| PAYDAY LOANS. Payday loans are a good option for people in need of money before payday especially in the case of emergencies such as medical expenses, car repairs, or important one-time payments. Payday loans, also called cash advance loans, post-dated check loans, payroll advance loans, and deferred deposit check loans, are short-term loans with very high interest rates. Borrowers are required to provide payday lenders with a post-dated check which is used to pay off the loan and interest expense at the end of the loan period. If the borrower is unable to pay off the loan by the end of its term, additional fees are added to the loan. Although these loans are an easy and convenient way to access money in times of need, borrowers shouldn’t use them for unnecessary expenses. Different lenders charge different fees depending on the loan amount and often provide discounts to repeat customers. Borrowers should explore other methods of financing their expenses to avoid getting caught into the payday loan cycle, sometimes resulting in credit debt. Payday loans are quite popular with people who do not have a savings account or credit card. Requirements for approval vary from payday lender to lender but generally borrowers are simply required to have a steady income and a checking account. The application process takes just minutes because applications are only required to provide basic documents such as proof of identity. These loans typically extend up to 30 days and borrowers are usually required to pay off the loan at the time of their next payday. The Truth in Lending Act protects borrowers by requiring payday lenders to reveal all costs associated with the payday loan. These consumer laws, also called “usury” laws, detail specific terms and rates that are permissible in the lending industry. Usury laws vary from one state to another and some states, such as New York, have banned payday loans. | |
 |
Applying for Auto Loans Online. One of the most significant changes in the 21st century is the movement of men and women towards using the Internet and World Wide Web as a method to manage and oversee their personal finances. This includes applying for, and obtaining, a car loan online. Each and every day, thousands of consumers can be found flocking to the Internet in search of just the right online auto finance option. Applying online for a car loan has become an easy and increasingly common process in this day and age. For example, AutoApproved.com is a website that provides some of the most comprehensive car loan online information, assistance and service to be found anywhere on the World Web. Interest Rates and Costs: Lower Online A good number of people choose to apply for car loans online because of interest rate considerations. Many online lending companies offer automobile loans that carry interest rates and related costs below that which is offered by lending institutions in the brick and mortar world. Again, as you consider the possibility of obtaining a car loan online, take the time to closely consider what is being offered to the auto buying consumer at AutoApproved.com. In addition to the savings that can be found associated with a car loan online, processing a loan application electronically cost markedly less than filling out the same loan the "old fashioned way." The difference is an online application versus the traditional piles of paperwork in the proverbial "real world". Most providers pass a good deal of this savings onto their clients. On an equally important note, it is cheaper and easier to service a car loan electronically. This results in even further savings in many instances. Instant Decision Making with a Car Loan Online In the brick and mortar world, a great deal of time can be spent waiting for loan approval. A loan submission might change hands two or three times while anonymous sources review the application. With an online automobile loan, many lenders can actually provide instant decisions regarding your funding prospects. A person simply does not have to spend much time waiting around for an answer in regard to a loan application. What this means in a consumer interested in buying a car no longer has to waste a great deal of time waiting for a bank or savings and loan in the brick and mortar world to. In some instances, you have loan approval and an offer made on a car you would like to buy all in a matter of hours. |
| APPLYING FOR HOME LOANS Buying a first home is an important milestone in anyone's life. But even if it's your fifth home purchase, the financial jargon and seemingly endless paperwork involved in getting a mortgage can overshadow the excitement of owning your new home. On the Web you'll be able to find resources that help you understand what a mortgage is and how it works; decide which type of mortgage works best for you; find a reputable lender; and even understand what happens after you get your loan.Once you have found your dream home you want to be able to move in as quickly as possible; sometimes it's handy to get pre-approved for a loan to get the process moving before you even start your house hunting. Before you wander from bank to bank (or mortgage broker to mortgage broker) applying for home loans, take a look at the information available online to get an overview of what to expect from the mortgage process, to help you decide what kind of lender would suit your needs, and even where you can find the lowest interest rates. Loans from Internet-based providers can sometimes be offered at lower rates than those from brick-and-mortar banks because the Internet-only providers often have lower overhead costs. Lots of private lenders (such as quickenloans.com) have tips and tools to help you choose a loan or lender, but know that ultimately the goal of these sites is to get you to borrow money from them, so be aware that they recommend themselves first. Most banks offer mortgages. Try looking at your bank's Web site to see if you can get a special rate or reduced closing costs as an existing customer. Keep track of the rates and fees that are given to you by different lenders (using a spreadsheet or even a pad of paper); sometimes a lower interest rate, after additional fees, actually turns out to be a worse deal than a slightly higher interest rate with fewer fees. If you do the math yourself you'll be able to compare apples with apples to determine what is really the best mortgage for you. |
|
 |
Refinancing VA loans If you are a Veteran, you can refinance VA loans quickly and easily with their new online form, even if you are still stationed overseas. There are lots of reasons you might want to refinance a VA loan and different ways in which you can do it. Step 1: First of all, decide what you want to refinance your VA loan for. There are three basic reasons for refinancing. They are... Step 2:LOWER YOUR RATE: If you already have a VA loan, and it has a higher interest rate than the current market rate, refinancing can save you loads of money. The low fees and benefits make this the best option out there for refinancing. Step 3:GET EQUITY: If you already have a VA loan, and your home has gained in equity, you can refinance it to take advantage of the equity in your home. You can use the equity to pay off credit cards and manage your debt at lower interest rates, saving you tons of money. Step 4:CONVERT A LOAN: If you have a conventional mortgage, but are eligible for a VA loan, it makes sense to refinance to a VA loan. You may be able to get a lower rate than your current mortgage and the secure benefits make this a very attractive option, in today's shaky market. Step 5:DOCUMENTATION: Gather your important information. They are listed in Things You'll Need, and you will need this in order to complete the online refinancing form. If you don't know your home's current value, you may have to schedule an appraisal, before you try for refinancing. Step :6 Go to VAMortgageCenter.com. Click on the REFINANCE button in the upper right hand corner of the page. This will take you to the quick form to refinance your VA loan. Submit your information. It is a secure process, so don't worry about giving your private information. Step 7:PREVIOUS BANKRUPTCY: If you have suffered a previous bankruptcy, you will have to divulge this information. Your qualification for a refinance will depend upon how long it has been since your bankruptcy was discharged. You will also have to prove that your credit history has been clean for at least 12 months prior to your application for a refinance . LOWER YOUR RATE: If you already have a VA loan, and it has a higher interest rate than the current market rate, refinancing can save you loads of money. The low fees and benefits make this the best option out there for refinancing. |
| REFINANCING RV LOANS Should you refinance an RV loan? As with other loans, the rates on loans for recreational vehicles have crept down in the past year. It's a great time to consider refinancing an RV. "You probably won't see RV loans going much lower than they are now," says Paul Hodge, chief operating officer at Columbia Community Credit Union in Vancouver, Wash. But unlike other loans, refinancing an RV is not as simple as one-two-three. Some RV owners may be able to save some serious cash by refinancing their rigs. But many others won't. When not to refi First off, there's little point in refinancing an RV if you don't hang on to it for a few more years. And many RVers won't. Lots of folks change RVs every three or four years. "RV owners are a lot like boat owners," says Gary Fee, director of consumer loans at Boeing Employees Credit Union in Tukwila, Wash. "They're always moving up to the next bigger unit." If you're planning on selling your RV in the next year or so, you might as well stick with your old loan. It's less hassle and there are plenty of other ways to save a few extra bucks a month. Many RVers who purchased their rigs in the past year may discover that refinancing comes at too high a price. The reason? They're upside down in their current loans. Upside down means you owe more on your RV than it's currently worth. It's a rather common scenario, especially in the first year of ownership when the value of a new RV drops by 40 percent. "RVs have a propensity for huge depreciation once they move off the lot," Fee says. "Once you drive that thing off the lot you lose 40 percent and it takes a while to make that up." To make matters worse, many RV owners sign on for long-term loans with very little money down. Terms on RV loans typically range from 10 years to 15 years but can go longer. For larger loans, say $50,000 to $100,000 or more, many lenders will allow you to extend the loan term to 20 years. Most lenders require less than a 20 percent down payment and many lenders require a down payment of less than 10 percent. There are even some zero-down loans. Signing on for a long-term loan with little money down may seem like a good idea at the time -- it gets you on the road at little expense -- but it also puts you in a financial hole. Owing a whole lot more on a loan than what your RV is worth is not a good place to be. And you won't be able to refinance your way out of that financial hole without shelling out a whole bunch of cash. Banks and credit unions base the loan on the current value of the RV, not how much you owe. Many lenders will finance as much as 80 to 90 percent of the RV's current value. So if you owe several thousand dollars more than your RV is worth, you're going to have to cough up quite a bit of cash to qualify for a new RV loan. "I've seen situations where it was $10,000 to $15,000 they had to bring in," Fee says. Needless to say, these folks opted against refinancing their RV loans. It didn't make financial sense, even if you could knock, say, 1.5 percent off your loan rate. "From a financial standpoint, you'd be better off investing $15,000 in a CD and paying the extra 1.5 percent," Fee says. Not sure how much your current rig is worth? Check out these Web sites. RV pricing data from 1986 to 2001 can be found on NADAguides.com. Pricing guides are also available from Woodall's, Kelley Blue Book and RV Buyers Guide. RV refinance candidates So, what RV owners should consider refinancing their loans now that rates are down? People who have some equity in their RVs and plan on keeping the rig for a few more years. These folks will like what they see when they shop refinancing rates. Most lenders have knocked down the rates on RV loans by 1 percent or more in the past year. On larger RV loans, just pushing down the interest rate from say, 9 percent to 8.5 percent, can yield some serious savings. Let';s say you have an $80,000 balance and 10 years remaining on your current RV loan. By refinancing from 9 percent to 8.5 percent you'd save $2,582.48 in interest over 10 years. By refinancing from 9 percent to 8 percent, you'd save $5,134.25 in interest. Banks, credit unions and independent finance companies all offer RV financing. A list of RV financing companies is available on the Recreational Vehicle Industry Association Web site. The rate on an individual's RV loan is determined by the finance amount, length of loan and a person's credit quality. RV rates Rates on RV loans range from 7 percent to 8 percent all the way up to 15 percent or more. As with auto loans, many of the best deals are available from credit unions. In a recent promotion, First Financial Credit Union in Albuquerque, N.M., offered refinancing rates of 6.4 percent on RV loans. That's quite a deal. As nice as the interest savings on a refinancing deal may be, it's important to consider the costs. You could end up shelling out $200 or $300 for title costs and an RV inspection. A few lenders even charge application fees. "It could be up to 1 percent of a loan or a flat fee of $100," Hodge says. So be sure to shop carefully. Avoid lenders that charge big fees for refinancing an RV loan. |
 |
|
Stumble It!