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All Kind of Loans Available
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Bridging Loans for Real Estate Transactions
Many a time, it is seen that people try to buy a new property by selling their present property. Though, it is a good option, but sometimes it is seen that borrowers cannot do these two things at a time. Keeping this thing in mind, bridging loans are introduced in loan market, with which borrowers can make their property transaction easier.
Bridging loans are considered as a secured loa... Read loans article
Private Loan Consolidation
You have learnt in your college days how to save money, how to make most of what you got, extravagance an absolute no-no, learn the hard ways of life. Having said that, it should be added that when your college days are over and you are a graduate, the student loans that you had taken should not be your ''shadow' for the rest of your life! You need to pay it off.
How about consolidation... Read loans article
All Kind of Loans Available
At some stage in almost everyones life they ask themselves, what kind of loan should I get? It's true that this subject gets less attention than it deserves because it seems that nearly everyone's in a hurry to get the money and move on to the higher priority which is whatever they wanted the loan for in the first instance. Let's start with this.
How much do you know about loans? This article intends to briefly describe the most important types of loans, so that you can get a global view over this issue.
The process of lending goes like this: the borrower receives an amount of money which he pays back to the lender within a fixed period of time. The cost of the service is reffered to as interest rate. Loans may be secured or unsecured, with periods of time ranging from a week to even more than 20 years, and with annual interest rates of one up to three digit percents.
SECURED LOANS
Mortage
A mortage is a common type of loan generally used in purchasing properties. If you want to purchase residential or commercial real estate and you cannot afford to pay the full value immediately (and this happens in most of the cases), you can arrange a mortage. You lend money and purchase the property and the financial institution is given security by the title of the house until you pay off in full.
Home equity loans
By using the equity in your home, you can receive a significant amount of money that you have to repay over a fixed period at a low interest rate. If you fail to repay, you may lose your home. However, this is a popular source of finance.
Car loans
You can take out this kind of loan if you want to purchase either a new or a used car. The loan is secured by the car itself. The loan period is shorter than mortgages , as it corresponds to the useful life of the car.
UNSECURED LOANS
Credit card debt
The name of this type of loan comes from the small card issued to the user of the credit card system.You can pay those who accept credit cards without exceeding a preestablished credit limit. Basically, you borrow money from the issuer. With every purchase made, you agree to pay that amount of money plus an established interest.
The difference between a credit card and a debit card is that the former does not remove money from your account at each transaction. Every month you receive a statement indicating the amount owed for each purchase and the total one. You must pay at least a part of the bill by a due date. The interest charged by the credit issuer has a much higher rate than the ones charged in many other types of loans.
Personal loans
The most popular personal loans are the payday loans. You can borrow from $100 up to $1000 for a short period of time (regularly two weeks) and at a very high interest rate (you pay something between $10 and $20 for each $100 borrowed). If you can't pay back at the established payday date, you can pay the finance charge again and roll the loan for another two weeks. For instance, if you borrow $400 for a two-cycle payday loan period (meaning a month, usually) and the finance charge is $15 you get to pay back a total amount of $520.
Bank overdrafts
You qualify for this type of loan if you have a bank account in good condition.When the withdrawals from your bank account exceed the balance, the account gets a negative balance and it means that your provider is offering you credit. In case you have a prior agreement wth the provider and you have an established overdraft limit, any withdrawals within that limit are charged at an agreed rate. Otherwise, the interest rate might be much higher.
Credit facilities or lines of credit
A line of credit is a flexible way to get extra funds for expenses such as house repairs, vacations, or even to purchase an object you desire but don't have enough money for. In order to qualify for this type of loan you must have a "clean" credit history and a fixed income. The total amount of money you can make use of is established from the beginning and it depends on your income.
Corporate bonds
A bond is a loan in the form of a security. The issuer (the borrower) owes the lender (the bond holder) a debt and he must repay the principal and the interest (the coupon) within a fixed period of time. This fixed term is also called maturity and it is usually longer than one year. The bond issue might contain other stipulations too.
When you consider getting a certain type of loan, you must be very cautious regarding abuses. You must read the contract carefully, paying attention to each detail and make sure you understand all the terms. Otherwise you may find yourself in an awkward position relating to the loan by not being able to repay it.
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Payday Loans
Sometimes when things become a little tough, we do things without too much thought. Usually because we want to put the tough thing behind us and move on. This can result in jumping in on payday loans and regretting it later. Payday loans aren't all that evil as long as you know what you're getting into and you take some time thinking about actually doing it and how you'll later terminate the loan.
To begin with, payday loans aren't always a good choice! Don't get tricked by the ads from the mall, radio, television or Internet. Even if you desperately need some cash until your payday, you should consider all the alternatives first. In my opinion, a brief definition for payday loans is expensive cash.
Payday loans are short-term cash loans. The amount of money that can be borrowed regularly ranges from $100 to $1,000, and it depends on the laws of each state. The average term is about two weeks. Payday loans are made by check cashers, finance companies, payday loan stores, and others. They are also designated as cash advance loans, check advance loans, deferred deposit check loans or post-dated check loans.
This is how it usually works: the borrower writes a personal check for the sum borrowed plus a fee and he receives the amount he or she wishes minus the fee. Fees are regularly a percentage of the value of the check, but they can also be a fixed value charged per a specific amount (like $15 for each $100 borrowed). When the next payday comes, the borrower can redeem the check for cash. Otherwise, he can pay the finance charge again and roll the loan for another two weeks.
To get an idea of how expensive payday loans are, you must know that this type of loan costs on average 470% APR (annual interest), while the APR a credit card is rarely higher than 60%.
Let's assume you want to make a payday loan for the amount of $300, the loan fee is of $17.50 per $100, and the loan term is 14 days. Therefore, in order to redeem the check you have to pay $352.50 when the 14 day period is over. You can pay it by cash or you can allow the check to be deposited at the back. If you still don't have this money, you must pay the fee of $52.50 to renew the loan for another loan period. This means that borrowing $300 for a month will cost you $105. That's not cheap at all! By comparison, a $300 cash advance on an average credit card, repaid in one month, would not cost you more than $15.
All you need to get a payday loan is an open bank account and a steady source of income. However, lenders are not necessarily interested to find out if the borrower can afford to repay the loan. If you don't pay the loan, it becomes an uncovered check in your bank account. If you fail to repay it, you will get a bounced check fee from the lender and from the bank. You will receive negative ratings on specialized databases and because of this you might lose your bank account and have difficulty in opening a new one.
Because of the very high cost to borrow and the short repayment terms, the consumers sometimes tend to be trapped in repeat borrowing cycles. Reports show that almost 60% of all loans made every day are either loan renewals, or loans taken out by the same consumer immediately after paying off the last one.
Payday loans with three-digit interest rate are prohibited in twelve states in the USA, where they are considered to be small loans or usury caps.
The internet payday lending has become very popular lately. You can apply online and loans are directly deposited into your bank account. When the payday comes, the amount of money you've borrowed is electronically withdrawn. If you choose to renew the payday loan, the finance charge is electronically withdrawn from your account.
Here is a suggestion in order to avoid getting a payday loan. First of all, shop carefully! If you really need that money, try to get an advance on pay from your employer or borrow the money from family or friends, at least you can do this for free (usually). Figure your daily and monthly expenditures, and try to avoid unnecessary purchases. You should also build some saving, so that there will be no need to borrow money for unexpected expenses or emergencies. If you still decide you want to use a payday loan, make sure you don't borrow more than you can pay with your next paycheck.
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