Money Grants and Loans
Can you believe that there are agencies within the government that will help you get your hands on government money? Even with bad credit history, you can apply for government grants and loans which will actually help fix your credit.
In order to qualify, you will of course have to jump through a few hoops to qualify. If you’ve tried to borrow money from the bank or your credit agency and you been turned down twice, this alone may qualify you. Lets suppose you want to buy a used car and you been turned down for a loan by two dealerships, this could meet the requirements set down by the government.
You could receive a government grant or loan, if you’re a single parent, or if you’re looking after a foster child, or even starting your own business. If a higher education is in the cards for you like college or university, there are student loans and grants you can apply for. As stated earlier, if you jump through a few hoops and untangle a little red tape, you could qualify for government grants or loans that could cost you little to no interest at all.
Always remember, if you default or get behind on your payments for your loan you will not be able to get another and the penalties can become really stiff. The government can garnish your paycheck or collect their money straight out of your checking account. Even an inheritance isn’t safe if you default on money borrowed from the government, and you can bet they will claim first rights to any inheritance money you receive. When you make a deal with the government, you better make every effort to keep it. Big Brother will be watching.
If you’re having trouble meeting your financial obligations, the government also offers some grants and loans to help you pay off your creditors. If you had a choice to take government grant or loan, you would probably take the grants, because it’s free money and doesn’t have to be paid back. But of course there’s always a catch, if you use the money for anything else other than its intended purpose, you’ll start to see those of the penalties again. Even worse, you could be prosecuted and sent to jail so consider the warning.
Due to our bad economy, a bill was just passed through Congress to help those who are having problems paying their creditors. This allows the qualified applicants the ability to greatly reduce ones legal fees or legal aid. Certain government agencies are prepared to arbitrate on your behalf if you find the negotiations with your creditor are fruitless. Credit counseling is also available for free for those that need it.
If you are having trouble temporarily paying your rent, HUD (Housing and Urban Development) can assist you by paying a portion of it every month for an approved period of time. HUD can also help out if you are a first time home buyer with less than stellar credit. Under the Homebuyers Bill of Rights, a person with bad credit can still purchase a home and get a loan for up to $500K with a low interest rate.
Many people these days can get themselves in a bad situation due to this bad economy but don’t get discouraged there’s always hope. In order to find out more information about government loans and or grants, contact your lending institution.