Should I take try and get a bank loan to pay off my student loan?
Question by steven: Should I take try and get a bank loan to pay off my student loan?
My student loan is variable interest and sits at 12.25% right now. I owe 11,100$ on it. Would it be better for me to try and get a bank loan to pay it off so that I’m dealing with the bank instead of the Sally Mae loan?
Best answer:
Answer by bluebell
It would be good for you to find a lower rate of interest.
Find out from banks and local credit unions what their rate of interest is for a personal loan. When you have found the best rate, ask there about the possibility of a loan. If that is credit union, you will need to join up as a member and start saving there, ideally every week. After about 10 weeks you may apply for a loan, and by then you will have created a “history” with them for reliability, and getting the loan is virtually assured. You need to repay it (ideally weekly) over 5 years. A loan this size would cost approx. $ 65 weekly in my credit union over 5 years, or $ 95 weekly over 3 years.
Add your own answer in the comments!
Underwater Home: What Should You Do if You Owe More on Your Home than It’s Worth?
Underwater Home: What Should You Do if You Owe More on Your Home than It’s Worth?
- ISBN13: 9781456365707
- Condition: New
- Notes: BRAND NEW FROM PUBLISHER! 100% Satisfaction Guarantee. Tracking provided on most orders. Buy with Confidence! Millions of books sold!
Underwater on your home? Don’t know what to do? Let one of the the nation’s leading experts guide you to the right decision. In Underwater Home, Professor White addresses all your concerns and helps you work through the emotions and practical realities of being underwater on your home. He explains your options and gives you the facts that will empower you to make the best decision for your family, free from guilt or fear, and with clarity, confidence, and peace of mind. Underwater Home is both an emotional and practical guide for the underwater homeowner. Professor White explains when it makes financial sense to stay in your underwater home and when it makes sense to get out. And he offers no-nonsense insight into how to negotiate with your lender. If you’re underwater on your home, you can’t afford not to read this book. “In a tone that is both conversational and precise… lays out the case for and against walking away from an upside-down mortgage where the home is worth less than the mortgage balance. As is his habit, Mr. White strips away many of the emotional reasons that are often touted to deter walkaways. – Wall Street Journal, Decemeber 7, 2010. “Underwater mortgage? The book banks and Fannie hope you won’t read.” Reuters, December 15, 2010 “Law Prof’s Book Helps Underwater Homeowners Decide When to Walk Away” – ABA Journal, December 8, 2010. “A how-to book on strategic mortgage default.” – Orlando Sentinel, December 15, 2010 “Brent White, a University of Arizona law professor who has preached the morality double standard that homeowners face while companies default on loans without so much as a second thought, now makes his case in a book that virtually holds homeowners’ hand through the process. He tells them what to consider when deciding whether they should stop paying the mortgage… White even walks homeowners through the math to figure out whether they’re better off staying put and or walking away. – Orlando Sentinel, December 15, 2010
List Price: $ 18.95
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Categories: Loan Products Tags: home, It's, more, Should, than, Underwater, Worth
How To Buy A Home Using A Va Loan: What Every Home Buyer Should Know
How To Buy A Home Using A Va Loan: What Every Home Buyer Should Know
Almost everybody has a dream home. A place they like to stroll through in their thoughts, choosing make-believe paint colors for the walls and putting pretend curtains up. But for too many people, dream homes remain just that-dreams, but it doesn’t have to be like that at all. The dreams of owning a home has become a reality for millions of Americans by using VA loans to help purchase their home. Our eBook, “How to Buy a Home Using a VA Loan,” contains valuable educational information, tips, techniques and guidelines for buying a home using a VA Loan. This eBook describes the tools and techniques that will teach you how to prepare, qualify and purchase your home successfully using a VA Loan. This eBook includes plenty of examples, guidelines and instructions to make buying your home with a VA Loan a smooth, easy and quick process.
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Q&A: should I repay a life insurance loan?
Question by Nightflyer: should I repay a life insurance loan?
I borrowed $ 5000 from a whole life policy several years ago. I get a statement every 6 months saying I owe interest and am encouraged to repay the loan. Should I pay it back or just pay the interest now and then so the loan amount doesn’t become larger than the cash value, causing the policy to be terminated?
Best answer:
Answer by Ginger
Does your family need the total amount of the death benefit? If you don’t pay the loan back, the balance of the loan, plus interest, will be subtracted from the death benefit at the time of your demise, when a claim is made.
If you have plenty of coverage, less the loan and interest balance, then just pay the interest.
Give your answer to this question below!
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.
Add your own answer in the comments!
What Your Should Know Before Your Borrow Money Reviews
What Your Should Know Before Your Borrow Money
Hands fisted, knuckles white and angry tears pouring down her cheeks, Carol stormed through her front door and headed straight for the telephone. She tries to compose herself as she dials 911 to report her car as stolen.
The 911 operator takes her information and lets her know that an officer should be there momentarily. When the officer arrives, he takes her statement but also asks if there is any chance the vehicle was repossessed.
Carol jerks her head around at that question and tells the officer that she was 3 days late on her payment to a company that offers vehicle title loans. But, she queries, “surely that couldn’t be the problem? It’s only 3 days! Isn’t there supposed to be a grace period?”
The officer completes the statement and suggests that she contact the company who gave her the loan. After asking her to let the department know if it was indeed repossessed he leaves.
Carol calls the company and gets the bad news! Yes, just 3 days late and her vehicle is repossessed. Yes, she can get it back but in addition to the late payment she will have to pay the towing charge, impound fee and a penalty fee.
This scenario sounds pretty drastic, doesn’t it? Well, think again. It happens every single day more times than you would believe!
Carol is not a “bad” person. She did what all of us have probably had to do on occasion. She had an emergency and she required some quick cash. She is young, living on her own for the first time and has yet to establish her credit worthiness.
There is an important lesson to be learned by Carols’ experience. Forewarned is forearmed. Had she understood just how important it was to make her payments in a timely manner she would have done so.
Three days may sound pretty drastic, but in this particular case it was in the “fine print.”
If she had a copy of “What You Should Know BEFORE You Borrow Money,” she would have had a clearer understanding of what this type of lender expects. Had she known, she may have gone elsewhere to borrow.
Payday loans are similar to title loans in that they both charge inflated rates of interest, and they are also ready to pounce with additional charges whenever possible.
“What You Should Know BEFORE You Borrow Money,” is designed to help folks who are not knowledgeable about the “ins and outs” of borrowing. Take a look at some of what you will learn:
When and why borrow money?
What type of loan do I need?
What you should know before you shop for a lender.
How to apply for a loan.
Before you apply for a mortgage get the facts
Cleaning up your credit.
If you are already well-versed in all financial matters, this guide is probably not for you. However, if you have no experience in borrowing and are looking for some guidelines then this is definitely just the primer you need.
It’s also a great gift for anyone you know who would like to learn the basics of “Borrowing Money 101!”
List Price: $ 9.99
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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
All That One Should Know About Credit Cards
A Credit card is a thin plastic card which contains the name of the account holder, name of the bank or financial institution which has issued the card, 16 digit account number, magnetic strip which stores all information about your name, PIN, expiry date, credit limit and also the logo displaying the type of card such as Visa, MasterCard, Discover, American Express, etc.
Technically speaking its a card that allows its holder to buy goods or services on a credit. So its nothing but an unsecured loan. This means that unlike a secured loan, which is advanced by a bank or a financial institution, a Credit card is offered against without any security. So, the bank or financial institution take necessary steps to ensure that only those meeting certain parameters are qualified to get a Credit card.
A Credit card establishes a revolving credit agreement between you and the issuing bank. You are given an account with a certain credit limit and once you pay back the amount which you have spent by charging your card, the money is once again available to use up to the credit limit. But you must pay at least a minimum amount by the due date, generally once every month. You will pay a finance charge or interest on any amount you do not pay by the due date.
There are a wide variety of Credit cards with many different features and advantages. For instance, Gold and Platinum cards are for customers with a high income. They have higher credit limit and also perks.
Applying for a Credit Card:
Any individual above the age of 18 is entitled to have a Credit card. So when you you apply for a Credit card, your application is carefully screened and a credit limit is worked out for you based on your financial capability,age, qualifications etc. So based on these parameters the bank issues you a Credit card. The bank which issues the Credit card is called the issuing bank.
What is a Credit limit?
Credit limit is the maximum amount you could spend or borrow using your Credit card. This limit is determined by various details like your income, source of income etc. The credit limit is normally revised upwards or downwards based on your previous year’s track record in terms of spending and repayment.
What are add-on cards?
Add-on cards are those that are given to the spouse or close relative of the primary card member. The amount and period of credit as well the eligibility criteria are all dependent on the primary card member’s eligibility. So the add-on card member usually shares the same credit limit as assigned to the primary card member.
How does a it work?
The working of the Credit card business is based on a mutually beneficial arrangement which is supported by an elaborate behind the scene system between the issuing bank, international networks such as Visa, MasterCard, American Express, etc and merchant establishments such as hotels, shopping malls,travel agencies etc.
So when you buy a product or service at such merchant establishments, your card is swiped on a swipe machine. This machine is connected to a central computer belonging to the network, which in turn is connected to all issuing banks. The system is devised is such a manner that it verifies with your issuing bank whether you have sufficient credit to cover the purchase within a few seconds and approves or rejects the transaction. Once the transaction is approved, you will be asked by the merchant to sign the charge slip which is verified with the signature present on the back of the card. Both you and the merchant keep a copy of the receipt. The merchant then deposits the receipt with their bank which credits their account in the amount charged. The bank then sends this transaction electronically to the international network (Visa, Master Card, Discover etc) which in turn continues the transaction by crediting the bank and then charges the issuer of the card. The issuer of the card completes the transaction cycle by sending the bill to the card holder for the purchase amount.
Advantages & Disadvantages of owning a Credit card:
Advantages:
The advantage of having a credit card is that you can make purchases in advance in anticipation of salary or any other future income. Further you don’t have to carry cash all the time to make purchases. Its also a blessing for persons who want to fund big purchases which is not within their budget.
You can also use Credit card for emergencies like unexpected car repairs etc when you don’t have the cash to cover the expenses. Moreover, due to the simplified processes of the Credit card operations, Credit cards payments are indeed becoming very popular everywhere as the hassles of staying on queue for the cash payments are avoided. And there is no necessity to cross check even if you are paying the correct amount of money as your Credit card will do every thing. So its convenient both for the customer as well as the merchant.
The other vital plus point in having a Credit card and that is you may shop online from the comfort of your home. In these days of heavy internet use, the concept of online shopping is gaining rapid popularity. Almost each and every object is merchandised through the online shopping. So if you own a Credit card then you may buy anything available at the online store. Finally, using a Credit card gives you a credit history, which helps to get home loans and other credit in the future.
Disadvantages:
Credit cards though a boon can be a curse as well. But fortunately their disadvantages can be averted if we know how to use them carefully. For instance, if your Credit card is lost and if it goes to wrong hands, then he will swipe your card may be to the maximum credit limit and incur huge loss to you. So one should always keep the card safely. So in case your Credit card is lost or stolen, then you must inform your Credit card service provider as early as possible so that any possible misuse of your card can be avoided.
The other disadvantage is that its a curse for persons who have a tendency to overspend as they end up getting into huge debts and sometimes even face nightmarish experience trying to juggle with their assets to clear the outstanding dues. But this drawback is also manageable too and can be overcome by using your Credit card properly and paying the balance in time.
Dos & Don’t
Credit cards have their pros and cons and so a through knowledge of Do’s and Don’t is very essential to safeguard our plastic money.
Dos:
Sign your card as soon as you receive it as unsigned cards are nothing but an invitation to misuse.
Keep your card in a safe place in your wallet so that you can immediately notice that your card is missing.
Treat the card just like you would keep cash, checks etc and always protect it so that no one can have access to it.
Make sure that whenever you make a purchase you get back your card and always ensure that the card you get back is yours only because many times chances are that cards get exchanged at shopping centres, service stations etc.
Keep a record of all card numbers,expiry date and contact number of the issuing bank at a secure place for ready reference.
When you use your card at an ATM, enter PIN in such a way that no one can easily memorize your keystrokes and make sure that the transaction is done by you in complete privacy.
Please ensure that the card is swiped in your presence only.
When you make any transactions, please make sure that the charge slip is complete before signing.
Check your monthly statement to make sure that all the charges are your own, and in case you notice any errors or unauthorized charges in the bill, then inform the issuing bank immediately.
Inform change of address to the issuing bank and also postal authorities so that the monthly bill is forwarded to you without any undue delay.
Inform the issuing bank immediately if your card is lost.
Don’t:
Never reveal your card number or expiry date or personal details pertaining to the card to anyone unless you are totally sure that you can trust that person.
Never leave your receipt behind at the ATM.
Never get carried away by strangers who try to help you to use the ATM machine.
Please do not hand over the card to anyone, even if he/she claims to represent the Bank.
Do not use your card for any internet transaction on the internet unless you are sure that the site is hacker safe and always look for signs of security. Identify security clues such as a lock image at the bottom of your browser, or a URL that begins with https://. These signs indicate that only you and the merchant can view your payment information.
In case you use your Credit card for online transactions in Internet cafes or public-use computers, please ensure that you erase the history of websites visited/accessed.
Do not expose the card to direct sunlight or excessive heat.
Do not throw away your Credit card statement, receipts etc without first shredding them.
Never give your card number over telephone unless you initiated the call.
Do not disclose your PIN (Personal Identification Number) to anyone.
Do not bend or scratch the card particularly the magnetic strip of the card.
Do not keep two cards with magnetic strips together.
Written by adesh