Where to Find the Best Unsecured Loans? Low Interest Rate Loans for Borrowers with Different Credit Scores

The best cobra payday loans provide an affordable way to borrow money for those who don’t wish or who are unable to provide collateral. Collateral is often necessary in order to benefit from low interest rate loans, especially if the applicant has an adverse credit history. Should missed and late payments be a problem, a bad credit history loan may still be possible. It is important to note that the terms won’t be as competitive.

Best Unsecured Loans

The most competitive rates will only be available to individuals with an excellent credit score rating. An improved FICO credit score is fundamental to receiving approval because the score is indicative of the risk of default posed to the lender. Bad credit will normally show on a credit report for seven years, although this can be as high as 10 years for chapter 7 bankruptcy.

Prosper Loans

Prosper is a peer-to-peer lender offering low interest rate loans to private individuals. This means that people lend to people in an open marketplace. The best unsecured loans will be offered to borrowers who fall into the A* and A classification. However, there are still bad credit history loans available on market leading terms. The borrower will be given an opportunity to explain their personal circumstances.

Loan From a Credit Union

Individuals who are finding it difficult to get approval for credit may be able to get approval from a Credit union. This is because they operate for the benefit of their members and not profit. A careful assessment is made of personal circumstances and the individual’s ability to keep-up with repayments. The borrower will also be offered non profit credit counseling in the event of financial difficulties.

Private Bank Loans

Whilst many consumers sign-up to the first loan they find, this is not a prudent strategy. Using a website such as cobrapaydayloans.co.uk allows the individual to trawl the market for the best unsecured loans based upon their credit history. A list of low interest rate loans will be provided based upon affordability. It is important to scrutinise the T&C’s of each loan prior to making a credit application.

It is important to be realistic when applying for credit as each search will show on a personal credit report for a 12 month period. Don’t apply for loans that are unlikely to receive approval as the best unsecured loans will only be available to those with good credit. However, bad credit history loans are still available on competitive terms from Prosper loans or a Credit Union.

How Easy Payday Loans Work: Receive Approval for a Short Term Loan

An easy payday loan could provide the answer to an urgent short-term financial need. Most consumers turn to a short term loan to negotiate an emergency situation, such as performing a repair to their car. It doesn’t involve credit scoring which makes it the ideal bad credit unsecured loan. However, the absence of a credit check carries much risk for the lender and this will be reflected in the rate of interest the customer is charged. The high APR on a quick cash advance from a payday lender means that it is not a suitable source of long term borrowing.

How to Qualify for an Easy Payday Loan

As already alluded to, it is the ideal bad credit unsecured loan because it doesn’t involve credit scoring. Rather than scrutinising the borrower’s credit report for missed and late payments, payday lenders will use the following eligibility criteria instead:

  • Must be a U.S. citizen.
  • At least 18 years of age.
  • In full-time employment with minimum income of $1,000 a month.
  • Have their own checking account.
  • Able to provide the lender with at least two forms of identification.

The Cost of a Quick Cash Advance

The cost of a bad credit unsecured loan from a payday lender means that it is only suitable for the short term. It will typically cost $20 to $25 to borrow $100 for a single calendar month. To put this into perspective, the rate of APR is normally upwards of 500%. Failing to repay an easy payday loan punctually will lead to the accrual further of interest and charges. This must be avoided as debt will quickly spiral out of control.

How Bad Credit Unsecured Loan from a Payday Lender Work

Provided that the eligibility criteria have been complied with, the customer is guaranteed to be approved for a short term loan. The borrower provides the lender with a postdated check that covers both the principal and any interest that will accrue. The check must be set to clear on the date that the customer is paid. Provided that all the easy payday loan paperwork is completed prior to 2.30 PM, the money will be in the borrower’s bank account the same day. In any event, it will be there within less than 24 hours.

Pros and Cons of Easy Payday Loans

A bad credit unsecured loan or quick cash advance can help a consumer out of a short term financial hole. Payday lenders offer finance to those who have been forgotten by the banks. However, the cost of borrowing money is extremely high and this will leave less money to pay the bills in future months.

ICH Services Fraudulent Credit Card Charge: Take a Closer Look at Your Credit Card Statement

How closely do you monitor your credit card statement? We’ve all done it, we keep track in our head of how much we’ve spent, we receive our bill, glance at the total, glance at the minimum payment and then we write a check (or pay online). Afterwards we file the bill or throw it on the pile with the rest of the mail, or shred it, or what have you. If this sounds familiar, then you might want to change the way you’re viewing your credit card statements.

For the majority of credit card holders, the easiest way to spot fraud is either a) get a call from the credit card company about ‘unusual activity’ or b) to notice a large purchase on your bill that doesn’t look familiar. ICH Services is the newest credit card scheme to come to light, and in order to catch them, you might have to take a second glance at your statement. ICH Services is an anonymous credit card fraud group that has been charging innocent customers on their credit cards.

ICH Services in Pittsburgh, PA (who are not responsible for the credit card fraud) unfortunately had their name used as a cover by this anonymous group. The amount charged by ICH Services (most often $9.85) has always been under $10.00, a charge that many credit card holders will simply overlook, and will appear on the statement as ‘ICH Services’. Upon reviewing your statement, if you find that you have a fraudulent charge from ICH Services, it is suggested that you contact your credit card company immediately so that they can take fraud prevention action.

It has been interesting to see how identity theft and credit card fraud have progressed over the years. The internet has opened up a whole new avenue for identity theft and has left a lot of people with nothing but problems. As a card carrier, I have had personal experience in credit card fraud but (thankfully) never with identity theft. The first credit card fraud experience was actually with my parent’s credit card about 5 years ago. We aren’t exactly sure when it happened, but it was most likely at a restaurant where we went out to eat. Upon Paying for the meal, one of the employees must have stolen all of the information off of the card and sold it to someone else. That someone made a duplicate copy of the card so that someone else could use it.

We didn’t find out about the fraud until the credit card company called. They started by asking if any of us had traveled to China lately. My parents were like…China? Apparently the duplicate copy was being used (very frequently) in China, the user had racked up thousands of dollars in credit card purchases. We couldn’t believe it! Fortunately we had fraud protection on the card so we didn’t lose any money, but it was unbelievable to see just how easy it is to steal credit card information.

My other personal experience with credit card fraud was much more recent. I am an avid eBayer, therefore I put my PayPal account to good use; I even have a PayPal plus credit card that allows me to get rewards towards eBay purchases. One day I was online looking at my credit card statement when I noticed a purchase equaling $150.00 that I didn’t make. It was to an art store located in San Francisco. I called PayPal and reported the charge, they instantly gave me my money back (which made me very happy) but I honestly don’t know what ever happened to the person who charged the card. I went through an intricate process of changing my information and my passwords on PayPal so that the individual couldn’t get into my account again, but nothing ever happened beyond that.

The only lesson that can be learned here is to be more careful with your personal information; its hard to believe that a secure site like PayPal was breeched, but at least in that instance I was able to get my money back. Purchasing on the Internet is so much easier than visiting stores, but before you type in that credit card information, be sure that the site is secure and that you have protection against credit card fraud. In the mean time, check those statements more carefully; keep an eye out for ICH Services as well as any other fraudulent charges. It’s always better to be safe than sorry.