Money Talk Daily

Posts Tagged ‘grants’

Did you realize there are government agencies to help you get government grants and loans? Even if your credit score isn’t great you could still qualify for loans and grants that can help you build your credit history or even repair build.

In order to qualify, you will of course have to jump through a few hoops to qualify. For example, you have to be turned down by two different lending agencies before the government can step in and grant you a loan. To give you an idea, if you need a used car and you are turned down by two distinct used car dealerships, you could qualify for a loan from the government for a car through the appropriate agency.

There are all sorts of government loans and grants , such as money to help you start a business, grants for a single parent or if you have to care for a foster child. There are grants and loans available to help you pursue a higher education at a university, college or technical schools. 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.

The penalties for missing payments or defaulting on your government loan can be quite ugly, plus the fact that you will never qualify for another one. Nothing will be safe because the government has the right to go straight into your bank account and take their money even garnishing your paycheck. And that inheritance your grandmother just left you isn’t even safe. When it comes to paying back your debt to the government you should always remember to honor your responsibility. Big Brother will be watching.

The government also offers grants to help people get back on their feet and pay off their creditors. Always keep in mind that if you have a choice between a loan or grant, the grant would be the obvious choice because it’s free money and doesn’t have to be paid back. However, if you’re caught using grant money for something other than you describe, you could be slapped with harsh penalties. You may even be prosecuted for fraud so please heed the warning.

Due to our bad economy, a bill was just passed through Congress to help those who are having problems paying their creditors. One resource available offers free or reduced fees for legal aid that’s made available throughout the country.Certain government agencies are prepared to arbitrate on your behalf if you find the negotiations with your creditor are fruitless. Free credit counseling is also available which is really handy if you need it.

Housing and Urban Development or HUD can help in the short term, if you’re temporarily having problems paying your rent.There’s also something for first-time homebuyers with a less than perfect credit history.HUD has made available up to 500K protected under the Homebuyers Bill of Rights, for first-time buyers at low interest with a not so great credit.

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. Contact your lending an institution or local government agency to find out more about government loans and grants.