Welcome to 1st-Personal-Loans

We were established in 2003 and continue to help people with issues related to bad credit. We have compiled several articles designed to help you get out of debt or locate signature loans, home loans, and debt consolidation services you need. Sometimes it is difficult to know what options are available to you, especially if you suffer from poor credit problems.

• Loan Considerations
• Credit Repair Advice - Credit Traps
• Buying the Right Home
• How to Consolidate Debt
• Credit Cards

• Buying a Car - Auto Insurance
• California Mortgage Loans
• Stop Foreclosure
• Virginia mortgage home loans
• Do you Really Need a Credit Card?

A loan is either secured or unsecured: Secured loans have collateral; Unsecured loans do not have collateral.

Mortgage Loan and Refinance Loans: Mortgages are loans designed to fund the purchase of a home. The amount you are borrowing frequently dictates what type of loan you need. Such is the case with most mortgages. Most home buyers need a 15- to 30-year repayment period when buying a home. Additionally, most buyers prefer the lower interest rates available when applying for a loan secured by real estate. As we mentioned earlier, now may be the best time to purchase a new home or re finance your current one at today's low and competitive interest rates. Even If you have a negative credit rating or low credit scores, you can apply for home improvement loans through mortgage refinancing, 2nd mortgage loans, cash out refinancing, and fixed or adjustable rate mortgages (ARM).

Tip: If you decide to obtain mortgage refinancing or a home equity loan, comparison shop! Comparing terms and plans will help you land better deal. Pay very close attention to lender fees such as application or loan processing fees, underwriting fees,appraisal fees, general broker fees, and document preparation fees. If other fees or points are added, you’ll pay more to finance them over the life of the loan. Most importantly, NEGOTIATE with several lenders. When bad credit mortgage lenders compete for your business, you will be able to make a better financial decision and save yourself a lot of money in the long run.

Home improvement loans: When you wish to make improvements or repairs to your house, you may want to consider a home improvement loan. Generally, terms are favorable and interest rates are reasonable. Further, there may be favorable income tax treatment. However, you are not required to fund such projects with a home improvement loan. Such projects, either wisely or not, are frequently funded with credit cards, personal loans, and personal lines of credit. Your choice may depend upon the amount you are borrowing and how fast you need the funds.

Home equity loans and line of credit: Home equity loans and lines of credit are an effective way to get cash out of your home. You can use the equity in your home as collateral and receive cash. Although you put your home at risk, you benefit from reasonable interest rates, attractive terms, and favorable income tax treatment. Lines of credit are frequently used as a source of emergency funds, as well as to fund college education expenses. They can also be used to pay off other personal indebtedness--thus effectively converting nondeductible interest into deductible interest.

Cash Advance Payday Loans: If you are running low on cash, you can obtain a small loan often called a "deferred deposit", "cash advance", "payday loan", or "$500 til pay day". For these loans, you simply write a post-dated check that the lender will hold for up to two weeks. The maximum loan amount is usually $500, and this money will be wired into your checking account with 12 to 24 hours. Personal checks cashed in this manner are often very convenient to the consumer who needs immediate money. Further, this is a very convenient way to obtain cash fast in order to pay for emergency, car repairs, Christmas gifts,holiday season events, a wedding, airplane tickets and other travel expenses, vacations, birthday gifts, car payment, bills, rent, utilities bills, or to simply cover checks that you fear will bounce. The FTC warns that you should be very careful with these loans since interest rates tend to be much higher. Do not start relying on them for normal life functions, because you could find yourself deeper in debt. Living on credit cards and payday loans can get out of hand very quickly. Avoid it if you can. These loans do not require a credit check, no collateral or co-signers, and now in many cases no document faxing. The "no fax" features make the application process much easier and convenient.

Debt Consolidate: Daily life can become very expensive, and many of us live way above our means. By paying off high interest credit cards and bad loan debt, you will have much more money for yourself, and you will lose the stress that comes along with heavy financial burdens and obligations. If you need money to eliminate your credit card debt, high interest student loans, or pay off bills,consider contacting a debt consolidation lender, debt negotiation expert,or consumer credit counseling services to help you out. If you are experiencing financial troubles, we strongly suggest consolidating all of your debt it to one payment.You might also consider debt negotiation and debt management services. Through debt settlement, you can negotiate payoff amounts with your creditors, and settle your debt legally in order to become debt free.

Tip: Bear in mind that if you are a homeowner, one often overlooked source of funding for consolidating bad debt is the equity within your home. Because mortgage rates are holding at near-record lows, this is a very good time to use home equity refinancing to pay off debt. You will likely get an excellent interest rate and you will get rid of all those bills and harassing creditor calls.

Secure, Pre paid,and Unsecured Credit Cards: Credit card borrowing is the most convenient type of borrowing. Rates tend to be high and subject to change, but you can use credit cards for nearly any type of purchase. If you need cash for emergencies or can afford to pay off the outstanding balance quickly, then credit cards are an excellent choice. If you have poor or no credit, there are several banks who will help you get the credit you need. Simply shop around for the best deal, and try to avoid credit cards that lock you into a severely high annual percentage rates (APR). Typically, when you fill out a credit card application, your credit file will be assessed, and your approval or denial can be determined quite rapidly.If your credit scores are low, your credit application will likely be approved for a relatively small credit limit on an unsecured Visa or Mastercard. Since the United States has some of the strictest lending criteria and getting credit seems to be getting more complicated, the chances of obtaining an unsecured Visa or Mastercard by people with sub prime credit is relatively small.

Those who are approved for an unsecured bad credit card will often be given very unappealing (and ultimately very expensive) terms, such as very high annual percentage rates (APR), annual fees, and severe penalties for late payments or going over the credit limit. Therefore, in our opinion based on the literature we have reviewed,people with credit problems and low credit scores, students, or those with little or no credit history established at all with the credit bureaus, will often be better suited with a guaranteed secured credit card (prepaid credit cards). Secured credit cards are issued by numerous lending institutions,and require an initial deposit which could range from a small fraction of the initial credit line (partially secured)all the way to the full amount of credit line offered. Although this seems unfavorable for consumers who might be lacking a cash savings and hoping for an unsecured credit card that they can use immediately for living expenses, but secured credit cards offer a very creative way to begin the credit repair process for those who are serious about clearing their good name.Your usage on your secured credit card is similar to that of a bank debit card (the money is in the bank account per the initial deposit, and you are free to use it as you need it, and replenish the funds with your monthly payments). Further, your payment history associated with the secured card will be reported to all three credit agencies. Proper handling of your credit card will help put you on the road to financial recovery in a matter of months. Remember, there is no easy fix for credit problems. You have to be creative, and take advantage of programs and services available to you.

Do Credit Applications Hurt my Credit Rating? If you are aware that you have poor credit scores, and have been denied for one or more unsecured credit lines, we advise that you NOT continue applying for other similar cards with the misguided hope that you will be magically granted an unsecured credit line. All banks follow similar lending criteria and you will likely be denied over and over again as long as the credit problems causing your low scores exist on the history. The problem is,with each credit application you fill out, a new credit report is accessed by the lender with whom you applied. EACH time your credit file is pulled because of an application you filled out, a credit request inquiry is stored for up to two years with the bureau from which the report was retrieved. A certain number of these inquires is considered normal (probably fewer than 6 requests in a 12 month period). Too many credit inquiries will have a negative affect your credit score and will only set you back further. Don't keep applying only to be slapped with "Sorry, your application has been denied". Try to apply only for the things that are vital, and don't apply too frequently. Denial after denial will likely only get frustrated and further hurt your credit rating because of those blasted credit inquiries.

What About Credit Requests and Inquiries that Appear on my Credit File Without my Knowledge? Inquiries initiated by lenders to send credit offers in the mail, lenders you have accounts with who might view your credit score for credit limit increase considerations (not initiated by yourself), or inquiries that are recorded when you request your own personal copy of your credit file are NOT held against you in credit scoring. Be aware that the concept of credit inquiries applies to all forms of credit apps, including loans, home mortgage, equity and refi, debt cons, apartment leasing or renting, etc. Credit reports are typically not pulled for cash til pay day loans.So, just be cautious when filling out credit apps. Don't over do it in a very short period of time. When you think about it, people who are filling out a ton of applications for credit appear desperate for credit thus making them a possible high credit risk to the lender in question. That is why inquiries are used in the scoring calculations.

Motorcycle Financing, RV, Car or Truck Loans: Auto loans are designed to fund the . Generally, they are like other secured loans and require a down payment (or trade-in). The car becomes collateral for the loan and can be repossessed if you do not pay. Lenders are very competitive and rates vary significantly. Although auto loans are typically the logical choice for financing an automobile purchase, you may want to consider funding the purchase with a home equity loan or line of credit. Other auto loan programs include motorcycle loans, boat loans, and rv loans.

Student Loans - Education loans: If you are trying to fund an education, education loans are usually your best bet. Most education loan programs are managed by government agencies. Repayment terms are tailored for student borrowers. Interest rates are better than average, and favorable income tax treatment may be available. However, most student loans have eligibility requirements. If you don't qualify, there are other ways of financing an education with a second mortgage or equity line.

Unsecured Personal loans and lines of credit: Personal loans and lines of credit are usually unsecured loans. These are also called signature loans if the loans are not backed by collateral. Typically, interest rates are lower than rates for credit cards. Personal loans are commonly used for small to moderate purchases and loan consolidation. When larger purchases are involved, you can get better interest rates by posting collateral. Credit lines are often used for emergencies or in lieu of credit cards

Remember: You are entitled to a free credit report annually. If you begin analyzing your credit file today, and making efforts to fix any errors, you can significantly increase your credit score over time.

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Resources: Direct Loans - Credit Card Rates - VA Veteran Loans - Students