Lots of people have a poor credit rating these days, and while it’s a problem, it’s one that has a solution. There are different types of credit repair loans available; a person just has to look for them.
Pittsfield, MA -- (SBWIRE) -- 03/08/2013 -- Credit-yogi.com has already researched the topic somewhat and is happy to share some of the results, such as:
- Debt Consolidation Loans
- IRA Loans
- Home Equity Loans
- Life Insurance Loans
Debt Merging Loans
Most folks are aware of debt consolidation loans. These are effective bad credit repair loans because they help an individual get his debts paid off quickly. The goal of this type of loan is to get the person down to having one affordable loan payment each month, rather than several separate one that amount to more than the single payment. Apply for this type of loan at any credit union, bank, or debt repair company.
Retirement Account Loans
This kind of loan is relatively easy to obtain, which makes it a great credit repair loan. An employee need only to make the request to his retirement accounts manager, and the money is his. He can apply the money to eradicating debt, which is the fastest way to improve poor credit. The payments for an IRA loan come directly out of the employee’s paycheck each month, and whatever interest there might be goes back into the account, making this a good choice for debt repayment.
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Equity Loans
If someone has owned his home for several years, there is equity available for his use. Borrowing his equity is a good idea, as it is one of the best bad credit repair loans. The person must go to his loan servicer, whether it’s a credit union, bank, or other financial institution, and request the loan. The lender only needs to see proof of ability to repay the loan, and it is approved so the borrower can pay off all of his debt.
Life Insurance Policy Loans
Most folks don’t think of this type of loan. It’s not a very commonly mentioned credit repair loan. However, if an individual needs money to get rid of his debt and he has a cash value on his life insurance policy, this is a viable option. He must contact the company he has the policy with to request the loan. Barring unforeseen issues, the request will be approved and he’ll be on his way to much-improved credit and no debt.
About Credit-yogi
Credit-yogi.com is a confidence-inspiring website located in Pitts field, Massachusetts that never charges a fee for its service. Consumers who have problems of law or finance are connected to experts in those fields who can help resolve them. For a complimentary conference, dial 866-964-9644.