Rebuilding Credit – Secured Loans

banks and credit unions when they’re
offering these uh… credit rebuilding loan products the products are intended to get you back on
track by reporting the credit payment history to the credit bureaus and they also were intended to make sure
that you get comfortable making on time payments so they fit your budget. So it’s a process whereby the terms are
going to be a little bit more fair than what you might otherwise get if you went
somewhere else that had no approval process like a uh… like a payday
lender for example and the thing that really sets these
products apart is the payday lender isn’t gonna be offering you the lower
interest rate and terms, like the credit union or bank, they’re going
to be offering you terms at a credit union that’s probably there prolly gonna
be around twenty five to thirty percent interest you know maybe some even as low
as eighteen percent for one of these loans which for something that doesn’t require
any credit approval that’s a pretty good deal especially when you balance that
against what the uh… what the payday lenders are going to show and i just recently saw uh… paty
wonder contract that included an interest rate as high
as thirty six hundred percent a p_r_ so that’s that’s pretty extreme and
actually shows you that’s not exactly the most favorable
terms so you know that’s that shows the importance of actually exploring the
options with the banks and the credit unions to see if you can get something that’s gonna be more affordable, it’s
gonna fit your budget, this can actually help you rebuild your
credit instead of digging deeper in debt which is what some of these payday
lenders are going to be doing with those uh… with those high interest rates

2 comments on “Rebuilding Credit – Secured Loans”

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  2. peterson jhon says:

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