Your credit worthiness is important. People who want to do work with you want to know if you are able to pay them in time and if you have been responsible with your other creditors.

But, what if you have fallen in hard times. Maybe through no fault of your own you were not able to pay your bills in time because of loss of a job, illness, etc. Your credit may have suffered.

However now your circunstances changed and want to rebuild your credit. We have compiled a list of cards that have credit reporting features.

Account Now

Their money saving offers give consumers an alternative to “traditional” checking accounts and access to the financial and payment systems, including:

- Debit MasterCard or Prepaid Visa
- FREE Paycheck Direct Deposit
- FREE Online Bill Pay
- FDIC Insured Deposits

They Also include a Free Credit Builder. With AccountNow Online Bill Pay you can demostrate your credit worthiness paying your bills such as rent, cable, utilities, etc.

Everytime you make a payment with online bill pay, they report your bill payment information to a national credit reporting agency.

This feature is Free when you Activate your account now bill payment feature.

100% Guaranteed Approval Debit MasterCard

Rush Card

They give consumers an alternative to checking accounts and access to convenient money management tools, including:

- FREE Credit Builder

- Online Bill Pay

- FREE Paycheck, Benefits check, Tax refund Direct Deposit

- FREE Account Text Alerts

- FREE Interactive Money Management Interface

Bad Credit? No Credit? Get a Prepaid Visa RushCard

Horizon Gold

They Offer:

- Reports to Major Bureau
- Guaranteed 500 Unsecured Credit Limit
- Guaranteed Approval
- No Credit Check
- Fast Online Application
- No Employment Check

Want a $500.00 credit card? Guaranteed Instant Approval. Bad credit accepted. Reports to a major credit bureau. Apply Today!

The Lending Club is an online financial community that brings together borrowers and lenders. Their mission is to create al alternative to banks that offers borrowers a great rate introducing borrowers to lenders via the internet.

Peer-to-peer lending is not new, but the Lending club is one of the main innovators in this area. Borrowers hurt by the credit squeeze can turn to peer lending to find financing from investors looking to lend.

You can use the lending club to pay off credit card debt, look for an alternative to banks for business funds, find a lender for a micro loan, etc.

How to start:

The application process is easy,

A) Apply for a Loan Online in minutes

B) Get funds in a few days

C) Make Fixed monthly payments

They are commited to be more competitive than a regular bank by reducing the cost and complexity of bank lending

The online process is fast and easy, you can apply in minutes and get an instant rate quote

Members are using these loans for:

Loan Consolidation
Paying off Credit Cards
Car or Vehicle loans
Unsecured Loan
Home Improvement
Business Loans
Special Events
Green Loans, green home renovations, installing solar panels, etc.
Other Personal Loans, wedding, extra expenses, elective surgery, vacation, and much more,

You can borrow up to $35,000 at a lower rate than the bank typically offers.

Start today for a Personal Loan or a Low Interest Loan

*information based on Lending Club website on 4/13/2010

photo credit: The Pug Father

Buying a new car can be a time of great anticipation…until you try to get a car loan. There are so many fees, interest choices and time lengths that you can easily get fed up and decide not to buy a car at all! If you invest a little time learning the mysteries behind car loans you will find it’s not such a confusing subject at all. Below are some helpful tips that will help you understand the ins and outs of car loans in no time.

How much can I borrow?

In most cases, a car loan company will allow you to borrow as much as you need to finance the cost of the car and cover any fees, loan insurance and comprehensive vehicle insurance.

Most vehicle loan institutions mandate a minimum of $10,000 to be borrowed over varying amounts of time. You may or may not be expected to pay a deposit on the loan. Most car loans are available for used or new cars, purchased privately or for a business as long as they are less than seven years old.

Consider Interest

There are two main kinds of interest rates when considering a vehicle loan: fixed interest or variable interest rates.

Fixed interest:

A fixed interest rate means that the rate stays consistent for the duration of the car loan. So if you lock in to a 10% interest rate you’ll know exactly how much money you’ll pay for the life of the loan. If you are on a tight budget then a fixed interest rate would be the right choice for you, as you can rest easy knowing how much you will pay each month.

Variable interest:

A variable interest rate means that the rate can change and fluctuate with the market during the life of the loan. So if you take the loan out at the above 10%, your rate may stay the same, rise or drop many times within the loan’s life.

If interest rates are high to begin with and the rates drop then a variable interest rate will mean lower payments each month, resulting in a tidy savings. However, if the market tanks and interest rates rise, you could be looking at paying much, much more a month than you anticipated.

Secured vs. Unsecured

There are two main types of car loans you can apply for: secured or unsecured. Each have definite advantages and disadvantages, so make sure you read the details carefully so you know what you’re getting into.

Secured loan:

These are car loans that take something into consideration as collateral against your loan debt in the event that you default on your payments. In this case, your car will be used as collateral.

If you don’t pay your loan the company has the right to repossess your car and sell it to regain the money you borrowed. The advantage for you is that a secured loan is often offered at a lower interest rate because the risk of the bank or institution not getting their money is lower than when they lend money in an unsecured loan.

Unsecured loan:

An unsecured car loan is one that doesn’t use the car as collateral. This type of loan is offered at a higher interest rate but if you default on the loan the company can’t repossess your car. You may have to take out an unsecured loan if you are looking to buy an older car, since the car may not have enough value to serve as collateral.

Loan Insurance

If you’re unsure of what your employment status will be two years down the road, or if you know you’ll need surgery in the next year then loan insurance might be a good option to look into. Some car loan lenders will offer a discount on your interest rate if you procure loan insurance. Loan insurance protects you if you’re disabled, or lose your employment.

photo credit: ?

Consider time into the equation

Your car loan will have different options on the length of time to pay the loan back. Typically varying from 12 months to 5 years (some companies offer six years or longer), the amount of time you choose to pay your loan back is important in many ways.

The longer you take to pay back your car loan the more interest you will pay over the life of the loan. Longer amounts of time usually result in a lower monthly payment, but an overall higher interest rate. Shorter time periods mean larger monthly payments but the amount paid out in interest is much less.

So ‘No’ to Fees

Banks and loan institutions don’t make money on just the interest rate of your car loan these days. They add in some other fees to make sure you keep paying and paying, even if you want to pay the loan early. When looking for a car loan make sure you research the following fees and look for a loan that offers as low a fee as possible.

Application fees:

Some banks and car loan companies will charge an application fee. This covers the work done researching your information and processing your loan. If you can, find a loan with a low or even better, no application fee.

Service fees:

Some banks will charge you a small, monthly fee for the length of your loan. Although an extra $3 a month or more may not seem like much, it can certainly add up over the years. For example, paying a $3 a month service fee on your car loan for a period of 7 years adds up to an additional $252 in fees.

Cash vs. electronic payment:

Some banks encourage electronic payment of car loans by issuing a fee if you choose to get a cash payment booklet instead. In this case, it might be in your best interest to waive the $100 or so fee and go electronic.

Early payment fees:

Paying your loan off early may seem like an attractive idea at first until you read the fine print and learn that you’ll probably pay a fee for doing just that. Banks and loan companies don’t want to lose money on the interest you pay them every month, and if you pay early that’s exactly what will happen. To ensure they get a piece of their share they institute a fee for paying your car loan off early.

In Conclusion

Now that you know the differences in interest rates and what fees you might be charged if you’re not paying attention, along with lots of other handy tips, you can rest easy when applying for that car loan. You will get out of the car loan office and behind the driver’s wheel that much quicker.

Do you need financing for a car purchase? Whenever you’re in Australia and need a car loan, make Start Local your first stop. Start Local is Australia’s fastest growing local search engine and business directory. Find the most comprehensive information about car loans at => http://www.startlocal.com.au/finance/carloans/

photo credit: Michi1308

There are an increasing number of new cars on the road every year and as a result the second hand market is also expanding. Many people now change their car regularly, so the car finance industry is now huge and can be confusing. When you start looking at cars, whether used or brand new, you should also think about how you will finance your purchase. The key to finding car finance appropriate for your circumstances is to do your research thoroughly and shop around. While it may seem easier to accept the car loan offer from the dealer, this may not be the best option. It is best to make sure you get a written quote from the dealer then you can then look at other sources, such as internet companies, for competitive deals. When comparing loan offers check that you are looking at similar loan products. Headline interest rate or monthly repayment figures do not always tell the whole story when it comes to getting a loan.

The Annual Percentage Rate (APR) is usually the first thing to look at when comparing loans. However it is also important to look at the total amount payable. This will take into account all the additional arrangement fees, costs and interest to give you the total amount you will have to pay before you own the car.

In general a shorter repayment period will mean higher monthly payments but lower interest charges overall. It is recommended that the repayment period should be no more than 4 years. If you do not plan to keep the car that long try to reduce the loan period accordingly. You should also check what will happen if you want to repay the loan early. There may be a discount on the amount you will pay, or you may have to pay as much as if you had continued to the end of the agreed period. You may even have to pay a penalty fee but this is unlikely.

The main options available to finance your car are outlined below. Internet sites may be useful to help with searching for and comparing loan products.

Hire Purchase Agreements

Hire purchase schemes are traditionally offered by car dealers but you can also go direct to a finance company. The price of the car is divided into equal payments over 3 or 4 years with interest charged on the amount borrowed. With this type of deal the car will belong to you at the end of the agreed period but not before. Therefore you cannot sell the car before the end date. The minimum deposit is usually from around 10% and interest rates can be lower than other options. However the monthly payment will be more than for a personal contract plan.

As the loan is secured on the car, if you have difficulties with the repayments the car will be repossessed. This can happen after as little as two missed payments. The finance company will then sell the car cheaply at auction in order to recover some of the debt quickly. You will still have to pay the difference between the price the company gets for the car and the amount outstanding on the loan. There will also be some costs to pay.

Cars over 2 years old are usually excluded from hire purchase deals. This is because the value of the car will be too low by the end of the loan period.

photo credit: All your picture are belong to us

Personal Contract Plans (PCPs)

This is a particular type of hire purchase agreement which involves paying monthly instalments and a final lump sum payment. This specialised deal is offered by many different companies, for example Ford Options and Peugeot Passport but it is only appropriate for new and nearly new cars.

PCPs are particularly suitable for people who want to change their car regularly and whose priority is low monthly payments. However, although the installments are lower you should note that the total interest payable tends to be higher than other products.

If you opt for a PCP scheme you pay an initial deposit, possibly up to about 20%, and a balloon figure know as the ‘Guaranteed Minimum Future Value (GMFV)’ is agreed at the start. You then have low monthly payments for 2 or 3 years at the end of which you have 3 choices.

If you decide to pay the set ‘balloon’ payment you keep the car. Alternatively, if you have kept the car in good condition and stayed within set mileage limits, you can return the car and the deal is closed. None of you deposit or payments will be refunded but the advantage is you will not have to make up the shortfall if the car is worth less than the GMFV. Finally you can use the difference between the balloon figure and the value of the car as a deposit on a new car. This is only possible if the car is worth more than the balloon payment. Although this is usually the case you should be aware that it is not guaranteed.

0% Finance

Interest free deals may be available from the manufacturer or dealer. This may tempt you into making a purchase but there are likely to be strict conditions. Initially you may have to pay a large deposit – possibly 50% of the value of the car and the loan period could only be 1 year. If you do not or cannot repay the loan on time, within the interest free period, you might well incur hefty penalty payments.

Personal loans

A personal loan could be a good option when buying a car as there are many deals available from banks, building societies and loan companies. You are free to buy a car anywhere you like and it belongs to you immediately. Competitive rates can be found by shopping around and the loan is not secured on the car. This means that you do not have to repay the loan if you sell the car and the car will not be repossessed if you do not keep up with the payments. Monthly payments can seem high compared to a personal contract plan but the total amount of interest you pay will be lower.

People often think they will get a better price on the car they want by offering cash. This may sometimes be the case but dealers also earn commission by selling finance packages. Therefore they may actually be more likely to reduce the price of the car if they are also arranging the finance. Always get the dealer to provide a written quote which you can compare with other options. You can then confirm later if you wish to accept the offer.

Remortgaging

If you are are remortgaging your home you could use this as a way of financing a car. However although the rate and monthly payment is likely to be low, the total amount of interest will be high as the loan is likely to be over 15 to 20 years. There will be legal costs and other fees when remortgaging so this option is really only worth considering if you are remortgaging anyway for other purposes. Remember the car will probably not last for as long as the repayment period.

Jack Curtis is a writer and publisher of advice and information on finance in the motor industry. He provides constructive advice on finding the best car loans and vehicle finance. His latest initiative on car loans can be found at http://www.drivingloans.co.uk