Second Look Financing

Fortiva Financial specializes in providing second look financing to underserved consumers.

Furniture Financing

Get instant approvals on furniture financing with Fortiva even with bad credit score.

Medical Loans

At Fortiva Financial, we care for you and gives you option for medical financing with host of benefits and features.

Retail Financing

Fortiva gives its customers access to powerful features and various payment options with its retail financing.

Thursday, 31 October 2013

Best Things about Subprime Credit

Subprime borrowers have access to bank credit cards, retail credit cards and auto loans. In the last few years bank-issued credit cards lending to subprime have witnessed a considerable rise in numbers. Banks are doing it to grow lending power by providing credit opportunities to more consumers as well as woo back rejected applicants. So, borrowers have been consistently taking advantage of the new opportunities. They have begun to look for diversified financial activity.

Following are a few of the best things about subprime credit and how this type of loan can be beneficial to a bank and a borrower.

Best things about subprime credit from a bank’s point of view:
  • It helps to boost economic growth. This is because investors are banking sector’s growth prospectsin the post-recessionor post-crisis world.
  • The high credit risk offered by banks is coupled with higher interest rates, poor quality collateral, and less favorable terms.
  • Subprime lenders pay higher premiums, and the loans are generally secured against saleable real-estate. So these loans theoretically can never fail.

Best things about subprime credit from a borrower’s point of view:
  • A borrower’s employment, income and assets sometimes do not get verified in such loans.
  • People who have difficulty maintaining the repayment schedule due to setbacks such as unemployment, divorce, medical emergencies are entitled to get these loans.
  • People who normally wouldn’t have had any access to the credit market now enjoy credit through these loans.
Hence these subprime credit loans are equally beneficial to both lender and borrower.

Tuesday, 29 October 2013

How Much Does Your Credit Score Cost You?

Are you aware of the fact that not having a great credit score can be expensive? In case you are aware of it, do you know how much your score costs you? I could be a lot! A credit score can actually pose as a threat to a borrower’s already burnt pocket.

Basically a credit score is supposed to extract all the information in a credit report, using a formula to calculate a single number that indicates the credit worthiness of a borrower. People who have high credit scores actually pay lesser money for their vehicle loans as compared to people with low or poor credit scores.

The lender obtains a fast, accurate prediction of the risk involved in sanctioning the auto insurance or loan. On the basis of this thumb rule, good credit owners are generally rewarded for auto insurance.

But again difference between rates paid by a person with good credit points and another with excellent credit points is not much. So an excellent credit score does not have bulky rewards attached.

Experts always advise customers shopping for insurance to enter accurate information in order to get an accurate quote. Fake information does not entitle for credit information inclusion while calculating rate of interest. Hence a consumer must check for credit score while shopping. They should also apply for cards that are more likely to get approved. This helps to avoid rejections, credit history inquiries and thereby does not impact the credit score.

Monday, 7 October 2013

Introduction to FHA 203k Loan

The FHA 203K loan for owners, occupants and non-profits is the ideal home improvement loan for a house that needs repairs. The loan which was initiated to aid in the repair and rehabilitation of run down homes is applicable for both - property that you may be planning to purchase as well as repairs to your present residence. Even though it is a government backed loan which is very popular given that many people use it for fixing their houses perhaps it is better to have a knowhow on this. Since most banks won’t lend you money to buy a house without the repairs being completed and you couldn’t possibly repair something that you don’t own, this is especially where one such home improvement loan comes to the rescue.
One of the basic criterions for getting the FHA 203k loan approved is that your property can be anything from a town home or condominium but it must be a one to four family structure. Borrowers seeking this loan cannot own more than seven units within a two block radius of the structure they wish to get the loan sanctioned for. While the loan cannot be used for major structural repairs, it can be used for interior rehabilitation with a major contractor looking after the repairs. The minimum amount is 5,000 $ while the maximum amount is 35,000 $. Remember take the advice of your consultant or plan reviewer so that you don’t underestimate the costs since you cannot raise your home loan amount later on.
You can turn to your Department of Housing & Urban Development-approved housing counselling agency for more information on the FHA 203k home improvement loan or log on to for exploring a plethora of financial services available for your aid.