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Getting Student Loans: Bad Credit Or Good
If you are someone who would like to go to college but believe you can’t as a result of a bad credit report, know that you are not alone. In the current economy, millions of people are now finding it difficult to pay their monthly bills. There is a way to obtain student loans, bad credit or not. Even if you have a poor credit score, there are still lenders that handle student loans for bad credit borrowers. In fact, there are a number of companies that will help you in spite of the state of your credit report, letting you apply for a bad credit student loan.
Why You Probably Will Need A Student Loan
Nowadays, a college education is very expensive. Tuition costs at most universities run into tens of thousands of dollars each year, not including money for textbooks, individual course costs, or ordinary living expenses. Knowing all this, several institutions make substantial amounts of money available for this type of funding. The problem is that many people cannot qualify.
Although there are many sources of scholastic funding available for students, more times than not the availability of funds is limited due to the law of supply and demand. This dictates that some people apply for loans so that they can attend college or university.
Student Loans For People With Bad Credit
One of the ways that people can get funding for their education expenses is to obtain a student loan. If your credit is sub-standard, there is a way that you can get prompt approval by following this rule: Lenders love to loan to people that have first class credit ratings. If you can locate someone to cosign the loan with you, your approval is nearly always guaranteed.
This explains why private student loans for people with bad credit often seem more appropriate than applying for grants or scholarships for which you may not qualify. This virtually locks in your ability to attend a four year institution.
However, you need to know that there are advantages and disadvantages to obtaining a bad credit student loan.
The lender knows up front that your credit precludes your getting a regular bank loan. Thus it’s possible that they won’t run a credit check on you. That could spare you a bit of discomfort and embarrassment when applying for college student loans for bad credit.
On the other hand, many lenders will insist that you put up some type of property as collateral against your loan. If you and your family have nothing to put up as collateral, then you will need to seek out those lenders that do not require it.
Another thing that you must be aware of is the cost of a bad credit student loan. When it comes to student loans, bad credit almost guarantees that your costs will be greater. While there may be very competitive interest rates offered to those students with a good credit score and clean credit report, you will not be eligible for them. In fact, since you are deemed a poor credit risk, your interest rates may be quite exhorbitant. The bigger the chance that you will default on your loan, the higher the rate of interest charged.
Not only that, the amount will be compounded. This means that if you fail to repay your loan on time, the amount of interest you have due will be added to your principle, with interest and penalties added on that.
So, while it is really not difficult to qualify for college student loans, bad credit or not, there is a price to be paid. Just make certain that if you do go ahead and borrow, don’t borrow more than what you unquestionably need, and make it a priority to pay it off on time.
Kansas City Bad Credit Car Dealership – Here to Help You
Do you have a bad credit history? Are you having trouble getting a dealership to take a chance on you? You aren’t alone. In these tough times when jobs are scarce and the economy is up and down, but mostly down, it can be brutal trying to find a car when you need one most. Even in Kansas City, where dealerships are plentiful, it can be hard to find a Kansas City bad credit car dealership who works with buyers who have a less than spotless credit history. But, they are out there; it just takes a little looking around to find them.
If you have little or no credit because of poor choices in the past or because you were hit hard during the economic downturn, there is no reason you shouldn’t be allowed the opportunity to rebuild your credit. In Kansas City, bad credit car dealerships know how to work with prospective buyers like yourself so that you can be driving off the lot in a new pre-owned car in no time. With in-house financing, these dealerships are eager to give you that chance you’ve been waiting for and just like you, they want to see you driving off happy, able to do what you need and go where you want.
Kansas City and the surrounding communities have become some of the most commuted areas in the country. If you live in Kansas City, but work somewhere like Olathe, or Lawrence, you must be able to have a dependable ride to get you back and forth. And, while family, friends, and co-workers may offer to give you a ride, there’s no guarantee that one day they won’t be able to because of illness, obligations, or their own car trouble. It’s important to have the security of your own vehicle. Not only that, if you are someone who needs to rebuild their credit history, paying for a car is one of the best ways you can do this.
Don’t let the fear of hearing a no stop you from pursuing your need to have a dependable car. In Olathe, there are bad credit car dealerships just waiting to help you turn your situation around. With a down payment and as little as three months proof of income, residency verification, a Kansas driver’s license and the ability to have full coverage insurance or being willing to sign up for an in-house program that provides additional coverage with your liability, you can be driving home today in pre-owned vehicle that’s in like-new condition, taking charge of your life once again.