Christian Debt Consolidation Management Services
In this review we are going to look at what exactly is this new branch of the debt industry and the ones that seem to be very honest and ethical folks? Christian debt consolidation management services are very similar to that of the numerous debt management programs across the United States today, which helps you merge several debts from credit cards and other such billings into a single monthly payment.
Like Kind and Quality
Christian consolidation and management services involves Christian debt consultants co-coordinating with your creditors/collection agency to severely-lower your monthly credit card bill payments and eliminate most of or all of the extra fees and charges. The basic principle of Christian debt relief management services is to show you the way to financial freedom by helping you live within your budget. Isn't that what we are looking for in the first place? The ability to live within our means and everything we do is one of the founding principles of a sound financial plan for you and your family regardless of your belief in Christianity or not.
Open-Minds Only Please
We are not going to be close-minded here and we will tell you right here and right now that your beliefs are your beliefs. We are only here to educate you on the benefits, into which we feel are great benefits, of going with a Christian consolidation service. Does this mean you have to go with a Bible-based debt relief firm? Certainly not as free will is what we believe in and free will mandates that you have your own choice, at all times. We will now climb off our soap-box and get back to the topic at hand and that is defining Christian consolidation services.
Christian or Not Doesn't Matter
Whether you're willing to be a debt free Christian or you're a non-Christian, you should honor your commitment and try to fulfill your financial obligations no matter what they are or where they came from and no matter how large or small they currently happen to be. Christian debt consolidation believes in the fact that until you're able to pay off your bills completely, your life will remain a prisoner to debt. We understand that may be a little hard to swallow and you may be feeling that you are not imprisoned by your debt and that you only need to get some assistance on paying off these numerous villains each and every month that you're currently struggling with. We understand and we hope today that this review on debt relief and Christian debt services helps you stay away from deep-debt so that you can conform to the Christian way of life, or not!
Christian Debt Consolidation Resources
Faith based Christian debt consolidation techniques are based on sound and time tested financial principles than anyone can use. As with regular debt services, Christian debt consolidation services will intervene on your behalf to work with creditors on your debts. Find out what to look for in a debt consolidation service today to help you improve your finances and the quality of your life. There are a lot of things to consider before you finally choose the right debt solution to meet your needs. Be very careful in choosing the right debt counseling service. Debt counseling will not wipe out your debts instantly but it will assist you in re-establishing your financial reputation.
source ezine
Monday, September 27, 2010
GMAC Auto Loan - How to Find Out Quickly If a GMAC Loan is Right For You
A GMAC auto loan is one that many people get when they buy a car, but just because it's popular doesn't make it the right choice for you. Generally, when you buy a GM car from a dealership, since they are associated with GMAC, they will refer you to them to take out a loan, and this is why many people go wit them-the whole process is just very easy.
In fact, it's so easy most people never even bother to check with other companies to see what their rates are and how they compare with a GMAC auto loan, which is not a smart idea.
First of all, remember that GMAC is a very stable company, unlike many loan companies nowadays. The finance industry, and more specifically loans, is in a state of chaos right now, and loan companies are dropping out all the time. The best thing about GMAC is that they currently have thousands of clients working with them, and you know to have this many they might be doing something right. There is definitely something to be said for stability, and GMAC certainly has that.
So where should you apply for a GMAC auto loan? Remember, not everybody will qualify for this, so you do need to apply for this, and you can do so either online or the phone, and also at your bank as well. Any of these methods works, and I'd recommend you do so online, as this is generally the fastest and will also get you the quickest response.
However, be sure beforehand and check into auto loans from other companies and see how they stack up to GMAC. To do this, you can either go online and fill out a bunch of forms and find the best rate, which can take several hours to do (or even longer), or you can hire a loan broker to do this for you, and this might be smart if you don't like wasting time and have the money available to invest with them.
let's face it, this will cost you some money, but it will save you a lot of time, because these companies now the best loan companies around, and once you give them your info, they just give it to the loan companies and get back all the quotes for you, and give this to you without you having to do a thing.
This is also a smart option aside from just saving time. Let's face it, they are much more knowledgeable in the industry than you are, and will know of companies to research that you will not, and therefore if you try and find the lowest quote yourself, you very likely will miss it whereas they will not.
The most important thing, therefore, before getting a GMAC auto loan, is to do your research and make sure they are the right company for you.
source ezine
In fact, it's so easy most people never even bother to check with other companies to see what their rates are and how they compare with a GMAC auto loan, which is not a smart idea.
First of all, remember that GMAC is a very stable company, unlike many loan companies nowadays. The finance industry, and more specifically loans, is in a state of chaos right now, and loan companies are dropping out all the time. The best thing about GMAC is that they currently have thousands of clients working with them, and you know to have this many they might be doing something right. There is definitely something to be said for stability, and GMAC certainly has that.
So where should you apply for a GMAC auto loan? Remember, not everybody will qualify for this, so you do need to apply for this, and you can do so either online or the phone, and also at your bank as well. Any of these methods works, and I'd recommend you do so online, as this is generally the fastest and will also get you the quickest response.
However, be sure beforehand and check into auto loans from other companies and see how they stack up to GMAC. To do this, you can either go online and fill out a bunch of forms and find the best rate, which can take several hours to do (or even longer), or you can hire a loan broker to do this for you, and this might be smart if you don't like wasting time and have the money available to invest with them.
let's face it, this will cost you some money, but it will save you a lot of time, because these companies now the best loan companies around, and once you give them your info, they just give it to the loan companies and get back all the quotes for you, and give this to you without you having to do a thing.
This is also a smart option aside from just saving time. Let's face it, they are much more knowledgeable in the industry than you are, and will know of companies to research that you will not, and therefore if you try and find the lowest quote yourself, you very likely will miss it whereas they will not.
The most important thing, therefore, before getting a GMAC auto loan, is to do your research and make sure they are the right company for you.
source ezine
How to Consolidate Federal Student Loans - FDLP, FFELP, Etc
The cost of higher education continues to rise. Many students are unable to afford to finish college. Because of this, Student Loan Consolidation has been made available to students. Student Loan Consolidation is multiple loans combined into one loan. The U.S. Government and the Department of Education has developed Federal Loans to help students pay for their higher education. These loans allow the student to combine their federal loans into one loan. By paying one loan they're paying one creditor.
Federal student loans are provided by the U.S. Government and the U.S. Department of Education. The Federal Direct Student Loan Program (FDLP) and Federal Family Education Loan Program (FFELP) have been developed to help students and parents consolidate their loans. These two programs allow students to consolidate PLUS Loans, Federal Perkins Loans and Stafford Loans. Students get lower monthly repayments and a longer payment period. These loans usually provide lower interest rates and fees. For these programs, the fixed interest is usually the weighted average of the interest rates of the loans that were consolidated. Congress set the formula for the federal interest rate. Federal programs give graduates longer repayment periods. A student can have a repayment period from 10 to 30 years.
There are two Programs for Federal Loan Consolidation:
o The Federal Family Education Loan Program (FFEL) was a result of the Higher Education Act of 1965. The program is funded by private and public partners. FFEL also makes use of government funds and private companies. The private companies that fund this program receive subsidies from the government.
o The William D. Ford Federal Direct Loan Program (FDLP), commonly known as Direct Loans. With this particular program, instead of the Government or a private company, the U.S. Department of Education acts as the creditor, handling the student's loans.
Federal Loans have three types:
o The Perkins Loan is a consolidated loan provided by the U.S. Department of Education for college students. It has a fixed interest rate of 5% for a 10 year repayment period. With usual consolidation companies you are required to start repayment after six months of graduation. With the Perkins Loan you have a nine month period after graduation. The loan limits for undergraduates are $5,500 per year with a lifetime maximum loan of $27,500. For graduate students, the limit is $8,000 per year with a lifetime limit of $60,000.
o Stafford Loan offers a lower interest rate but has strict eligibility requirements and limits. There are subsidized and unsubsidized loans. With Subsidized loans the interest is paid by the Federal Government. For Unsubsidized loans, the students pay the interest. Examples of Stafford loan companies are Sallie Mae, JP Morgan Chase, Citibank, Bank of America, and Wachovia Education.
o A PLUS Loan is for parents and graduate students. To be eligible for this loan, the parent or graduate student has to pass the credit check. Usually interest rates are higher. This loan allows the parent to make use of the total cost of the college fees such as tuition, room and board.
source ezine
Federal student loans are provided by the U.S. Government and the U.S. Department of Education. The Federal Direct Student Loan Program (FDLP) and Federal Family Education Loan Program (FFELP) have been developed to help students and parents consolidate their loans. These two programs allow students to consolidate PLUS Loans, Federal Perkins Loans and Stafford Loans. Students get lower monthly repayments and a longer payment period. These loans usually provide lower interest rates and fees. For these programs, the fixed interest is usually the weighted average of the interest rates of the loans that were consolidated. Congress set the formula for the federal interest rate. Federal programs give graduates longer repayment periods. A student can have a repayment period from 10 to 30 years.
There are two Programs for Federal Loan Consolidation:
o The Federal Family Education Loan Program (FFEL) was a result of the Higher Education Act of 1965. The program is funded by private and public partners. FFEL also makes use of government funds and private companies. The private companies that fund this program receive subsidies from the government.
o The William D. Ford Federal Direct Loan Program (FDLP), commonly known as Direct Loans. With this particular program, instead of the Government or a private company, the U.S. Department of Education acts as the creditor, handling the student's loans.
Federal Loans have three types:
o The Perkins Loan is a consolidated loan provided by the U.S. Department of Education for college students. It has a fixed interest rate of 5% for a 10 year repayment period. With usual consolidation companies you are required to start repayment after six months of graduation. With the Perkins Loan you have a nine month period after graduation. The loan limits for undergraduates are $5,500 per year with a lifetime maximum loan of $27,500. For graduate students, the limit is $8,000 per year with a lifetime limit of $60,000.
o Stafford Loan offers a lower interest rate but has strict eligibility requirements and limits. There are subsidized and unsubsidized loans. With Subsidized loans the interest is paid by the Federal Government. For Unsubsidized loans, the students pay the interest. Examples of Stafford loan companies are Sallie Mae, JP Morgan Chase, Citibank, Bank of America, and Wachovia Education.
o A PLUS Loan is for parents and graduate students. To be eligible for this loan, the parent or graduate student has to pass the credit check. Usually interest rates are higher. This loan allows the parent to make use of the total cost of the college fees such as tuition, room and board.
source ezine
Learning About Boat Loans and Much More
Whenever you make a major purchase, you generally need to acquire a loan. This is true of when you buy a house or a car. Buying a boat is no different. Most people do not know much about boat loans because not everybody owns a boat in their life. Most people will buy a car and most people will buy a home. The boat is a luxury item, which is why most people do not know about how to go about getting a boat loan. The more you know about boat loans, the easier it will be for you to apply and qualify for the loan you need to buy the boat you want.
How Long Does a Boat Loan Last?
The average boat costs more than a car but less than a home. This is why people are unsure how long they will be looking at paying for boat loans. In fact, the length of the loan will depend on how much the loan is for and what you agree on with your bank. The average loan length is for ten years. A more expensive boat can be paid off over a twenty year period. Generally people do not start a boat loan at the same time as a car or home loan to make sure they have one loan under control before securing a new loan.
What Are the Interest Rates Like?
Generally because boat loans last longer than a car loan, you will get a better interest rate to pay it off. Even though the loan you will get may be as much as some people will pay for a home, you will not be able to get the same interest rates as those buying a home. This is because the boat is a luxury item. The banks do not have to give you a better rate than a home loan because the boat is not something you need to buy.
Who Qualifies for a Boat Loan?
Generally if you can qualify for a car loan or a home loan, you will be able to qualify for a boat loan. The best way to know if you will be able to qualify for a loan is to contact your bank. You will have to apply for the loan so that the bank can determine whether you have the ability to repay the loan. These kinds of loans are more difficult to obtain with the changes in the banking industry, but they are not impossible to obtain. Basically, you will need to prove to the bank that you will be able to repay the loan and you will be able to get approval.
While there are some people who have the ability to obtain a boat by paying cash, the majority of people need boat loans to buy a boat. Getting a loan is possible so that you too can enjoy being a boat owner. Find out if you qualify and for how much you qualify before you go shopping for a boat. This will help to protect you from falling in love with a boat you cannot afford.
source ezine
How Long Does a Boat Loan Last?
The average boat costs more than a car but less than a home. This is why people are unsure how long they will be looking at paying for boat loans. In fact, the length of the loan will depend on how much the loan is for and what you agree on with your bank. The average loan length is for ten years. A more expensive boat can be paid off over a twenty year period. Generally people do not start a boat loan at the same time as a car or home loan to make sure they have one loan under control before securing a new loan.
What Are the Interest Rates Like?
Generally because boat loans last longer than a car loan, you will get a better interest rate to pay it off. Even though the loan you will get may be as much as some people will pay for a home, you will not be able to get the same interest rates as those buying a home. This is because the boat is a luxury item. The banks do not have to give you a better rate than a home loan because the boat is not something you need to buy.
Who Qualifies for a Boat Loan?
Generally if you can qualify for a car loan or a home loan, you will be able to qualify for a boat loan. The best way to know if you will be able to qualify for a loan is to contact your bank. You will have to apply for the loan so that the bank can determine whether you have the ability to repay the loan. These kinds of loans are more difficult to obtain with the changes in the banking industry, but they are not impossible to obtain. Basically, you will need to prove to the bank that you will be able to repay the loan and you will be able to get approval.
While there are some people who have the ability to obtain a boat by paying cash, the majority of people need boat loans to buy a boat. Getting a loan is possible so that you too can enjoy being a boat owner. Find out if you qualify and for how much you qualify before you go shopping for a boat. This will help to protect you from falling in love with a boat you cannot afford.
source ezine
HSBC Auto Loans - How Do HSBC Loans Compare to Their Competition?
When it comes to HSBC auto loans, there are some very important pieces of info you need in order to determine if these are the right ones for you.
As there are many different loan companies today, they are all vying for your business, and it can be hard to determine which company is the best. Hopefully this info will at least tell you whether or not HSBC is worth your money.
First of all, keep in mind that HSBC is a bank first, and auto loan company second, and this area isn't necessarily their primary focus. However, this doesn't mean they aren't an effective loan provider.
The company has been around in the finance industry for 143 years, and they definitely have more than enough experience. They serve in many different countries around the world, and if you are looking for a more established and experienced company versus your typical small town auto loan company, they would be a good starting point to look.
Instead of offering your typical auto loans, HSBC auto loans are actually refinance loans. Therefore, if you are looking to get an initial loan on a car, they won't offer this. however, if you already have a current loan and are looking for a better rate to refinance it, this is where HSBC auto loans come in.
Keep in mind, sometimes their prices will be the best, and sometimes they won't be. You need to determine if they are right for your individual situation.
This will depend entirely on what kind of car you are driving, how long your loan is for, your credit score, and other variables, although these are the main factors that will affect your refinance loan rate.
With that said, HSBC auto loans customers save an average of over three percent on their annual interest rate, which translates to around eighteen hundred dollars over the course of the whole loan.
Of course, your situation might be very different, but this is at least a good starting point to know about how much you can plan on saving, and therefore whether or not HSBC auto loans are worth the time and effort.
source ezine
As there are many different loan companies today, they are all vying for your business, and it can be hard to determine which company is the best. Hopefully this info will at least tell you whether or not HSBC is worth your money.
First of all, keep in mind that HSBC is a bank first, and auto loan company second, and this area isn't necessarily their primary focus. However, this doesn't mean they aren't an effective loan provider.
The company has been around in the finance industry for 143 years, and they definitely have more than enough experience. They serve in many different countries around the world, and if you are looking for a more established and experienced company versus your typical small town auto loan company, they would be a good starting point to look.
Instead of offering your typical auto loans, HSBC auto loans are actually refinance loans. Therefore, if you are looking to get an initial loan on a car, they won't offer this. however, if you already have a current loan and are looking for a better rate to refinance it, this is where HSBC auto loans come in.
Keep in mind, sometimes their prices will be the best, and sometimes they won't be. You need to determine if they are right for your individual situation.
This will depend entirely on what kind of car you are driving, how long your loan is for, your credit score, and other variables, although these are the main factors that will affect your refinance loan rate.
With that said, HSBC auto loans customers save an average of over three percent on their annual interest rate, which translates to around eighteen hundred dollars over the course of the whole loan.
Of course, your situation might be very different, but this is at least a good starting point to know about how much you can plan on saving, and therefore whether or not HSBC auto loans are worth the time and effort.
source ezine
Aurora Loan Services Mortgage Modification
Aurora loan services is one of the lenders who is approved to offer the Governments "Making Home Affordable" plan. This plan allows homeowners the chance to save their home from foreclosure, or save hundreds of dollars every month through home loan modification. Qualifying is easy, but here are some things you should know when getting a Aurora loan services mortgage modification:
- In order to help ensure Aurora loan service approves your application for a home loan modification, you should make sure all your paper work is in order, completely filled out, and accurate. This way your home loan modification application does not just look like the rest of the incomplete ones which need to be re done.
- Homeowners facing a "financial hardship" such as hospital bills, loss of job, reduced wages, or a whole list of other things which are unavoidable have a better chance of getting approved for a home loan modification from Aurora loan services. This is because a lot of the $75 billion in Government mortgage bailout money will be given to mortgage lenders who approve homeowners who are facing financial problems.
- The home which a homeowner wishes to get a modification for must be lived in as the main residence of the mortgage holder.
- According to the Governments guidelines, after a home loan modification, the monthly mortgage payment must not exceed 31% of a homeowners gross monthly income.
Getting an Aurora home loan modification has never been easier than it is right now. Homeowners who have been denied in the past are getting approved, and saving hundreds of dollars per month. This Government program will help millions of homeowners, and working with a good mortgage lender such as Aurora loan will make the process a lot easier and more beneficial. Take advantage of this amazing chance to get a better, more affordable monthly mortgage payment, and contact your lender.
source ezine
- In order to help ensure Aurora loan service approves your application for a home loan modification, you should make sure all your paper work is in order, completely filled out, and accurate. This way your home loan modification application does not just look like the rest of the incomplete ones which need to be re done.
- Homeowners facing a "financial hardship" such as hospital bills, loss of job, reduced wages, or a whole list of other things which are unavoidable have a better chance of getting approved for a home loan modification from Aurora loan services. This is because a lot of the $75 billion in Government mortgage bailout money will be given to mortgage lenders who approve homeowners who are facing financial problems.
- The home which a homeowner wishes to get a modification for must be lived in as the main residence of the mortgage holder.
- According to the Governments guidelines, after a home loan modification, the monthly mortgage payment must not exceed 31% of a homeowners gross monthly income.
Getting an Aurora home loan modification has never been easier than it is right now. Homeowners who have been denied in the past are getting approved, and saving hundreds of dollars per month. This Government program will help millions of homeowners, and working with a good mortgage lender such as Aurora loan will make the process a lot easier and more beneficial. Take advantage of this amazing chance to get a better, more affordable monthly mortgage payment, and contact your lender.
source ezine
Negotiating Tips when dealing with Credit Card Collections
If you have fallen behind on your credit card payments, you can expect a phone call. OK, you can expect a lot of phone calls. If you are going to attempt to deal with the debt collector on your own, remember that you are going head-to-head with a tough professional that does this everyday for a living.
It pays to know your rights. Keep a detailed record of all of your communications when you speak to them. Note the time and date of the call, the person that you spoke with (get their ID number if they have one) and everything that they said.
Before talking to any debt collector, review the Fair Debt Collection Practices Act. This is a general "rule book" that the creditors have to play by. Follow this link to better prepare yourself for battle. www.ftc.gov/bcp/conline/pubs/credit/fdc.htm [http://www.ftc.gov/bcp/conline/pubs/credit/fdc.htm]. Many states also have their own "rules of engagement" that you should know. You can find out more about what your state allows a debt collector to do by contacting your local attorney general's office. Just do a quick Google search; attorney general California debt collector (for example) and there will be a direct link about that States Fair Debt Collection Practices Act.
After you have beefed up on the FDCPA, here is what you should do next:
Prioritize your bills. -
No matter what a debt collector says, when you are having financial difficulty, the most important bill to pay is not your credit card bill. Providing for your family comes first. You need to make your mortgage, vehicle, utilities and insurance payments. Provide for groceries and other life essentials as well. If you don't make your mortgage payments, you run the risk of losing your home to foreclosure. If you don't make your vehicle payments, you run the risk of having your vehicle repossessed (not to mention that in most cases, you won't be able to get to work to make money to take care of your bills). Not eating and skipping required medications is not a good idea for obvious reasons.
If you don't make your credit card payments, they would have to sue you first before they could do anything to you. This process will normally take several months to get to. They can't garnish your wages or put you in jail or whatever other things a debt collector will say to get you to pay them right away. So remember, take care of your family and your most important bills first.
Estimate how much you can afford to pay. -
Once you have your priorities taken care of, figure out how much you could afford to send to the debt collector and offer them less. This way if anything does happen that you didn't expect, you don't put yourself in a further bind. In addition, if they reject the lesser amount, the amount that they want may be what you can still actually afford.
Never send a debt collector any postdated checks and never agree to automatic electronic payments for your checking account. Remember, they do this for a living folks. They may say that in order to accept such a payment, we would have to have post-dated checks or we need to have this taken from your checking account. Tell them no. This is what I can afford and I can send the payment out to you each month on (give them a date that you can stick with).
Once they have the postdated checks in hand, they can cash them. Once they have access to your bank account, they can continually take money out. Not to mention that they now have your banking information, etc.
Don't start in with your life story, they don't care -
How many people do you think they talk to each day? They have heard it all. It's not that they don't feel for you. But quite frankly, their job is to collect money from you. That is how they feed their family. If you are at the stage where a debt collector is calling, stick to the facts and make them a payment offer that you can afford.
Control what information is communicated -
Don't give a collection agent any personal information. Don't tell them where you work, where you bank or your checking account number. When they start off the call by saying, "I just want to update or confirm our records; can you confirm your work number or bank account information"? Don't tell them. You can be polite and say, I'm sorry, what can I help you with? The more that you remain in control, polite but firm, the better chances you will get what you want out of the negotiation. The more private information you give them, the easier it will be for them to pursue you if you can't work something out.
Putting it simply, if you have to go through the process of suing someone, would you spend your time going after someone that you had very little information on (don't know their banking information, where they work or even if they are working, etc) or someone that you could easily follow-up on to get your money? So, control the information you provide, don't give up personal information and remain polite but stick to the task at hand. The more in control you are, the more likely you will be successful.
Tape the call if you can -
State laws vary for taping a phone conversation. Most of the States require "one party" consent, meaning you. Other states require "two party" consent, meaning that you have to tell the collector that you are recording the call. If you want a safe bet, tell the debt collector that you are recording the call. If they continue to talk, they have given their consent. If they are offended or get pushy, simply tell them that you are very concerned about the account and you want to make sure that you don't forget anything important. Who could argue with that? Someone that doesn't want to get caught violating the FDCPA I would think....Violating the FDCPA can come with some stiff penalties, not to mention you may be able to sue them. Heck, you may end up having them owe you money. No joke. I've seen it happen may times.
Get proof of payment/settlement agreements in writing, before you make a payment -
If you are lucky enough to negotiate a full settlement of the debt by the debt collector taking less that the full amount owed, get the agreement in writing before you make the payment. If you and the collector agree to make smaller monthly payments towards your obligation, get it in writing. No matter what the deal is, get it in writing. Sorry, did I mention that you need to get your deal in writing before you make any payments?
If you are settling your debt in full by making a payment, send the payment out, along with a copy of the settlement letter, by certified mail. This way you will have a receipt. If you are paying by check, make sure to write on the check that "Cashing this check constitutes payment in full."
Negotiate at the end of the month -
Remember, debt collectors feed their families by collecting money from you and they are usually paid on commission. So, negotiating at the end of the month may get you a better deal than at the beginning of the month.
While you are at it, repair your credit -
While you are negotiating with the debt collector, have them agree to remove any negative information that they may have reported to the Credit Bureaus (Trans Union, Equifax and Experian). They may have reported the late payments or charge offs, all of which will effect your FICO score and the ability to obtain future credit with favorable interest rates. At the very least, have them agree to report that the debt was paid in full as opposed to settled. Remember, get it in writing and if at all possible, get it written up as part of the settlement agreement with them.
Don't be rushed -
Most debt collectors are pushy people. They need their commission checks. They will say the "offer is only good for today" or "we need the payment overnight". Do not send them any payment until you have an agreement in writing. You need to have the agreement in writing to protect yourself. Tell them great, if you can get me the agreement today, I can make sure we get this resolved. Put the onus on them to perform what you need in order for them to get what they need.
Get professional help -
Negotiating with a creditor can be a daunting and intimidating task. The saying "what you don't know, can't hurt you" does not apply here. Actually, what you don't know can really hurt you and could cost you a lot of money, time and aggravation.
You are going up against a trained professional and let's face it, you're not. Fortunately for you, there are companies out there that are and that will work for you to get you the best possible deal. These companies not only understand the process but, they have the ability to combine your account with hundreds of other individual accounts, resulting in very big settlement offers with the creditors.
If you owed MBNA $6,000 and you were negotiating with them for a settlement, they may look at taking 80%. What do you have to negotiate with? You think that the $6,000 is going to hurt them? Not individually and not likely. However, what if MBNA was presented with a combined total of $750,000 that is owed? They could literally settle 125 accounts all at once. This saves them time and money. No more letters, phone calls, law suits for each individual account, etc. They get to clear off all of those accounts and put their collection army elsewhere. Most often than not, it makes more sense to have someone else negotiate on your behalf.
A good Debt Settlement company also tracks current trends in the industry and knows if any creditors are in need of cash or are offering specials. So you understand a little bit more about the process, within the credit industry, there will on occasion be special offers. For example a creditor may normally settle debts owed to them for .50 cents to the dollar. However, they may have had a weak quarter and in order to boost up revenue/prevent additional charge offs, etc., they will grant settlement offers for .33 cents on the dollar. You won't know about it, but your negotiator probably will. In addition, most established Debt Settlement companies already have established settlement amounts with creditors based upon the volume of their client base.
source ezine
It pays to know your rights. Keep a detailed record of all of your communications when you speak to them. Note the time and date of the call, the person that you spoke with (get their ID number if they have one) and everything that they said.
Before talking to any debt collector, review the Fair Debt Collection Practices Act. This is a general "rule book" that the creditors have to play by. Follow this link to better prepare yourself for battle. www.ftc.gov/bcp/conline/pubs/credit/fdc.htm [http://www.ftc.gov/bcp/conline/pubs/credit/fdc.htm]. Many states also have their own "rules of engagement" that you should know. You can find out more about what your state allows a debt collector to do by contacting your local attorney general's office. Just do a quick Google search; attorney general California debt collector (for example) and there will be a direct link about that States Fair Debt Collection Practices Act.
After you have beefed up on the FDCPA, here is what you should do next:
Prioritize your bills. -
No matter what a debt collector says, when you are having financial difficulty, the most important bill to pay is not your credit card bill. Providing for your family comes first. You need to make your mortgage, vehicle, utilities and insurance payments. Provide for groceries and other life essentials as well. If you don't make your mortgage payments, you run the risk of losing your home to foreclosure. If you don't make your vehicle payments, you run the risk of having your vehicle repossessed (not to mention that in most cases, you won't be able to get to work to make money to take care of your bills). Not eating and skipping required medications is not a good idea for obvious reasons.
If you don't make your credit card payments, they would have to sue you first before they could do anything to you. This process will normally take several months to get to. They can't garnish your wages or put you in jail or whatever other things a debt collector will say to get you to pay them right away. So remember, take care of your family and your most important bills first.
Estimate how much you can afford to pay. -
Once you have your priorities taken care of, figure out how much you could afford to send to the debt collector and offer them less. This way if anything does happen that you didn't expect, you don't put yourself in a further bind. In addition, if they reject the lesser amount, the amount that they want may be what you can still actually afford.
Never send a debt collector any postdated checks and never agree to automatic electronic payments for your checking account. Remember, they do this for a living folks. They may say that in order to accept such a payment, we would have to have post-dated checks or we need to have this taken from your checking account. Tell them no. This is what I can afford and I can send the payment out to you each month on (give them a date that you can stick with).
Once they have the postdated checks in hand, they can cash them. Once they have access to your bank account, they can continually take money out. Not to mention that they now have your banking information, etc.
Don't start in with your life story, they don't care -
How many people do you think they talk to each day? They have heard it all. It's not that they don't feel for you. But quite frankly, their job is to collect money from you. That is how they feed their family. If you are at the stage where a debt collector is calling, stick to the facts and make them a payment offer that you can afford.
Control what information is communicated -
Don't give a collection agent any personal information. Don't tell them where you work, where you bank or your checking account number. When they start off the call by saying, "I just want to update or confirm our records; can you confirm your work number or bank account information"? Don't tell them. You can be polite and say, I'm sorry, what can I help you with? The more that you remain in control, polite but firm, the better chances you will get what you want out of the negotiation. The more private information you give them, the easier it will be for them to pursue you if you can't work something out.
Putting it simply, if you have to go through the process of suing someone, would you spend your time going after someone that you had very little information on (don't know their banking information, where they work or even if they are working, etc) or someone that you could easily follow-up on to get your money? So, control the information you provide, don't give up personal information and remain polite but stick to the task at hand. The more in control you are, the more likely you will be successful.
Tape the call if you can -
State laws vary for taping a phone conversation. Most of the States require "one party" consent, meaning you. Other states require "two party" consent, meaning that you have to tell the collector that you are recording the call. If you want a safe bet, tell the debt collector that you are recording the call. If they continue to talk, they have given their consent. If they are offended or get pushy, simply tell them that you are very concerned about the account and you want to make sure that you don't forget anything important. Who could argue with that? Someone that doesn't want to get caught violating the FDCPA I would think....Violating the FDCPA can come with some stiff penalties, not to mention you may be able to sue them. Heck, you may end up having them owe you money. No joke. I've seen it happen may times.
Get proof of payment/settlement agreements in writing, before you make a payment -
If you are lucky enough to negotiate a full settlement of the debt by the debt collector taking less that the full amount owed, get the agreement in writing before you make the payment. If you and the collector agree to make smaller monthly payments towards your obligation, get it in writing. No matter what the deal is, get it in writing. Sorry, did I mention that you need to get your deal in writing before you make any payments?
If you are settling your debt in full by making a payment, send the payment out, along with a copy of the settlement letter, by certified mail. This way you will have a receipt. If you are paying by check, make sure to write on the check that "Cashing this check constitutes payment in full."
Negotiate at the end of the month -
Remember, debt collectors feed their families by collecting money from you and they are usually paid on commission. So, negotiating at the end of the month may get you a better deal than at the beginning of the month.
While you are at it, repair your credit -
While you are negotiating with the debt collector, have them agree to remove any negative information that they may have reported to the Credit Bureaus (Trans Union, Equifax and Experian). They may have reported the late payments or charge offs, all of which will effect your FICO score and the ability to obtain future credit with favorable interest rates. At the very least, have them agree to report that the debt was paid in full as opposed to settled. Remember, get it in writing and if at all possible, get it written up as part of the settlement agreement with them.
Don't be rushed -
Most debt collectors are pushy people. They need their commission checks. They will say the "offer is only good for today" or "we need the payment overnight". Do not send them any payment until you have an agreement in writing. You need to have the agreement in writing to protect yourself. Tell them great, if you can get me the agreement today, I can make sure we get this resolved. Put the onus on them to perform what you need in order for them to get what they need.
Get professional help -
Negotiating with a creditor can be a daunting and intimidating task. The saying "what you don't know, can't hurt you" does not apply here. Actually, what you don't know can really hurt you and could cost you a lot of money, time and aggravation.
You are going up against a trained professional and let's face it, you're not. Fortunately for you, there are companies out there that are and that will work for you to get you the best possible deal. These companies not only understand the process but, they have the ability to combine your account with hundreds of other individual accounts, resulting in very big settlement offers with the creditors.
If you owed MBNA $6,000 and you were negotiating with them for a settlement, they may look at taking 80%. What do you have to negotiate with? You think that the $6,000 is going to hurt them? Not individually and not likely. However, what if MBNA was presented with a combined total of $750,000 that is owed? They could literally settle 125 accounts all at once. This saves them time and money. No more letters, phone calls, law suits for each individual account, etc. They get to clear off all of those accounts and put their collection army elsewhere. Most often than not, it makes more sense to have someone else negotiate on your behalf.
A good Debt Settlement company also tracks current trends in the industry and knows if any creditors are in need of cash or are offering specials. So you understand a little bit more about the process, within the credit industry, there will on occasion be special offers. For example a creditor may normally settle debts owed to them for .50 cents to the dollar. However, they may have had a weak quarter and in order to boost up revenue/prevent additional charge offs, etc., they will grant settlement offers for .33 cents on the dollar. You won't know about it, but your negotiator probably will. In addition, most established Debt Settlement companies already have established settlement amounts with creditors based upon the volume of their client base.
source ezine
California Home Loans With New FHA Guidelines
For those in California home loans with the FHA are coming under new guidelines beginning January 1, 2010. People in California need to be aware of the changes so that they can make the best decision for their own finances. Congress recently passed a bill that will extend the current FHA loan limits for 2010. Presently California FHA loan limits are capped at $625,500 in specified high cost regions.
What are the changes and what do they mean? Current California home loans with the FHA are relatively easy to get. They require no appraisal at this time. There is no maximum loan to value ratio and there is no asset verification. Income verification is not required and lower credit scores can qualify. And right now, because of the lack of these traditional restrictions, there are quick turn-rounds available on these loans. This has made California FHA loan refinances extremely popular with many people looking to lock in a lower rate. But time has become of the essence. This is going to change at the beginning of 2010.
On January 1, 2010, California mortgage loans with the FHA will become more difficult to get. If the home owner wants to roll his closing costs into the mortgage, an appraisal is going to be required, and it is now recommended in all cases. Without an appraisal, the new loan amount cannot exceed the principal due plus the new up-front mortgage insurance premium. The maximum loan to value ratio is going to be no more than 97.75%. If a homeowner wants to lower their rate by purchasing discount points, those cannot be rolled into the mortgage. Assets and income are going to have to be verified before approval. The homeowner also must be employed at the time of application. And there will be tighter credit restrictions as well. With these added restrictions, quick turn-rounds will be a thing of the past. All of these changes will likely not lower the FHA refinance's popularity. But it will make it available to fewer people.
Given these changes, FHA borrowers with California mortgage rates that are adjustable need to make decisions on FHA refinancing. If the tighter restrictions will make their hopes of refinancing fade, they might want to get the process done prior to the end of 2009. That means getting their loan documentation submitted and approved quickly. However, if they can live with the tighter restrictions, it might pay to wait until the beginning of 2010. It depends on the individual homeowner and their situation. Speaking with a California mortgage professional will help you make the refinance decision that is best for you.
source ezine
What are the changes and what do they mean? Current California home loans with the FHA are relatively easy to get. They require no appraisal at this time. There is no maximum loan to value ratio and there is no asset verification. Income verification is not required and lower credit scores can qualify. And right now, because of the lack of these traditional restrictions, there are quick turn-rounds available on these loans. This has made California FHA loan refinances extremely popular with many people looking to lock in a lower rate. But time has become of the essence. This is going to change at the beginning of 2010.
On January 1, 2010, California mortgage loans with the FHA will become more difficult to get. If the home owner wants to roll his closing costs into the mortgage, an appraisal is going to be required, and it is now recommended in all cases. Without an appraisal, the new loan amount cannot exceed the principal due plus the new up-front mortgage insurance premium. The maximum loan to value ratio is going to be no more than 97.75%. If a homeowner wants to lower their rate by purchasing discount points, those cannot be rolled into the mortgage. Assets and income are going to have to be verified before approval. The homeowner also must be employed at the time of application. And there will be tighter credit restrictions as well. With these added restrictions, quick turn-rounds will be a thing of the past. All of these changes will likely not lower the FHA refinance's popularity. But it will make it available to fewer people.
Given these changes, FHA borrowers with California mortgage rates that are adjustable need to make decisions on FHA refinancing. If the tighter restrictions will make their hopes of refinancing fade, they might want to get the process done prior to the end of 2009. That means getting their loan documentation submitted and approved quickly. However, if they can live with the tighter restrictions, it might pay to wait until the beginning of 2010. It depends on the individual homeowner and their situation. Speaking with a California mortgage professional will help you make the refinance decision that is best for you.
source ezine
High Risk Personal Loan and High Risk Loans
High risk personal loans are for people who have a troubled credit history, but need money to pay current debts or unexpected expenses. There can be advantages to taking out a high risk personal loan, including the various options they offer, depending on the borrower's financial situation. If you are interested in finding a loan to meet your financing needs, there are various places and types of lenders that may be willing to offer you a high risk personal loan.
When someone has bad credit, or no collateral that person is considered a risk for the lender. Therefore, the lender, while agreeing to finance a high risk personal loan for them, may offer the loan rates and terms at higher interest rates and with stricter terms than they would offer a loan to someone with better credit. People may have bad credit for a number of reasons. Most lenders will take into consideration the individual situation of the borrower, before offering the terms for any high risk personal loans.
High risk personal loans can offer some advantages to the person with bad credit. First, that person can us the high risk personal loan to redeem or better their credit by making their payments on time and paying the loan in full. If they handle their high risk personal loan obligations wisely, they will insure better loan rates in the future. After all, there are consequences to poor financial management. But, if one pays their dues now, they eventually can find a financially free future if that is their desire.
Another advantage to high risk personal loans is that they can be gotten quite easily. Even if someone does not own a home, they can qualify for an unsecured high risk personal loan. If they do own their home or have other sufficient collateral, they also may qualify for secured high risk personal loans or lines of credit to meet their financing needs. While lenders of high risk personal loans will cost more than other loans, they can help a person with questionable credit who is in need of cash quickly.
If you are interested in finding out whether you qualify for a high risk personal loan, you can find information from lenders at credit unions, banks and other financial institutions. There are even lenders online that will be willing to lend you high risk personal loans. However, before you sign on the dotted line, make sure you read the fine print for any loan. Remember, if it sounds too good to be true, it probably is.
source ezine
When someone has bad credit, or no collateral that person is considered a risk for the lender. Therefore, the lender, while agreeing to finance a high risk personal loan for them, may offer the loan rates and terms at higher interest rates and with stricter terms than they would offer a loan to someone with better credit. People may have bad credit for a number of reasons. Most lenders will take into consideration the individual situation of the borrower, before offering the terms for any high risk personal loans.
High risk personal loans can offer some advantages to the person with bad credit. First, that person can us the high risk personal loan to redeem or better their credit by making their payments on time and paying the loan in full. If they handle their high risk personal loan obligations wisely, they will insure better loan rates in the future. After all, there are consequences to poor financial management. But, if one pays their dues now, they eventually can find a financially free future if that is their desire.
Another advantage to high risk personal loans is that they can be gotten quite easily. Even if someone does not own a home, they can qualify for an unsecured high risk personal loan. If they do own their home or have other sufficient collateral, they also may qualify for secured high risk personal loans or lines of credit to meet their financing needs. While lenders of high risk personal loans will cost more than other loans, they can help a person with questionable credit who is in need of cash quickly.
If you are interested in finding out whether you qualify for a high risk personal loan, you can find information from lenders at credit unions, banks and other financial institutions. There are even lenders online that will be willing to lend you high risk personal loans. However, before you sign on the dotted line, make sure you read the fine print for any loan. Remember, if it sounds too good to be true, it probably is.
source ezine
Student Loan Forgiveness Programs for College Graduates
Student loans are often necessary to finance a college education. However, many graduates find it difficult to repay student loans after graduation.
While there is a grace period of six months before graduates must begin repaying loans, in today's job marketplace it may take longer to secure employment and often a new graduates begin at low salaries making it difficult to repay student loans.
Student loan forgiveness programs will officially "forgive" all or part of the loan amount, which means that that amount does not have to be paid back. There are student loan forgiveness programs for teachers, nurses, doctors, lawyers and other professions.
Student loan forgiveness may be possible for teachers by working full-time in an elementary or secondary school in low-income communities. Many education majors and others preparing for a teaching career take out Perkins loans. If a teacher meets certain qualifications it may be possible to cancel the entire Perkins loan. Perkins loans are provided by the individual college or university, so graduates will need to contact the financial aid department of the college attended to get information on debt forgiveness.
Heath care workers and medical professionals may also qualify for student loan forgiveness programs. Working in low-income communities or areas with a shortage of medical personnel is one way of qualifying for some programs. Health professionals can also have a set amount repaid on their behalf if they are conducting medical research through a special program offered by the US National Institute of Health.
Graduates of a variety of disciplines may consider the Americorps and Peace Corps volunteers student loan forgiveness programs. Americorps volunteers help in many areas of community service receive an education award of $4,725 for a year of full-time service which can be to repay a student loans.
Peace Corps volunteers are eligible for a 15 percent cancellation of their outstanding student loan balance for each year of Peace Corps service. Additional educational and financial benefits are available.
If you have large student loan balances, check into the many student loan forgiveness programs available in employment and volunteer opportunities that can help you reduce your debt.
source ezine
While there is a grace period of six months before graduates must begin repaying loans, in today's job marketplace it may take longer to secure employment and often a new graduates begin at low salaries making it difficult to repay student loans.
Student loan forgiveness programs will officially "forgive" all or part of the loan amount, which means that that amount does not have to be paid back. There are student loan forgiveness programs for teachers, nurses, doctors, lawyers and other professions.
Student loan forgiveness may be possible for teachers by working full-time in an elementary or secondary school in low-income communities. Many education majors and others preparing for a teaching career take out Perkins loans. If a teacher meets certain qualifications it may be possible to cancel the entire Perkins loan. Perkins loans are provided by the individual college or university, so graduates will need to contact the financial aid department of the college attended to get information on debt forgiveness.
Heath care workers and medical professionals may also qualify for student loan forgiveness programs. Working in low-income communities or areas with a shortage of medical personnel is one way of qualifying for some programs. Health professionals can also have a set amount repaid on their behalf if they are conducting medical research through a special program offered by the US National Institute of Health.
Graduates of a variety of disciplines may consider the Americorps and Peace Corps volunteers student loan forgiveness programs. Americorps volunteers help in many areas of community service receive an education award of $4,725 for a year of full-time service which can be to repay a student loans.
Peace Corps volunteers are eligible for a 15 percent cancellation of their outstanding student loan balance for each year of Peace Corps service. Additional educational and financial benefits are available.
If you have large student loan balances, check into the many student loan forgiveness programs available in employment and volunteer opportunities that can help you reduce your debt.
source ezine
Student Loan Consolidation - Making Educated Decisions
Isn't it hard enough for a fresh graduate nowadays to find a good job after school?
And what is more, if you have a whopping amount of college debt, this problem is even harder to bear.
If your debts piled up because of multiple college educational debts, you may want to consider student loan consolidation.
What are the benefits of opting for a college debt consolidation program?
Many new graduates with various types of college debts will almost always find it hard to keep up with their monthly payments to different lenders. There is also the problem of keeping track of all these debts.
Consolidating your college debts will ease these problems for better debt repayment management in more affordable monthly payments. Also, many available programs that consolidate debts today offer much lesser interest rates than typical banks and credit cards would so debtors can save more. Since borrowers have to worry about only a single payment each month, debt management becomes very easy. If a borrower pays more than his monthly dues, then this will shorten the payment term.
How to choose the right consolidation program for your college debts?
Since there are a lot of options to choose from, it is always recommended to make some careful comparisons. There are some consolidation lenders that are actually more flexible than others so shop around before settling on one.
Other things to consider are:
• The lender's interest rate and terms
• Are there any penalties for early debt repayments?
• Are there any borrower's incentives included with the program?
Student loan consolidation is indeed a big help to many fresh graduates with debt repayment problems.
source ezine
And what is more, if you have a whopping amount of college debt, this problem is even harder to bear.
If your debts piled up because of multiple college educational debts, you may want to consider student loan consolidation.
What are the benefits of opting for a college debt consolidation program?
Many new graduates with various types of college debts will almost always find it hard to keep up with their monthly payments to different lenders. There is also the problem of keeping track of all these debts.
Consolidating your college debts will ease these problems for better debt repayment management in more affordable monthly payments. Also, many available programs that consolidate debts today offer much lesser interest rates than typical banks and credit cards would so debtors can save more. Since borrowers have to worry about only a single payment each month, debt management becomes very easy. If a borrower pays more than his monthly dues, then this will shorten the payment term.
How to choose the right consolidation program for your college debts?
Since there are a lot of options to choose from, it is always recommended to make some careful comparisons. There are some consolidation lenders that are actually more flexible than others so shop around before settling on one.
Other things to consider are:
• The lender's interest rate and terms
• Are there any penalties for early debt repayments?
• Are there any borrower's incentives included with the program?
Student loan consolidation is indeed a big help to many fresh graduates with debt repayment problems.
source ezine
How to Go About a FHA Loan Modification Program?
FHA loans are one of the most pursued and ideal lending alternatives as they require just minimum details that have to be met with compared to other lending programs. If you are one of those many victims who have been trying to break their head trying to figure out how you will pay up your mortgage or loan repayment, the best alternative is to settle for a loan modification solution. Even though loan modification is not as simple as it seems, it is extremely beneficial if you receive such a loan modification that will help to reduce your monthly payments and the burden that you face.
Actually very few people are aware of the alternatives that are available and finding out the accurate details can go a long way in helping to unburden a lot of your troubles that you face repaying the loan. Hence it is vital for you to discover as much as you can about FHA loans which are the most sought out loans today and see if they will suit you or not. The biggest attraction of FHA loans is that they have fixed interest rates that are much lower compared to other loan options. These loans have very flexible qualification norms that are extremely profitable in the long run.
FHA loans require that a person who applies for this loan should be able to verify that they have been having a sound employment since a couple of years. This becomes all the more better if the applicant has been in the same company and can prove that they have a sound financial income that is hiked up periodically. The main criterion that has to be met by an FHA loan is a minimum down payment of around 3.5%.
Given below are some helpful guidelines that will help to become eligible for the FHA Home Loan Modification Program.
Initially you have to have a thorough understanding of all the FHA guidelines that have been prepared by the agency. The next step is to draft a hardship letter stating your problems to the lender. Make sure that this comprises of all the steps you have adopted to make your financial situation better and convince the lender that you will make your future payments at the right time. You then require drafting a financial statement which has all the details about your present position.
You have to then prepare a file of documents in accordance to the FHA loan modification guidelines including your employment records, credit history and the like. This has to be given to the bank to become eligible for home mortgage. The most important thing to keep in mind is that all the information that you finally provide the lender with is complete as an incomplete letter has every chance of getting rejected.
Make sure that you enquire form time to time about your options and what your chances of receiving the loan are. An FHA loan modification program if approved can really take a big burden off your shoulders and make your life much easier.
source ezine
Actually very few people are aware of the alternatives that are available and finding out the accurate details can go a long way in helping to unburden a lot of your troubles that you face repaying the loan. Hence it is vital for you to discover as much as you can about FHA loans which are the most sought out loans today and see if they will suit you or not. The biggest attraction of FHA loans is that they have fixed interest rates that are much lower compared to other loan options. These loans have very flexible qualification norms that are extremely profitable in the long run.
FHA loans require that a person who applies for this loan should be able to verify that they have been having a sound employment since a couple of years. This becomes all the more better if the applicant has been in the same company and can prove that they have a sound financial income that is hiked up periodically. The main criterion that has to be met by an FHA loan is a minimum down payment of around 3.5%.
Given below are some helpful guidelines that will help to become eligible for the FHA Home Loan Modification Program.
Initially you have to have a thorough understanding of all the FHA guidelines that have been prepared by the agency. The next step is to draft a hardship letter stating your problems to the lender. Make sure that this comprises of all the steps you have adopted to make your financial situation better and convince the lender that you will make your future payments at the right time. You then require drafting a financial statement which has all the details about your present position.
You have to then prepare a file of documents in accordance to the FHA loan modification guidelines including your employment records, credit history and the like. This has to be given to the bank to become eligible for home mortgage. The most important thing to keep in mind is that all the information that you finally provide the lender with is complete as an incomplete letter has every chance of getting rejected.
Make sure that you enquire form time to time about your options and what your chances of receiving the loan are. An FHA loan modification program if approved can really take a big burden off your shoulders and make your life much easier.
source ezine
Poor Credit Home Mortgage Loans - The Role of the FICO Score
If you have bad credit history and are looking to get a home mortgage loan, then chances are you are going to need to know all about how the FICO credit scoring system works.
FICO - Fair ISAAC & Company - is the leading credit reporting agency that lenders turn to when it comes time to credit scoring your home loan mortgage application; so if you do have bad credit history, these guys will know.
The formula used by FICO cannot be disclosed because of a decision made by U.S. Congress. There are some things generally known about FICO which that could help you understand why and how you can get approved:
1. The higher your FICO score, the better chance you have of getting that home mortgage loan. Also, the higher your score, the more room you have to negotiate a lower interest rate.
2. If you have a FICO score lower than 500, there is very little chance you'll be getting a mortgage home loan.
That said, if you have a score of:
500 - 600 you should be able to get a home mortgage loan, provided you are willing to make a down payment.
600 - 640 You should get a 100% home loan financing. Thats right, with no money down.
640 - 700 You should be able to be approved for a 125% home mortgage loan.
700+ You're in the drivers seat! You should be able to get an excellent rate with excellent terms.
3. FICO depends on each credit report, so before you apply for a home mortgage loan, if you have bad credit history, get a copy of your credit report and make sure there is nothing on there that shouldn't be there. If there is, get it changed before you apply for the home mortgage loan.
4. Wait until after you have purchased or refinanced your home before you buy anything additional on credit. More loans or higher balances can have a dramatic effect on your mortgage approval, regardless of whether or not you had over a 600 FICO score before you bought on credit.
5. Remember, the FICO score is only a part of your home mortgage loan application, so if at first you don't succeed in getting your home loan mortgage, don't give up. Some lenders may still be willing to lend to you!
People with bad credit often don't understand how the credit scoring system works. It is beneficial to find out more about it when looking to get a home loan with less than perfect credit to bad credit or when dealing with sub prime mortgage lenders.
source ezine
FICO - Fair ISAAC & Company - is the leading credit reporting agency that lenders turn to when it comes time to credit scoring your home loan mortgage application; so if you do have bad credit history, these guys will know.
The formula used by FICO cannot be disclosed because of a decision made by U.S. Congress. There are some things generally known about FICO which that could help you understand why and how you can get approved:
1. The higher your FICO score, the better chance you have of getting that home mortgage loan. Also, the higher your score, the more room you have to negotiate a lower interest rate.
2. If you have a FICO score lower than 500, there is very little chance you'll be getting a mortgage home loan.
That said, if you have a score of:
500 - 600 you should be able to get a home mortgage loan, provided you are willing to make a down payment.
600 - 640 You should get a 100% home loan financing. Thats right, with no money down.
640 - 700 You should be able to be approved for a 125% home mortgage loan.
700+ You're in the drivers seat! You should be able to get an excellent rate with excellent terms.
3. FICO depends on each credit report, so before you apply for a home mortgage loan, if you have bad credit history, get a copy of your credit report and make sure there is nothing on there that shouldn't be there. If there is, get it changed before you apply for the home mortgage loan.
4. Wait until after you have purchased or refinanced your home before you buy anything additional on credit. More loans or higher balances can have a dramatic effect on your mortgage approval, regardless of whether or not you had over a 600 FICO score before you bought on credit.
5. Remember, the FICO score is only a part of your home mortgage loan application, so if at first you don't succeed in getting your home loan mortgage, don't give up. Some lenders may still be willing to lend to you!
People with bad credit often don't understand how the credit scoring system works. It is beneficial to find out more about it when looking to get a home loan with less than perfect credit to bad credit or when dealing with sub prime mortgage lenders.
source ezine
Auto Loans For Bad Credit Are Available!
When we suffer financial loss either through a loss of job, divorce, death of a spouse we generally see our credit rating dip dramatically in the wrong direction. We all know what a good feeling that was when we had good credit and could walk into a bank and they would give us basically whatever we wanted with just our signature. Unfortunately when we suffer loss financially the situation is reversed and it becomes almost impossible to get financing or auto loans for bad credit. So there must be a solution for people that go through loss?
All you have to do is pick up a newspaper to see that the bankruptcy and foreclosure rate is increasing by the month so it is quite obvious that there are a multitude of people going through the same thing that you are. And they obviously are not being forced to walk or ride the bus because of the lack of vehicle or financing. So what is their secret and how can they find auto loans for bad credit situation?
Just as any situation creates new opportunities so it is with the financial crisis in people's need four new auto loans for bad credit situations that people find themselves in now and again. There are national companies that specialize in this entire segment of the economy so you will be able to get that car of your dreams from the comfort of your own home and computer. So find that company that will give you the best rate and apply today!
source ezine
All you have to do is pick up a newspaper to see that the bankruptcy and foreclosure rate is increasing by the month so it is quite obvious that there are a multitude of people going through the same thing that you are. And they obviously are not being forced to walk or ride the bus because of the lack of vehicle or financing. So what is their secret and how can they find auto loans for bad credit situation?
Just as any situation creates new opportunities so it is with the financial crisis in people's need four new auto loans for bad credit situations that people find themselves in now and again. There are national companies that specialize in this entire segment of the economy so you will be able to get that car of your dreams from the comfort of your own home and computer. So find that company that will give you the best rate and apply today!
source ezine
Withdrawing From 401k - How to Do it Without Incurring Tax Penalties?
Withdrawing from a 401k plan is normally considering a dicey option as most analysts advise against it. However, life has a funny way of getting in the way and creating situations where the need for this cash arises. The problem of course is that early withdrawals before the age of 59½ usually bring on a 10% early withdrawal penalty from the IRS. However, there are instances where you can withdraw from a 401k and it not trigger this penalty. These instances include (1) a rollover the money into a retirement account like an IRA, (2) a hardship withdrawal, and (3) a 401k loan.
Rollover into retirement account
This is made possible because of the value our federal government places on retirement plans. A 401k is designed to operate for the time while you are working. In fact, you will be forced to take taxable withdrawals at the age of 70 anyway. Rolling the money into a retirement account like an IRA allows you to keep growing and protecting that money and avoiding a taxable event until money is taken out from it. The only exception would be if the money was rolled into a Roth IRA which taxes all contributions without deferring them. Also, if you plan on withdrawing from 401k plan and rolling it into another retirement account, it is very important that you make a trustee to trustee transfer to avoid accidentally triggering an early withdrawal penalty.
Hardship withdrawal
A hardship withdrawal can be given if you need help avoiding foreclosure or eviction, paying college tuition, pay medical bills, or funeral costs. It requires paperwork showing proof of need and suspends your contributions to the 401k for six months. However, if you find yourself in such a pressing situation, this can be very helpful at allowing you access to 401k funds without an early withdrawal penalty.
Loans or borrowing from 401k plan
Loans can actually be given where you borrow money from your 401k. You can borrow up to the lesser of two amounts ($50,000 or 50% of your contributions). It has a number of pros and cons to it. However, the biggest con is that you will have to pay the whole amount borrowed within 30 to 60 days after losing or leaving your job. Many financial advisors only recommend borrowing from the 401k if you have no other choice. However, your current circumstances may dictate such a need has occurred.
Knowing the above options can be very helpful in helping you avoid additional IRS tax penalties when withdrawing from 401k plans. If you plan on using one of the above options, we recommend you look into the option more closely as each one has carefully crafted rules regarding its use. Knowing these rules can help ensure you get the money you need and keep you from inadvertently triggering an early withdrawal penalty.
source ezine
Rollover into retirement account
This is made possible because of the value our federal government places on retirement plans. A 401k is designed to operate for the time while you are working. In fact, you will be forced to take taxable withdrawals at the age of 70 anyway. Rolling the money into a retirement account like an IRA allows you to keep growing and protecting that money and avoiding a taxable event until money is taken out from it. The only exception would be if the money was rolled into a Roth IRA which taxes all contributions without deferring them. Also, if you plan on withdrawing from 401k plan and rolling it into another retirement account, it is very important that you make a trustee to trustee transfer to avoid accidentally triggering an early withdrawal penalty.
Hardship withdrawal
A hardship withdrawal can be given if you need help avoiding foreclosure or eviction, paying college tuition, pay medical bills, or funeral costs. It requires paperwork showing proof of need and suspends your contributions to the 401k for six months. However, if you find yourself in such a pressing situation, this can be very helpful at allowing you access to 401k funds without an early withdrawal penalty.
Loans or borrowing from 401k plan
Loans can actually be given where you borrow money from your 401k. You can borrow up to the lesser of two amounts ($50,000 or 50% of your contributions). It has a number of pros and cons to it. However, the biggest con is that you will have to pay the whole amount borrowed within 30 to 60 days after losing or leaving your job. Many financial advisors only recommend borrowing from the 401k if you have no other choice. However, your current circumstances may dictate such a need has occurred.
Knowing the above options can be very helpful in helping you avoid additional IRS tax penalties when withdrawing from 401k plans. If you plan on using one of the above options, we recommend you look into the option more closely as each one has carefully crafted rules regarding its use. Knowing these rules can help ensure you get the money you need and keep you from inadvertently triggering an early withdrawal penalty.
source ezine
Tips For Finding the Best Nationwide Home Mortgage Loan Company
If you are considering a second home in a state different from where you are living now, processing your mortgage loan would be easier if you let a nationwide home mortgage loan company finance your home. It makes sense also if you put your first mortgage with the same nationwide mortgage company.
Your second home mortgage application would be approved more speedily if your mortgage company has immediate access to your credit score and financial information. Many borrowers tend to use in-state or local mortgage company.
If you are purchasing a primary residential house, there's really nothing big to worry about. But if you're planning to purchase a second home in a different state, you can't expect your local mortgage company to help you.
This is how using a nationwide home mortgage loan company can be extremely beneficial. The more states your lender covers, the less it would be a hassle for you to get a second home loan in a different state.
When shopping for your mortgage loan, send a select number of companies a copy of your financial and credit. Gather and compare quotes based on the information you've sent them.
When considering another mortgage in another state, check the number of states the nationwide home mortgage loan company have offices in. Do they have an office in the state you consider for your second mortgage?
Find out also if you can roll the two home loans into one, and if that would mean lower payments for you. You can call their toll-free number and talk to their representative if you have questions.
With the same mortgage company providing a potential second home loan, you expect that your application would be approved in a shorter time than if you apply at another mortgage company. Apart from selecting a nationwide home mortgage loan company over a local one, it should also be your priority to get the best rate from them.
source ezine
Your second home mortgage application would be approved more speedily if your mortgage company has immediate access to your credit score and financial information. Many borrowers tend to use in-state or local mortgage company.
If you are purchasing a primary residential house, there's really nothing big to worry about. But if you're planning to purchase a second home in a different state, you can't expect your local mortgage company to help you.
This is how using a nationwide home mortgage loan company can be extremely beneficial. The more states your lender covers, the less it would be a hassle for you to get a second home loan in a different state.
When shopping for your mortgage loan, send a select number of companies a copy of your financial and credit. Gather and compare quotes based on the information you've sent them.
When considering another mortgage in another state, check the number of states the nationwide home mortgage loan company have offices in. Do they have an office in the state you consider for your second mortgage?
Find out also if you can roll the two home loans into one, and if that would mean lower payments for you. You can call their toll-free number and talk to their representative if you have questions.
With the same mortgage company providing a potential second home loan, you expect that your application would be approved in a shorter time than if you apply at another mortgage company. Apart from selecting a nationwide home mortgage loan company over a local one, it should also be your priority to get the best rate from them.
source ezine
The Home Affordable Modification Program, Bank of America & Your Home
Fortunately, the federal government has initiated several programs and a lot of incentives for homeowners. The Home Affordable Modification Plan (HAMP), for example, is something that will allow you to qualify for a lower monthly payment through loan modification.
All you need to do is determine if you qualify for HAMP, submit an application with a loan servicer, ensure that your debt-to-income ration is at least 31% and undergo the income verification process and trial period.
Things to Remember when Applying for HAMP through Bank of America
Since the option to modify your loan through the HAMP program was introduced as part of President Barack Obama's stimulus plan, a lot of homeowners lined up to take advantage of it. The problem is that if you are applying for the program through financial institutions like the Bank of America, there are a lot of instances when the application gets denied.
What if you're already facing a foreclosure and your HAMP application through the Bank of America got denied? This is a scenario which is less-than-desirable - so in order to counteract the frustrations that you might feel during the process, here are a few things that you need to keep in mind:
1. Exercise a lot of patience during the application process.
Did you know that there are a lot of homeowners who applied for the HAMP loan modification program for two to more than five times? At one point or another, their reapplication got approved - although if you're the impatient type, you may not reach this point as a result of being frustrated.
What's important is to make sure that you are aware that it is possible to turn no into a yes - as long as you put your financial records in order to increase your chances of having HAMP approved the second, third, fourth or even fifth time around.
In relation to this, it would also help if you will treat the loan services with friendliness and patience - having the right attitude simply makes going through the process feel a lot better.
2. Make sure that all the necessary paperworks are in order.
One of the most common reasons why HAMP applications get denied in the first place is that applicants do not submit all the necessary paperwork. To increase your chances of getting approved, make sure to submit all the requirements needed for the income verification process.
3. Escalate your request from one level to another if you need to.
Again, as a result of the President Obama's stimulus plan, financial institutions like the Bank of America got flooded with HAMP requests. So it is no wonder why a lot of applications end up getting denied. If this happens to you and you know that you qualify for the loan, don't hesitate to escalate your request from one level to another. Make follow-up calls and learn about the loan application process inside out.
Information is definitely the key if you are facing a prospect as serious as a foreclosure. The good news is that with programs like HAMP, you can take advantage of the federal government-initiated programs that will make paying for your home loan a lot easier on your household budget - so that you can save money and keep your house at the same time.
source ezine
All you need to do is determine if you qualify for HAMP, submit an application with a loan servicer, ensure that your debt-to-income ration is at least 31% and undergo the income verification process and trial period.
Things to Remember when Applying for HAMP through Bank of America
Since the option to modify your loan through the HAMP program was introduced as part of President Barack Obama's stimulus plan, a lot of homeowners lined up to take advantage of it. The problem is that if you are applying for the program through financial institutions like the Bank of America, there are a lot of instances when the application gets denied.
What if you're already facing a foreclosure and your HAMP application through the Bank of America got denied? This is a scenario which is less-than-desirable - so in order to counteract the frustrations that you might feel during the process, here are a few things that you need to keep in mind:
1. Exercise a lot of patience during the application process.
Did you know that there are a lot of homeowners who applied for the HAMP loan modification program for two to more than five times? At one point or another, their reapplication got approved - although if you're the impatient type, you may not reach this point as a result of being frustrated.
What's important is to make sure that you are aware that it is possible to turn no into a yes - as long as you put your financial records in order to increase your chances of having HAMP approved the second, third, fourth or even fifth time around.
In relation to this, it would also help if you will treat the loan services with friendliness and patience - having the right attitude simply makes going through the process feel a lot better.
2. Make sure that all the necessary paperworks are in order.
One of the most common reasons why HAMP applications get denied in the first place is that applicants do not submit all the necessary paperwork. To increase your chances of getting approved, make sure to submit all the requirements needed for the income verification process.
3. Escalate your request from one level to another if you need to.
Again, as a result of the President Obama's stimulus plan, financial institutions like the Bank of America got flooded with HAMP requests. So it is no wonder why a lot of applications end up getting denied. If this happens to you and you know that you qualify for the loan, don't hesitate to escalate your request from one level to another. Make follow-up calls and learn about the loan application process inside out.
Information is definitely the key if you are facing a prospect as serious as a foreclosure. The good news is that with programs like HAMP, you can take advantage of the federal government-initiated programs that will make paying for your home loan a lot easier on your household budget - so that you can save money and keep your house at the same time.
source ezine
Mortgage Loans For Bad Credit Vs Creative Financing Options
Obtaining mortgage loans for bad credit has nearly become a thing of the past. Often referred to as subprime lending, poor credit mortgage loans require borrowers to provide large down payments and pay considerably higher interest rates. Prior to applying for bad credit loans, borrowers should investigate other home buying options and spend time comparing mortgage lenders.
Instead of obtaining mortgage loans for bad credit, borrowers should strive to restore credit and improve fico scores. Lenders assess interest based on borrowers' credit history and scores. Borrowers with low scores are charged a substantially higher rate of interest. Higher interest equates to higher mortgage payments, which can cause financial stress and eventually lead to mortgage default and foreclosure.
In most cases, borrowers should work toward improving their credit scores before applying for a mortgage loan. However, if borrowers are given the chance to buy a house priced well below market value, it might be in their best interest to obtain poor credit financing.
In today's real estate market, sellers have begun offering alternative financing options to attract buyers who cannot obtain home loans through traditional sources. Common financing alternatives include: lease options, seller carry back financing, subject 2, and hard money lender real estate loans.
Fannie Mae's Home Path Mortgage offers discounted bank owned foreclosures with special financing options. Home Path offers a low down payment requirement of 3-percent and allows borrowers to obtain down payment assistance from family, friends, or non-profit organizations.
The Department of Housing and Urban Development provides Neighborhood Stabilization Program grants to individuals who buy real estate owned properties in areas hit hard by foreclosure. NSP grants are available to individuals and real estate investors. Applicants must submit grant applications to designated agents within their state. Program details and a list of NSP grant providers can be obtained at HudNSPhelp.info.
Lease options can be beneficial to borrowers with bad credit. Sellers offering lease-to-own properties generally require buyers to provide a down payment of 10- to 20-percent of the purchase price. A contract is drafted by a real estate lawyer and terms generally extend for two to five years.
A portion of rent money is contributed toward the purchase of the home. On average, tenants contribute between 10- and 50-percent of monthly rent payments towards the home purchase. Sometimes, buyers are allowed to lock-in the purchase price when establishing the contract. However, most sellers require buyers to purchase the home at current market value once the lease option contract expires. Lease option contracts should include legalese which protects both parties in the event of mortgage default. Buyers usually lose all vested money if they default on the contract. Careful consideration and appropriate legal contracts should be created when entering into this mortgage financing alternative.
Borrowers with previous foreclosure or bankruptcy may find it next to impossible to qualify for any type of mortgage financing. The only available option might be hard money lender loans obtained through private real estate investors or investment groups.
Hard money lender real estate loans are expensive and should only be used as a last resort. Hard money loans should be used as interim financing while borrowers rebuild credit. Mortgagors should strive to refinance mortgages within 12 to 18 months. The majority of hard money lenders require down payments of up to 50-percent of the purchase price. Sellers must charge interest according to usury laws. However, interest rates can soar as high as 23-percent in some states.
source ezine
Instead of obtaining mortgage loans for bad credit, borrowers should strive to restore credit and improve fico scores. Lenders assess interest based on borrowers' credit history and scores. Borrowers with low scores are charged a substantially higher rate of interest. Higher interest equates to higher mortgage payments, which can cause financial stress and eventually lead to mortgage default and foreclosure.
In most cases, borrowers should work toward improving their credit scores before applying for a mortgage loan. However, if borrowers are given the chance to buy a house priced well below market value, it might be in their best interest to obtain poor credit financing.
In today's real estate market, sellers have begun offering alternative financing options to attract buyers who cannot obtain home loans through traditional sources. Common financing alternatives include: lease options, seller carry back financing, subject 2, and hard money lender real estate loans.
Fannie Mae's Home Path Mortgage offers discounted bank owned foreclosures with special financing options. Home Path offers a low down payment requirement of 3-percent and allows borrowers to obtain down payment assistance from family, friends, or non-profit organizations.
The Department of Housing and Urban Development provides Neighborhood Stabilization Program grants to individuals who buy real estate owned properties in areas hit hard by foreclosure. NSP grants are available to individuals and real estate investors. Applicants must submit grant applications to designated agents within their state. Program details and a list of NSP grant providers can be obtained at HudNSPhelp.info.
Lease options can be beneficial to borrowers with bad credit. Sellers offering lease-to-own properties generally require buyers to provide a down payment of 10- to 20-percent of the purchase price. A contract is drafted by a real estate lawyer and terms generally extend for two to five years.
A portion of rent money is contributed toward the purchase of the home. On average, tenants contribute between 10- and 50-percent of monthly rent payments towards the home purchase. Sometimes, buyers are allowed to lock-in the purchase price when establishing the contract. However, most sellers require buyers to purchase the home at current market value once the lease option contract expires. Lease option contracts should include legalese which protects both parties in the event of mortgage default. Buyers usually lose all vested money if they default on the contract. Careful consideration and appropriate legal contracts should be created when entering into this mortgage financing alternative.
Borrowers with previous foreclosure or bankruptcy may find it next to impossible to qualify for any type of mortgage financing. The only available option might be hard money lender loans obtained through private real estate investors or investment groups.
Hard money lender real estate loans are expensive and should only be used as a last resort. Hard money loans should be used as interim financing while borrowers rebuild credit. Mortgagors should strive to refinance mortgages within 12 to 18 months. The majority of hard money lenders require down payments of up to 50-percent of the purchase price. Sellers must charge interest according to usury laws. However, interest rates can soar as high as 23-percent in some states.
source ezine
Car Loans For Bad Credit - You Can Get Car Loans Even If You Have a Miserable Credit Score
You may wish to buy the car of your choice but your application for an auto loan may be unduly delayed or rejected by financial institutions because you have a poor credit score. But the good news is that there are certain other financial institutions that extend car loans for bad credit also.
A poor credit score may happen due to multifarious reasons. Somebody may fall sick in your house and because of heavy medical expenses; you may not have paid your monthly payments. Certain other developments may have depleted your resources and you may have defaulted in your payments. But, whatever may be the reason, if payments are not made every month, your credit score gets affected.
When your credit score affects your chances of getting the auto loan, you can try other ways such as offering a guarantor to vouch for your repayments or making a larger down payment for buying the car of your choice. But, these options may work only if your credit score is moderately affected. If it is very bad, the lending company may not agree to these options also.
In certain cases, low credit score may be due to repossession of bankruptcy and in such cases, you can never get reasonable rates, though a few lenders may be ready to extend such car loans for bad credit. The rates in these cases will definitely be very high. Instances of lenders charging as high as 22% in such cases abound. The monthly payments will also be very high and the applicants may find it very difficult to stick to the payment schedule.
There are many other options beyond dealership financing for getting loans to buy a new or used car. Perhaps, you may have opted for dealership financing because you do not know fully about car financing and how you should do comparative study of the options available.
Apart from dealership financing, you have banks, credit unions and many private finance companies that offer auto loans at highly reasonable rates and attractive terms. If you have a poor credit score, you can explore these options also and benefit. Further, dealership financing may turn out to be more expensive because they may increase the rates with an aim to increase their profits.
You can search online and find out lenders so that you can accelerate the process of getting car loans for bad credit. There are many lenders online who approve such loans despite your poor credit score. When you apply for such loans, you should provide these lenders with your details such as your current monthly income, present debts, your credit rating according to you and the amount of loan you want. The lenders will undertake a simple verification process of these details and if they are satisfied with these inputs, your loan is sure to be approved.
source ezine
A poor credit score may happen due to multifarious reasons. Somebody may fall sick in your house and because of heavy medical expenses; you may not have paid your monthly payments. Certain other developments may have depleted your resources and you may have defaulted in your payments. But, whatever may be the reason, if payments are not made every month, your credit score gets affected.
When your credit score affects your chances of getting the auto loan, you can try other ways such as offering a guarantor to vouch for your repayments or making a larger down payment for buying the car of your choice. But, these options may work only if your credit score is moderately affected. If it is very bad, the lending company may not agree to these options also.
In certain cases, low credit score may be due to repossession of bankruptcy and in such cases, you can never get reasonable rates, though a few lenders may be ready to extend such car loans for bad credit. The rates in these cases will definitely be very high. Instances of lenders charging as high as 22% in such cases abound. The monthly payments will also be very high and the applicants may find it very difficult to stick to the payment schedule.
There are many other options beyond dealership financing for getting loans to buy a new or used car. Perhaps, you may have opted for dealership financing because you do not know fully about car financing and how you should do comparative study of the options available.
Apart from dealership financing, you have banks, credit unions and many private finance companies that offer auto loans at highly reasonable rates and attractive terms. If you have a poor credit score, you can explore these options also and benefit. Further, dealership financing may turn out to be more expensive because they may increase the rates with an aim to increase their profits.
You can search online and find out lenders so that you can accelerate the process of getting car loans for bad credit. There are many lenders online who approve such loans despite your poor credit score. When you apply for such loans, you should provide these lenders with your details such as your current monthly income, present debts, your credit rating according to you and the amount of loan you want. The lenders will undertake a simple verification process of these details and if they are satisfied with these inputs, your loan is sure to be approved.
source ezine
Short Term Loans - A Perfect Solution to Immediate Financial Crisis
Meeting everyday living expenses
In the current economic climate of recession, liquid cash is a very reclusive commodity. When you have run up all your credit resources and your daily expenses are eating into what is left of your savings, short term loans are the perfect solution for people who are struggling to make ends meet. Having enough money to comfortably afford the essentials like rent and mortgage repayments, grocery bills, hospital bills, and education costs is an increasing concern for Americans. This is why taking out short term loans is becoming a popular way of overcoming a tough financial phase or financial crisis. Susan and Harry, parents of two children, recently discovered the benefits of this type of loan. "On one income, we were having trouble paying for the basics like food and rent, but this month the situation turned worse when my son needed to go on a school excursion." Susan said. "So, we applied for a short term loan to help with the living expenses and it was approved instantly. It was truly amazing and it really has helped us to manipulate our financial difficulties to our advantage."
Easy to repay
Taking out a loan that is quick and easy to repay is a definite advantage of short term loans. Given that these loans are small principal loans, people are only able to borrow what they need. The maximum loan amount for the majority of lenders is $1500, so this means that most people borrow scarcely more than their regular pay check. As a result, short term loans are easily repayable by the time your next pay packet comes through. For this reason, couples and families finding it difficult to meet the rent, food bills and education costs are turning to short terms loans that can be paid back as soon as the next paycheck arrives in the bank account. This means that these types of loans are not only manageable, but helpful in tiding you over.
Quick and easy approval
This type of loan is also quickly and easily approved. With a minimal amount of paperwork, short term loans can be approved within hours of lodging the application. The added advantage is that most money lenders do not conduct background credit checks, so even if you have a bad credit history or have been turned down by major banks or lending institutions, you can still be eligible for a short term loan. The application process can even be completed online for many major lenders, making it even more convenient to take out one of these loans. In fact, the only requirements are citizenship, proof of age (over 18 years) and proof of income. This criterion makes it fast and easy to secure a loan that helps pay the food bills, rent, utilities and even education costs.
Getting back on your feet
These loans are the fastest way of getting back on your feet during financial crisis. For those people finding it difficult to cover the basic costs of living, this loan is a ready solution. The application process is quick and easy, ensuring that you get the money you need without stress and fuss. The popularity of these loans has increased exponentially in the wake of the global financial crisis and for good reason: ordinary people need access to quickly approved cash so that they can comfortably pay for basic living costs: food, shelter and education. This makes short term loans the perfect solution to coping with financial difficulties.
source ezine
In the current economic climate of recession, liquid cash is a very reclusive commodity. When you have run up all your credit resources and your daily expenses are eating into what is left of your savings, short term loans are the perfect solution for people who are struggling to make ends meet. Having enough money to comfortably afford the essentials like rent and mortgage repayments, grocery bills, hospital bills, and education costs is an increasing concern for Americans. This is why taking out short term loans is becoming a popular way of overcoming a tough financial phase or financial crisis. Susan and Harry, parents of two children, recently discovered the benefits of this type of loan. "On one income, we were having trouble paying for the basics like food and rent, but this month the situation turned worse when my son needed to go on a school excursion." Susan said. "So, we applied for a short term loan to help with the living expenses and it was approved instantly. It was truly amazing and it really has helped us to manipulate our financial difficulties to our advantage."
Easy to repay
Taking out a loan that is quick and easy to repay is a definite advantage of short term loans. Given that these loans are small principal loans, people are only able to borrow what they need. The maximum loan amount for the majority of lenders is $1500, so this means that most people borrow scarcely more than their regular pay check. As a result, short term loans are easily repayable by the time your next pay packet comes through. For this reason, couples and families finding it difficult to meet the rent, food bills and education costs are turning to short terms loans that can be paid back as soon as the next paycheck arrives in the bank account. This means that these types of loans are not only manageable, but helpful in tiding you over.
Quick and easy approval
This type of loan is also quickly and easily approved. With a minimal amount of paperwork, short term loans can be approved within hours of lodging the application. The added advantage is that most money lenders do not conduct background credit checks, so even if you have a bad credit history or have been turned down by major banks or lending institutions, you can still be eligible for a short term loan. The application process can even be completed online for many major lenders, making it even more convenient to take out one of these loans. In fact, the only requirements are citizenship, proof of age (over 18 years) and proof of income. This criterion makes it fast and easy to secure a loan that helps pay the food bills, rent, utilities and even education costs.
Getting back on your feet
These loans are the fastest way of getting back on your feet during financial crisis. For those people finding it difficult to cover the basic costs of living, this loan is a ready solution. The application process is quick and easy, ensuring that you get the money you need without stress and fuss. The popularity of these loans has increased exponentially in the wake of the global financial crisis and for good reason: ordinary people need access to quickly approved cash so that they can comfortably pay for basic living costs: food, shelter and education. This makes short term loans the perfect solution to coping with financial difficulties.
source ezine
Tips for Choosing a Mortgage Loan Broker
If you are thinking of taking a mortgage loan for buying a property, you should choose your credit loan broker wisely. A good mortgage loan broker should be able to suggest you about the most competitive loan rates and guide you accordingly. For instance, if you are living in Manhattan, mortgage rates could be too high for you with banks offering their own financial lending products. In such a situation, the role of brokers is incomparable as they act as a bridge between the bank and its customers, and to negotiate on the rates of credits.
Capabilities and scope of a mortgage broker
Both these factors depend a lot on the state and country regulatory decrees. There are also laws that you must comply with as a lender. Irrespective of the place you stay in - New York or Manhattan mortgage rates will only reduce if you have a good understanding of regulations and expert consultation of a good broker.
Firstly, your broker will assess your capabilities for a line of credit and obtaining and paying the loan payments. To achieve this purpose, an efficient broker generally creates your credit report and reviews your monthly expenses. A good broker should then search the market for a suitable lending tool for your needs. After locating an appropriate lender, an agent then applies for the loan on your behalf.
A few things to look out for
Whether you stay in London or in Manhattan, mortgage rates should be controlled and planned properly. Although there are many companies that claim to provide the best service in reducing credits, there are actually a few reliable ones. Following are some of the qualities, which you can find in a reliable mortgage broker:
Good mortgage agents put clients first. Read customer reviews and client testimonials about them to know about the satisfied clientele.
Remember, experience matters. Choose a company that has years of experience in dealing with loan and mortgage consolidation.
Look for agents who provide guaranteed service.
A good mortgage broker facilitates fast and successful closings of your loans.
A proficient agent offers solutions for both residential as well as commercial property dealings.
The best part of working with a good credit agent is that they are willing to work with you even if you have a poor credit score. If you are looking for such a mortgage broking company, then the Great Northern Mortgage Corporation would be the ideal firm to provide you with credit and mortgage related solutions.
source ezine
Capabilities and scope of a mortgage broker
Both these factors depend a lot on the state and country regulatory decrees. There are also laws that you must comply with as a lender. Irrespective of the place you stay in - New York or Manhattan mortgage rates will only reduce if you have a good understanding of regulations and expert consultation of a good broker.
Firstly, your broker will assess your capabilities for a line of credit and obtaining and paying the loan payments. To achieve this purpose, an efficient broker generally creates your credit report and reviews your monthly expenses. A good broker should then search the market for a suitable lending tool for your needs. After locating an appropriate lender, an agent then applies for the loan on your behalf.
A few things to look out for
Whether you stay in London or in Manhattan, mortgage rates should be controlled and planned properly. Although there are many companies that claim to provide the best service in reducing credits, there are actually a few reliable ones. Following are some of the qualities, which you can find in a reliable mortgage broker:
Good mortgage agents put clients first. Read customer reviews and client testimonials about them to know about the satisfied clientele.
Remember, experience matters. Choose a company that has years of experience in dealing with loan and mortgage consolidation.
Look for agents who provide guaranteed service.
A good mortgage broker facilitates fast and successful closings of your loans.
A proficient agent offers solutions for both residential as well as commercial property dealings.
The best part of working with a good credit agent is that they are willing to work with you even if you have a poor credit score. If you are looking for such a mortgage broking company, then the Great Northern Mortgage Corporation would be the ideal firm to provide you with credit and mortgage related solutions.
source ezine
$10,000 Personal Non-Traditional Loan - Bad Credit Special
While no person is promised anything, except death and taxes, there are ways for bad credit borrowers to land personal loans for up to $10,000. People with poor credit histories are usually turned down for personal loans from traditional lenders such as banks and credit unions. Folks from all walks of life have experienced financial difficulties during these recessionary times and many lenders have reigned in lending practices and tightened up underwriting criteria. And, of course, these revamped lending practices have exacted a heavier toll on those with bad credit ratings. Non-traditional lenders have stepped into the breach and can offer people with bad credit certain loans that they would not usually be able to procure. These loans do not require collateral or any other form of security. Qualifiers for these loans are not that stringent.
Have a Job
No matter whether a lender is of the traditional brick-and-mortar kind, or if the lender is a non-traditional online business, they both have in common the need that a borrower have a steady source of income, most usually a full-time job. Most lenders of both types require that applicants show proof of ninety days of ongoing employment with the same company. Some may even require proof of six-months of employment. If you have been at the same company for a good period of time, lenders view this as a sign of stability and thus are more inclined to offer a loan.
Have a Bank Account
Non-traditional lenders also require that applicants have a valid bank account, usually checking, but often a savings account will work as well. If you have other accounts, such as money market or other savings or investment accounts, that is just one more feather in your cap when you go to apply for a personal bad credit loan. Present your bank statements to your lender. A three-month record at the bank is often required. Hopefully your bank account is not smudged with bounced checks, excessive overdrafts, and other negative items.
Have Proof of Identity and Residency
Non-traditional lenders do a lot, if not all, of their lending transactions on line. They may never even see you once in person. So, it is imperative that you present proof of identity and residency. To fulfill this requirement, you should have a legal photo ID such as a driving license, military ID, passport, etc. To establish residency, presenting a utility bill with your name and address will usually suffice. Other documents may be required, depending on the size of the loan or the lenders policies. Call ahead or read online instructions. Usually, the larger the loan request the more documentation that may be needed.
Have a Good Lender
State of residency, income, credit record, and other considerations will establish which lender will, and which will not, approve your bed credit personal loan. Some may be operating right next door to each other and one will reject and the other accept. So, the more you shop around, the more likely you will be approved, and the more likely you are to land a loan with an interest rate and repayment terms you can live with. Some websites ask for a single application and then interested lenders will bid on your bad credit loan. Online application processes are usually a lot easier to complete and can cut down on running around all over town.
Bad Credit Loans are relatively easy to qualify for lately. Many people have had credit problems and non-traditional lenders have stepped in to meet the demand of getting these folks the money they need.
source ezine
Have a Job
No matter whether a lender is of the traditional brick-and-mortar kind, or if the lender is a non-traditional online business, they both have in common the need that a borrower have a steady source of income, most usually a full-time job. Most lenders of both types require that applicants show proof of ninety days of ongoing employment with the same company. Some may even require proof of six-months of employment. If you have been at the same company for a good period of time, lenders view this as a sign of stability and thus are more inclined to offer a loan.
Have a Bank Account
Non-traditional lenders also require that applicants have a valid bank account, usually checking, but often a savings account will work as well. If you have other accounts, such as money market or other savings or investment accounts, that is just one more feather in your cap when you go to apply for a personal bad credit loan. Present your bank statements to your lender. A three-month record at the bank is often required. Hopefully your bank account is not smudged with bounced checks, excessive overdrafts, and other negative items.
Have Proof of Identity and Residency
Non-traditional lenders do a lot, if not all, of their lending transactions on line. They may never even see you once in person. So, it is imperative that you present proof of identity and residency. To fulfill this requirement, you should have a legal photo ID such as a driving license, military ID, passport, etc. To establish residency, presenting a utility bill with your name and address will usually suffice. Other documents may be required, depending on the size of the loan or the lenders policies. Call ahead or read online instructions. Usually, the larger the loan request the more documentation that may be needed.
Have a Good Lender
State of residency, income, credit record, and other considerations will establish which lender will, and which will not, approve your bed credit personal loan. Some may be operating right next door to each other and one will reject and the other accept. So, the more you shop around, the more likely you will be approved, and the more likely you are to land a loan with an interest rate and repayment terms you can live with. Some websites ask for a single application and then interested lenders will bid on your bad credit loan. Online application processes are usually a lot easier to complete and can cut down on running around all over town.
Bad Credit Loans are relatively easy to qualify for lately. Many people have had credit problems and non-traditional lenders have stepped in to meet the demand of getting these folks the money they need.
source ezine
Mobile Home Equity Loans - Can You Get a Home Equity Loan or Line of Credit on Your Mobile Home?
You may have heard that mobile homes depreciate over time. While this can be true, it is important to understand that some mobile homes actually increase in value. The key is to build your mobile home on a fixed foundation. Mobile homes on fixed foundations are homes that increase in value over time unlike mobile homes that are not on fixed foundations. If you own a mobile home placed on such a foundation, you will accumulate equity every time you make a payment on your mortgage. After several years of paying on your mortgage, you just may have amassed an impressive amount of equity.
Equity is often used as collateral for a loan. There are a multitude of reasons why people take out equity loans. If you need a loan for a big-ticket purchase such as a car or a college education, an equity loan is a good idea. Some people use equity loans to consolidate their bills and pay off debts. Still others use equity loans to make home improvements. No matter why you want or need an equity loan, it is likely you can get one if you have adequate capital accumulated in your fixed foundation mobile home.
The key is to find the right home equity lender. While you could check with the original lender who got you your mortgage, you may not want to do that. Your best bet would be to shop around with a variety of different companies to find the most attractive loan program. Websites such as Lending Tree make it easy to compare loans from different lenders. You simply submit one application and receive offers and quotes from multiple institutions. You might also want to call around to lenders found in your local Yellow Pages. There are even companies who specialize in home equity loans. These companies usually offer better rates than a traditional bank or credit union can offer. Comparison shopping can help you find the best home equity loan possible to meet your financial needs.
source ezine
Equity is often used as collateral for a loan. There are a multitude of reasons why people take out equity loans. If you need a loan for a big-ticket purchase such as a car or a college education, an equity loan is a good idea. Some people use equity loans to consolidate their bills and pay off debts. Still others use equity loans to make home improvements. No matter why you want or need an equity loan, it is likely you can get one if you have adequate capital accumulated in your fixed foundation mobile home.
The key is to find the right home equity lender. While you could check with the original lender who got you your mortgage, you may not want to do that. Your best bet would be to shop around with a variety of different companies to find the most attractive loan program. Websites such as Lending Tree make it easy to compare loans from different lenders. You simply submit one application and receive offers and quotes from multiple institutions. You might also want to call around to lenders found in your local Yellow Pages. There are even companies who specialize in home equity loans. These companies usually offer better rates than a traditional bank or credit union can offer. Comparison shopping can help you find the best home equity loan possible to meet your financial needs.
source ezine
Need Help With a Countrywide Loan Modification?
If you are trying to get a loan modification with Countrywide Bank, there are a few important issues you need to learn about. While Countrywide Bank is offering a loan workout option to many of it's distressed homeowners, not everyone will qualify for a Countrywide Loan Modification. You need to learn who qualifies and why before contacting Countrywide Bank about getting help to lower your payment.
What does Countrywide Bank need to see from you in order to approve your loan modification application? Here are some of the items you will need to prepare and submit with your application:
* Hardship Letter-a brief explanation detailing the circumstances that caused you to become delinquent, explain how you have tried to remedy the situation and tell the lender about your plan to get back on track and stay there
* Recent Income documents: pay stubs, W2, benefit statements, unemployment
* Bank statements and Tax returns for last 2 years
* Complete & accurate financial statements
How all of these documents are prepared and presented to Countrywide loss mitigation department can make the difference between getting your loan modified to an affordable payment or being denied. A little up-front knowledge and preparation will give you the fighting chance you need to save your home with a loan workout. Once you know what Countrywide Bank is looking for in an acceptable loan modification application, you will be able to present your case in the best possible light to get an approval.
A very good source of information to assist you in this process is The Complete Loan Modification Guide handbook. This is a low cost, easy to read, step by step guide that will give you the 7 Steps to a Successful Loan Modification, as well as invaluable negotiating tips to use with your lender. You will also be provided with all the necessary forms, including the financial statements, and detailed instructions on how to complete them properly. The Complete Loan Modification Guide handbook is a must read before you contact Countrywide Bank about your loan modification. Thousands of homeowners have gotten a Countrywide loan modification, and YOU CAN TOO! So get informed and get going to save your home.
source ezine
What does Countrywide Bank need to see from you in order to approve your loan modification application? Here are some of the items you will need to prepare and submit with your application:
* Hardship Letter-a brief explanation detailing the circumstances that caused you to become delinquent, explain how you have tried to remedy the situation and tell the lender about your plan to get back on track and stay there
* Recent Income documents: pay stubs, W2, benefit statements, unemployment
* Bank statements and Tax returns for last 2 years
* Complete & accurate financial statements
How all of these documents are prepared and presented to Countrywide loss mitigation department can make the difference between getting your loan modified to an affordable payment or being denied. A little up-front knowledge and preparation will give you the fighting chance you need to save your home with a loan workout. Once you know what Countrywide Bank is looking for in an acceptable loan modification application, you will be able to present your case in the best possible light to get an approval.
A very good source of information to assist you in this process is The Complete Loan Modification Guide handbook. This is a low cost, easy to read, step by step guide that will give you the 7 Steps to a Successful Loan Modification, as well as invaluable negotiating tips to use with your lender. You will also be provided with all the necessary forms, including the financial statements, and detailed instructions on how to complete them properly. The Complete Loan Modification Guide handbook is a must read before you contact Countrywide Bank about your loan modification. Thousands of homeowners have gotten a Countrywide loan modification, and YOU CAN TOO! So get informed and get going to save your home.
source ezine
Getting a Home Loan With Very Bad Credit
What if you have an abysmal credit report but you're still desperate to buy a house? Will you need to grovel and kiss the shoes of your potential mortgage provider? Well no, you just need to give them a much larger deposit.
Most mortgage providers will make the investment in you provided you give them enough security. Not only that you can also expect to pay higher rates of interest than people with better credit scores. The lender has to compensate for the risk somehow.
And if that wasn't bad enough you will also most likely be locked in to that product for a certain amount of time. Usually 2 to 3 years. This is called a prepayment penalty or an early redemption penalty in some cases. Interestingly it may not only be the lender who sees an opportunity to squeeze some more money out of you! Read on...
Often the loan officer, sometimes known as the mortgage broker, will decide to cash in on those with bad credit by increasing the rate by another couple of percent. They make the calculation that those with bad credit have very few options when it comes to home loans and they are hoping that they can get away with it. It's a hard pill to swallow but if you really want a loan there's no point crying over spilt milk!
So if you're looking for a home loan and you have bad credit then you can expect to be ripped off more than your squeaky clean counterparts. Maybe ripped off is a strong term but that's pretty much what it boils down to. If you really want to buy that house then you have to do whatever it takes!
source ezine
Most mortgage providers will make the investment in you provided you give them enough security. Not only that you can also expect to pay higher rates of interest than people with better credit scores. The lender has to compensate for the risk somehow.
And if that wasn't bad enough you will also most likely be locked in to that product for a certain amount of time. Usually 2 to 3 years. This is called a prepayment penalty or an early redemption penalty in some cases. Interestingly it may not only be the lender who sees an opportunity to squeeze some more money out of you! Read on...
Often the loan officer, sometimes known as the mortgage broker, will decide to cash in on those with bad credit by increasing the rate by another couple of percent. They make the calculation that those with bad credit have very few options when it comes to home loans and they are hoping that they can get away with it. It's a hard pill to swallow but if you really want a loan there's no point crying over spilt milk!
So if you're looking for a home loan and you have bad credit then you can expect to be ripped off more than your squeaky clean counterparts. Maybe ripped off is a strong term but that's pretty much what it boils down to. If you really want to buy that house then you have to do whatever it takes!
source ezine
Individuals With Bad Credit - Accessing Personal Non-Bank Loans
With the poor state of the economy, lenders - especially banks - have put more stringent measures in place to ensure that they weed out individuals who have taken loans in the past and not paid them back. Through these measures, they are assured that they only end up with borrowers who will pay back their loans, and so help maintain their business.
Those borrowers who already have bad credit scores and are in dire need of loans can now go to non-bank lenders in order to get loans of up to $10,000.
During the recession period, the only people who managed to access loans were those who had good credit scores. This is because banks set up stringent measures that immediately disqualified individuals who had less than perfect credit scores. This led to the suffering of a lot of individuals.
With the growth of the financial market, more players joined the market and these included the non-banking financial institutions. These lenders had fewer rules in place, which helped to ensure that individuals with lower credit scores were able to access personal loans. These loans are often issued with no background checks done on the borrowers. The good news is one can access personal non bank-loans to amounts as much as $10,000.
Unlike bank loans where one has to use their home or other assets as collateral in order for the loan to be approved, this is not a requirement for personal non-banking loans and it also helps to ensure that those individuals who do not own homes yet can have access to loans.
Before one is considered for a bank loan, the vetting process is really rigorous. Through this process, almost a third of the loan applications end up being disqualified. This is quite the opposite for non-bank lenders, since they do not have strict requirements. The most important areas they look at include:
Steady employment
When lenders are looking to determine whether you are capable of paying back the loan, the first thing they seek to know is whether or not you have a steady income which comes about due to steady employment. The longer you have maintained your job with your current employer, the greater your advantage, as the lender concludes your job to be steady.
Active bank account
For you to increase your chances of getting a non-bank loan, you have to possess a bank account that has been active for not less than ninety days. It may be a current or saving account, with the latter being the best, as it increases your chances. You will also be required to present certain documents such as bank statements dating back three months as proof.
Identification documents
Most of these non-bank lenders run their businesses over the internet and will not really meet in person with their clients. It is therefore necessary for you to issue identification documents and your location. In most cases, the non-bank lender will ask for your State ID and the latest utility bill that is in your name. This can be your electricity bill, and will be used to confirm that you are actually resident at the address you have provided.
Selecting the best lender
Non-bank lenders are different and have different criteria for evaluating your loan application forms. In order to increase your chances, you can apply with more than one lender. This procedure is very simple since you can do it from the comfort of your home through online applications.
source ezine
Those borrowers who already have bad credit scores and are in dire need of loans can now go to non-bank lenders in order to get loans of up to $10,000.
During the recession period, the only people who managed to access loans were those who had good credit scores. This is because banks set up stringent measures that immediately disqualified individuals who had less than perfect credit scores. This led to the suffering of a lot of individuals.
With the growth of the financial market, more players joined the market and these included the non-banking financial institutions. These lenders had fewer rules in place, which helped to ensure that individuals with lower credit scores were able to access personal loans. These loans are often issued with no background checks done on the borrowers. The good news is one can access personal non bank-loans to amounts as much as $10,000.
Unlike bank loans where one has to use their home or other assets as collateral in order for the loan to be approved, this is not a requirement for personal non-banking loans and it also helps to ensure that those individuals who do not own homes yet can have access to loans.
Before one is considered for a bank loan, the vetting process is really rigorous. Through this process, almost a third of the loan applications end up being disqualified. This is quite the opposite for non-bank lenders, since they do not have strict requirements. The most important areas they look at include:
Steady employment
When lenders are looking to determine whether you are capable of paying back the loan, the first thing they seek to know is whether or not you have a steady income which comes about due to steady employment. The longer you have maintained your job with your current employer, the greater your advantage, as the lender concludes your job to be steady.
Active bank account
For you to increase your chances of getting a non-bank loan, you have to possess a bank account that has been active for not less than ninety days. It may be a current or saving account, with the latter being the best, as it increases your chances. You will also be required to present certain documents such as bank statements dating back three months as proof.
Identification documents
Most of these non-bank lenders run their businesses over the internet and will not really meet in person with their clients. It is therefore necessary for you to issue identification documents and your location. In most cases, the non-bank lender will ask for your State ID and the latest utility bill that is in your name. This can be your electricity bill, and will be used to confirm that you are actually resident at the address you have provided.
Selecting the best lender
Non-bank lenders are different and have different criteria for evaluating your loan application forms. In order to increase your chances, you can apply with more than one lender. This procedure is very simple since you can do it from the comfort of your home through online applications.
source ezine
No Credit Check Payday Loans - Reliable and Affordable Financial Relief
It is not always important to carry a good credit record, if you are looking forward to source external monetary assistance. There are certain options available, where in you get to avail the funds, despite severe credit disputes. This is indeed possible with no credit check payday loans. With the assistance of these loans, any individual, be it tenant or homeowner can avail the funds, without facing too many hassles. These loans in particular offer access to instant funds, which then enables the applicants to overcome any sudden financial crisis.
No fax payday loans are programmed to offer quick and instant financial relief, particularly to those with multiple credit problems, related to CCJs, IVA, arrears and defaults. To get the approval of the funds, all that the applicant should have is a fixed and regular source of income, valid bank account for the transaction, minimum age of 18 years, other than being a resident of UK. Once the details are verified and found to be suitable, the loan amount is then automatically transferred in to the applicants' bank account.
As these loans are released for a short term period, there is no point placing any precious asset as collateral. What makes the loans available to those with severe credit defaults is that of its no credit check approval. The no credit check and the collateral free approval speeds up the processing of the loans.
Now, depending on the specific need and requirement, an amount in the range of £100-£1500 is made available. The repayment tenure spans over a period of 14-30 days. Moreover, the subsequent interest rate charged on the loans is slightly higher than the normal rates. However, with a proper research, encompassing both the traditional as well as online market, the applicants can definitely get access to suitable offers. Besides, on ensuring to repay the loan amount within the stipulated time period, the same applicants have a chance to improve the credit score.
So, with the provision of no credit check payday loans, applicants can now easily get access to lucrative funds, despite multiple credit hassles.
source ezine
No fax payday loans are programmed to offer quick and instant financial relief, particularly to those with multiple credit problems, related to CCJs, IVA, arrears and defaults. To get the approval of the funds, all that the applicant should have is a fixed and regular source of income, valid bank account for the transaction, minimum age of 18 years, other than being a resident of UK. Once the details are verified and found to be suitable, the loan amount is then automatically transferred in to the applicants' bank account.
As these loans are released for a short term period, there is no point placing any precious asset as collateral. What makes the loans available to those with severe credit defaults is that of its no credit check approval. The no credit check and the collateral free approval speeds up the processing of the loans.
Now, depending on the specific need and requirement, an amount in the range of £100-£1500 is made available. The repayment tenure spans over a period of 14-30 days. Moreover, the subsequent interest rate charged on the loans is slightly higher than the normal rates. However, with a proper research, encompassing both the traditional as well as online market, the applicants can definitely get access to suitable offers. Besides, on ensuring to repay the loan amount within the stipulated time period, the same applicants have a chance to improve the credit score.
So, with the provision of no credit check payday loans, applicants can now easily get access to lucrative funds, despite multiple credit hassles.
source ezine
The Ultimate Secret to Getting Small Business Loans
Starting a business without having the seed money to further your business goals can be hard. There are many avenues one can take when seeking small business loans and business funding but 9 times out of 10 you will lose control over the entire process of your business plan. Investors want a big return with demands on the business you created. Does that seem fair to you? Or do you want full control over your business operation and using your own money to fund your passion! That's the only way to do it ever!
So how does one obtain the funds to get their business up and running without having to go to the bank and get a standard small business loan? Business funding is a science that one should learn, but how? Where do you go to get the inside information? Is there a secret to all of this? You bet there is! You have to find the right knowledgeable person who knows the business codex and how to deal properly with banks so you can get the funding you need even if you have bad credit! There is a language called the codex in which anyone can use to their advantage to get the cash they need to fund their business ventures with ease!
Only a few select individuals teach small aspiring business owners the ancient science of the business codex. Not everyone can get this knowledge as it is very powerful and not intended to be given to people who would abuse such power in dealing with finance and the banking industry. Many people have made the mistake of getting funds only to squander it away by spending it instead of using it for their business and have been ruined. The business codex is for entrepreneurs who are dead serious about getting the cash they need to fund their business only! So if you want to know the secret to getting the money you need then please read below on how to get in touch with a knowledgeable business codex teacher.
source ezine
So how does one obtain the funds to get their business up and running without having to go to the bank and get a standard small business loan? Business funding is a science that one should learn, but how? Where do you go to get the inside information? Is there a secret to all of this? You bet there is! You have to find the right knowledgeable person who knows the business codex and how to deal properly with banks so you can get the funding you need even if you have bad credit! There is a language called the codex in which anyone can use to their advantage to get the cash they need to fund their business ventures with ease!
Only a few select individuals teach small aspiring business owners the ancient science of the business codex. Not everyone can get this knowledge as it is very powerful and not intended to be given to people who would abuse such power in dealing with finance and the banking industry. Many people have made the mistake of getting funds only to squander it away by spending it instead of using it for their business and have been ruined. The business codex is for entrepreneurs who are dead serious about getting the cash they need to fund their business only! So if you want to know the secret to getting the money you need then please read below on how to get in touch with a knowledgeable business codex teacher.
source ezine
Free Government Debt Consolidation Loans - Federal Bailouts Can Help Eliminate Your Credit Card Debt
For those whose debts are $10,000 or above you might be in luck because you may be eligible for government stimulus money that has been set aside for those struggling in debt. These federal bailout programs, as well as private consolidation programs, are helpful in lowering the interest rates as well as the overall balance on your debts. Many people have heard about these programs and are working with government agencies to deal with their debts that are getting out of control. Many have viewed these government debt consolidation programs as a sign of hope.
Ideally, federal government debt relief programs are approved once the lender is convinced that the applicant will not lose much when they reclaim their homes. It is important to state that this is only done once the property value is evaluated to establish its current value. This is done after factoring in things such as depreciation and proving the home should not be listed for foreclosure. Once this has been verified, it is up to the applicant to relay the information to the financial institution by letting them know that it is far more convenient to clear the debt with the new payment scheme. At this point, it is important to state that in order to qualify for such programs, the applicant must understand the right procedure of filing the application form.
Alternatively, one could opt to clear the debt by opting to clear the debt using cash and debit when the opportunity arises. This makes it easy to understand which circumstances are ideal for saving and as such, it ensures you keep a level eye on things. Additionally, it also makes it easy for the individual to effect the necessary payments. Since people on this program are supposed to avoid using credit cards if they do it is advisable to choose a credit card company that offers favorable interest rates. Though this might sound like an impossible feat to achieve, it is important to state that it considerably reduces costs and consequently ensures that you build a great credit score.
Once the user has decided that debt consolidation is the best way for them, they can continue working with this in order to get their FICO rating on the good side. Others who opt to work with counselors can learn various skills that will help them keep their debts under control and learn how to live within their means - skills they can pass down to their children.
source ezine
Ideally, federal government debt relief programs are approved once the lender is convinced that the applicant will not lose much when they reclaim their homes. It is important to state that this is only done once the property value is evaluated to establish its current value. This is done after factoring in things such as depreciation and proving the home should not be listed for foreclosure. Once this has been verified, it is up to the applicant to relay the information to the financial institution by letting them know that it is far more convenient to clear the debt with the new payment scheme. At this point, it is important to state that in order to qualify for such programs, the applicant must understand the right procedure of filing the application form.
Alternatively, one could opt to clear the debt by opting to clear the debt using cash and debit when the opportunity arises. This makes it easy to understand which circumstances are ideal for saving and as such, it ensures you keep a level eye on things. Additionally, it also makes it easy for the individual to effect the necessary payments. Since people on this program are supposed to avoid using credit cards if they do it is advisable to choose a credit card company that offers favorable interest rates. Though this might sound like an impossible feat to achieve, it is important to state that it considerably reduces costs and consequently ensures that you build a great credit score.
Once the user has decided that debt consolidation is the best way for them, they can continue working with this in order to get their FICO rating on the good side. Others who opt to work with counselors can learn various skills that will help them keep their debts under control and learn how to live within their means - skills they can pass down to their children.
source ezine
Federal Government Personal Loans for People With Bad Credit - Does It Really Exist?
Having bad credit is actually a common issue in United States. Many people fail to pay back their outstanding balances to their lenders on time and as a result, their credit scores are badly affected. Some of them are sued by the creditors and they have to declare bankruptcy. When these people need loan for emergency situations, are they able to get help since they have negative items on their credit files?
In the real business world, when you have credit problems which can't be resolved, who do you look for help? Most probably you will look for family members or friends for assistance. Sometimes, due to dignity, it is hard for you to ask for help. You would rather look for banks or other financial institutions for help. But since your credit is bad, most of the traditional banks are not willing to lend you a hand. Who else you can refer to?
As a tax payer, you may think of getting help from the federal government. Nowadays, there are many service providers who claim that you can obtain government grants and government loan through their assistance. They try to convince you that getting the government grants is as easy as ABC. These companies are willing to help you to apply for the loan. In return, you just need to pay them back certain service fees. Are these companies really sincere in helping you to overcome your hardships?
If you think about this matter seriously, is it rational for the government to provide loan to those citizens who have bad credit? Seriously speaking, our federal government only provides FOUR types of personal loans to its citizens, i.e. student loans, home loans, small business loans and disaster relief loans. If a person with poor credit needs cash for other purposes, such as paying medical bills, going for honeymoon, purchasing automobile, paying off credit card debt, etc., it is for sure that he or she will not be able to obtain the loan. For those companies who claim that they are the government agents who can provide such financial assistance, you are reminded to stay away from them. They are scams. They just want to make profit from you. Please be realistic. You need to be smart. Federal government personal loan for people with bad credit doesn't exist at all.
Don't be upset with this truth. There are many legitimate non-bank lenders who are available in the market to provide loan for people with bad credit. Some even offer "no-credit-check" loan for people who have steady employment. Don't depend on government. Work out the solutions on your own.
source ezine
In the real business world, when you have credit problems which can't be resolved, who do you look for help? Most probably you will look for family members or friends for assistance. Sometimes, due to dignity, it is hard for you to ask for help. You would rather look for banks or other financial institutions for help. But since your credit is bad, most of the traditional banks are not willing to lend you a hand. Who else you can refer to?
As a tax payer, you may think of getting help from the federal government. Nowadays, there are many service providers who claim that you can obtain government grants and government loan through their assistance. They try to convince you that getting the government grants is as easy as ABC. These companies are willing to help you to apply for the loan. In return, you just need to pay them back certain service fees. Are these companies really sincere in helping you to overcome your hardships?
If you think about this matter seriously, is it rational for the government to provide loan to those citizens who have bad credit? Seriously speaking, our federal government only provides FOUR types of personal loans to its citizens, i.e. student loans, home loans, small business loans and disaster relief loans. If a person with poor credit needs cash for other purposes, such as paying medical bills, going for honeymoon, purchasing automobile, paying off credit card debt, etc., it is for sure that he or she will not be able to obtain the loan. For those companies who claim that they are the government agents who can provide such financial assistance, you are reminded to stay away from them. They are scams. They just want to make profit from you. Please be realistic. You need to be smart. Federal government personal loan for people with bad credit doesn't exist at all.
Don't be upset with this truth. There are many legitimate non-bank lenders who are available in the market to provide loan for people with bad credit. Some even offer "no-credit-check" loan for people who have steady employment. Don't depend on government. Work out the solutions on your own.
source ezine
Everything About Bad Credit Loans
A lot of people assume that because their credit is less than perfect that no one will loan them money. However, it's possible to obtain loans with less-than-perfect credit if you go to the right lender. There are lenders that specialize in assisting people who have had financial difficulties. While these lenders have requirements, it's not as difficult to qualify for one of their loans.
Differences in Bad Credit Loans
Bad credit loans are structured differently than a regular personal loan. In some cases the lender may require you to give them some sort of collateral. This is typically accomplished by allowing them to place a lien on your car or home. In some cases, lenders will accept other forms of collateral, but what they accept varies from company to company.
People trying to obtain loans with past credit blemishes will find that the lenders willing to loan them money have much higher interest rates. This is simply because the risk of loaning you money is deemed higher than it would be if you had good credit. Don't let this discourage you. A poor credit personal loan can help rebuild your credit, so even with a higher interest rate the loan benefits you in the long run.
What You Need to Apply
When you apply for a personal loan with a blemished credit history, it's important that you present yourself to the lender as someone who has changed their habits of paying bills late. In addition to the required paperwork, it's good to present your lender with letters from other creditors showing that you've made timely payments to them. This doesn't have to be payments on other loans or credit cards. You can present letters from your cell phone company, electric company or anyone else you've made payments to on time. If you rent your home or apartment, getting a letter from your landlord will help as well.
You also need to prove that you can pay the loan back. This means you need to show proof of income. If you're employed show the lender your paycheck stubs. If you're self employed your tax returns provide proof of income. When you're trying to obtain a loan with poor credit, consider itemizing the amount of bills you have each month and the money you have coming in for your bad credit lender. This way the company knows that you can afford your payments.
Benefits of a Bad Credit Loan
Obtaining a loan with bad credit may not come with low interest rates and small payments, but it can benefit you. Not only can you use the funds from the loan to pay off your outstanding debts, but as you make regular payments each month your credit score increases. If you make all of your payments on time, you may find that you are able to qualify for a traditional loan by the time your bad credit loan is paid off.
source ezine
Differences in Bad Credit Loans
Bad credit loans are structured differently than a regular personal loan. In some cases the lender may require you to give them some sort of collateral. This is typically accomplished by allowing them to place a lien on your car or home. In some cases, lenders will accept other forms of collateral, but what they accept varies from company to company.
People trying to obtain loans with past credit blemishes will find that the lenders willing to loan them money have much higher interest rates. This is simply because the risk of loaning you money is deemed higher than it would be if you had good credit. Don't let this discourage you. A poor credit personal loan can help rebuild your credit, so even with a higher interest rate the loan benefits you in the long run.
What You Need to Apply
When you apply for a personal loan with a blemished credit history, it's important that you present yourself to the lender as someone who has changed their habits of paying bills late. In addition to the required paperwork, it's good to present your lender with letters from other creditors showing that you've made timely payments to them. This doesn't have to be payments on other loans or credit cards. You can present letters from your cell phone company, electric company or anyone else you've made payments to on time. If you rent your home or apartment, getting a letter from your landlord will help as well.
You also need to prove that you can pay the loan back. This means you need to show proof of income. If you're employed show the lender your paycheck stubs. If you're self employed your tax returns provide proof of income. When you're trying to obtain a loan with poor credit, consider itemizing the amount of bills you have each month and the money you have coming in for your bad credit lender. This way the company knows that you can afford your payments.
Benefits of a Bad Credit Loan
Obtaining a loan with bad credit may not come with low interest rates and small payments, but it can benefit you. Not only can you use the funds from the loan to pay off your outstanding debts, but as you make regular payments each month your credit score increases. If you make all of your payments on time, you may find that you are able to qualify for a traditional loan by the time your bad credit loan is paid off.
source ezine
Types Of Student Loans
In the United States today, most students will need some type of payment assistance for either undergraduate or graduate schooling. Education is becoming more and more expensive, while people's incomes are simply not able to keep up with the constant increases in tuition. According to a Financial Advisor Centennial Colorado, students are incurring more debt since more students who are unable to find jobs right out of undergraduate decide to get a graduate degree. A Financial advisor Denver Colorado associate wrote an article about how debt is becoming a major issue for students because they have to borrow so much to go to school nowadays. It is not uncommon for a student to a debt of $50,000 or more to pay off in the future, especially medical or law students. It is important for students to be aware of how much money they are borrowing (if it is a loan situation) and be prepared to start paying it back after school. Below is a list of the most common forms of payment assistance available to students:
1. Government loans are by far the most common type of finance assistance to students. Since 2009, only the government can award student loans, whereas in the past students were able to supplement their government loan money with private sector loans. There are two types of government loans available. The first type requires the student to pay the interest on the loan while they are in school, the other type allows for deferment of the entire loan amount (including interest) until after the student is finished with school.
2. A grant is money that is usually awarded by the state or federal government to a student. This money does not have to be paid back. These usually have a long list of requirements the student must constantly be working towards while they are using the grant money.
3. Scholarships are also monies that do not require repayment of the principal plus interest. Scholarships can come from a variety of places, such as privately owned companies, the university itself, the federal, state, and local government or just private citizens.
4. Finally, the federal-work study program is yet another way students can make money for school. Work-study means that the student will work on campus and in return they will get paid over minimum wage to compliment their federal loan. It can work very well for some students who are able to work at least part-time and go to school as well.
It is important for all students to be aware of what type of money they are accepting for school. Some students find themselves in a tough spot because they do not know what they are being awarded. Most schools do have offices for students to discuss their loan or borrowing options if they are unsure of what they are being awarded. The important thing to remember is to be an educated consumer on debt and the various payment assistance plans that are available to you.
source ezine
1. Government loans are by far the most common type of finance assistance to students. Since 2009, only the government can award student loans, whereas in the past students were able to supplement their government loan money with private sector loans. There are two types of government loans available. The first type requires the student to pay the interest on the loan while they are in school, the other type allows for deferment of the entire loan amount (including interest) until after the student is finished with school.
2. A grant is money that is usually awarded by the state or federal government to a student. This money does not have to be paid back. These usually have a long list of requirements the student must constantly be working towards while they are using the grant money.
3. Scholarships are also monies that do not require repayment of the principal plus interest. Scholarships can come from a variety of places, such as privately owned companies, the university itself, the federal, state, and local government or just private citizens.
4. Finally, the federal-work study program is yet another way students can make money for school. Work-study means that the student will work on campus and in return they will get paid over minimum wage to compliment their federal loan. It can work very well for some students who are able to work at least part-time and go to school as well.
It is important for all students to be aware of what type of money they are accepting for school. Some students find themselves in a tough spot because they do not know what they are being awarded. Most schools do have offices for students to discuss their loan or borrowing options if they are unsure of what they are being awarded. The important thing to remember is to be an educated consumer on debt and the various payment assistance plans that are available to you.
source ezine
Finding Private Money Lenders Tips
Private money lenders are individuals, private companies or investors who extend personal loans to a person wanting to expand their monetary capabilities. It is easier to obtain money from them because they can give you loan with less processes and paperwork unlike in banks, credit unions and other non-private lenders where there are certain regulations that have to be followed. Below are four tips that will enable you to obtain loan from non-commercials lenders:
* Gather financial data related to your search for this type of lender. Prepare financial stability and proof of income. Your bank statements and similar details may assist in this requirement including other means of income and accounts that you have.
* You can look from your local phone book for private money lenders. They are most likely listed in the bank or investment section of your local Yellow Pages. They can also be found on the internet using localized search engines.
* You can also ask contacts that you have at a corporate entity like credit unions or banks. These financial institutions might be eager to give you assistance in finding a private lender in order to finance your personal loans in case you cannot obtain loan from them. There are other banks that may have partnerships with private lenders in areas where these banks do not have representative at the moment.
* And finally, you may contact private lenders and discuss with them your current personal situation. Ask for a loan application then fill it without neglecting to read the information written for you to know the terms and conditions. Then ask for a timeline for you to expect their feedback upon the loan application that you submitted.
Following any of these four tips will enable you to find private money lenders that would help you obtain the funding that you need. Although these lenders make almost every process of having money simple and easy, it is important still to choose a lender with reliable background to ensure safe loans. This is a kind of protection that has to be practiced especially if it is your first time to make loans.
source ezine
* Gather financial data related to your search for this type of lender. Prepare financial stability and proof of income. Your bank statements and similar details may assist in this requirement including other means of income and accounts that you have.
* You can look from your local phone book for private money lenders. They are most likely listed in the bank or investment section of your local Yellow Pages. They can also be found on the internet using localized search engines.
* You can also ask contacts that you have at a corporate entity like credit unions or banks. These financial institutions might be eager to give you assistance in finding a private lender in order to finance your personal loans in case you cannot obtain loan from them. There are other banks that may have partnerships with private lenders in areas where these banks do not have representative at the moment.
* And finally, you may contact private lenders and discuss with them your current personal situation. Ask for a loan application then fill it without neglecting to read the information written for you to know the terms and conditions. Then ask for a timeline for you to expect their feedback upon the loan application that you submitted.
Following any of these four tips will enable you to find private money lenders that would help you obtain the funding that you need. Although these lenders make almost every process of having money simple and easy, it is important still to choose a lender with reliable background to ensure safe loans. This is a kind of protection that has to be practiced especially if it is your first time to make loans.
source ezine
Wednesday, August 18, 2010
10 Things That Hurt Your Credit
Protecting your credit score is a lot easier than repairing it. If you do things right the first time around, you won't have to spend years rebuilding your credit to a level that's enticing to creditors, lenders, and other businesses. To help keep your credit score safe, here are 10 things that hurt your credit.
1. Paying late is probably the worst thing that could ever happen to your credit score. That's because payment history has the biggest impact on your credit score. Make sure you send at least the minimum payment on time - ahead of time to be on the safe side.
2. Maxing out your credit cards. The second biggest factor influencing your credit score is your level of debt. If your credit card balances are too close to your credit limit, your credit score takes a plunge. Keep your balances below 30% of your credit limit.
3. Putting in too many applications. Keep your credit card and loan applications to a minimum. The more applications you put in, the lower your credit score will be. Lenders start to think you're desperate for credit and that's not an attractive quality of a borrower.
4. Closing credit cards with balances. When you close out a credit card with a balance, that balance is still reported to the credit bureaus. Your credit limit, however, is now reported as $0, and you've just maxed out your credit card.
5. Skipping out on the rent. Just because your landlord doesn't regularly report to the credit bureaus that doesn't mean he or she won't tell on you when you don't meet your obligations. If you stop paying your rent, expect your landlord to report it to the credit bureaus.
6. Unpaid medical bills. Who knew that being sick could affect your credit? If you fail to pay your medical bills, they can end up in the hands of a debt collector and on your credit report.
7. Being a new borrower. The age of your credit history influences your credit score. If you've just started out with credit, you'll naturally have a lower credit score. Just be smart with your credit usage and you'll see your credit score rise over time.
8. Closing old credit cards. Anytime you close a credit card you've had for a long time, your credit score could take a hit. That's because that card is taken out of the equation for calculating the length of your credit history. So, leave your really old credit cards open and use them periodically, even if you don't like the terms.
9. Paying less than the minimum. Many people don't realize that making less than the minimum payment qualifies as a late payment. If you can't afford your minimum payment, contact your credit card issuer to make other arrangements. Don't wait until your due date. Call early.
10. Filing bankruptcy will damage your credit score and remain on your credit report for up to 10 years. Before you file bankruptcy, make sure you absolutely cannot repay your credit cards no matter how hard you try. Your credit score is an important number. Making the right decisions about all your bills will help ensure you have a good credit score when you need to get a credit card or apply for a job.
By LaToya Irby
1. Paying late is probably the worst thing that could ever happen to your credit score. That's because payment history has the biggest impact on your credit score. Make sure you send at least the minimum payment on time - ahead of time to be on the safe side.
2. Maxing out your credit cards. The second biggest factor influencing your credit score is your level of debt. If your credit card balances are too close to your credit limit, your credit score takes a plunge. Keep your balances below 30% of your credit limit.
3. Putting in too many applications. Keep your credit card and loan applications to a minimum. The more applications you put in, the lower your credit score will be. Lenders start to think you're desperate for credit and that's not an attractive quality of a borrower.
4. Closing credit cards with balances. When you close out a credit card with a balance, that balance is still reported to the credit bureaus. Your credit limit, however, is now reported as $0, and you've just maxed out your credit card.
5. Skipping out on the rent. Just because your landlord doesn't regularly report to the credit bureaus that doesn't mean he or she won't tell on you when you don't meet your obligations. If you stop paying your rent, expect your landlord to report it to the credit bureaus.
6. Unpaid medical bills. Who knew that being sick could affect your credit? If you fail to pay your medical bills, they can end up in the hands of a debt collector and on your credit report.
7. Being a new borrower. The age of your credit history influences your credit score. If you've just started out with credit, you'll naturally have a lower credit score. Just be smart with your credit usage and you'll see your credit score rise over time.
8. Closing old credit cards. Anytime you close a credit card you've had for a long time, your credit score could take a hit. That's because that card is taken out of the equation for calculating the length of your credit history. So, leave your really old credit cards open and use them periodically, even if you don't like the terms.
9. Paying less than the minimum. Many people don't realize that making less than the minimum payment qualifies as a late payment. If you can't afford your minimum payment, contact your credit card issuer to make other arrangements. Don't wait until your due date. Call early.
10. Filing bankruptcy will damage your credit score and remain on your credit report for up to 10 years. Before you file bankruptcy, make sure you absolutely cannot repay your credit cards no matter how hard you try. Your credit score is an important number. Making the right decisions about all your bills will help ensure you have a good credit score when you need to get a credit card or apply for a job.
By LaToya Irby
Subscribe to:
Posts (Atom)