Loans

Across North America, hundreds of rent to own furniture stores have been popping up over the past few years. In big and small cities alike, people can find stores such as Easy Home, Aarons, and many others. At a first glance, these stores seem great, as they help those who are unable to obtain alternative financing to furnish their homes. Best yet, theres no credit checks, and almost everyone is approved.

A quick look at Easy Home’s website reveals that you can get a computer for as low as $14 per week, a fridge for $18 per week, a new sofa set for $16 per week. This all seems pretty good doesn’t it… wrong. If you look at the total cost of the furnishings that you would purchase at these rent to home stores, its ridiculous… and I would say borders on scamming their customers.

If you have a look at an Easy Home flyer, you’re informed that the weekly rental rates are based upon an interest rate of 29.9%, which seems fair given the high risk nature of the business. However what they don’t tell you is the base rates that they’re using to calculate the 29% interest. The Flyer specifically states 29.9% interest APR based upon “product cost.” However no where are you able to find out this “Product Cost.” If you go into an Easy Home store and ask about a product cost, the employees will beat around bush without ever telling you an accurate product cost (other than a weekly rate).

For example, currently advertised on the Easy Home website is an Acer netback for $14 per week. Doesn’t seem bad… however when you multiply that by the 104 weeks of payments, it is equal to $1456. Now how much does this netback cost in Future Shop or Best Buy… it costs $199. Thats right, you’re paying 700% for this computer, meaning that their base price is something like $1200 before the interest. Other products show similar ridiculous markups.

How do they get away with this? Well basically they prey on the desperation of others and their inability to perform basic math. Is it legal? Thats where there may be an issue. In Canada, it is illegal to charge anyone more than 60% per annum interest. What Easy Home is doing is very similar to the Payday loan stores. By charging ridiculous high fees (in this case, crazy product costs) they’re able to get away with saying that their interest rate is legal.

What do you think? Easy Home or a Ripoff?

photo credit: Daquella manera

There is always a phase in everyone’s life called unemployment. The good news is that it is temporary. The bad news is that at times financial situation takes over and you are thinking of ways to fight it out. Fight it out? Why fight when you have personal loans for unemployed.

You must have gone through similar reactions from people telling you tales of how grim your situation is and how difficult is to find loans for unemployed. Usually an unemployed little realizes that they can get personal loans. However, this is a stereotype that people are often led to believe. Personal loans for unemployed have the flexibility to stretch and adjust to the requirement of every unemployed. (more…)

photo credit: ninjapoodles

USING PRIVATE BAD CREDIT LENDERS

If you have bad credit and are looking to borrow some money or obtain a new credit card then using private bad credit lenders is going to be your best option. The lenders that I use accept every application for finance that they receive and generally finalize them on the same day as well. So read on because your application for finance is just a few clicks away from being instantly accepted. (more…)

photo credit: Emi ?

Can ones home be of any extra importance for the unemployed people? Watching the growing interest of loan providers towards unemployed people makes one think on these lines. The present outlook becomes all the more important, given the treatment that was meted out to the unemployed people earlier. Let us remind the readers that unemployed people were often refused loans; the reason being that unemployed borrowers didn’t have a stable income, and would thus be incapable of making regular payments.

Loans offered to unemployed borrowers against their home are known as secured loans for unemployed. The present outlook of borrowers towards the unemployed people springs from the safety that they perceive in borrowers’ home. Risk involved in a secured loan for unemployed is naturally low. (more…)

photo credit: Paul Worthington

iThe modern lifestyle has its own advantages and disadvantages. Owing to the pressures of today’s time, a major chunk of our population is being buried under the loans and debts. The repayment option seems fine but there are times when you tend to skip the installments and its continual persistence leads to bad credit that acts like an indelible blot for every borrower and is a major stumbling block in getting a loan amount sanctioned.

Let us understand that for unsecured loans you do not require a collateral against which you can get a loan amount. (more…)

photo credit: Mooganic

If we have gone through a difficult financial period in our lives, it can damage our credit report rather quickly. Just being behind on a few bills can drop our numbers considerably and can do so on the very first time that we are late. Some of us are able to get out of our financial problems rather quickly but the damage that was left behind because of the short period of time that we were having difficulty can leave a mark that is difficult to erase. Getting a bad credit repair personal loan, however, can go a long way in helping us to reestablish our credit.

A bad credit repair personal loan can help us in a number of different ways. First of all, we can use it as a consolidation loan and roll all of our high interest credit card debt over into the loan so that we are only making one payment per month. Not only can this help to raise our credit scores because we do not have a lot of open lines of credit, it can also help us to raise it because we are able to make the single loan payment on a regular basis. You can also use a bad credit repair personal loan in order to establish a new line of credit and to demonstrate your ability to pay your bills from this point forward.

The difficult part about receiving a bad credit repair personal loan is that many lending institutions are not willing to give out money to those with less than perfect credit. (more…)

photo credit: James Jordan

There are many ways to get a loan these days. If you have had credit problems, however, you may find it harder than you think to find a loan to buy that house or car that you need. If you cannot get a loan through the normal channels, you may need to investigate private party lenders to loan money with bad credit.

Private party lenders are an option for people who have bad credit and can’t get a loan. But if you really need that loan, you might be willing to try an unconventional method. Enter, private party lenders to loan you the money you need even with your bad credit. You will certainly pay more interest, but it also may be your only option. (more…)

photo credit: Michel Jones

Believe it or not, hard money lenders want the same thing you want – a shot at a great investment. Remember: investing involves putting up your time and/or money with the intention of realizing a profitable return. When you keep this concept in mind, it’s astounding just how broad the investing arena actually is. High rise buildings, apartment complexes, condominiums and luxury office space can become a reality – not just a dream!

If, for example, your credit rating is bruised and you’re pressed for time, securing a hard money loan for a shot at a great commercial property – that’s investing. (more…)

photo credit: Daquella manera

Employment is an unavoidable circumstance that almost every person faces. You either were yet to be properly employed or you were fired from the job for whatever reasons and became unemployed once again. Worst thing about unemployment is that you no longer have enough money to support your family till you get a job. This is where emergency unemployment loans come to your rescue. Lenders of emergency unemployed loans not only give you adequate money to meet necessary expenses but they are also flexible in repayment of the loan also, making the loan more convenient for the borrower.

Since unemployed people usually do not have a property or do not want to risk property for a loan, emergency unemployment loans are mostly unsecured loans. So even an unemployed person happens to be having a home, he is entitled for taking emergency unemployed loans without placing his home as collateral.

As no collateral is offered, lenders like to look into repayment capacity of the unemployed applicant of the loan. Lenders would like to know about the alternate sources from where the unemployed person can repay the loan. So while applying for emergency unemployment loan, mention these sources for the assurance of the lender. (more…)

photo credit: andrew steinmetz

When employed you are in a position to source personal loans and even a mortgage loans to purchase your home. A few credit cards are sourced as well to enjoy a lifestyle you soon become accustomed to. Now what happens when you become unemployed, you still have to survive and repay your debts.

Obtaining a fast loan for the unemployed depends mainly on your circumstances. These range from short term unemployment, seasonal unemployment or permanent unemployment. Also take into consideration what assets you own such as a vehicle, boat, caravan or motorcycle and if you are buying your home. (more…)