Q&A: How do I get out of my 20% APR? Where can I refinance my vehicle with poor credit?
Question by Kelle: How do I get out of my 20% APR? Where can I refinance my vehicle with poor credit?
My boyfriend was forced to use Drive Time because of his poor credit, he is now stuck in a 20% APR, paying $ 200.00 every 2 weeks. On a 2003, bottom of the line F150. We are desperately searching for what measures we can take to get him refinanced? His bank has already turned him down, and Drive Time will not work with him. Is a self reposession our only option?
Best answer:
Answer by erin o
If he still has poor credit then it’s doubtful that you’ll find anyone willing to give you a loan with a lower interest rate. You can sell the car and buy one that it much cheaper.
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Categories: Loan Questions Tags: Credit, poor, Refinance, vehicle
Credit Markets For The Poor Reviews
Credit Markets For The Poor
Access to credit is an important means of providing people with the opportunity to make a better life for themselves. Loans are essential for most people who want to purchase a home, start a business, pay for college, or weather a spell of unemployment. Yet many people in poor and minority communities—regardless of their creditworthiness—find credit hard to come by, making the climb out of poverty extremely difficult. How dire are the lending markets in these communities and what can be done to improve access to credit for disadvantaged groups? In “Credit Markets for the Poor,” editors Patrick Bolton and Howard Rosenthal and an expert team of economists, political scientists, and legal and business scholars tackle these questions with shrewd analysis and a wealth of empirical data.
“Credit Markets for the Poor” opens by examining what credit options are available to poor households. Economist John Caskey profiles how weak credit options force many working families into a disastrous cycle of short-term, high interest loans in order to sustain themselves between paychecks. Löic Sadoulet explores the reasons that community lending organizations, which have been so successful in developing countries, have failed in more advanced economies. He argues the obstacles that have inhibited community lending groups in industrialized countries—such as a lack of institutional credibility and the high cost of establishing lending networks—can be overcome if banks facilitate the community lending process and establish a system of repayment insurance. “Credit Markets for the Poor” also examines how legal institutions affect the ability of the poor to borrow. Daniela Fabbri and Mario Padula argue that well-meaning provisions making it more difficult for lenders to collect on defaulted loans are actually doing a disservice to the poor in credit markets. They find that in areas with lax legal enforcement of debt agreements, credit markets for the poor are underdeveloped because lenders are unwilling to take risks on issuing credit or will do so only at exorbitant interest rates. Timothy Bates looks at programs that facilitate small-business development and finds that they have done little to reduce poverty. He argues that subsidized business creation programs may lure inexperienced households into entrepreneurship in areas where little profitable investment is possible, hence setting them up for failure.
With clarity and insightful analysis, “Credit Markets for the Poor” demonstrates how weak credit markets are impeding the social and economic mobility of the needy. By detailing the many disadvantages that impoverished people face when seeking to borrow, this important new volume highlights a significant national problem and offers solutions for the future.
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Categories: Loan Products Tags: Credit, Markets, poor, Reviews
Financial Promise for the Poor: How Groups Build Microsavings Reviews
Financial Promise for the Poor: How Groups Build Microsavings
* Balanced assessment of recent savings-led programs in microfinance
* Contributors include wide range of scholars and practitioners
The entry of the private sector into financial services for the poor is a relatively new development, but already the glossy promises of credit-led microfinance are facing scrutiny from the development community. Policymakers and economists have begun picking through the hype of microfinance to identify where and how top-down loans might fit into broader human development efforts. To many, the answer involves shifting focus to another financial service: savings. Serving as a strong and perhaps more effective tool than microcredit, microsavings is quickly becoming a lauded poverty-alleviation tool.
Contributors to Financial Promise for the Poor cover current innovations in microsavings happening around the world. They describe how savings group members in the developing world are avoiding many of the financial liabilities and debt of other microfinance programs while gaining skills and finding opportunities in collective enterprise. The turn from credit to savings speaks to the growing empowerment of individuals and communities as they break the bonds of indebtedness and find their own paths to financial security.
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Categories: Loan Products Tags: Build, Financial, Groups, Microsavings, poor, Promise, Reviews
Banker To The Poor: Micro-Lending and the Battle Against World Poverty Reviews
Banker To The Poor: Micro-Lending and the Battle Against World Poverty
- ISBN13: 9781586481988
- Condition: New
- Notes: BRAND NEW FROM PUBLISHER! 100% Satisfaction Guarantee. Tracking provided on most orders. Buy with Confidence! Millions of books sold!
Muhammad Yunus is that rare thing: a bona fide visionary. His dream is the total eradication of poverty from the world. In 1983, against the advice of banking and government officials, Yunus established Grameen, a bank devoted to providing the poorest of Bangladesh with minuscule loans. Grameen Bank, based on the belief that credit is a basic human right, not the privilege of a fortunate few, now provides over 2.5 billion dollars of micro-loans to more than two million families in rural Bangladesh. Ninety-four percent of Yunus’s clients are women, and repayment rates are near 100 percent. Around the world, micro-lending programs inspired by Grameen are blossoming, with more than three hundred programs established in the United States alone.
Banker to the Poor is Muhammad Yunus’s memoir of how he decided to change his life in order to help the world’s poor. In it he traces the intellectual and spiritual journey that led him to fundamentally rethink the economic relationship between rich and poor, and the challenges he and his colleagues faced in founding Grameen. He also provides wise, hopeful guidance for anyone who would like to join him in “putting homelessness and destitution in a museum so that one day our children will visit it and ask how we could have allowed such a terrible thing to go on for so long.” The definitive history of micro-credit direct from the man that conceived of it, Banker to the Poor is necessary and inspirational reading for anyone interested in economics, public policy, philanthropy, social history, and business.
Muhammad Yunus was born in Bangladesh and earned his Ph.D. in economics in the United States at Vanderbilt University, where he was deeply influenced by the civil rights movement. He still lives in Bangladesh, and travels widely around the world on behalf of Grameen Bank and the concept of micro-credit.
It began with a simple loan. After witnessing the cycle of poverty that kept many poor women enslaved to high-interest loan sharks in Bangladesh, Dr. Muhammad Yunus lent money to 42 women so they could purchase bamboo to make and sell stools. In a short time, the women were able to repay the loans while continuing to support themselves and their families. With that initial eye-opening success, the seeds of the Grameen Bank, and the concept of microcredit, were planted.
After earning a Ph.D. in economics at Vanderbilt University, Dr. Yunus returned to Bangladesh to settle into a life as a professor. But a famine in 1974 ravaged the country, leading Dr. Yunus to alter his thinking and his life profoundly: “What good were all my complex theories when people were dying of starvation on the sidewalks and porches across from my lecture hall?…. Nothing in the economic theories I taught reflected the life around me.” Armed with little more than a lofty dream to end the suffering around him, he started an experimental microcredit enterprise in 1977; by 1983 the Grameen Bank was officially formed.
The idea behind the Grameen Bank is ingeniously simple: extend credit to poor people and they will help themselves. This concept strikes at the root of poverty by specifically targeting the poorest of the poor, providing small loans (usually less than 0) to those unable to obtain credit from traditional banks. At Grameen, loans are administered to groups of five people, with only two receiving their money up front. As soon as these two make a few regular payments, loans are gradually extended to the rest of the group. In this way, the program builds a sense of community as well as individual self-reliance. Most of the Grameen Bank’s loans are to women, and since its inception, there has been an astonishing loan repayment rate of over 98 percent.
Banker to the Poor is an inspiring memoir of the birth of microcredit, written in a conversational tone that makes it both moving and enjoyable to read. The Grameen Bank is now a .5 billion banking enterprise in Bangladesh, while the microcredit model has spread to over 50 countries worldwide, from the U.S. to Papua New Guinea, Norway to Nepal. Ever optimistic, Yunus travels the globe spreading the belief that poverty can be eliminated: “…the poor, once economically empowered, are the most determined fighters in the battle to solve the population problem; end illiteracy; and live healthier, better lives. When policy makers finally realize that the poor are their partners, rather than bystanders or enemies, we will progress much faster that we do today.” Dr. Yunus’s efforts prove that hope is a global currency. –Shawn Carkonen
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Categories: Loan Products Tags: against, Banker, Battle, MicroLending, poor, Poverty, Reviews, World
Is it possible to get a poor credit loan for a car of my choice?
Question by ATLANTIS: Is it possible to get a poor credit loan for a car of my choice?
I want a specific car. I noticed with every poor credit auto loan lender they have to give you a car of their choice. How can I get what I want with a cosigner. I don’t want to be declined again.
Best answer:
Answer by jimmy d.
A “strong” co-signer will possibly help. If not, they pick the car and you pay 25% interest!
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How to Buy a Home With No or Poor Credit
How to Buy a Home With No or Poor Credit
- ISBN13: 9780471119968
- Condition: New
- Notes: BRAND NEW FROM PUBLISHER! 100% Satisfaction Guarantee. Tracking provided on most orders. Buy with Confidence! Millions of books sold!
Own your own home-regardless of your credit rating
You can be a homeowner–even if your credit is nothing to brag about or virtually non-existent. This practical, fact-filled guide shows how to achieve your goal of home ownership with your current credit. Mortgage loan officer Thomas K. Masters teaches you the basics of home buying, from alternative mortgage programs to financing tips that will help you avoid the red tape of many home loans. Clear, concise, and free of technical jargon, this accessible, straightforward reference is filled with real-life examples. Here’s where you can find essential information on:
* “Qualifying ratios” set by the federal lending authorities
* Assumable financing, wraparound financing, quitclaim deeds with refinance options, lease options, and quick qualifying loans
* What to look for in a lender
* Ways to qualify for low-down and no-down payment home loans
* Understanding loan applications and forms
* How to clean up your credit profile
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Categories: Loan Products Tags: Credit, home, poor
Q&A: Is home ownership possible for people with poor credit?
Question by Tina R: Is home ownership possible for people with poor credit?
I have poor credit, but I have a steady job and planning to enroll in a debt consolidation program. I have never owned a home before. Are there any programs for first-time home buyers with poor credit? Does anyone have any recommendations?
Best answer:
Answer by graciouswolfe
I can only say for a fact, that the worse your credit rating is, the higher the interest rate becomes.
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Bad Credit Car Loans For People With Poor Credit Scores
The bad credit loan has to be paid back just like any other loan in a given time. It was however made to suit a certain few, or majority depending on the way you look at it.
If you have a poor credit statement in your pocket then this loan is for you. It does not mean you cannot have a car again. Previously it was hard to get another credit or loan after failing to come through on the first one but now it is possible. That is why it is dubbed the bad credit car loan. It finances people with low credit reputation.
After the recent global economic crisis many know what it means to have their car repossessed. The bad credit car financing also favors those who had to undergo this. They understand that the economy shrunk. They will give you another chance to get another car again.
Many an innocent individuals became bankrupt for no fault of their own. Whatever ill wind brought the tough economic times put them in this category. Always paying what they should in time but all of a sudden empty hands. Bad credit auto loans are a life line to them too. Life cannot just stop because the economy collapsed.
For those who are in the low bracket when it comes to earning money, they are included here. The bad credit loan does not discriminate against them. It will even help those who have no money at all to put as down payment for the car.
The young aspiring students and career chasers are highly encouraged to take bad credit car loans. They are on the brink of a new life and having a car is not even a luxury but a necessity. They do not have sufficient savings to buy a car so this is one of the next best options. Bad credit car loans.
One is presented with a lot of options next as to where to borrow this money from. Many financial institutions cater for this. Bad credit car loans can be taken from banks and credit unions. There are also a few private financial institutions here and there. A smart thing to do is approach both. If approved by a bank go to a credit union and compare the two offers. I myself go for credit unions because they are less likely to punk me.
Bad credit car loans should not be just taken off a whim. One has to have done some careful planning before signing the dotted line. The whole reason you are getting this kind of loan is because of bad credit rankings. You do not want to just make this situation even worse blindfold. If you know you cannot emerge a winner walk away and live to fight another day.
Above all else, bad credit car loans have their consequences. You get higher interest rates and even shorter time to pay for them. If you do not hold up your end of the contract, it’s straight to court.
Written by dtrance
Entrepreneur,QS Technician,Application Developer,Marketing Coordinator, Editorial Administrator
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