It’s hard to believe I know, but did you realize that there are agencies within the government that will help you acquire a government grant or loan? Grants and loans can be obtained even with a low credit score which will help to repair your credit history.
Of course to qualify for a loan, you have to follow some specific guidelines. 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.
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.
A bill passed by Congress offers some help to those who’ve lost their jobs due to the bad economy and cant pay their creditors. The bill entitles the qualified applicant the right to use legal aid and greatly reduced legal fees, accessible across the country. If you’re having trouble negotiating with your creditors, there are government agencies that can intervene on your behalf. Free credit counseling is also available which is really handy if you 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.
We are in tough economic times, but don’t get this courage, because there is help available. Contact your lending an institution or local government agency to find out more about government loans and grants.