No Credit Check Personal Loans

No credit check personal loans provide excellent stopgap measures for low income individuals or people with really unfortunate FICO scores. Contrary to what you may have heard in the media about the providers of no credit check personal loans, the truth is that these lenders provide valuable services and timely cash, all without turning out major profits (like pro-mortgage lenders often receive).

That said, the consequences for unattended or poorly attended no credit check personal loans can blossom. Sure, you can use these arrangements to take care of a pressing need -- for instance, you can access money to get your car out of hock so that you can return to work -- but don't rely on them for day to day living expenses. After all, if you are at the point in your financial life where you need no credit check personal loans to move forward, it's likely in your best interest to be as frugal as possible, in other words, don't take on high interest rate debts long-term.

To avoid having to rely on credit check personal loans in the future, you need to pump up your credit score. You can do this in one of several ways. Get a free credit report, and examine all of your marks to locate erroneous creditor comments. Contest these errors, or negotiate down your debts with your creditors.

Even if you do get something bumped off of your credit report, it may take a month or longer to appear. Moreover, the credit bureaus aren't beholden to any consumer protection authority, they are essentially private businesses, so don't count on in-company fact checking to protect you. Explore your credit report, and manage your financial weaknesses using debt counseling, budget rearrangement, and smarter cash flow planning.

The good news about no credit check personal loans is that you can move forward with your pay arrangement rapidly, thus cutting through the red tape that sometimes accompanies traditional, lower rate loans. On top of that, you can qualify for payments of a thousand dollars or more without having to provide much background information, generally, all you need is a proof of address and some piece of information which demonstrates that you earn a thousand dollars or more every month.

http://www.superpages.com/supertips/what-are-no-credit-check-personal-loans.html

READ MORE >>

Online Personal Loans

In most cases, getting personal loans is not a difficult task because of the streamlined processes put into place by lenders. Online personal loans offer even more advantages to borrowers than their traditional counterparts. You always retain the option to visit your local bank branch if you prefer, but knowing the reasons why staying in front of your computer to apply will help you make a more informed decision.

More Loan Options

Not every lender provides branch offices with the same loan products offered online. The exact reason behind this is a mystery, but you can take advantage of it all the same. If you look for online personal loans with companies that don’t have local offices, you can increase your available loan options even more.

Applying for an online loan eliminates some of the room for human error. In some cases, you only receive loan options your banker is comfortable presenting. Even though the company may offer personal lines of credit perfect for your needs, a banker without sufficient knowledge may discuss your fixed loan option instead.

More Time Savings

Driving to your lender’s office for the appointment takes time. If you have a longstanding rapport with your lender, you may spend the first 15 minutes of your time together discussing the grandkids or college courses of interest. Building a solid relationship with financial professionals can be an important part of your financial life, but you don’t always have the time to spare when you want to borrow money.

Online loans also alleviate the communication problems present with local loans. When your local lender needs additional information, you might play phone tag for days before you find out the specifics, while an online lender typically emails the exact request with directions for submitting the necessary information. If you have a scanner, you can upload your documents and send everything via email instead of looking for a fax machine.

More Interest Rate Options

Getting online personal loans from companies without local offices can mean you get a lower interest rate. Although this isn’t always the case, lenders without rent and utility expenses can afford to make less on each deal than a brick and mortar institution. Some companies even offer lower rates for using the online loan department because they’ve found their processing center loans are more profitable overall than those originated at the branch level.

Online personal loans are not a good fit for every situation, but if you can forgo a portion of human contact during the lending process, you can receive a number of benefits.

http://www.superpages.com/supertips/online-personal-loans.html

READ MORE >>

Need a Fast Personal Loan?

When you need money, you may feel pressure to find it as quickly as possible to avoid missing an opportunity. Before you rush out to apply, it’s wise to take a moment to evaluate why you need a fast personal loan. Although your need can be legitimate, you may discover it’s an impulse decision best ignored.

Think about the purpose

Because you don’t often wake up and decide to borrow money for no reason, every loan has a distinct purpose. With all loans, you should always carefully weigh the costs of financing against the benefits afforded by your purchase, be it a house, car or new business venture. Needing a fast personal loan for a purchase is no reason to forgo this internal thought process.

In this case, the difference is that you must determine whether the abbreviated time constraints make your purchase as worthwhile as you believe. Do you truly need cash fast or do want speed? A difference between the two exists. The former implies you’ll lose the deal, while the latter speaks to your impatience.

Evaluate your options

By nature, some loan options are quicker than other options. For instance, a borrower in Texas who wants a fast personal loan will not benefit from a home equity application because of the extended cooling off and rescission periods. Once you determine a time constraint affects your purchase, consider only those options available within the appropriate amount of time.

Loans requiring collateral generally take longer to complete than unsecured options. In states where equity lending is a speedy process, you still must wait for an acceptable appraisal and title check. When the amount of money you need is relatively small and you can afford to repay it within a few months, a payday loan is perhaps the fastest personal loan available.

Consider the consequences

Just because you find a fast personal loan option does not mean you should take it. Some lenders prey on people who need money now by charging high interest rates and inflated application fees. You also risk overlooking a solid loan option because of your rush. Make it a habit to evaluate all the variables of how a particular loan will affect your life, not just your ability to make your purchase. If you have enough time to sleep on an offer before making your decision, do it. What seems like an emergency in need of finance one day might seem less dire the next.

http://www.superpages.com/supertips/fast-personal-loan.html

READ MORE >>

Misconceptions of Bank Loans

Even the savviest consumer can fall victim to bad information once in a while. When you hear people talk about bank loans enough, it’s easy to accept what they tell you as fact when it may be little more than opinion. To stay educated on any subject, it’s important to review your facts and assumptions on a regular basis. Finance is no exception to this guideline.

“Banks offer the best rates.”

Once upon a time, this was the case. Borrowers sought out bank loans for all their needs and avoided finance companies as though life itself depended upon it. In the technological times of the World Wide Web, the way you do business and think about borrowing money is no longer the same. Online lenders now claim a large chunk of industry lending dollars.

This does not mean your local bank will never offer the lowest rates for your situation; just that it is not your only affordable option. Not having a local established presence means online lenders must work harder to earn your business. Lower interest rates and waived application fees are the primary tools. Your local bank doesn’t often use these tools because the overhead they pay for the building and staff exceeds that of the online company. Your bank branch also trades on its reputation and stability to justify higher interest rates or fees.

“Banks only lend to people with perfect credit.”

If you avoid your bank in favor of high interest lenders because of a spotty credit history, it’s time to give your bank another look. Financial institutions adjust their credit models on a regular basis to provide better service to the communities they serve. When the average American credit score dips below the level widely acceptable to lenders, they take notice. Although bank loans for people with bad credit will never features rates that rival what they offer to A-credit borrowers, you’ll find people with lower credit scores can now receive loans from the bank.

“Your banker has the final say about the loan.”

To a degree, this is still true of smaller, locally run banks. The national financial institutions often use a central underwriting and processing center to determine whether you receive the loan. Banks do this to keep the process as fair and unbiased as they can. Rather than a loan officer who can approve or deny bank loans on a whim, they employ professional underwriters capable of looking at the facts in your credit file to determine your ability to repay the loan.

http://www.superpages.com/supertips/bank-loans.html

READ MORE >>

Long Term Personal Loans

When you know you cannot repay the money you want to borrow within a year, long term personal loans are your best option. Unlike alternatives with abbreviated terms, these loans become part of your budget and can affect your credit rating. It’s important to understand the way these personal loans will fit into your life before you submit your loan application.

Long Term Personal Loans and Credit Reporting

Your credit file is nothing more than a compilation of the way you manage your credit. Creditors who offer you long term personal loans will periodically send information about their experience with you to the credit reporting agencies. If you follow the terms of your lending agreement and always make your full payment on time, you have no reason for concern. In fact, your credit score can benefit from this positive lending relationship.

In order to report to the credit bureaus, lenders of long term personal loans typically wait at least six months to collect a fair amount of information on your payment history. Keep in mind, they will notify the credit bureau as soon as they open a new account for you. This activity in and of itself has the power to change your credit score, depending on the size of the loan and how it changes your debt utilization ratio.

Long Term Personal Loans and Budgeting

When you accept a payday advance loan, your expectation is to pay it off from your next paycheck. You might tighten your belt for a few weeks or a month to do so, but the changes are not lasting. Long term personal loans, on the other hand, require careful consideration because these payments span years.

Always start with a review of your household budget. How much money can you afford to spend on loan payments each month? If you determine you cannot afford the size loan you need, look for ways to decrease your spending in other areas, but stay realistic. When your family typically spends $600 each month at the grocery store, it’s unreasonable to sustain a cut of $300 to the family food budget. While this is a logical place to cut spending for a month to cover an emergency, keeping it up over the next several years can cause a hardship.

Before you start looking for long term personal loans, make sure the monthly payment is a good fit in your budget. Getting the car or home of your dreams means little if you lose it for non-payment after a few months.

http://www.superpages.com/supertips/long-term-personal-loans.html

READ MORE >>

Loan Consolidation Programs

When debt spirals beyond your control, it’s natural to look for ways to pay off your balances faster. Loan consolidation programs may come under fire for doing little to decrease the overall debt, but these programs are valuable tools you can use. Before you sign up with any program, it’s smart to learn the about the different types of consolidation programs and what each entails.

What consolidation does not do for you

A loan consolidation program is not a magic financial pill that will erase all your debt in the blink of an eye. If any loan counselor or lender tells you they can do this, run. Although your debt payments will combine into a single monthly payment, your total balance usually stays the same. Your consolidation will also not remove negative information reported about you from your credit report.

How bank consolidation programs work

Applying for a loan consolidation through your bank is the same simple process as it is to apply for any loan. Essentially, you’re looking for one loan to pay off all your existing balances. If your credit history and income is sufficient for your bank’s underwriting guidelines, you might be able to use an unsecured personal loan for your consolidation. Sometimes, using the equity in your home or securing the loan with your car is a better option.

Regardless of which bank loan option you choose, your lender will request current statements for each debt included in the loan. After loan closing, your banker prepares checks for each of your creditors and sends them on your behalf to repay the loans.

How debt management plans work

If you go through a credit repair service or a credit counseling agency, they may not have a loan consolidation program. Instead, they contact each of your creditors to negotiate lower interest rates, fees and payments on your behalf. Once they complete negotiations, you receive a total of what you owe them each month. After you pay into your debt management plan, the agency disburses payments to each creditor and keeps a small percentage as their fee. Qualifying for a debt management plan usually does not require a credit check, making it a viable option for individuals with bad credit.

A loan consolidation program through either a lender or a credit counselor can lower your payments to a manageable level, making it possible for you to pay more towards your credit obligations each month than you could before the consolidation.

http://www.superpages.com/supertips/loans-consolidation.html

READ MORE >>

How to Get a Personal Unsecured Loan

You don’t always have collateral to offer your lender in exchange for the loan when you need money. When this happens, a personal unsecured loan is often your best bet. Even if you haven’t applied for unsecured credit in the past, this type of loan is well within your reach.

Pull your credit

Reviewing your credit history is the single most important thing you can do when in the market for a personal unsecured loan. Lenders look at the information within this file to determine if they can do business with you. Your credit score itself is important, but pay attention to the details as well. If you find any erroneous information, contact the credit bureau to correct it.

Define your needs

Not every lender is a good fit for your credit needs, especially when you consider how many different kinds of unsecured personal loans exist. A payday loan lender might be a fast option when you only need a small amount of money for a very short term. On the other hand, you cannot get a payday loan for $15,000 with a repayment term of five years. Knowing what you want from your loan will determine who can help.

Research lenders

Getting a personal unsecured loan is a partnership between you and your lender. Check with your state’s Attorney General or the Better Business Bureau to find out if potential lenders have complaints filed against them. Some complaints may not apply, but pay special attention to clients who talk about harassment from the lender when the payment was late. You have an obligation to repay your loan according to the loan’s terms; however, missing a payment does not allow the loan company to disregard state and federal laws pertaining to account collection procedures.

Compare loan factors

While an important factor to consider with any loan, the interest rate is not the only part of the loan you should check. Does the lender charge an application fee? Is there a prepayment penalty? How long is the loan’s term? If these additional factors are equal between lenders, it is then appropriate to let the interest rate guide you.

Submit your application

If possible, apply to only one lender. Multiple inquiries on your credit file can lower your credit score. Protect your rating by limiting the number of applications you submit while shopping rates.

By following these five simple procedures for getting a personal unsecured loan, you can find a loan that meets your needs and avoid buyer’s remorse after you close the deal.

http://www.superpages.com/supertips/personal-unsecured-loan.html

READ MORE >>

How to Find a Loan

Between television, radio and print advertisements, there is no shortage of information on how to find a loan. The problem is sorting through all the hype to get to the financial information you need to choose between loans. Instead of letting the media draw you towards a particular type of loan or a certain lender, develop your own strategy when borrowing money.

Step 1: Determine your needs

You wouldn’t go to a mortgage representative to find a loan for vehicle purchase, so defining the scope of your needs is crucial to successful borrowing. Why are you borrowing money? How much will it cost? Knowing the answers to these two questions will focus your search in on lenders who can provide what you desire.

Step 2: Look for experts

Ignore comical television commercials and turn your attention to the recognized experts in the lending industry. Payday loan companies handle cash advance loans better than any other lender, just as home mortgage representatives are experts at obtaining affordable mortgage products. Going to a company or individual with a high level of professional experience in what you need ensures a smoother loan process.

Step 3: Find a generalist

When no clear-cut expert exists for the loan you desire, you can find a loan Jack-of-All-Trades to assist you. Your bank or credit union is a logical place to start. Financial institutions offer a wide array of lending products to fit a variety of needs. If your financial institution is unable to assist you, they often have a list of partner companies they know can fulfill your lending needs at a fair interest rate.

Step 4: Ask a friend

Finding a loan doesn’t need to be a solo endeavor. Find out if family or friends recently obtained a similar personal loan. If so, obtaining a referral from a trusted source gives you the peace of mind that you will not only find the right loan, but a reliable lender. A good habit to get into is to always ask friends for the business cards of those who provided exceptional service. Even if you don’t need the service at the time, you’ll have a source of potential vendors when you’re ready.

Although there’s nothing wrong with using media advertisements to find a loan, make sure you do your own independent research on the loan type and lender in order to get what you need.

http://www.superpages.com/supertips/find-a-loan.html

READ MORE >>

How to Compare Loans

Finding a reputable lender is not your only concern before submitting a loan application. Make sure to compare loans carefully before you sign on the dotted line. Even within the same company, you may find that a different lending product better meets your needs.

Look at terms

To compare loans, you must understand the nuances of the terms. Is your rate fixed or variable? Can payments ever increase? Are you providing collateral or only a signature? Ask your lender to prepare a document with all the relevant information for the various loan products that fit your situation and start with these questions.

For instance, using a fully paid vehicle for collateral carries an additional cost as a result. Unless you already maintain full coverage insurance on the car, your insurance premium increases. This increase may eliminate the interest rate savings you gain by not using an unsecured personal loan product. Always think through the seemingly unrelated details affected by your loan choice to make sure you get the best loan possible.

Calculate savings

Introductory rates offered by financial institutions are tempting and effective ways to get you in the door. Read the fine print on the offer and do the math when you compare loans to see if the deal is as good as it looks. You may find a loan with a slightly higher rate is the better option.

Let’s say you have two loan offers to compare for a term of four years. Lender A is offering $10,000 at a flat rate of five percent, while Lender B offers $10,000 at an introductory rate of zero percent for one year and a go to rate of 10 percent. Paying no interest upfront sounds like a good deal, but what do the numbers say?

Using a simple interest calculation, Lender A charges $500 in interest for the funds. Lender B, on the other hand, receives an average interest rate of 7.5 percent, which equates to an interest cost of $750. Depending on the interest calculation method your lender uses, these numbers will vary. Always find out the total interest cost assuming no early prepayment and compare those figures in addition to interest rates and payments.

Think about benefits

Another factor when you compare loans is whether it offers additional benefits beyond the borrowed money. Mortgages, home equity loans and home equity lines of credit offer a potential tax savings on your income taxes for interest paid. Always consult your tax advisor before assuming you qualify for the deduction, but if you do, know that these tax savings can make a tax advantaged loan product more attractive than a regular personal loan.

Learning how to compare loans doesn’t have to be a lengthy process. Simply gather information on a variety of options and take the time to review each before making a final decision.

http://www.superpages.com/supertips/compare-loans.html

READ MORE >>