Consumer Credit Expert Speaks About Small-dollar Personal Loans
www.AssociationForResponsibleLending.org The Foundation for Safe and Responsible Lending Consumer installment loans, long considered the foundation for safe and responsible lending, are in vogue again. This proven money management practice for personal debt is based on sound financial principles and good insight into human nature. Personal installment loans are a transparent, affordable and disciplined form of credit which helps consumers meet important economic needs. In critical circumstances, these loans also help smooth out income fluctuations and disruptions from unexpected events like car repairs or medical expenses. An installment loan provides a properly structured and timely repayment schedule based on an individual’s actual ability to pay. It also inherently creates the satisfaction associated with achieving important financial goals through the practice of personal responsibility. Protecting Consumer Access to Responsible Credit Consumers Making Good Decisions for the Right Reasons The Same As It Was Over 100 Years Ago With traditional installment loans, the process today is the same as it was over 100 years ago. The industry provides high quality loans in a strongly regulated marketplace with all appropriate consumer protections—without having to rely on taxpayer subsidies. Clearly, it is imperative to keep a healthy, diversified private enterprise consumer loan industry available in this country. When lending is available through private enterprise, we …
Categories: Loan Videos Tags: About, Consumer, Credit, Expert, loans, Personal, Smalldollar, Speaks
Q&A: How can you go about getting a personal loan from a bank? What collateral do you usually need?
Question by Mike D!: How can you go about getting a personal loan from a bank? What collateral do you usually need?
I will probably need to replace my car soon, but I don’t know that I want a traditional car loan because it would require having more insurance, and thus be rather expensive for me. (It’d be about double for me, as I don’t have a spotless driving record). I was wondering if instead I could get a personal loan from the bank, say in the neighborhood of $ 3-5K and use that for a car thus saving me a bunch of money by not needing collision coverage if I could pay for the car in cash.
Now the questions … is this possible, or is there usually some stipulation that you can’t use a personal loan for a car? What sort of collateral do you usually need for a personal loan? If you have good credit, can you get one w/out collateral? Any info would be greatly appreciated! Thanks!
Best answer:
Answer by WhiteWolf359
I don’t know what state you live in, but in Florida you are required to have collision insurance for at least $ 10,000, even if you own your car. As to personal loans, yes, if you have good credit, you can usually get one with no collateral. Just explain to the bank that you want the money to purchase a new car, and arrange a repayment schedule based on your current income. Most banks will do that.
Give your answer to this question below!
Categories: Loan Questions Tags: About, bank, collateral, from, Getting, loan, Need, Personal, usually
Can you get a personal loan to use as your personal contribution on a business loan?
Question by templeofdoom1234: Can you get a personal loan to use as your personal contribution on a business loan?
I want to get a personal loan as my 20-40% contribution on a business loan. Can I do that?
Best answer:
Answer by imisidro
I highly doubt you can do that
The banks will want to see that you have the 20-40% money when you apply. That means you should have gotten the personal loan PRIOR to applying for the business loan
The problem with that is that the banks do credit checks. They will see that you’ve gotten a loan for the same amount you’re saying as your contribution. And that could jeopardize your chances of getting the business loan
Save up. Or seek out loan from other sources, one that will not be tracked with a credit check — e.g. families and friends
Add your own answer in the comments!
Categories: Loan Questions Tags: Business, contribution, loan, Personal
Personal Loans – Get The Facts About Personal Loans
If you need a little bit of money to help you out, then you can turn to personal installment loans to help you achieve your goals. Many people love these loans because they allow you to borrow a large chunk of cash and pay it back over time with monthly payments. The money you borrow can be used for any reason you want and over time you will pay it back so this is a great help when you need money. Of course, the lender is going to charge an interest rate, but in most cases you can pay the loan back early if you want and avoid some of the interest.
When you take out personal installment loans, you are agreeing to pay the loan back on the lenders terms. Whatever the agreement you have reached with the lender is will determine how much you pay back, what your interest rate is, and how long the loan will be for. You should make sure you read over all the details of the contract between you and the lender so that there are no surprises.
You will also need to consider your credit when getting a personal loan. If you have really good credit you can get a lower interest rate and a larger loan amount. There are a lot of people out there that have no idea what their credit looks like and that is a big problem. It is important that you know what is on your report and what your score is so that you can get approved by the right lender faster.
If your credit is really bad or even just somewhat bad you might struggle to get the loan you are after. There is an option that is not as attractive, but it can help in an emergency or in a bind. You can always get personal installment loans from a payday loan or cash advance store. You will have to pay them back faster and you really only want to use them in an emergency.
Written by behing01
Related Installment Loan Articles
Categories: Loan Articles Tags: About, Facts, loans, Personal
What You Should Know Before Doing Any Personal Loan Comparisons
Nowadays, there are lots of personal loans offered by many financial institutions. We have the liberty to compare personal loans conveniently and easily. In financial terms, a personal loan is defined as single payout loan requested by an individual borrowed from a financial institution. For it is considered a loan, specific loan terms apply. Loan terms vary widely from institution to institution, but the common loan terms are; amount of the money to be loaned, interest rate and payment arrangements.
Needless to say, before getting a personal loan, it is best that you do some personal loan comparison. Although it may take up a bit of your time, but it is vital that you do your homework to get the best possible deal, and also to avoid future headaches.
What are the things you should check when you compare personal loans? You are the only person who can provide the exact answer of that in relation to your financial needs, but here is a basic guideline that you should start with.
The first and most important thing to check is the interest rate of course. Just like in most loans, interested rates are presented in “Annual Percentage Rates”, also known as APR. This number is the amount you have to payback to the institution annually.
Personal loans APR vary widely from different institutions. This can be a great advantage for you. The more options you can take to consideration, the more chances you have to find the best one that suits your needs.
Comparing personal loan APR is easily done with the aid of the Internet. A simple search and browsing accomplishes this in no time. As a reminder, be sure to check additional charges that may come with the APR to have a better overall picture of the loan offered by a firm.
Although one thing to note during such personal loan comparisons, is that you might not qualify with the rates that are being advertised. There are many factors that impede you to qualify, but the most common yardstick is one’s credit score.
Credit score is dependent on many factors. Factors may include your income, assets, your payment behavior on previous and/or current debts and the length of such debts are held.
Of course, there are other factors that you have to check, but APR should be the first priority on your checklist when it comes to comparing personal loans. It is highly advisable that you get this down first before moving to other things.
For more information regarding personal loan comparison, compare personal loans and personal finance loans, please visit: www.lowerbills.com.au
Written by John.matthew
Categories: Loan Articles Tags: before, Comparisons, Doing, Know, loan, Personal, Should
Loans Personal And Business Loans
What are personal loans? Have you heard of business loans? Did you ever think of getting a loan for yourself? Do you even know how? Do you want your loan to be approved very fast?
The video will give you a proper introduction about the things you have to remember about personal and business loans. This will be key to have easy understanding about getting your own loan. This can be a weapon in getting you out of the problem you are in, particularly financial crisis.
Understanding loans will be easy for you after watching this detailed video. Loans will help you have the money you want in the event of emergency situations like paying the bills, educational expenses etc.
So watch this video, whether you are aiming to get a personal or business loan.
Categories: Loan Videos Tags: Business, loans, Personal
Payday Loan – Instant Cash Loan For Personal Financing
Most of us live from one paycheck to the next, falling short of cash through the month and having nobody to turn to till our next pay-day. Who has not encountered an unforeseen monetary emergency like school fees, surprise medical bill or vehicle repair costs just when you can hardly afford it? In this instance the financial pressure of being without money can be so heavy we simply don’t know which solution to use or which person to request aid. That’s when a Cash advance can become a huge lifesaver!
Short-term Financial Solution:
Payday cash loans are small, short-term financial loans supplied by loan companies who charge a set, one-time financing fee. The loans given are usually around $450 – $1200. Unlike normal extended credit loans, the duration of the payday loan is short – typically until your next pay-check, or about 30 days – though some financing firms will be flexible on this requirement, depending on their financing policy.
In case you are looking for a fast cash remedy to your financial problems or cash-strapped situation. Then this kind of short term loan cash might be just the solution you’re searching for. You have to know the benefits.
24 hour Instant Approval:
The good benefit of these financing options is that they provide INSTANT cash, meaning that whatever your financial problems, you may have the cash you require in your banking account inside of 24 hours of obtaining the loan.
Apply From Home via Internet:
One more great advantage is that these small loans are fast and simple to get – and nearly everything is done on the internet. And the great news is it is possible to qualify for temporary advance cash even though your credit score is bad. The borrowed funds do not rely on your credit rating. To be able to qualify, you just need steady employment, along with a valid banking account.Application for payday loans is easy. You can get a cash loan online approved within a few hours of sending your application. There are many ways of applying for a loan cash. It all depends on the company that you are with dealing with. Some companies supply No Fax Payday Loans and others provide Fax Payday Loans. With a Fax Cash Loan, you have to fax your pay slip to the company along with the application form.
No Paperwork Required:
These small term payday cash loans are particularly made for monetary emergencies, and include a simple, smooth lending procedure. There’s no trouble of completing dozens of documents. The entire loan application is performed easily on the internet – and within a few minutes!
You will have a nearly 100% probability of being accepted for a cash advance if you fulfill the financing criteria for the financial institution. Therefore the next period you’re in a monetary crisis, keep in mind there is an exit with a temporary pay day loan. It is as easy as breathing.
Written by dtrance
Entrepreneur,QS Technician,Application Developer,Marketing Coordinator, Editorial Administrator
personal loan?
Question by lookinout: personal loan?
I am trying to get a personal loan through my credit union. I have bad credit due to immature decisions when I was younger. I now pay my bills on time and am capable of paying back a loan. Do you think I have a better chance of getting the loan if I have collateral and a co-signer?
Best answer:
Answer by k-po
=)
Know better? Leave your own answer in the comments!
Categories: Loan Questions Tags: loan, Personal
Personal Installment Loan No Credit Check – The Cash You Need When Times Are Tough!
Are you in need of a personal installment loan, but you have credit issues? If so then you are probably looking for no credit check personal installment loans. This is not an easy loan to find because your credit usually is checked for any type of financing. You should know about both types of options for your loan.It is important that you start by checking with your own bank or financial institution.
Your bank might be able to help you even if you think they cannot. If you have been with them for many years, have had other loans in the past with them, or have investment accounts with them, then they may be able to help you when you need a personal loan. They will check your credit, but if you have a good history with them, then they might give you a loan regardless of your credit. Plus if you check with your bank first and they can help you, then you will get a lower rate and it will be very easy to make your payments as well.
Second, you can use Prosper. This is a marketplace for private lenders and borrowers to meet. They will pull your credit, but only once and they will give you a credit rating with them. Once they have done this the private individual lenders will be able to bid on your loan listing and help to fund your personal installment loan. This is a great way to get a loan because it is not always about credit with Prosper. Plus when you are dealing with individual people you will have a better chance to find someone that has had bad credit before and knows how hard it is for you to get the money you need.
Last, the best option for no credit check personal installment loans is to get a payday loan or cash advance. Most of these companies never check credit and it is always based on the income you have. These loans can go from $100 to $1,500, but they will have to be paid back within 30 days. You can usually extend the loan for another 30 days for a fee that is about 3% to 5% of the loan amount. It all depends on the lender. This is a great option if you need money and you need it fast because you can get this type of installment loan overnight and sometimes even with an hour or two. If you have an emergency you have to take care of you can do so with a cash advance or payday loan very quickly.
Written by behing01
Categories: Loan Articles Tags: cash, Check, Credit, Installment, loan, Need, Personal, Times, Tough
If You Apply For a Personal Loan?
Leverage Personal loans for its own benefit.
High School Students: If you apply for a Personal Loan?
Leverage Personal loans for its own benefit
Personal student loans are other financial options available to you if you are still in arrears with their school expenses bottom line. Consider a personal loan as a last resort, a subset of private student loans. The range of financial products, is due some respect: Access is when you completely informed of their requirements and contingencies.
Personal loans specifically for you, college students are not as abundant as private student loans.
Typical loan criteria:
* You must be enrolled at least halftime in a degree program.
* You must have a good credit history to a single borrower, or you can borrow with a co-Signor.
* Due dates may be limited.
* The maximum loan limits vary, but may be as well as the total cost of your education.
Want to know how versatile personal student loans can be? Here is an example of well-known student loan lender:
Bank offers three loan that could be considered personal student loans Signature student loans, tuition answer loan, and sign a student loan for community college. These articles illustrate the diversity of financial products for you to have access. Each is packed with special features and slightly different requirements, which is designed for financial flexibility.
Interest Rates and Interest Rates Personal Loans and Personal Loans
Interest rates on private student loans are almost entirely variable. This means that potentially could be significant fluctuations in the lending rate for the entire duration of your loan. You have very little control in this area.
Here is the reason why the interest rate is really important loan feature, you must not ignore the checkout: specifies how much more you will pay in excess of the amount you originally wanted to borrow.
In plain English: if you borrow $ 10,000 personal loan, you pay much more than that amount at the end of 10 or 20-year repayment period. This is the fee for the loan. Taking a loan is not free.
Repaying Private Student Loans
Let’s look at the traditional student loan repayment choice you have for your federal loans: the standard, graduated, extended and income sensitive. You also have deferment options and patience with the federal loan repayment. Unlike personal loans for students would be arbitrary due dates and interest rates.
Shop for private student loans, that:
Specifically for students: they require you to prove registration.
Allows you to defer payments when you are in college.
Personal Student Loan Providers
The best solution for personal student loans is to buy stock in student loan providers. All private banks to extend personal loans (including bad debt), but most of them are specific to student.Loans could be less structured and have high levels and interest rates-generally much less borrower-friendly.
If you have limited credit history, and have not had much luck with the banks, you can try one of the newer services such as Prosper P2P Loan, which specialize in personal loans.While they were recruited people with limited credit, borrowers do not agree with a poor credit history, because they fear it could increase the perceived risk for lenders to use their services.
The best strategy for the use of personal student loans
There is a good way and wrong way to use personal loans for education.
Here is the best strategy:
1st Always apply for federal student loans before anything else. Squeeze as much funding as possible.
Leverage Personal loans for its own benefit.
2nd Determine how much money you get from your college or university in the form of grants and scholarships.
3rd With college cost calculator, add your tuition, room and board and other expenses you will be responsible for providing care to high school. Subtract the value of their federal loans, then your school scholarships and grants, and finally all the cash you’ve got savings for education. The balance will be left is the amount of money that still has to count for your college education realistic. You have no income when you are in college? If yes, subtract that right now.
4th Armed with this finale, the rest of the figure educate yourself about the many personal and private student loan products. At this point you can decide that it is necessary to turn to personal or private loans.
Personal student loans can be useful tools when used correctly. Shop carefully and find one that works for you.
Written by zdenek
Categories: Loan Articles Tags: Apply, loan, Personal