Often you might hear your friends or relatives crying over the fact that they have a poor credit score and are in need of a credit card. Well in most cases this is true for the majority of people who do not pay attention towards the credit score they maintain. There are companies offering credit cards which do not take your credit score into account.

Secured and Unsecured Credit Card Companies

Credit score is an important factor which you consider when you are using credit cards. If you default on your payments then the lender would report this to the credit reference agencies who would then add this remark on your file. Therefore, before applying for a credit card make sure you apply to those companies who do not take your credit score into account. Another option which might be available to you is that you could speak to your lender and ask them to revise the terms and conditions of your credit contract.

Criteria of Providing the Credit Card

Most companies those consider your credit score would decline you there and then. The reason for this might be the behavior you have maintained in the past of not making your payments on time. However, firms those who do not require a credit score, secure themselves by taking a collateral from you or by offering a lower credit limit. Collateral is a cash deposit or any other asset with financial value which the lender might ask you to deposit. Other option of lower credit limit means that even if you go onto default, their loss should be minimal.

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A loan shark who is actually a swindler tries to victimize those individuals whose financial position is very week or who are financially on wrecks. Normally, the individuals who have been disqualified by the financial system for loan find rescue in such loan sharks or doorstep loan companies to acquire loan. They overlook the fact that they have to pay elevated Annual Percentage Rate. Owing to the present credit crisis, the lending at exorbitant interest rate is very undesirable.

The Reason for the Existence of Loan Sharks

Actually, the debarring of people from the monetary system to acquire loan is the major reason of existence of these loan sharks that offer high APR. The legal defaulters, Country Court Judgments (CCJ) and liquidation of individual have practically left no other way for these people to acquire credit.

Who Seek the Help of Loan Sharks

The individuals who would like to owe money from loan sharks belong to every sphere of life.

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Foreclosure is the officially authenticated procedure through which a party who has issued mortgage or any other legal claim holder over the property which is normally a lender, acquires the annihilation of a mortgagor (the one who is borrower or who has taken mortgage) impartial right of salvation through a court decree or by following some other legal process.

When Foreclosure Option is Used

By and large, the mortgagee uses the option of foreclosure after the lapse of a stipulated time mentioned in mortgage papers. It is generally the time, after which a mortgagor is unable to make payment.

To Seek Assistance at Foreclosure Time

When a home owner anticipates the occurrence of foreclosure, he tries to find out the assistance of some firms or agencies to help him/her against the foreclosure. In this regard, few of the house owners would try to get the services of foreclosure expert.

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Life is full of surprises, as unforeseen incident can bolt from the blue anytime. There are situations when you have to fight with yourself to be able to finance your expenses accordingly without having to take loans or any other financial support.

Falling For A Pay Day Loan

If you’re stuck in an emergency and cannot think of ways out of it then a payday loan might be a quick solution to your problem. A pay day loan might be similar as a wake up call for you so that you could get your act straight, pull some strings together and be able to finance your expenditure with some planning.

However, in most cases what happens is that a person takes a pay day loan and then to come out of it they opt for another pay day loan to pay off the previous. In this manner, you keep falling in the trap hole without realizing how bad your credit score is becoming and how much you’re falling into debt.

As mentioned earlier, emergencies do not come calling. Therefore, a person has to make sure that they owe as less as possible so that they could make the most out of their paycheck without having to worry about the payments dude. Once you’ve paid off your pay day loan, your first and foremost target should be to make a list of how much you owe and think of practical ways to get out of it.

Make a list of how much you owe

First and foremost, an individual must prepare a list of how much they owe.

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If you want to buy something for you, need money for repairing your house, require money for having some medication, or need some money for any purpose; the need instantly drags you towards having a loan. So if you eventually decide for having a loan, make it sure that you SURVIVE in that much amount which you have availed.

Payday loan survival

Once you plan for a having a loan to fulfill any of your need, there are certain tips that you need to keep in your mind. They will certainly help you towards the payday loan survival. Some of them are as following:

Control your desires

You must have enough control on your desires and wishes. Keep in mind that every desire is not necessary to be fulfilled.  Apply for the loan in case of extreme need and keep in mind that it is not just your, you have to pay it back within the given weeks or months or whatever. So in the payment, you still need money. Before having a loan, think clearly if you can pay that back after some time or if your need is not that important to be fulfilled.

Borrow smallest possible amount

While you figure out the importance of your need and eventually apply for the loan, always try best to borrow the smallest possible amount.

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