Four key things people with bad credit scores need to know about getting a loan

There’s no way to sugar coat it. If you have a poor credit rating, you’ll need to look for bad credit financing. Here are four things a person with a bad credit score needs to know about getting bad credit loans:

1. Make sure the information in your credit history is accurate.

Equifax Canada and TransUnion Canada are the two big credit reporting companies. But the reporting agencies and the creditors who report to them on your activities are far from perfect. Mistakes are made more frequently than you might think. By law, you’re entitled to one free copy of your credit report from each of the reporting agencies every 12 months. If either report contains inaccuracies or is incomplete, you have a legal right to challenge them.

2. You’ll probably get a break if you lean on someone you know.

Even if you can’t borrow directly from a family member or close friend, try to find one with a good credit rating to cosign for your loan. That way, they’re not out-of-pocket for the amount of the loan. The bank will take the cosigner’s score into account when deciding whether or not to give you credit, which should greatly increase your chance of being approved. Remember though, if you go into default on the loan, the cosigner will be on the hook for what’s owed.

3. Take out a high-interest-rate subprime loan [but only if it’s a matter of survival].

Most often, the thing a person can’t live without is a car. A car loan is a secured loan because you’re using the vehicle as collateral. If you fail to pay as promised, the dealer can simply repossess the car. A dealership, through a bank, will give loans for bad credit borrowers – even loans for borrowers with no credit history at all. However, you’ll have to pay a very high interest rate to get one. For additional resources, you may be able to learn more at the We Loan Money website.

4. Consider a short-term, fast-cash loan.

While short term cash loans come in different shapes and sizes, a person in need of emergency cash has essentially two choices: a car-title loan and a pay-day loan. A title loan is a secured loan where the borrower uses the title to his vehicle as collateral. A pay day loan is unsecured which means the money provider assumes more risk. The borrower will need to show proof of employment and will pay a higher interest rate than on a title loan.

Having a bad credit report doesn’t mean you don’t have options. But regardless of how you decide to proceed, its important to work on improving your score.

6 Services Performed After a Lockout Situation

Before you need a locksmith or any other emergency service, you should be researching what the professional can do for you. If you’re locked out of your home, you will be in a panic. This is a time when you might not be thinking clearly. These are some of the biggest services of a locksmith when you’re locked out of your home.

1. Key Cutting

You should always have an extra set of keys to your home. It’s not the best idea to put these keys in a fake rock near the front door though. You can get a friend or family member to hold the extra set in case of emergency.

2. Remove Door Locks

The technician can remove deadbolt locks completely to help you gain entrance to your home. This is an extreme measure in case the lock is one where the locksmith can’t duplicate the key. Old homes with old locks might need the locks replaced if they get stuck too.

3. Keyless Entry Locks

To avoid problems with your locks in the future, you could opt for keyless entry into the home. This is perfect for a family with older children who constantly lose their keys. The technician can replace the locks on the front and back doors to keyless ones that you program with a number everyone can remember.

4. Automatic Door Opener

An automatic door opener can be used on more than a business. It’s a great way to allow entrance to the home when you’re not home or have your arms full of packages. You can turn this door off when you don’t want it opening too. Check out the Lock-Up Services website to learn more information with their online resources.

5. Broken Locks

Sometimes, the reason you can’t get into your home is the old lock has broken. The lock doesn’t need to be removed because you lost or forgot your key. It has to be removed because you can’t get into the home. It might even happen when you’re inside the home.

6. Interior Lock Removal

When you have small children, you could end up in a situation where they’ve locked themselves in a room. Instead of calling the fire department, you should be calling a professional experienced with locks. This technician can remove the lock and free the child from the room. After the emergency is over, the technician can discuss options for your interior doors too.

When you’re locked out of the home, it can be a stressful time. You should be thinking about the services a locksmith can provide long before you need them. On the other hand, you can have extra keys created or have a keypack lock installed to avoid the need for emergency services.