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Fastest Easiest Quick Approvals Processing. No Credit Check for some loans. No Faxing, Faxless in most cases with Online Direct Loan Lender on our Websites or Apply with a Loan by Phone local near me. Open Now Today Tonight Early Late After Midnight 24/7 online 7 Days a Week on Weekends and Saturdays and Sundays. Some Loans require a credit check. Other loans require proof of income. Don't get turned down by other loan companies. Have you been turned down at local bank branches or tried to pull money out of your banks free ATMs and you don't have any money in your checking account or savings account? Are you between paychecks and you are working part time and full time jobs or looking for apartments for rent and have no deposit money for rentals of apartments or homes for rent in Montgomery? Need a down payment for a new or used car? Call or apply now! Bad Credit Loan Lenders for bad credit in Montgomery AL Alabama.
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* Q - Can you get another second 2nd loan if you already have a loan?
* A - Yes you may get a second loan or apply for a consolidation loan.
* Q - How long does it take to get approved for a loan?
* A - It varies. It can take 5 minutes 1 hour or 24 hours.
* Q - What do I need to get a payday or personal loan?
* A - You will need proof of income or assets. Some loans require good credit. Some loans are no credit check.
* Q - What documents do I need to get a payday loan?
* A - It varies depending on loan. In most cases - Proof of ID, paycheck stubs or bank statements and proof of residence.
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Montgomery Alabama Real Estate
By Ronald Dorfcob
Montgomery, the capital city of southern state of Alabama (AL), has a rich and significant history. This city was once the capital of the Confederacy, and later became the center of the Civil Rights Movement. The city boasts of a population of over 200,000 (according to the census report of the year 2005). This southern city is famous for its hospitality, beautiful weather, and high-tech jobs.
Montgomery, AL has a diverse culture and flaunts country music legends like Hank Williams, and is home to the annual Alabama Shakespeare Festival . The US Military has many important and legendary institutes in this city including the Maxwell AFB and Gunter Annex. This city is also the home to Air University and the 42nd Air Base Wing. The city has a flourishing auto industry that offers a lot of job opportunities to those who want to build a career in this automotive industry. Among other new developments, the city has a newly built $1.1 Billion Hyundai manufacturing plant and a number of Tier 1 Auto suppliers.
For those avid baseball fans, the River Front Stadium hosts numerous baseball games among nationally accredited teams like the Biscuits AA Southern (the southern leagues Champ of 2006). The city has a number of major entertainment hot spots as well. The most popular being the Riverwalk Amphitheater. The city's downtown redevelopment program has brought new life and energy into this area of historic significance.
Montgomery has a good transport system and is served by interstate 65 and 85.The I-65 provides a north south freeway through the city connecting Birmingham and Mobile. On the other hand the I-85 provides a north east passage to Atlanta. The city of Montgomery also has a major airport called Danielly Field, otherwise known as the Montgomery Regional Airport.
Montgomery provides a lot of housing options that suits virtually any price range. Are you looking forward to getting a nice home in this scenic city? If the answer is yes then you should keep the following things in mind before you sell your old home or move out of your rental and buy your dream home in this beautiful city.
You should first determine your budget for your potential home before start combing Montgomery looking your new home. For the first step in your home shopping process, it is greatly recommended that you get in touch with a mortgage broker who can explain the mortgage process and help you shop for the best home purchase loan. A good mortgage broker can give you an estimate of your budget for your potential home by helping you examine your financial situation to determine the exactly loan programs and amounts that you can qualify for.
While shopping for a home, keep in mind that you may need to compromise on some of your expectations. Have an open mind and remember that some problems that you see in a home can be easily fixed and that you can use those "problems" to potentially negotiate a lower purchase price.
Lastly, if you are planning to purchase a home that you will be living in for an extended period of time, don't try guess where home prices are going to be in the future. If you love the home and you can afford it today, don't gamble by waiting to make an offer in hopes that prices will drop. They can just as easily spike upwards and they you may find yourself priced out of the market.
Get ready, shopping for a new home in Montgomery, AL is a fun and exciting process!
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Article Source: https://EzineArticles.com/expert/Ronald_Dorfcob/45662
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Paying For College - Grants, Scholarships, and Loans
By Thomas Hauck
Congratulations! You've decided to continue your education at a college or career school. Whether you are a traditional student seeking a certificate or an adult looking to earn a Ph.D., one big question you have is, "How am I going to pay for college?" The problem may seem even bigger if you have a job and a family; money is tight these days, and few people have the extra cash on hand to pay for tuition and the other costs associated with higher education.
There are four basic ways to pay for college:
1. write a check;
2. get gifts of money from other people;
3. borrow money;
4. earn money.
You don't have to be a rocket scientist to see that option #2, "get gifts from other people," is a sweet deal. Many students are able to create a financial plan with elements of all three methods.
The U.S. Department of Education provides information about college funding options; here are a few highlights:
Scholarships
It is possible to get gifts in the form of scholarships. A scholarship is a gift of money from an organization or an individual to a deserving student. Examples of scholarships given to graduating high school seniors include scholarships from civic organizations such as the Rotary Club or the local Chamber of Commerce. Colleges also award scholarships to selected students; this is an example of institutional financial aid. Colleges determine scholarship awards when your annual financial aid package is determined, and at the end of the school year when academic scholarships are awarded to outstanding students.
Scholarships are generally merit-based. This means that the eligible student must have attained a certain grade point average. Scholarships can be awarded within defined academic areas, such as a scholarship for the outstanding chemistry student or for the top French student. There are also many athletic scholarships awarded to outstanding athletes.
Scholarship awards may also be based on other criteria including financial need, ethnicity, or even the geographic location of the student's home.
How do you find scholarships? Ask at your high school guidance office, or the college admissions or financial aid office. Search online; there may be some for which you are eligible. Some scholarships require that you apply, while others are awarded by a decision of a committee and no applications are required or accepted.
Grants
Like scholarships, grants are also gifts that do not require repayment. They are usually based only on financial need. Grants typically are awarded by federal and state governments and individual colleges.
Available federal grants include:
o The Federal Supplemental Educational Opportunity Grant (FSEOG) is awarded to undergraduate students with exceptional financial need.
o Pell Grants, which are awarded to undergraduate students.
o The Academic Competitiveness Grant (ACG) is awarded to qualified college freshmen and sophomores who are eligible for Pell Grants and who took college-level classes in high school.
o The National Science and Mathematics Access to Retain Talent Grant (National SMART Grant) is awarded to outstanding college juniors and seniors who are eligible for Pell Grants and are majoring in engineering, mathematics, technology, a foreign language critical to national security, life or computer sciences.
o The Teacher Education Assistance for College and Higher Education Grant (TEACH Grant) is for students who plan to teach in schools that serve low-income students.
For complete information on how to apply for federal financial aid, log onto the Free Application for Federal Student Aid website at http://www.fafsa.ed.gov/.
Loans
When paying for school, option #3 is loans. A loan is a contract to borrow money and repay it over time, with interest. You want a loan with a low interest rate. Loan types range from charging your credit card (very high interest-not advised!) to getting a federal loan (low interest-a very good deal). Most federal student loans do not require you to begin repaying them until after you leave college or are no longer enrolled at least half-time.
Millions of students take out federal student loans: every year, more than $70 billion in federal student aid is given out in the form of low-interest loans. To learn more about federal student loans, read Federal Aid First, an online brochure from the U.S. Department of Education. Go to http://federalstudentaid.ed.gov/federalaidfirst/.
The next best deal is student loans from banks or financial institutions. These loans often have variable interest rates, require a credit check and may not provide the benefits of federal student loans.
Your last resort for borrowing money is your credit card: you will pay the same high interest rate as if you had bought a new home entertainment system or a fur coat.
Work-Study
A good alternative to borrowing money is to earn money through the Federal Work-Study (FWS) program, which provides part-time jobs for students with financial need. More than 3,400 schools participate in the Federal Work-Study program, and in a typical year over 800,000 students are given work-study jobs.
The program is administered by participating schools. If you qualify, the school offers you a job on campus, one related to your studies, or in the community. A portion of your paycheck is withheld to help pay your tuition, and you get to keep the remainder.
Other Sources of Aid
Organizations that assist students to pay for their education include the U.S. armed forces. Reserve and active duty service personnel and veterans may be eligible for benefits under the Montgomery GI BILL-Active Duty (MGIB-AD), Montgomery GI Bill-Selected Reserve (MGIB-SR) or the Reserve Educational Assistance Program (REAP). Other organizations include AmeriCorps community service organization. Check with federal, state, and local agencies for more information.
Tips for Finding and Saving Money
o See if you are eligible for an athletic scholarship, if you have excelled at high school varsity athletics.
o Consider a state school in your state. Most state colleges and universities offer lower tuition to in-state residents.
o Go to a lower-cost community college for one or two years, and then transfer to a four-year school.
o Live at home while attending a local college. You could save thousands of dollars.
o Check out online programs. You could save big money and earn your degree on your own schedule--even while you continue to hold down your present job or keep up with family responsibilities.
The very first places you should look for education finance programs are at the schools you are interested in attending. Log onto a reputable college directory website. Select the colleges or career schools that interest you. Check out their financial aid pages and compare the programs offered--you'll be sure to find the plan that works for you!
Thinking about training for a new career? To make the best decision, you need the right information. Log onto http://www.Education-For-Careers.com and compare colleges. Get information about career training programs, degrees, online education, financial aid opportunities, job placement services, and much more.
Article Source: https://EzineArticles.com/expert/Thomas_Hauck/505762
http://EzineArticles.com/?Paying-For-College---Grants,-Scholarships,-and-Loans&id=3537937
Why Refinance? Reason Number 2: Reduce Your Term! Forget Lower Rates - Save More With a Shorter Loan
By Thomas A Morgan
Obama's renewal of the HARP refinance program hopes to attract 2 million Americans to take advantage of sub-5% rates. Does lowering your rate meet the only threshold for refinance feasibility? If you can only reduce your interest rate by 0.5% or even less, does that mean that you should not refinance? A skilled loan officer should answer this question for you by discussing all of the reasons to refinance, including whether shortening your term.
When you discuss refinancing with your loan officer, make sure you consider the other reasons it might make sense to refinance your current mortgage. The most overlooked reason to refinance involves the reduction of the loan term. Surprisingly, you can save far more money shortening the term of your loan than by reducing your interest rate, sometimes even substantially. For instance:
Term Reduction Analysis
Traditional Proposal
Loan Balance $ 100,000.00
Initial Term 360
Interest Rate 6.500%
Remaining Months 324
Existing Payment $ 632.07
Proposed 25 Year
Loan Balance $100,000.00
Closing Costs $2,000.00
New Loan $102,000.00
New Initial Term 300
New Rate 6.000%
New Payment $ 657.19
Monthly Savings $ (25.12)
Payments Remaining on existing Financing $ 204,790.04
Payments with new Financing $ 197,156.23
Life of Loan Savings $ 7,633.81
In this case a borrower saved over $7,500 just by reducing the loan term by an additional 2 years.
This comparison is for an affordable home at $100,000. If you were refinancing a Bethesda mortgage, Chevy Chase mortgage, a Rockville mortgage or Potomac mortgage, where we are, the average loan amounts are $700,000. Refinancing a $700,000 sample mortgage in Montgomery County, MD for term reduction would result in savings of over $52,500!
Another Important Consideration
A common mistake loan officers make when proposing a refinance scenario involves extending the amortization of the new loan to match the original term of the loan being refinanced. A homeowner has been paying on a loan for 3 years; he or she goes to refinance and gets another 30 year mortgage. The effect of this simply wastes the 3 years of payments that homeowner already made.
In the above example you can see that the loan officer correctly compared the remaining term of the loan, not the original term of the loan, to determine the feasibility of the transaction in a more honest way. Even though the payment increased, the shorter term of the new loan means that the borrower achieves the interest savings over the life of the loan.
The Key Phrase
The point in term reduction is "It's not the rate at which you pay interest that is so important - it is the AMOUNT of interest you pay that counts."
While a term reduction does not necessarily result in monthly payment savings, it always results in a definite interest cost savings over the life of the loan. You realize these significant savings over time, accomplished through regular monthly payments of principal and interest. A competent loan officer should always prepare a term savings comparison as an alternative to the simple payment reduction. "Reducing your payment is a no-brainer", as they say. It takes a sophisticated loan officer to arrive at these calculations, and someone who really has your best interests at heart to patiently take the time and educate you about the options.
That's what I try to do. You can visit Thomas Morgan's site - http://www.lor8s.com and request a free homeowner's guide to refinancing.
Thomas Morgan is a 28 year veteran of the mortgage industry, having closed over $780,000,000 in mortgages in his career. He is the author of 13 books and manuals covering the entire mortgage industry. He uses these to provide financial education to consumers throughout the country. He lives in Potomac, MD, and his Mortgage Office is in Bethesda, MD
Reach him at 202-550-5626 or visit [http://www.lor8s.com].
Article Source: https://EzineArticles.com/expert/Thomas_A_Morgan/1214315
http://EzineArticles.com/?Why-Refinance?-Reason-Number-2:-Reduce-Your-Term!-Forget-Lower-Rates---Save-More-With-a-Shorter-Loan&id=6656226
The Truth About Buying a Car
By Susan Hutson
Montgomery offers you a variety of car buying options and several avenues where you can find an auto of your choice. But before you take a decision, you need to understand some real facts about buying a car.
The first truth is that a car, whether new or used, is a major investment of your hard earned money. It is not a small purchase, even though the finance installments may appear small on the surface. Therefore, you ought to take a deliberate and considered decision regarding the choice of new or used car that you wish to buy.
The truth about buying a new car is that it delivers you a lot of emotional satisfaction and joy to own a new car. But within a few days of use, it will no longer be "new". The depreciation on your new auto is always very high. Secondly, the auto companies bring out newer models very fast, and you never know how soon your "new" model is going to become old or even obsolete.
The second truth about buying a new car is that you must plan ahead and arrange your finances properly so that you do not face any payment trouble later on. There are many people in your own city of Montgomery who may have purchased a new car on a loan, and then found it hard to manage their own finances.
On the other hand, sometimes a used car or auto can turn out to be almost as reliable as a new car, and you could end up saving a lot of money. But again, the truth is that there is no foolproof guarantee that your used car will not give you any trouble after you have bought it.
With a used car, the plain truth is that you are fishing in unknown waters, and you do not really know the potential risks in it. It could turn out to be a headache in terms of maintenance and repairs, and become a drain on your finances.
Considering both the sides of new cars as well as used autos, the bottom line is that you ought to conduct careful research at the various local car sale avenues in Montgomery, and a thorough evaluation of your finances before choosing your desired type and brand of car, and deciding whether you want to buy a new or a used one.
Montgomery Auto seekers have many options when searching for a new or used auto. For more information on purchasing a car or other fun items in Montgomery, Alabama visit http://www.bizymoms.com/montgomery/montgomery-autos.php
Article Source: https://EzineArticles.com/expert/Susan_Hutson/166753
http://EzineArticles.com/?The-Truth-About-Buying-a-Car&id=2045036
Guaranteed Bad Credit Personal Loan - Your Two Best Options
By Jess Peterson
Bad credit can be devastating, especially if you are in need of a bad credit loan. In the faltering economy of today, many folks have poor credit following job loss and layoff, and reduced number of hours that they are granted to work by employers who are trying to cut costs. Or perhaps you have become ill or injured, and found yourself without a job due to frequent absenteeism.
Whatever has brought on your bad credit situation, you no doubt, like the rest of us, may need a loan from time to time. There are two best options for those with damaged credit - the secured personal loan or the guaranteed bad credit personal loan.
Secured Personal Loan
Secured Personal Loans are short term loans that allow you to borrow up to $10,000 and repay the lender with monthly payments. Most secured personal loans are written for terms from 12 months up to five years, depending upon the amount that you borrow and other circumstances. To be a recipient of a secured personal loan, you will need to pledge collateral to your lender.
Collateral can be in the form of your home, late model automobile, or other property that is valued higher than the amount that you wish to borrow. Secured personal loans will accrue interest on the principle amount that you borrow, which necessitates that you only borrow the amount of money that you truly need to avoid paying added interest costs.
Guaranteed Bad Credit Loan
Another option that is very popular among those with faltering credit scores is the guaranteed bad credit loan. A guaranteed poor credit loan is the easiest of all loans on the market to get. Nearly everyone can qualify for a poor credit loan regardless of previous credit history, with 99.99% of all applicants approved under most circumstances. It may also be known as a payday loan, a cash advance loan, or simply a cash advance.
To receive it, you will write a post-dated check in the amount that you wish to borrow. The lender will hold the check until a specified period of time has passed, usually coinciding with your next scheduled date to be paid. When that date arrives, you simply return to the payday lender to retrieve your check and pay the money that you owe, or you do nothing and the lender will deposit the check into your account for payment.
There is no credit check required to receive a payday loan, and the only requirements for getting the money you need is that you have an active checking account and a job.
Payday loans are usually written for no more than $1,000, but the lender will determine the amount that you are eligible to borrow based on your bring-home pay, or the combined bring-home pay of you and your spouse (if you have a joint checking account). Payday loans are a bit higher than other loans in the terms of interest that you will pay, but can really help out bad credit borrowers who find themselves in dire financial straits.
Jessica Peterson is a Unsecured Personal Loan Consultant with more than twenty years of experience. For more information about Guaranteed Bad Credit Personal Loans, Guaranteed Credit Cards, Unsecured Loans, Fresh Start Loans, Debt Consolidation, Student Loans and others please visit YourLoanServices.com
Article Source: https://EzineArticles.com/expert/Jess_Peterson/70408
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Payday Loans: No Credit Check No Fuss Loans
By Steve Cope
Payday loans are the fastest and most convenient option for getting a cash advance for emergencies before your next payday. However getting payday loans and their repayments involve certain important aspects. Herein we are attempting to answer all your general queries related to Payday loans and we hope it will serve as a tool to open up any mystery surrounding payday loans or cash advance.
What Is A Payday Loan Or Cash Advance Loan?
We daily come across many loan types like housing loan, personal loan, and education loan. However, the payday loans are a new buzz in the market, and it is very popular. This loan is known by many names like "Cash Advance", "Paycheck loan", "Check loans", and "Payday advance loans". Let us understand what is a payday loan or cash advance loan and how and when it should be used for your maximum advantage. Payday loans are unsecured loans, which can be used for meeting your emergency financial needs and is paid back out of your next paycheck on your payday. Thus, payday loans are the shortest tenure loans among the other loans available in the market.
Are there any limitations on payday loan or cash advance loan usage?
Many a times we face a situation when we need money badly but feel like our hands are tied as our payday is still several days away. In such a scenario, we either have to shelve or defer our plan of purchasing something or go for a heavy interest credit card loan to meet the obligation. The requirement could be to pay up unexpected medical bills, your kid's school fee, to avoid bouncing of your issued checks or any other financial obligation. In such trying times, payday loans or a cash advance comes in handy. Thus, you can use this cash advance for whatever purpose. There is no restriction on the usage of payday loans.
Am I eligible to receive a payday loan or cash advance loan?
The best thing about payday loans is that they can be had even if your credit rating is not very good. The second best thing about payday loans is that taking a cash advance does not affect your credit rating. All you need to be eligible to receive the payday loans is to have a running checking account and a regular job.
How should I apply for a payday loan?
To apply for the payday loans, we would say it is easier to do than to say. You can apply for payday loans online using Internet. You may be required to supply some basic information such as your Name, Address, and your employer details. Some companies offering payday loans may ask for your Bank Statement or pay stub over fax. The documents required by these companies for payday loans are minimum in comparison to other types of loans.
What is the fee charged for payday loans?
Before applying for payday loans, we suggest that you scan 5-6 companies for the fees they are charging. Some companies offer payday loans without any fee for the first week.
How much cash can I get with a payday loan?
The amount of payday loans ranges from $100 to $1000 depending upon the repaying capacity of the borrower.
What is the length of payday loans?
Normally a cash advance is supposed to be paid back on or before your coming payday. Therefore, the maximum length of payday loan could be up to 30 days. However, some companies are flexible with respect to the loan duration as well. Payday loans can be extended until the next payday. This extension of payday loans however comes at a price.
How long does it take to get a payday loan?
Payday loans are much easier to get and in less time than other loans. After applying for a payday loan online, you will get a telephone call from the payday lender. After completing the small formalities, the cash advance will be credited to your checking account the next business day.
Does this mean I can enjoy my pay without waiting for my payday?
Before you jump for a payday loan, please note that the rate of interest charged for these loans are higher than other loans. Extending the duration of payment will only increase the fees charged. The payday loans or cash advance loan should be used very prudently and only for meeting financial exigencies that cannot be avoided. Please remember that getting a payday loan or cash advance loan too frequently could upset your monthly budget and you may find it difficult to get out.
At the A1 Payday Advance website you can apply for a payday loan with us, read news or articles about the payday loan industry or find other payday lenders to meet your needs. Visit our online payday loans [http://www.a1paydayadvance.com] site when you need a little extra cash. To receive the article by email simply send a blank email to:[email protected].
Article Source: https://EzineArticles.com/expert/Steve_Cope/46211
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An Outline of Personal and Business Loan Categories and Their Uses
By Ralph Bellamy Jr
The number of loan products have increased over the past 20 years as economic necessity and a demanding public in need of specialization to solve financial circumstances. From personal loans, educational loans, business loans and even municipal loans. The entities that took part in the creation of the various financial products are actuaries, risk management professionals, "information and informatic engineers" and Wall Street amongst others. It was necessary to create, enhance or break down for better or for worse loan services and products to keep money fluid in a diverse marketplace that required funds to address niche demographics.
- Personal Loans
Signature Loans - A signature loan is just as it sounds. One applies for a loan and gives a signature on a promissory note to repay the loan in a certain amount of time. That amount of time is called a "loan term " and may be from six months to five years. Signature loans usually require good credit and the criteria for loan approval are mostly based on the borrower's credit and and to a lesser degree on assets. Not all signature loans have the same parameters for qualifications. Some loans may require the borrower even with good credit to account for assets to show the lending institution for underwriting purposes. The institution may or may not place a lien on the assets but nevertheless wants to have documentation proving that there are indeed financial or physical assets owned by the borrower. Signature loans usually come with lower interest rates than other types of consumer loans like payday loans, credit card advances, title loans and some car loans. More on these topics later. Who are the lenders in signature loans? They range from large subsidiaries of auto manufacturers to banks, savings and loan institutions, finance companies and payday loan companies.
Credit Card Loans - Credit Card loans or cash advances from credit cards are another form of personal loans. These quick loans are more readily available to the general public and does not require a credit check. To obtain the initial card more than likely required a credit check or at least the process of identification for secured credit cards. Credit card loans or advances usually come with higher interest rates and also other fees for having access to the cash. Various entities allow access to the credit card cash advances from bank tellers, check cashing facilities and automated teller machines (ATMs). The fees vary based on source used to access the funds. To lower the fees for cash advances some use check cashing facilities to have the card charged and receive cash back in turn for not having to incur the fees of ATM machines as cards are assessed a fee twice; first by the ATM company and also their bank. The interest rates on credit card loans or advances are usually higher than signature loans. There are some states that have usury laws that have lower interest rates on credit cards. The loan or advance on a credit card is not a "term loan" as with most signature loans. It is more or less a line of credit the borrower has access to when they need it as long as there are funds available on the credit card. Interest on consumer loans are no longer tax deductible as in previous years. They were designed for short term borrowing needs but many have come to use their credit cards as a regular source of funds in tight economic times or between paychecks.
Wedding Loans - A relatively new form of loan to carve out a niche for the lending industry and meet the needs of the increasing costs of weddings is the Wedding Loan. Because of the expense of weddings which can range into six figures, it sometimes requires a personal loan or even a business loan of the families involved to provide a proper wedding. Wedding loans can be secured (using assets for collateral) or unsecured (signature loans) to obtain funds for the ever growing need to pay for the escalating wedding costs and all the various services and products that a successful matrimonial ceremony would need. The credit criteria and the term may vary based on the amount needed and financial status of the people involved.
Payday or Cash Advance Loans is a fast growing market because it usually requires the least of credit criteria used for loan approvals. One can have bad credit for a quick and instant loan. Just having proof of income, proof of identity and a checking account is all that is necessary to secure funds. Even today many have checking accounts without checks one can still obtain a cash advance by asking their bank to produce a one time check to give to the payday loan agency. Many payday loan companies and stores can get approval with no faxing of documents as they utilize other means for proof of income. Although payday loans come with very high annualized interest rates they sometimes are the only source of emergency cash loans for those in need.
Automotive, Motorcycle, RV (recreational vehicle) and Boat Loans - These personal consumer loans are usually not signature only loans but asset based loans. In other words a financial lien is placed against the asset to secure a loan to purchase or refinance the car, boat et al. These consumer loans may sometimes require a down payment of five to twenty-five percent to secure enjoyment and use of ownership. Because these are not funds that are already available as with credit cards they come with a "loan term" from one to six years depending on the choices of the consumer, the marketplace and the credit status. The interest rates can range from very low usually offered by manufacturers of cars, motorcycles, RV's (recreational vehicles) and boats to very high if the borrower uses a credit card, a finance company or a "buy here - pay here" lender - or the car dealer who finances the purchase of the car by giving the borrower a term of months and years to pay the balance of the loan off.
- Business Loans
SBA (Small Business Administration) Loans are loans that are given to small businesses which are not able to qualify for a loan from a financial institution for various reasons from lack of business history, lack of collateral to "secure" the loan or not having an adequate credit history. The SBA is not a direct lender but acts as an underwriter on behalf of the bank that funds the loan for the business entity. If the borrower defaults on the loan the SBA will pay the bank a percentage of the balance for taking the financial risk to loan the funds to the business. There are various types of SBA loans which will not be covered in this article but a future article will explain in more detail.
Conventional Business Loans are loans that are either unsecured meaning no asset is used to approve the loan or secured and called "asset based loans" where assets from inventory, equipment, accounts receivable or real estate are used for underwriting for loan approval. Conventional business loans are given to business entities that have great banking relationships, established business credit history with trade lines with other businesses they do business with and good standing with various credit reporting entities like Dun & Bradstreet. There are short term loans with interest only payments with the balance due at the end of the loan usually referred to as a "Balloon Loan". There are also longer term loans that are fully amortized (principal and interest in each payment) paid over one to five years or more.
Equipment Leasing is a financial instrument which technically is not a loan. Meaning based on tax ramifications and who owns the equipment - leasing is just that - leasing an asset owned by another entity. Leases are usually from large corporations or a bank. The lease term can vary from one to five years or more and there usually are tax benefits to the business entity in leasing new or used equipment.
Equipment Sale Leaseback is a transaction to use equipment that is already owned by the business or municipal entity to secure funds for the present need for operations. The term can vary from one to five years and the amount of funds can vary based on credit history and a percentage of the fair market value of the equipment. The company then in turn leases the equipment back in usually a monthly payment. The company or the lessee normally has different choices on what they want to do with the equipment at the end of the term. They can roll the lease transaction into newer more updated equipment or software. They can buy the equipment for one dollar or ten percent of the fair market value of the equipment.More and more companies are leasing today as opposed to paying cash or using bank lines or loans.
Merchant Cash Advance is used by businesses that need fast cash and can't qualify or don't want to go through the process of getting bank approval for needed funds. A Merchant Cash Advance is also not a loan product but it is the selling of assets or credit card receipts at a discount. In other words the Merchant Cash Advance company buys the credit card receipts and then attaches a fee usually every time the business "batches", settles or closes the day's or week's sales until the funds advanced are paid off. There is no term with merchant cash advances as it is not a loan so there is no set payment amount or period. The paying off of the advanced funds vary based on a the credit and debit card transactions of the day or week.
Factoring Accounts Receivable Invoices enables a business entity that normally has to wait 30 days or longer to be paid by other businesses or governmental entities. Again factoring is not technically a loan but a selling of invoices at a discount for cash now. In a typical transaction the company applies with a Factoring Company and the company looks primarily at the credit of the other business or governmental entity that the company is doing business with. Based on that as long as the client of the company is a solvent business or government agency the invoices are bought and funds are dispensed to the business usually within three days of due diligence on the company they are transacting business with. In other words the funds are dispensed after there is a credit check and processing of the other company. The dollar amount that is advanced can vary from fifty percent of the invoice to eighty or ninety percent depending on various factors such as the size of the invoice to the credit criteria of the other company or governmental entity whether it is a city, county, state or federal agency.
Medical Factoring is a financial transaction that benefits medical entities like hospitals, clinics and various health care professionals that have to wait to receive funds for services performed on patients. Like Factoring and Merchant Cash Advances Medical Factoring is the selling of assets in this case invoices for cash now. In many instances the health care industry receives payment from third party entities like insurance companies, Medicaid and Medicare and state entities that provide funds for those in need of medical procedures. The medical facility or professional in turns sells the invoice(s) on a on going basis or one time for cash now. Once there is an interest is selling the receivables then a Factor steps into analyze the billing so that funds can be advanced. This process can vary in length but is usually shorter in length than the process of getting bank financing.
Contract and Purchase Order Funding allows companies to bid on large projects for governmental agencies, hospitals, universities, prison systems and municipalities or also to sell to larger corporations even if the business does not have the credit or bank approval or the wherewithal to service or fulfill a large contract order. Similar to Factoring which works hand in hand with Purchase Order Funding it is not a loan but a simultaneous transaction that involves advancing funds based on the credit of the governmental agency or larger company and the size of the contract. The funds that are advanced are for the cost in completing the order of products or performing services. So the profit that will be gained is not advanced but the costs as in raw and finished material, transportation, production, labor, expertise and any other costs involved in completing the contract. Once the contract is completed or once an invoice is ready to be sent to the client a factoring company which is sometimes owned by the same company buys the invoice at a discount and the funds that would normally be advanced to the company are usually used to settle the amount advanced for the material and other services that were needed to complete the order. Contract and Purchase Order Funding usually requires large transaction amounts as opposed to factoring that can be utilized for invoices as small as one hundred dollars. With the use of Contract and Purchase Order Funding companies that were locked out of the process of bidding on large contract s may become players in multi-million dollar deals.
Commercial Real Estate Sale Leasebacks are similar to Equipment Sale Leasebacks featured in this article. Instead of utilizing owned equipment to secure cash when bank borrowing is not wanted or not available the commercial real estate is used to access funds now. This can vary from office buildings, medical buildings, retail franchises, industrial buildings and manufacturing to large utility plants. This frees up cash "locked" away in real estate. Many entities find that at the present time the business they are in whether it is retail, manufacturing or another field that the holding of commercial real estate is not in their best financial interest for now. They prefer to put to use funds for their industry. So a retailer selling retails goods decides to focus on the retail operations and to lease the space because that real estate when factored into a myriad of calculations does not fit their financial goals during the present time. Yes the ownership of commercial real estate is an asset and can be used as a security for a loan but may also be viewed as a fixed non-performing entity that does not meet the needs of the business, organization, group or individual that owns the building. Commercial Real Estate Sale Leasebacks are another form of getting access to funds and has increased over the years.
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