The Truth about Payday Loans :Young, British and Broke
People with good credit records normally have better chances to be approved for long-term personal loans. But it’s not the case with all long-term personal loans. There are two subtypes, secured and unsecured. With the secured type, any asset should be given as collateral to the lender before getting approved for the loan. The borrower can repay for a long period of time, say 5 to 25 years, and because of this, the monthly payment can be cut down. After repaying the total loan amount, the borrower can then get the asset back from the lender. What’s the truth behind these loans? I know, it all boils down to how we manage our borrowed instant money. But still, this video is worth watching.
Categories: Loan Videos Tags: British, Broke, long, Payday Loans, Young
FHA To Fix Loan Problems
It is undeniable that the economy nowadays is suffering from its own problems. There is a current recession that is not only felt by the ones involved in the industry but as well as the clients and the consumers. That is the reason why even lending companies who provide loans have also made it a point to become strict in approving applications and have raised their bars a little bit higher.
Before you get yourself a loan, there are requirements asked by your chosen bank or the lending company of your choice. Moreover, there are credit scores that must also be met in order for them to consider your application. However, there are ways wherein you can do away from all these. There is a bad credit mortgage referred to as FHA or Federal Housing Administration that can solve your loan problems.
Federal Housing Administration is best fit for those people who has less than perfect credit history. It is somewhat the same as your standard average loan only that is has more flexible guidelines that must be followed. It promises a stunning 100% of the loan amount that the lender can provide as long as you are qualified. The FHA is also applicable in almost all lending companies and big time banks where you can get the best mortgage loan interest rate. It gives you a very good offer and a wide range of options to choose from.
For the guidelines, read on and you will learn each of them. It does not matter anymore how awful your bad credit history is as long as you have not missed any payments in the last 12 months. But if you do, another way to save you is as long as you have a high credit score which is 720 points or more. This will compensate for you lack of ability to meet dues on time. For FHA, they are lesser tight when it comes to credit score. As long as you fall from 620 points and above then you are good to go. Also. The typical manner of loaning is that you have to settle all your collection and judgments before you can close a loan. Because if you fail to do so, then the collectors will get the first bids and not the lender who have loaned you the home loan in the very first place. But in FHA, you do not have to deal with these kinds of problems.
FHA does not tolerate your being bad in paying loans. It is just a strand of hope that allows you to have other options when the going gets tough.
Categories: Loan Articles Tags: companies, FHA, loan, loan issues, loan problems, long
What Long Term Personal Loans Are All About
A borrower is only able apply for a loan over the phone or online from a certain loan officer or an agent. And it is a known fact that lenders base the interest rates on how much was borrowed, the length of payment period, and the financial status of the borrower. There are two types of personal loans based on terms, the long-term and short-term. The two are set apart from each other because of the repayment period.
People with good credit records normally have better chances to be approved for long-term personal loans. But it’s not the case with all long-term personal loans. There are two subtypes, secured and unsecured. With the secured type, any asset should be given as collateral to the lender before getting approved for the loan. The borrower can repay for a long period of time, say 5 to 25 years, and because of this, the monthly payment can be cut down. After repaying the total loan amount, the borrower can then get the asset back from the lender.
Unsecured long-term personal loans do not require any assets whatsoever. It aids people to boost their credit by paying on time and in full amounts. Since this is considered as a high-risk loan, expect that interest rates will also be high.
There are two types of interest rate in long-term personal loans, fixed rate and variable rate. With fixed rates, it simply means that the interest rates never change all throughout the life of the loan and so is the payment, while with variable interest rates, the payments change constantly depending on the current interest rates. The variable type is the riskier one then since it depends on the market situations.
There are two types of interest rates in long-term personal loan, fixed and variable rates. Fixed rates mean the interest rates never changed thought the life of the loan. The variable interest rate features a fluctuating payment in accordance with the current interest rates. Variable interest rates have more risk than the fixed rate as variable rates changes according to the market situations.
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Categories: Loan Articles Tags: interest, loan, loans, long, long term loans, Long Term Personal Loans, personal loans, term
Q&A: How long does it take it when you do a cash advance or loan to appear in your credit report?
Question by ME: How long does it take it when you do a cash advance or loan to appear in your credit report?
I am closing tomorrow on my first home. People, not the realtor told me that you should not do any cash advance or purchases with your credit card. You should also not do any loans because the banks pulls your credit report right before the closing and they don’t like to see any purchases or loans. I was told today that I might have to pay something at the table tomorrow at closing. Just in case I wanted to take out 1000 from one of my credit cards in case it was more than what I have. Do you think If I do a cash advance or signature loan 2 hours before the closing that it will show up in my credit report? I’ve heard that the credit report does an update monthly not daily or hourly. Please let me know what you know =)
Well, they know I had money in my savings because they verified that. I had $ 9k I gave $ 3k to for the contract and canceled it before the 15 days because I still wasnt approve and then I gave again $ 3k and did another contract and canceled again because I still wasnt approved and then now the last time $ 3k which is what they are returning back to me tomorrow at the closing. So, they should be aware that I have money and due to the delay in the approval I had to cancel and re-due the contract to hold the apt.
Best answer:
Answer by Etta P
I believe you will be fine. If a lender pulls a credit report today, right now, only the account information that will be updated will be thru the end of the last 30 day cycle or monthly will show up. Exception will be any inquires will show up right away. Please keep in mind that borrowers are not permitted to use unsecured advances for purposes of purchasing a home, so if an inquiry does show (which normally credit card advances do not cause an inquiry unless you are asking for an increase in credit limit) and the lender may ask you for a letter of explanation. They will be looking for you to say that there was no new debt. But if you say your taking a cash advance to close on the home, then that will hold things up. That is just food for thought. Hope it helps
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Some Things To Know About Personal Loans
Borrowers are able to apply for a loan over the phone or online from a certain loan officer or an agent. It’s no secret that lenders base the interest rates on how much was borrowed, the length of payment period, and the financial status of the borrower. There are actually two types of personal loans based on terms, the long-term and short-term. They differ from each other because of the repayment period.
People that have good credit records usually are more likely to be approved for long-term personal loans. The interest rates of this type of loans are higher than the other one, thought. Collateral or any certain types of security are usually required so the creditor has the right to repossess the property of the borrower in the event he/she does not pay.
But it’s not the case with all long-term personal loans. There are two subtypes, secured and unsecured. With the secured type, any asset should be given as collateral to the lender before getting approved for the loan. The borrower can repay for a long period of time, say 5 to 25 years, and because of this, the monthly payment can be cut down. After repaying the total loan amount, the borrower can then get the asset back from the lender.
Unsecured long-term personal loans do not require any assets whatsoever. It helps individuals to enhance their credit by paying on time and in full amounts. Since this is considered as a high-risk loan, expect that interest rates will also be high.
There are two types of interest rate in long-term personal loans, fixed rate and variable rate. With fixed rates, it simply means that the interest rates never change all throughout the life of the loan and so is the payment, while with variable interest rates, the payments change constantly depending on the current interest rates. The variable type is the riskier one then since it depends on the market situations.
There are two types of interest rates in long-term personal loan, and those are fixed and variable rates. Fixed rates are interest rates that never changed throughout the life of the loan. The variable interest rate has a fluctuating payment that goes with the current interest rates. Variable interest rates have more risk than the fixed rate as variable rates changes according to the market situations.
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Categories: Loan Articles Tags: fixed rates, interest, loan, long, Long Term Personal Loans, personal loans, term, variable rates