Bad Credit: Options for Refinancing a Mortgage

Like many people, the recession hit me pretty hard. Thanks to a job loss, I got behind on some of my credit cards. Even though I did mange to make the mortgage payment every month, my credit rating nose-dived. While things did get better, I still wondered if it would be possible to refinance my mortgage with bad credit. After talking with a few lenders, I found out that my situation was not unique. I also found lenders who were willing to work with me. I managed to get terms that will save me money over the life of that mortgage. If your credit has taken a beating, don't assume that refinancing is out of the question. I'll share how I researched options and found a lender who offered a good deal. You could find that refinancing your mortgage is within your reach.

4 Ways To Fund Your New Small Business When You Have Bad Credit

Finance & Money Articles

If you have been struggling to make ends meet with the income from your current job, then starting a small business you can run after-hours can be a great idea. You may even dream of creating a business that takes off so well you can eventually quit your day job. One obstacle that you may feel you have is not-so-great credit. Don't let bad credit keep you from starting a business that can help you finally get ahead financially. There are several ways to obtain cash to start your small business without great credit. 

1. Business Crowdfunding Websites

Crowdfunding websites are great options to raise money for your business that you don't even have to pay back. People typically donate to these websites to simply help others, or they often have an extreme interest in the new product or business being funded. Creating a successful crowdfunding campaign takes effort, but the rewards are well worth it. 

First, browse all of the crowdfunding websites you can find, then choose the one that seems like a natural fit for your specific business. You must then typically take steps to verify your identity (this is important to sort true entrepreneurs from scammers), then create an eye-catching profile. 

The most important step is then sharing and promoting your campaign as much as you can. Start by posting it on your social networks, and then let it gain attention as it is reposted by your friends. 

2. Fast Cash Loans

If you want to begin your business immediately, then you may not want to wait for your crowdfunding project to take off to begin making your product. A fast cash loan, like one from EZ Check Advance, can help you get the cash you need right away to start building inventory, fulfilling orders, and advertising. 

Payday loans are great options for fast cash, and your day job pay-stub will come in handy when applying for this loan. Your pay-stub and identification is typically all you need to obtain one of these small loans. Always play it safe and don't borrow more than you can pay back within a couple of weeks to avoid accumulating more interest than you have to. 

3. Microloans

Another option for funding a new small business is applying for a microloan. The U.S. Small Business Administration hands out these loans to new entrepreneurs who have few traditional options for obtaining cash for their start-ups. Although criteria must be met to obtain a microloan, your credit score is not as important when seeking these loans as it is when applying for loans from banks and other lenders. 

You must find your SBA District Office, then apply at that location. There are other private and charity microloan lenders that you may find in your area by doing a web search. The application process involves presenting a business plan and engaging in a personal interview with the loan provider. Loans vary in size and interest rates, but apply for just what you need to get started for the best chance of getting an approval. 

4. Customer Deposits

Never take a deposit from a customer unless you can fulfill the order in full and on time. However, once you obtain another type of business funding, you can stretch your initial dollar by having customers place partial deposits when they place the order. You can then use this deposit to help purchase supplies that you need to create the final product. 

Always be upfront with the customer and let them know exactly what their deposit is being used for. Draw up a contract for both you and the buyer to sign that specifies exactly how much was paid when the order was placed, what is due when the order if fulfilled, and the date the customer can expect the product. Good record-keeping is very important if you opt to take advance deposits in your new business. 

If you want to begin a small business to help you get ahead, then don't let bad credit stop you. Look into one or more of these business funding options to help you finally get ahead financially and fulfill your dream of becoming an entrepreneur. 


22 December 2014