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The Importance of Loan Application Honesty
Posted on October 17, 2008
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It can be tempting to stretch the truth on a loan application, especially when you know that you are not the perfect loan candidate. Not being honest on a loan application is a very bad idea. You will be found out and it can hurt your chances significantly.
Not only will the lender likely find out what you weren’t honest about but it’ll hurt your character. When you are not honest you may end up with higher payments than you can afford but you have more chances of an approval if you just tell the truth.
Being honest means telling the truth about everything in a loan application. It can be tempting to stretch the truth or try to make yourself look better, but that isn’t smart and can lead to disaster and fraud charges.
You want the lender to be able to trust you and ruining that trust with the loan application isn’t likely to get you approved for a loan anytime now or in the future. If you are not accepted at the first place you try, you might be able to qualify for a loan elsewhere.
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Avoiding Dealer Financing Pressure
Posted on August 8, 2008
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Auto dealers try to draw you in with temptations that they can get anybody financed, no matter what kind of credit they have. This can look very good to someone with bad credit who desperately needs a new vehicle.
Before you leap, look into your options.
Why not make it simple? Dealer temptations may get you locked into a loan that is not the best loan you can get. Before you go the dealer you should always shop around for loans. High interest rates and high down payments are going to often be the reason poor credit and your credit might not be as bad as you think.
See what you can qualify for and what deals you can get. This will allow you to go the dealer already knowing what loan terms to expect. Then if the dealer wants to help you let them try. If they get you a better deal than one you found then go with it. If not then go with a lender you found.
You can avoid falling into the high interest trap where you get the raw end of the whole deal. Dealer options can be your only alternative but learn your options first!
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How A Checking Account Can Equal Approval For A Loan
Posted on August 8, 2008
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You may be wondering how can a checking account get you a loan. Well, checking accounts are a great asset. Think about it. You can have your paycheck direct deposited into the account and you can have payment debited directly from the account.
This means a lender who sees you have good employment can set up loan payments to be automatically debited each month. As long as your checking account has been in good standing, a lender may decide that despite credit issues or other weaknesses in your loan application that you qualify for a loan.
Having your pay deposited in your account is sometimes reason enough to qualify you for a small loan that can help your credit standing. A solid employment history and direct deposit into a checking account can be enough to qualify you for a credit rebuilding loan.
There you have it. Your checking account just got you approved for a loan. It is something worth checking into when you apply for a loan because it really does work. Lenders want reliability and your checking account is standing proof that you are reliable. If you’re having trouble getting approved, look at being as responsible as possible with your checking account and try again when you look better on paper.
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Tips and Tricks For Getting an Unsecured Loan
Posted on August 8, 2008
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If we are being honest, the best way to get an unsecured loan other then a payday loan is to have perfect credit and some nice collateral. However, there is another trick that many people do not know about.
The trick to getting approved for an unsecured loan is being a good business partner. It starts with getting a savings account with a lender. You keep money in your account and show you are responsible by putting in money regularly and always keeping the balance over the minimal required.
Once you get to a certain amount in your savings you can either move it to a larger account or use that savings account as collateral for your loan.
You do not use the money as a down payment, but rather as collateral. So in effect you get to keep what is in your savings and gain interest on it, while also getting a loan.
Try it out and see if it works for you. You may be surprised at how well it works at getting the loan deal you want!
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Debt Consolidation Options
Posted on June 15, 2008
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Moving all your debts to one payment is usually one of the best ways to get your debt under control and could save you on interest rates as well.
Many people live beyond their means and have too many debt payments to pay on a monthly basis. You can often find banks and loan companies who offer consolidation loans if you are still in good standing with your current debtors.
Choosing a bank loan may end up being the best option as your bank is often willing to give you a great interest rate while consolidation companies sometimes charge more because this is their sole line of business. You could get lower fees and still get smaller monthly payments with either option and it is worth checking out just to see what your options are.
The benefits to a consolidation include a single payment and single interest rate which could be lower than what you are paying now. The secret to successful consolidation loans is that you need to cancel the credit cards you’ve just consolidated and not let the debt get racked up again.
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Finding The Best Refinance Deals
Posted on June 15, 2008
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Refinancing is something many home owners do. The simple fact that mortgages have such a long length to them means that there is going to be a lot of changes in the economy and the loan market throughout the life of the loan.
To be fair, lenders often allow options, like refinancing to mortgage holders so that they can keep their mortgage competitive. This is smart on the part of the lender, as well because it protects the lender as well as the buyer.
The lender offers these options because if they didn’t a borrower could easily go to another lender and refinance through them, which is basically taking away a large chunk of income from the original lender.
When you go to refinance you will often find that your lender is more than happy to work with you. Shopping around becomes essential because you have all the power in the refinancing situation. Your lender doesn’t want to lose your business and will often jump over hurdles to try to keep it.
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Definitions Explained: Collateral, Down Payment, Co Signer
Posted on June 15, 2008
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Loan terms come in great numbers and it seems that whoever came up with them tried very hard to be as confusing as possible. Some of the greatest confusions regarding loans is when it comes to
” collateral
” down payments
” and co-signers
Each of these is important and they all have something to do with getting a loan, but do you have any clue about them beyond that?
Collateral is personal property that you use to secure the loan. That means if you default you give it to the lender. On a car loan the collateral is the car and on a mortgage it is the house but for other loans there might be valuable collateral required.
A down payment is money you put up for the loan at closing. The down payment is like a very large loan payment made before you even get the loan. This applies to many loans for houses and often for vehicles as well. If you have stellar credit you can sometimes get away without the need for a downpayment.
A co-signer is someone you know who also signs the loan agreement and agrees to be responsible of the loan if you default. If your credit is less than perfect a co-signer might be required.
All three can help you get a loan approval and reduce the interest rate on the loan.
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Missed Loan Payment? Go to Jail! Do Not Pass Go, Do Not Collect $200.
Posted on June 12, 2008
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Going to jail for not paying a loan? And you thought debtors jails were ancient history! The truth is that for many loans you can not go to jail for failure to repay. You can end up in court, but jail time is not a punishment for most debts.
The exception to this is a payday loan. The reason is that payday loans are secured with a check that you write and endorse. It is a post dated check, but it is still a legal check.
Bad Checks Can Equal Jail Time
Most states have laws that make writing bad checks illegal. Depending on the state, you could end up doing jail time if you default on a payday loan so tread carefully with payday loans!
This is a prime example of why every loan, no matter how small, needs to be taken seriously. It would seem silly to end up in jail for something you could have prevented by being responsible and budgeting carefully.
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Loan Payment Breakdown
Posted on June 12, 2008
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You may or may not know that when you make a payment towards a loan that not all of that money is paying off the loan. This is something that is critical to understand.
If you think every payment you make goes towards paying off the loan then you will be very surprised when the loan length ends up two or even three times longer then you had anticipated.
The loan payment you make is actually only partially going towards repaying the actual loan amount. In fact, most of the time the majority of the loan payment is actually paying interest to the lender. This is why it’s important to shop around for the best rate possible and this is why getting a low interest rate is so important. The less interest you pay the more is going towards the actual loan and the sooner you will have it paid off.
How do you get the best interest rate?
Shop around! If you have great credit, you’ll have your pick of many lenders. If you are credit report challenges, your interest rate might be higher but a loan can actually help you improve your credit rating very quickly when you make payments on time.
Understanding the breakdown of a loan payment is important and knowledge will save you money!
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Choosing a Lender
Posted on June 12, 2008
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Selecting a lender is one of the challenges with getting a loan. Lenders are not all the same, nor do they all offer the same types of loans. You have to learn about the different types of lenders so you can choose the best lender and get the best terms possible.
Do Your Homework!
Once you have an idea of which lenders will be able to give you the type of loan you want, you have to check each lender out. You can start by getting quotes from different lenders and looking at their company reputation.
Being equipped with a list of quotes will help you begin to see what you can expect when you start to negotiate the loan.
Knowledge Equals Negotiating Power
Selecting a lender can be a lengthy process. You do not just want to go to any lender because a better lender may be out there. Make sure to shop around. If you have a great credit history your choices are abundant and lenders may offer great incentives to help you choose them over the competition.
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