rate, fees and other charges that may be associated with the loan.

Third, study your financing options

If your situation is not desperate it is always better to consider your options and take your time when making decisions. Choose the loan that secures your debts and builds your credit at the same time. Additionally, be sure to borrow only through a stable financing company with a good reputation.

Look for a reliable and reputable lender that offers practical solutions to your financing needs. Make sure you only sign with a lender that gives you an affordable interest rate despite your low income and/or sub-par credit score. Remember that bad credit loans can help you build a strong financial profile, which will ultimately qualify you for a better future.

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Bad Credit Loans Debt Management Financial Fitness No Credit Check Loans

How Do I Fix My Credit Score?

A bad credit report can cost you thousands of dollars in interests, penalties and fees and many people have asked us “how do I fix my credit score?”. It may also block you from getting a promotion or possibly from getting a promotion or the best deals for a dream car. Here are tips to answer your question.

Request for free copies of your credit file 

…from the major credit reporting bureaus in the country. It is important to check your file if you want to start repairing your credit score.

Examine your files to know exactly the areas that you need to work on. For example, if you have a terrible credit history, it will be helpful if you can check which accounts you have missed paying, and when you started doing so. If you have done poorly because you always maxed out your credit cards, it may be time to refer to those accounts so you will know which card to stop using for the moment. At the same time, it would also help you check whether you have defaults on old accounts so you can settle them as soon as you can.

Dispute credit errors

It is your right as a consumer to get correct credit report. The law allows you to dispute errors by sending a dispute letter to the credit bureau that listed inaccurate entries.

Remember that errors are costly. They can seriously hurt your credit score and bring it down by over a hundred points. What’s worst, you may not qualify for low interest loans simply because of data entry errors or failure on the part of the creditor to update your credit information. It is also a good opportunity for you to correct wrong information that indicates identity theft or credit card fraud.

Minimise your credit card balances

Don’t go beyond 30 percent of your credit limit. Pay all your balances for the month, and when you use a card, make sure that you keep those card balances low to boost your score. If you are having a hard time in paying multiple credit card balances, you can get a personal loan to consolidate them—not only to boost your score but to save money on interests. It is also easier to remember repayment schedule because you only have one lender to think of, so your chances of missing payment is very low.

Lower your utilisation rate

It is not enough that you pay balances in full each month. If you have a higher utilization ratio than 30%, they will still add weight to your monthly balances. One of the best ways to deal with it is to make sure that you make multiple payments throughout the month, to lower your balance. But, not all credit card providers allow this. So, it is important to stick to your credit limit at all times.

Will paying nuisance credit card balances fix my credit score?

Do you have small balances on a number of credit cards and you haven’t paid them yet?

If you want to boost your score, eliminate all the balances on your cards. Instead of charging $50 on credit card A and another  $50 on credit card B, why don’t you just charge them all in one card with a low interest rate, and pay it all off each month?

Don’t get old accounts off your credit report

True, you want to get rid of negative items because they are bad for your report. But, your score will improve when the oldest paid account remains there. The old debt on your credit report like a mortgage or car loan is not bad, so don’t be in a hurry to get it removed from your file the minute you get your debt paid off.

Most of the negative items are really bad for your credit score. But, they just disappear from your credit file after seven years so don’t argue to get your old paid accounts eliminated from your file. Even if it showed that you missed a lot of payments—just keep them there. At least, you were able to show that you managed to repay after all.

Then of course, there are good debts. A good debt is the account that you’ve handled well and paid on time. When it appears on your file—your score will be better simply because you have a long history of good debt. Lenders will also look at your application favorably knowing that you have been a responsible borrower for a long time.

How do I fix my credit score when I have good and bad debts?

In a nutshell, leave your old debts alone, pay all your balances. Don’t close accounts, especially those where you had solid repayment record—because it will eventually boost your score and increase your chances of getting favorable loans. For a shortcut to fix credit history, contact Clean Credit.

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No Credit Check Loans

Low Credit Score loans vs No Credit Score Loans

Do you want to save money on loans? Here are three questions to help you better understand how lenders evaluate your loan application and how you can choose the best low credit score loans or no credit score loans available.

Understand the difference 

…between no credit score loans and low credit score loans.
The former is given to those who have below average credit score, while the latter is given to those who have no credit history at all. If you never had a credit card and never got into debt, and you have no entries whatsoever in your credit report, lenders may not easily entrust you their money. The reason is that there is no way for them to gauge your creditworthiness or the way you manage your debts. In the same way, someone who has done a poor job in meeting his or her credit obligations may be rejected right away by mainstream banks because of their high credit risk, or the risks of not being paid back, on the part of the lender.

How much money do you need?

It is important to determine how much you really need before applying for a loan. Lenders may easily approve loan application of someone who wants to borrow $5000 than someone who wants $25,000. It is also important to pin down the accurate amount you want to borrow even before you apply because it sends a message to the lenders that you know exactly what to do with your money. A borrower who knows how much he needs is someone who also knows how much he can afford to pay within a specified period of time. But, there are things to consider when you intend to borrow money:

1.Give allowance for contingencies.

Unexpected things can happen anytime, and if you will only borrow the exact amount you need, you may have to borrow money again when an unexpected event happens. For example, if you are expecting to receive accounts payable every 15th day of the month, make sure that you have enough working capital to meet your business expenses until the 30th. You can also set aside some money to fill up your emergency fund, even for the time being, so that you don’t have to dip into your working capital to make both ends meet.

2. Borrow a little more than enough. 

You do not have to go back to the lender when you realize that there are still other expenses to meet. How much is enough? It is the right amount you need to pay for the actual anticipated expense, with a little allowance for extra costs that may come along the way. But, it should not be more than half of the intended loan. Otherwise, you may just spend it on trivial things.

3. Choose a loan product that provides you with the right amount you need.

You may have to choose between lenders who provide similar terms and fees. But, look closely into the allowable amount. Would they charge you with a higher interest if you add a few hundred dollars on the loan?

4. What are you going to do with the loan proceeds?

It is important to describe how you plan to spend the money. List the categories and the expenses for each of them. For example, if you are going to buy equipment, list the cost and its use. Or, if you intend to use it for your inventory, write down each cost. There are many lenders who are willing to provide you with no credit check loans or low credit check loans without asking where you intend to use it, but you may have to pay a very high interest rate. So, if you want to save money—take time to look for a lender that will meet your borrowing needs at an affordable cost.

Which one should I choose?

It depends on your credit history, your needs and your plan on how to spend your money. Loans for People with Bad Credit are always available. But, always remember that you will eventually pay for it. And if you want to save money in the process, make sure that you do the following things:

Create a budget

It will help you spend your money on necessary things. If you intend to use the loan for your business needs, make sure that you don’t spend it for personal purposes.

Pay on time

You can save more money in the process, if you avoid late fees and penalties caused by missed payments.

Choose to save no matter how hard it gets

You may be tempted to charge purchases on your credit card, or to get another loan to meet your needs—but before you do it, do everything possible to meet that need using your current financial resources. Only when there is no other way for you to do so, should you resort to getting another loan.

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Debt Management

Debt Agreements FAQ

What are the basic facts about the debt agreement that every borrower need to know? A debt agreement is one of the ways for the creditor to recoup some of their losses when the debtor is not able to pay them back in full and when it is difficult to collect on the debtor’s outstanding loan. The creditor and the debtor put new payment terms in writing, to allow the debtors to at least make partial repayments. Read our debt agreements FAQ and learn more about debt agreements.

When do I have to enter into a debt settlement agreement?

It is applicable when you owe a lender an amount of money and you are not able to pay it back in full. You need to document the new terms of the loan whenever you and your creditor agree to settle the debt.

Why do creditors settle for debt agreement?

By entering into an agreement, the creditors no longer have to waste time chasing you down. Instead, both of you reach an agreement on how much you can pay them.

What are the contents of a debt settlement?

The agreement contains the following:

  • How you will make payment
  • A statement that in case you fail to make timely payment, the total amount you owe becomes due.
  • The date by which payment should be made
  • The new debt settlement amount you agree to pay
  • The original amount you owed
  • You can also add other terms such as liability clauses and other things both of you would like to include.

Why do banks frown upon applications from borrowers in debt agreements?

The major banks may not approve a loan from someone who is under a debt agreement because they are very cautious when lending money to someone who has a bad credit history. They don’t want to put the company at risk in approving a loan for a borrower who cannot make timely payments.

Can I refinance a loan when I am still bound by a debt agreement?

Specialist non bank lenders like Australian Lending Centre allow borrowers like you who are still in a debt agreement to refinance your current mortgage so you can pay your agreement in full. If you have been in agreement for a year, but you made updated repayments, you might be able to borrow up to 70-80% of the value of your property. However, it is important to arrange for a pre-qualifying assessment to ensure that you have a realistic calculation of your home equity.

What are the benefits of entering into a debt agreement/settlement?

If you have limited financial resources and your situation does not allow you to pay back your debts in full, you can enter into this agreement. By doing so, you can avoid going bankrupt—which would have a terrible impact on your credit rating. It also helps you overcome difficult financial situations, by giving you some extra money to settle your debts and to pay for your immediate needs.

Other benefits of debt agreements include freezing the interest accruing on your debt, and paying a single monthly repayment instead of dealing with multiple repayments.  If you have debt agreement administrator, he or she handles all the communication with your creditors, not you. That means lesser pressure on your part. Debt Agreements are appropriate for applicants who are at the verge of bankruptcy. It can help you avoid the major consequences like having a bad credit score that could result in countless rejections of credit applications. Bankruptcy must always be the last option. So, one of the effective alternatives a struggling borrower should consider is a debt agreement.

Is there an alternative to debt settlement?

If you don’t want your future creditors to know that you are struggling financially, to the extent that you entered into an agreement to repay your debts, try debt consolidation. It can help you negotiate payment arrangement with your creditors and it is definitely a practical alternative to bankruptcy.

Final thoughts

A debt agreement is a contract driven by the desire of both parties to settle the debts. The lender wants to get back the money while the debtor wants to pay it off.

Take a good look at the content of the debt agreement. It controls and directs the borrower on how to pay back the loan and how much to pay. But, if you don’t want to have a record of debt agreement on your credit file, you can simply take out a second mortgage or a personal loan, or any other affordable loan product to pay off the debts.

What is important is that you would satisfy the full amount of your loan, and at the same time enjoy an affordable and convenient repayment for the new loan.

When you have finally settled your debts, try to practice good financial habits. Pay your debts on time, spend less and try to grow your money either through investments or additional source of income. This way, you wouldn’t have to face the same dilemma of signing debt agreements anymore.

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No Credit Check Loans

Bad Credit History? Get a Loan that Doesn’t Require a Credit Check

Bad credit can make it difficult or even impossible for someone to get a loan until the defaults and all the bad listings have been cleared off. However, there are situations in which you can’t afford to wait that long. Put yourself in a lender’s position: would you lend money to someone that has proven they cannot be trusted? Someone from whom you don’t know for sure you’ll get your money back? Perhaps not. But with a loan with no credit check, your credit history remains hidden! You can take advantage of a no credit check loan and receive the funding you need without judgement of your past mistakes.

Let’s delve a little deeper into the notion and see how exactly these loans work.

No Credit Check Loan Trivia

1. Why would somebody lend money without checking the credit history?

The main reason why some lenders don’t care if your credit history is clear or not is that they’re not concerned with your financial past. No credit check loans don’t have anything to do with your previous loans.

If you have enough income to make the monthly repayments when you should, without getting penalties, then these lenders don’t see you as a threat. If you have a job that pays really well, then you’re more likely to get your loan quicker. Since your present situation allows you to take the responsibility of a loan, then this is enough for them to grant you the requested loan.

tailored-loans

2. Can these loans be tailored to the applicant’s needs?

As long as you can keep your end up, then yes, some lenders will be more than happy to fix the date of the monthly repayment around payday, or whenever you get paid.  Setting the date closer to your payday increases their chances of getting their money.

Mind that not all lenders will be equally excited to do this, so you may need to conduct extensive research to find the ones who do. At Australian Lending Centre, for instance, we will fix the dates depending on how you can pay, so you have full control of your finances. This is just a way to make sure that you pay up without problems every month.

3. Do no credit check loans come with exorbitant interest rates?

Not necessarily, but it is a possibility. It really depends on how trustworthy you appear in the eyes of the lender. If the interest rates are not high, you may still need to pay some good money for fees. But considering that you’ll be getting your loan, that’s your last worry.

Research is imperative when you want to get such a loan. There are hundreds of lenders and hundreds of offers. You must make sure you choose the best one, so you don’t get in trouble again and default on the loan. Just take some time to understand what you are getting yourself into and pick your lender wisely.

4. Can I get the loan quickly?

Yes, as little as within 24 hours. Moreover, most lenders allow you to fill in and send your application online, which facilitates the entire process quicker. Be very careful when you search lenders on the Internet. Do not give your personal information to those that do not look legit.

eligible-loans

5. Who is eligible for no credit check loans?

There are not many strict criteria, so pretty much everyone can apply for such a loan, no matter if you have good or bad credit.

However, you must be at least 18 years old and have a regular income. Also, it may be necessary that you provide evidence of your employment. Moreover, the lenders will check if you have another active loan or other significant expenses.

6. What should I keep in mind before applying for a loan?

Every applicant has a different purpose for his/her loan. But no matter the reason, there are a few standard questions that each of them should be asking. For example, can you afford this loan and pay it in time? Because if you do not, you risk paying some additional fees.

Also, you should always do your research in order to avoid the hidden fees that you could be charged with at any time during your loan.

Conclusion

No credit check loans are extremely beneficial, but your priority should be to repair your credit, not accumulate more debt. There are plenty of ways in which you can get your credit history and credit file back on the right track.

Some lenders are far from having good intentions; they may get you in debts you cannot pay back so that they make a profit off of you. Don’t do this alone. Talk with somebody that can recommend some trustworthy lenders to you and try to do as much research as you need before signing that paper.