Can I take out a school loan from a bank with a co-signer if I haven’t paid off a pay day loan?
Question by GG87: Can I take out a school loan from a bank with a co-signer if I haven’t paid off a pay day loan?
I am preparing to go back to school in the spring and will be applying for a school loan through a bank with a co-signer. I have a delinquent pay day loan that I haven’t paid off yet and has been sent to a collections agency. I need to know if this in any way will hinder my chances of receiving my school loan.
Best answer:
Answer by Shania
Student loans are meant to help students who are unable to bear their educational expenses. Student loans are different in different countries in the way they are devised, but then the common types of student loans available are the undergraduate loans, college student loans, private student loans and federal family educational loans.
Student loan repayments are not made until the student completes his graduation. This facility helps him to concentrate on his studies and earn some little amount of money while he is studying, but repayment has to start once he finishes his education.
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Bank Credit: A Study of the Principles and Factors Underlying Advances Made by Banks to Borrowers (1920)
Bank Credit: A Study of the Principles and Factors Underlying Advances Made by Banks to Borrowers (1920)
Originally published in 1920. This volume from the Cornell University Library’s print collections was scanned on an APT BookScan and converted to JPG 2000 format by Kirtas Technologies. All titles scanned cover to cover and pages may include marks notations and other marginalia present in the original volume.
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Categories: Loan Products Tags: 1920, advances, bank, Banks, Borrowers, Credit, Factors, Made, Principles, study, Underlying
How many bank accounts and credit cards should I have?
Question by Pepper: How many bank accounts and credit cards should I have?
I am currently a college student with 2 checking accounts (Wamu- 3 years & BOA- 1 year) and 1 credit card (Citi- 1 year). I have always met the requirements for my checking accounts and paid all my credit card bills on time. As for loans, I do have about $ 10,000 of student loans in debt. I was wondering if it is okay for me to get another credit card. Also, many say that having a lot of credit cards are bad for you. What is the reccomendation of how many bank accounts and credit cards should I have so that my credits would not go down? Thanks in advance!
Best answer:
Answer by Smoovy Loco
It’s not uncommon to have multiple bank accounts with different banks, from my past and current experience, I primarily do all my business with one bank if possible. I’m going to list the types of accounts that you should have in order to prepare yourself financially:
1. Checking account- This is the primary tool to not only monitor your finances, but to pay all your bills on time.
2. Savings account- This should be used as a primary reserve that should be used in the event of emergencies and as a backup reserve to your checking account.
3. Traditional/Roth IRA- This should be your primary retirement account. Anytime that you have a 401K,402g, or 403b plan, and plan to switch employers, this would be the account to move or “rollover” your retirement savings to.
Now as for credit cards, You should have 2 major credit cards and 1 department store card. Some people have more credit cards, but actually fewer cards established for a longer time, should be all that’s necessary. The longer you establish credit by making payments on time and managing your available credit responsibly, the credit limit can and usually is increased to where that will be all you need. Some people have multiple credit cards for whatever reason, but the 2 most important things to remember when using them is to pay on time and manage your available credit.
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How does a secure bank loan work?
Question by tampabay5400: How does a secure bank loan work?
What do you do, what do you gain from doing a secure bank loan?
Best answer:
Answer by Smart1
It’s a loan with something as collateral. Sometimes cash, sometimes a car, house, or land.
Example:
I have $ 1,000 in my savings account that I don’t want to spend, but I need to buy school books which total $ 500. I can ask the bank for a secured loan on my savings account. They will then freeze the $ 500 and extend the loan. Once the loan is paid off, they will unfreeze the funds.
It will most likeley cost you some fees to apply and some interest, but secured loans have much lower interest rates and build your credit.
They are benefitial because you can keep your money in savings. They are also helpful for people with bad credit or no credit. When you pay on time, it increases your credit score.
Most of the time though, people use secured loans to buy houses/real estate, cars, or to get business loans.
If you use something besides cash, If you can’t pay, the bank will seize the property and sell it to try to get enough to pay the balance of the loan. If it is not worth enough, you will still owe the difference. If it sells for more that what you owe, the bank will usually pay you the difference.
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Categories: Loan Questions Tags: bank, loan, secure, work
Are there any kind of Payday Advance that pays with MoneyGram or Western Union instead of a bank account?
Question by darrellbuckman: Are there any kind of Payday Advance that pays with MoneyGram or Western Union instead of a bank account?
I am needing a payday advance loan that I can apply for on-line, but I don’t have a bank account. Are there any services like that, that will loan me via Money Gram, or Western Union? I need the money by tomorrow evening, but I can’t go all the way to the actual location, the closest thing is a walmart or publix money services. Please help me!
Best answer:
Answer by gameboyxp20
No,
No Payday Loan companies will loan you money without a bank account. You can get a bank account for people with bad credit.
The only other option is a pawn shop. They will take an item worth let’s say $ 1,000 and give you a loan of say $ 250. If you payback in 30 days then you get your item back, if not, then they sell it. Things like Rings, TVs, Computers, etc. Call them and ask them what they want. Look it up online or in your local phone book.
You will need an ID and you will need to fill out paperwork in case it is found that your collateral is stolen, they can then turn you into the police. With certain pawn shops, you don’t need a checking account, just an ID and a piece of mail and an item of value as far as I know.
Good Luck.
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What do loan officers look for in your past bank statements?
Question by BGOQ: What do loan officers look for in your past bank statements?
As I’ve been doing homework on the loan process for a first-time mortgage, it struck me as peculiar that it is recommended (required?) to bring six months of bank statements to your loan visit. This seems to me to be a little invasive on privacy, yet I’m not sure what the purpose is. What do they look for specifically? Is it to verify income, or do they actually look at every single item? What if I have multiple accounts/banks, should I bring six months worth of statements from each bank? Is this the same with bank loans as it is with mortgage brokers? Always, thanks for your answers!
Best answer:
Answer by Mike M.
They look at the general activity, deposits, overdrafts, balance etc. It gives a rather good picture of how you handle personal finances. They also want to know where the down payment is coming from if it’s not in your account. I would take all statements from all accounts. You’re better off not trying to hide anything, they will find it. This is standard for mortgages whether a bank or broker. It’s only “invasion” of privacy if you don’t give prior permission. You can refuse to provide any info you want, but you may not get the mortgage.
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Categories: Loan Questions Tags: bank, loan, Look, Officer's, past, statements
How does the personal loan from banks such as Bank of America or Citibank work?
Question by BeBeAdY: How does the personal loan from banks such as Bank of America or Citibank work?
I just received an offer to apply for a personal loan for up to 35,000 with Bank of America and for up to 5,000 with citibank. I actually need no more than 7,500. The interest rate is between 9,97 and 27,88 based on credit worthiness. I will like to know how it works. I’m hesitating between that and applying for a credit card. My credit score is fair (650). A friend advised me to go for the loan because it’s a guaranteed fixed interest. But since I’ve never done it before I will appreciate some more advice. Thanks so much.
Best answer:
Answer by Mrs Apple
Loans and credit card are quite similar. It really depends on your credit history and your employment status. No company will give you money if you don’t have a job. Loans and credit card interest can be fixed or variable. This is something that you need to talk to the bank about. Don’t apply for a credit card if the interest is not fixed. The only difference is that a loan will require you to pay off at a certain amount of time. This is how the bank calculates your monthly payments. As for credit cards, you can pay off anytime you want but you’ll need to make minimum payments. Since you are only making minimum payments, you can end up never paying off this debt. However, you can negotiate on the interest rate in the future if your credit history improves.
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Credit Engineering for Bankers, 2nd Edition: A Practical Guide for Bank Lending
Credit Engineering for Bankers, 2nd Edition: A Practical Guide for Bank Lending
More efficient credit portfolio engineering can increase the decision-making power of bankers and boost the market value of their banks. By implementing robust risk management procedures, bankers can develop comprehensive views of obligors by integrating fundamental and market data into a portfolio framework that treats all instruments similarly. Banks that can implement strategies for uncovering credit risk investments with the highest return per unit of risk can confidently build their businesses.
Through chapters on fundamental analysis and credit administration, authors Morton Glantz and Johnathan Mun teach readers how to improve their credit skills and develop logical decision-making processes. As readers acquire new abilities to calculate risks and evaluate portfolios, they learn how credit risk strategies and policies can affect and be affected by credit ratings and global exposure tracking systems. The result is a book that facilitates the discipline of market-oriented portfolio management in the face of unending changes in the financial industry.
- Concentrates on the practical implementation of credit engineering strategies and tools
- Demonstrates how bankers can use portfolio analytics to increase their insights about different groups of obligors
- Investigates ways to improve a portfolio’s return on risk while minimizing probability of insolvency
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Categories: Loan Products Tags: bank, Bankers, Credit, Edition, Engineering, Guide, Lending, Practical
Bad Credit Personal Loans- Helpful Hint Regarding Online Personal Bank Loans
People can obtain instant private loans for practically any purpose-be it an emergency, or to avoid late or delinquent payments, or just for routine purchases. Whatever the reason applying for an instant private loan is easy, quick, and free. People, particularly those who are employed or have sources of earnings, just has to fill out an application form available online. Would-be borrowers are advised to make sure that the information they provide is correct to avoid delays due to inaccuracies.
Are you searching for information related to loans personal or other information somehow related to payday loans, or personal unsecured bad credit loan? If yes, this article will give you helpful insights related to loans personal and even somehow related to ohio unsecured personal loans for people with bad credit and home improvement loans that you might not have been aware of.
If you’re a home owner there is always a possibility of re-mortgaging your house. However, if you have had difficulty in keeping up with the mortgage payments, this may also not be the answer, unless of course you can arrange for longer repayment terms.
The costs are excessively expensive and could be as high because the equivalent of 30 percent of the loan. The combination of a short term payment schedule and high costs that should be fully liquidated on the following payday would be daunting even to the bravest soul. Looking at personal loans from that viewpoint, the borrower should pause and think, not once but twice, before taking the plunge.
You have to be prepared to explain the negative marks on your subsidy report, but, once again, lenders always consider your repayment ability first. In addition, you must anticipate longer application processing times compared to prime loan applications, as lenders will should verify your financial stability.
As most likely, pay your loan in short term to avoid paying huge amount of high interest rate. If not, try to rebuilding your subsidy first therefore that you’ll get the regular loan with lower interest rate. Don’t forget, loans are there to help the people in want but this kind of aid need pay back since its business.
It was intriguing to find that many people, oblivious of their background, found this article related to loans personal and other poor credit personal loan, no fax payday loan, instant loans, and even tx unsecured personal loan for people with bad credit helpful and information rich.
A poor credit situation can cause endless hours of worry and a great deal of distress, but the circumstances is never irreversible. By talking to the right people and being honest private loans poor allowance need not be an issue for you or your family any longer.
Written by sudarsan chhetri