Borrowing Money

It is very important when borrowing money to know about your credit-report and the amount of debt that you currently owe. Before borrowing money review your profile and resources. You may find answers for the questions you have about borrowing money here.

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If collectors call on a very old debt, know your rights and assert them

Start by making them prove the debt is yours

By Tanisha Warner

Credit/Care

Tanisha Warner is the communications manager for Money Management International, where she manages educational content designed to teach consumers about personal finance topics.Ask a question ‘Credit Care’ archives

Dear Credit Care,
Due to health problems (heart attack), I was forced to file bankruptcy. It is 12 years later and some creditors are starting to hound me for payments saying they weren’t covered by the court action. My only income is Social Security Supplemental Security Income at this time. What should I do? — Jack

Dear Jack,
A good rule of thumb when contacted by anyone who says you owe them for a debt is to request verification in writing that the debt is valid and owed by you. The Fair Debt Collection Practices Act states that, to validate a debt, a collector or creditor must provide you with:

• The amount of the debt.
• The name of the creditor.
• A statement that you have 30 days to dispute the debt in writing.
• A statement that if the debt is disputed in writing by you that the collector must obtain verification of the debt and mail it to you.
• A statement that you can request in writing the name and address of the original creditor.

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Denied a Bank Account

How to Borrow Money with No Bank Account

When a consumer runs into an unpredicted expense, he or she may find it necessary to obtain a loan in a short period of time. Unfortunately, borrowers that do not have a bank account may find it very difficult to obtain a loan from a bank or other lender. This is because borrowers lacking a bank account are more likely to have poor or insufficient credit history, and will be seen as a “high risk” to lenders.

Luckily, there are options for consumers that need to obtain a loan without a bank account. The first option is to obtain a payday loan. These are short term loans that are given to borrowers based on their ability to pay. This means that to obtain one of these loans, a borrower needs only prove that he or she is employed and currently receives an income that will allow the loan to be paid back in the necessary amount of time.

However, consumers that do not have a bank account, due to a poor credit history, may want to begin working to repair their credit. This way, if they were to need a loan in the future, they would be able to obtain the loan that they need.

The AccountNow Gold Visa Prepaid card requires no credit checks and there are no overdraft, interest, or late fees. It helps you build good spending habits because you control how much you load on the card. It is a great alternative to a traditional credit card and provides you with another form of payment. It also offers Bill Pay and Direct Deposit at no charge. No Bank Account? 100% Approval Account Now!