BANK AND INSURANCE CENTER

Unsecured Loans to Improve Credit

2010-03-17T16:28:00.000-07:00

Whether you’re unhappy with your current credit rating, or you simply wish to improve your score before you need it, there are a variety of methods at your disposal to beef up your credit. Using unsecured loans is a way to prove your credit worthiness and build a solid lending relationship. Of course, this strategy can backfire on you if your use of personal loans doesn’t follow disciplined guidelines.

Basics of Unsecured Loans

Unsecured loans can come in a variety of forms, but they all share the commonality of not requiring you to put up collateral. To a degree, this is a riskier transaction for your lender because they get nothing in return if you decide to default on your financial obligation to them. For this reason, interest rates on unsecured personal loans are higher than you’d receive for an auto loan. Loan amounts may also be smaller and come with shortened repayment periods.

How to Use Unsecured Loans

Because of the risk to lenders associated with unsecured loans, proving you can repay even a small $5,000 personal loan will begin establishing your good payment history. If you always make your payments on time, this small loan can boost your credit score and win you lower rates when you apply for another loan. As long as you have sufficient income and room in your budget, you can repeat this process of obtaining and paying off personal loans as many times as you like.

How Not to Use Unsecured Loans

Worse than having no credit is using unsecured loans to prove lenders cannot trust you with extensions of credit. Before you apply for any personal loans or lines of credit, always take the time to consider your financial position, and whether you can afford the payments over the life of the loan. If you have any doubts about your ability to repay the debt, do not apply.

Another pitfall some borrowers fall trap to is applying for too many unsecured loans at once. When it comes to your credit score, more does not always mean better. In fact, credit bureaus can take your sudden interest in personal loans to mean you’re about to go on a spending spree and overextend yourself. Along the same lines, avoid applying for addition unsecured personal loans when you already have one or two outstanding. Again, having too much available credit makes credit agencies and lenders wonder about your true intentions.

Source: http://www.superpages.com/supertips/unsecured-loans.html

Understanding Personal Loan Lenders

2010-03-17T16:27:00.002-07:00

The first step to getting the loan you need is finding a lender. Personal loan lenders work in a variety of locations, offering a multitude of lending products. Even though some lenders specialize in a particular type of loan, they can still offer options outside their area of specialty and expertise to fit your needs. Learn about your lender options before making a decision and evaluate which is best for you.

Financial Institutions

Banks and credit unions are the most well known personal loan lenders in the industry. They operate on both sides of the balance sheet, taking in deposits from customers and lending money to borrowers. Although all lenders must meet government regulations concerning lending practices, large national institutions typically have more policies and procedures in place to govern employee behavior. The person you give your application to is rarely the one who makes the decision about extending credit to you. On the other hand, smaller financial institutions may allow you to walk in, make your case to the loan officer and walk out with a check in hand.

Financial institutions typically specialize in unsecured personal loans, lines of credit, credit cards and auto loans. Depending on your state's laws, your bank may also offer a wide array of home equity lending options.

Payday Loan Companies

Payday loan companies have a more restricted product set than the traditional financial institution. This company's bread and butter is the payday advance loan used to provide borrowers extra cash in between paydays. Some offer car title loans and revolving credit lines, but this varies by business and does not usually offer favorable rates for borrowers with exceptional credit. Conversely, the underwriting guidelines may be somewhat less stringent than those of your bank, making payday loan lenders ideal for individuals with spotty credit histories.

Online Lenders

The only difference between most online personal loan lenders and conventional banks is that you can handle everything from the comfort of your home. While you lose the ability to speak with your loan officer in person, you may gain lower interest rates. Online lenders can do this by keeping their overhead lower than your typical brick and mortar establishment. The only word caution when getting a loan online is to thoroughly research the company before providing any personal information. If you can't determine their legitimacy, use a different lender.

This is not an exhaustive list of personal loan lenders, just a starting place for your research. For more complex lending needs, you may benefit from visiting with your mortgage representative or investment advisor, as these types of businesses offer limited loan options.

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

Understanding Personal Credit Loans

2010-03-17T16:27:00.001-07:00

The appropriate use of credit is an important skill for consumers to master in their financial lives. Using personal credit loans is about more than getting the cash you need, it’s also about repaying the money in a responsible manner. To understand personal loans fully, you must know the affect each has on you in addition to the loan’s terms and conditions.

Personal Loans and Credit

The relationship between personal loans and your credit score does not end after you receive the loan. Lenders have the right to report their experiences with you to the credit bureaus and they take regular advantage of this. If you follow the terms of your lending agreements and repay your personal credit loans accordingly, you won’t have any problems. On the other hand, mishandling your finances and defaulting on your credit obligations carries consequences.

To maintain good credit, avoid three common traps.

Relying on the Grace Period

Some personal credit loans provide leeway for payments in the form of grace periods. This helps you to avoid the late fee if your check takes an extra day in the mail or is in transit during a postal holiday. Loan grace periods are good things, unless you take advantage of them.

For example, if your mortgage payment is due on the 1st and late on the 16th, you have 15 extra days to get the payment to the lender. This helps you protect your good credit rating in the event your check is slow to clear at the bank. This grace period hurts you when you view the 16th of each month as your due date because you no longer have any leeway. If anything happens to delay your payment at the middle of the month, you risk a negative credit report and a late fee.

Missing Payments

It happens to everyone at some point. You receive the bill and you have enough money to pay it, but you still have plenty of time before the due date, so you set it aside. Weeks pass and you get a notice of non-payment because you forgot to go back and pay the bill. Make a habit of paying your bills when they first arrive or scheduling automatic payments. One missed payment on your credit report isn’t the end of the world, but multiple slow pays will lower your score.

Minimum Payments

If you have personal credit loans that offer minimum payment options, they are just that: the minimum you should pay. Not only will you pay more over the life of the loan by making minimum payments, your credit suffers as a result. Resolve to pay more than the minimum amount due on every account each month.

As long as you avoid the common traps, you can use personal credit loans as tools to improve your credit rating while financing the things you need.

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

Understanding Financial Loans

2010-03-17T16:26:00.000-07:00

Whether you’re a savvy borrower or this is your first time thinking about taking out a loan, it’s important to understand how financial loans work to make sure you get the best deal. The majority of banks and lending companies operate fairly and in the customer’s best interest, but knowing what they’re up to provides an extra measure of comfort. Rather than learning the ins and outs of the financial industry, brush up on a few key facts.

Why banks lend money

Helping people meet their monetary goals is a secondary benefit to your lender for making financial loans. Although the interest you pay on loans is an expense to you, lending money is a major portion of the income for banks and other financial institutions. Some loans, like mortgages, are more profitable to the lender because of the size and term, but every loan they make constitutes income as long as you fully repay the loan.

Factors to lending decisions

Depending on the institution, you may know the underwriting guidelines or how they decide to extend credit may be a mystery. Every company follows a different set of internal rules when making financial loans, but the basics generally remain the same across the industry. Your credit score is a major player in the decision because past behavior can be an accurate predictor of future actions. If you have a history of paying your bills on time, they have little cause for concern about your ability to make payments.

High credit scores alone do not guarantee approval. Lenders like to see debt service ratios (DSR) adequate to take on the extra payment load. Simply put, your DSR is an expression of how well your income covers your debt payments. You may also hear this called the debt to income ratio. As a rule, ensure your income is at least twice your credit expense to keep this ratio under control.

Important details for you

Obviously, you want the lowest interest rate possible, but there is more to consider when comparing financial loans. What are the fees? Mortgages usually carry application, title, appraisal and origination fees, while some lines of credit charge an annual fee regardless of use. The lowest interest rate is not always the best deal if the fees are high.

Make sure to ask about repayment terms. Some auto dealerships prefer receiving payments weekly or semi-monthly instead of once per month. This often means making a special trip to make payments instead of mailing checks. It’s also wise to find out if a pre-payment penalty exists. While you are free to take the full loan term, you’ll save on total interest costs by paying off the loan early. Penalties for doing so, however, eat into your savings.

Keep in mind that different types of financial loans carry different underwriting guidelines and terms. Always ask your lender to explain anything unfamiliar to you before signing the paperwork and you’ll be in good shape.

Source: http://www.superpages.com/supertips/financial-loans.html

Tips to Compare Personal Loans

2010-03-17T16:24:00.000-07:00

Whenever you're in the market for a loan, you should always compare personal loans before making a final decision. Depending on the complexity of your personal loan request, there could be dozens of factors to consider. Or it could come down to who offers the best interest rate. Start with some personal loan basics and expand your comparison criteria from there.

Don't compare apples to elephants

Before you compare personal loans, make sure you're looking at comparable options. A loan and line of credit function in very different ways. If you must decide between two such dissimilar options, find a way to level the playing field, then make comparisons.

For example, a personal loan typically offers a fixed monthly payment, while a personal line of credit's payment will fluctuate based on the current interest rate and total amount advanced. For loan comparison purposes, assume you've advanced the full amount of the line of credit at the highest interested rate allowed in the contract. As long as that payment—the highest it can be—is comfortable, you can consider the line of credit to be a viable option. Just don't forget to compare application fees, annual fees and other contract features.

Don't stop comparing at the interest rate

Always read all the terms and conditions when you compare personal loans. The interest rate defines your total cost to borrow the funds, not whether it's the best deal available. Other personal loan features can make it well worth accepting a higher interest rate. These features include:

The lender reports to the credit bureaus. If one lender doesn't report good payment history then you aren't helping improve your credit score with this personal loan.
The lender packages products. Borrowing money where you bank is a smart idea if you can take advantage of packaged accounts. For instance, letting your loan balance count towards your total relationship balance with a financial institution can qualify you for a myriad of money-saving options. In particular, find out if your bank offers higher savings account rates, reduced fee stock trades or free checks as a result.
The lender has convenient payment options. There is a definite benefit to not having to race to the bank monthly to pay your bill. Whether the company offers automatic payment is a good factor to consider when you compare personal loans, but expand your thinking on this one. If you don't like anyone drafting money out of your account, consider the convenience of the bank you pass on the way home each day or that operates a branch in your office building.

It's a sound financial practice to always compare personal loans before you sign on the dotted line to make sure you get the best possible loan for your needs. Make sure to always take into account the usual suspects of payment and rate, then compare any perks available.

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

Tips for Online Loans

2010-03-15T22:53:00.001-07:00

When you need money, scheduling an appointment with your local banker is not always a convenient option. Online loans provide convenience brick and mortar banks lack, but come with a new set of concerns. The anonymity of the internet coupled with the sheer volume of online lenders makes cyberspace a breeding ground for financial scams.

Finding an Online Lender

Locating a credible company to process your loan is the first order of business. The kind of loan you desire may focus your search for online loans into a particular area. If not, you can follow a few basic strategies to find a lender and verify their credibility.

Visit popular banking sites. Most of the national banks and credit unions have online lending departments ready to meet your needs. Look for a link to the company’s online loan application on the site. Major banks may not offer rates as low as smaller competitor sites, but you gain the peace of mind in knowing this company’s reputation and financial stability.
Search for a physical address. Although they do business online, there must be a physical office where underwriters and loan processors work. Even if you’re working with a broker that outsources most of the operation, he has to physically be somewhere. If you cannot locate an address for a company, move to another lender.
Check for complaints. This does not have to be a drawn out process. A quick search of the Better Business Bureau or your state’s Attorney General will reveal if the company uses questionable lending practices. If nothing else, enter the company’s name into your favorite search engine to see if disgruntled posts appear.

Working with Online Lenders

With in-person loans, getting information to your lender is a straightforward process because you can drop off anything she requests. With online loans, you must rely upon technology.

Fax machines. If your lender requires paystubs or tax returns, ask about the safety of the fax machine. Is it in a secure location or unattended in the middle of a large office? Although the majority of company employees wouldn’t do anything with your personal information, only send to fax machines where you know your lender will immediately get your documentation.
Email documentation. When you have access to a scanner to upload your signed documents to your computer for emailing, always use this option. It’s easier to confirm receipt and there is less risk of interception.
Mailing documents. Putting your loan documents into the mail is the worst option of the three, but some lenders will insist upon receiving original signed loan documents. Never send your documents through regular mail. Instead, use certified mail or a courier company so you can track delivery.

As long as you take the time to verify the legitimacy of your lender, online loans are a fast and convenient way to get the money you need.

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

Small Loans for Debt Consolidation

2010-03-15T22:52:00.000-07:00

If your credit card balances reach astounding heights, wanting a single payment at a lower overall interest rate is a natural desire. Although your bank may not be willing to offer you enough to pay off everything, consider how you can best leverage the small loans you can get. It’s a slower process, but paying off cards snowballs as you knock out your balances, making a bigger dent in the total number.

For example, if your total credit card debt is $25,000 with an average interest rate of 18 percent, taking a bank loan at 10 percent will almost cut your interest payments in half. In this situation, the lender offers a loan of $5,000, well under the amount you need. You have the option of turning this down; however, consider what you can accomplish with this relatively small loan.

You have three main options for the money.

Highest Interest Rate Approach

When your average interest rate is 18 percent, this means you pay rates much higher than that. List out your credit card interest rates and order them from highest to lowest. Starting at the top of the list, pay off as many cards as you can with the $5,000 loan. Yes, you’ll still owe $20,000 in credit card debt in addition to the $5,000 bank loan, but your average interest rate for the money should drop from 18 percent as a result. This means you’re paying more each month towards your principle balances than you were before you started using small loans. Paying less interest is a good thing.

Smallest Balance Approach

Depending on your financial situation, you may find that your $25,000 debt is scattered among 10 credit cards, making unreasonable demands on your monthly bill paying time. List your credit card balances from smallest to largest and see how many cards you pay in full before the $5,000 runs out. You may not save on interest as a result of this method and your overall credit payment amount may not go down, but you will save time by no longer writing as many checks or making as many online payments each month.

Largest Payment Approach

If cutting your monthly payments is your goal, using small loans can help. Determine which credit card has the highest monthly payment and apply the $5,000 loan to it. It doesn’t matter what the interest rate is or if you can pay off the full amount. Just pay it. As long as the payments fluctuate with your balance, the monthly payment will feature a decrease at your next statement.

Before using small loans for debt consolidation, perform your own calculations to make sure you’re using the consolidation approach that works best for you. If a consolidation loan won’t help your financial situation with the lower loan amount, pass.

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

export - import

Signs of Bad Personal Loans

2010-03-15T22:51:00.001-07:00

For the most part, lending companies are honest business ventures seeking to make a profit from providing loans to customers in need of the product. Although some lenders charge higher fees than you wish to pay, they are still legitimate entities. Unfortunately, not every lender behaves in an ethical manner and borrowers may not recognize the signs of bad personal loans until after they close the deal.

Spam Marketing Techniques

Unless you have an amazing spam filter on your email accounts, you’ll receive credit offers in your inbox at some point. When you’re in need of extra money and you find a guaranteed approval offer when you log in, it seems almost meant to be. That’s what the lender wants you to think. Out of the thousands of people they sent that message to, they hope a decent percentage will accept their terms.

Some of these spammers are out for your personal information so they can steal your identity. Other spammers want you to apply for their loan that charges loan shark rates. Either way, it’s smart to avoid working with companies who are too eager to seek you out. Quality lenders gain business through proven marketing efforts; bad personal loans use shady methods.

Pushy Sales Approach

Lenders like to impart a sense of urgency on their potential customers to make the sale. If they let you walk out of the office, they risk you finding a different lender and losing the loan sale. When your lender presses you to submit the application right then, it’s not a warning sign of bad personal loans; it’s a standard technique to make the sale.

On the other hand, you know the difference between someone trying to make a sale and someone trying to intimidate you to get what they want, in this case, the loan application. No matter how rough your credit history may be, your lender should never talk down to you because of it. Making threats about how you won’t get a loan anywhere if you don’t accept this one is also unacceptable behavior. If you’re in this situation, walk away. Using these tactics to win your business can only mean things will quickly deteriorate after you close the loan.

Avoiding Bad Personal Loans

While there is no magic formula to avoid bad personal loans, you can contact the Better Business Bureau to find out if other customers report shady behavior from a lender. Doing a bit of simple research on the lender’s website is also a good idea. If you can’t find an address and phone number for online lenders, but you do find a site riddled with typos, broken links and missing web pages, continue your search for a reputable lender.

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

Secured Personal Loan Considerations

2010-03-15T22:50:00.000-07:00

Among the most common types of loans is the secured personal loan. This loan can range from the simple to understand auto deal to a complicated borrowing arrangement with your life insurance company. Although every loan and lender works a little different from the rest, there are basic elements and considerations among secured loans.

Collateral Considerations

What sets a secured personal loan apart from unsecured lending options is the collateral requirement. Collateral is merely something you offer to the lender in exchange for the loan, providing an extra level of assurance that you intend to repay your full loan amount as specified in the lending agreement. This is an attractive option to borrowers who need more money than they could otherwise qualify for without collateral.

Using something as collateral is not a decision you should reach without careful thought. In the case of a car you own free and clear, offering it as collateral can drastically change your insurance expense. Once a lender accepts a vehicle as loan security, you often must maintain full coverage insurance on it for the life of the loan. Unless you already use this coverage option instead of carrying liability insurance, you could see additional premiums of hundreds of dollars a year as a result.

When you use stock certificates as collateral, you lose the freedom to trade your investment as freely as you once could. When the market dips, you may even receive a call that a portion of your loan is now immediately due because of the collateral’s decreased value.

Special Factors

Secured personal loan lenders are selective about the kinds of collateral they accept. This adds protection to the lender that they will not end up with a worthless item in the event you default on your loan payments. This also means you must do more research when shopping rates if your collateral is unusual or rare.

For instance, even though high-end sports cars typically hold their value well if you keep up with scheduled maintenance, not every lender will provide a loan using this vehicle as collateral. Those that do may charge higher interest rates because this is a special luxury item. The same holds true for a secured personal loan using rare coins, valuable artwork or jewelry as collateral.

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

Secured Loans

2010-03-15T22:45:00.000-07:00

In the realm of lending, there are two primary types of loans: unsecured loans and secured loans. As the names imply, either you sign and take the money or you provide the lender more than your personal guarantee to repay. Before you decide which way to go, know that there is more involved than simply making the lender feel safe in their lending decision.

Basics of secured loans

Banks like making secured loans because there is less risk to them. The item you use to guarantee the loan is called collateral. As a rule, lenders expect the collateral’s value to exceed the amount of the loan for the term of the loan. This is why auto secured loans require you carry full coverage insurance on the vehicle for the life of your note. They want to ensure they receive their money even if something happens to the car.

While it is not always the case, secured loan rates are typically lower than unsecured loan rates. Again, this is a function of the decreased risk to the lender being passed along to you in the form of savings.

Kinds of secured loans

Mortgages and auto loans are the two most common kinds of secured loans, but any loan offering collateral in exchange for the funds is a secured loan. Some lenders accept stock certificates, retirement accounts and even insurance policies as collateral as long as your plan or policy does not specifically prohibit it. You can also secure a personal loan for business purposes with business equipment because it has a tangible value attached to it.

Jewelry, artwork and rare coins are less common collateral options, but options nonetheless.

What happens in default

As with any lending obligation, there are consequences for failure to repay secured loans. In addition to the default showing up on your credit report and adversely affecting your credit score, foreclosure or repossession can occur. If, for example, you used your truck to secure your loan and stop making payments, the truck is legally property of the lender. You receive notice to surrender the vehicle, but if you don’t comply within a specified amount of time, someone will come to take the vehicle from you. In the case of home foreclosure, you must vacate the premises within a certain period of time or your things are placed on the lawn and locks are changed.

Only you can determine if secured loans are the best option for your financial needs when choice exists. So long as you understand the rules going in and make your payments on time, using collateral to secure your loan can save you hundreds or thousands of dollars over the life of the loan compared to using unsecured loans.

Source: http://www.superpages.com/supertips/secured-loans.html

www.interprenuer.blogspot.com / www.interprenuer.blogspot.com

Repaying Personal Loans

2010-03-14T00:44:00.000-08:00

The lending agreement usually specifies the terms for repaying personal loans. As long as you follow this and never pay less, you’ll be fine, but there are times when paying the loan off early has advantages. Other times, it doesn’t make sense to do so. Determining when you should make extra payments can help your credit score and your wallet.

Revolving Personal Loans

The most common type of revolving personal loan is the credit card. As you know, the easy use of this type of credit can cause financial ruin when you don’t pay close attention to how often you pay with plastic. You may also know that making the required minimum payments can mean paying on these personal loans for decades.

To combat the power of compound interest, it always makes sense to make additional payments to your credit cards when you can afford to do so. When the debt you carry on your cards is relatively low, you can look at other kinds of personal loans first for early repayment if you wish. In general, your interest rate on revolving credit will be higher than other loans, so deciding to pay extra towards these accounts is an easy choice.

Fixed Personal Loans

Before you consider paying extra on your fixed-rate personal loans, be sure you review your lending agreement first. Is there a penalty for early prepayment? If so, you’ll need to calculate how much money you’ll save in interest charges by paying off your loan early. When your savings exceeds the penalty, you can start making those extra payments. Conversely, divert your extra cash to another loan or your savings when the penalty is more than you’d save. When the difference is marginal, consider what you could make my putting that money in your retirement account as an alternative.

Auto loans are a special case in the world of fixed-rate personal loans. Even when the amount of money you’ll save with an early payoff is marginal, it may still be to your advantage. Check with you insurance company to determine if your premium will decrease once you own the vehicle free and clear or if there are any coverage types you can drop at that time. The money you’ll save may surprise you.

Special Personal Loans

Some personal loans offer special advantages for carrying a loan balance. In these cases, you must decide if the money you’ll save in interest charges is worth losing the perk. For example, some financial institutions will offer a discounted package of banking and investment products as long as your lending relationship meets a specific dollar threshold. Mortgages and home equity loans allow you the potential of deducting the interest at tax time. In these cases, consider meeting with your banker or tax professional to discuss the consequences of repaying your personal loans early.

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

Personal Student Loans

2010-03-14T00:43:00.002-08:00

Attending college is an important goal shared by many high school students and adults, but paying for the high costs of a college education can be a financial hardship for many families. Federal loan and grant programs are available to help cover the cost, but you may find the need for personal student loans to pick up a portion of school expenses. As a part of the private student loan industry, you should not take out a personal student loan until you understand how it differs from a federal student loan.

A federal student loan requires completion of the Free Application for Federal Student Aid (FAFSA) to qualify for loan and grant money. Rather than using credit history like a traditional loan, the government uses a formula to determine how much they expect your family to contribute to your education. Based on the amount of the contribution, you receive grants, subsidized loans or unsubsidized loans. The only difference between the two loans is that the government makes your interest payments on a subsidized student loan while you’re in school.

Personal student loans are more similar to standard personal loans in that they look at your credit to determine approval. In most cases, you must have a good credit score in order to qualify on your own. Otherwise, you must have a co-signer with good credit to obtain the loan. In some cases, personal student loan lenders will consider you for approval when you have a limited credit history.

Unlike federal student loans that allow you to defer your payments until after graduation, personal student loans require you to make payments as soon as you receive the money. Unless you’re able to hold a job while attending college classes, obtaining a personal student loan isn’t a viable option for you.

Although both kinds of student loans require you to stay enrolled in school at least half-time, interest rates vary. The federal student loan locks in a low rate of interest while you attend school and adjusts to a higher rate after graduation. In both cases, your interest rate is still lower than unsecured personal loans. Conversely, a personal student loan carries a variable interest rate, meaning the rate can and does change based on your contract terms. This makes budgeting for your monthly payments difficult, if not impossible.

Personal student loans exist to help students cover college expenses when federal aid is not enough, but always seek federal student loans, grants and scholarships before utilizing this option.

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

Personal Payday Loans and You

2010-03-14T00:43:00.001-08:00

Personal payday loans can be a viable source of fast cash when you need it most. Unfortunately, these loans can lead to your financial downfall if you do not borrow in a responsible manner. As long as you understand the risks and features of this type of loan, you can make an informed decision without fear of negative consequences.

Features of Personal Payday Loans

When you need a relatively small amount of money to get you through until your next paycheck, personal payday loans can seem like the best options. Unlike a traditional bank loan, payday loans require very little documentation from you and are fast to close. In most cases, you can walk into a payday loan company with your most recent paystub and walk out with your cash as soon as the lender verifies you have an open checking account.

Personal payday loans make it easy to repay your debt. Rather than assigning you monthly payments and giving you a coupon book, the lender takes care of everything. You write a check for the full amount of the loan plus lending fee and the lender deposits your check on your next payday, paying off your loan in full. You can also pay with cash on your due date or take out a new loan.

Risks of Personal Payday Loans

Rather than using personal payday loans to bridge the financial gap during an emergency, some borrowers fall into the trap of taking out multiple payday loans. Instead of letting the lender cash their check, they pay the outstanding lending fee and take out a new loan for the same amount. When you do this payday after payday, the fees can add up to what would be an astronomical interest rate.

Smart Use of Personal Payday Loans

Although most payday lenders won’t limit the number of personal payday loans you can take out over an extended period, using this loan as a last resort is a wise policy. Before you visit your lender, consider how you’ll use the money and how long it will take you to repay the loan. If you know it will take months to repay, consider applying for a traditional bank loan or line of credit instead. The interest rate will be lower and most financial institutions report to the credit bureaus after as little as six months.

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

Personal Loans with Credit Problems

2010-03-14T00:42:00.000-08:00

Taking out personal loans with credit problems in your past can be something of a challenge. If your credit report illustrates that you are not a trustworthy borrower, or if you simply lack a solid credit history, you may to have settle for high interest, tough schedule loans. That said, you can discover solid opportunities for personal loans with credit problems, if you follow smart budgeting advice and make repayment a top priority.

In general, you'll need a copy of your driver's license or other ID and proof that you are gainfully employed. Most ?personal loans with credit problems? suppliers require borrowers to make $1,000 or more every 30 days, but some lenders have lower/higher standards. You also need to be 18 years old or older and have proof of residency.

What are the fees, charges, and interest rates associated with ?personal loans with credit problems? offers? First, take a look at the annual percentage rate, otherwise known as the APR, associated with the opportunity. This rate defines how quickly the loan will ?compound?. In other words, how fast it will increase in size if you do not remit payment. You may also have to pay for the processing of the loan itself and for maintenance fees and insurance coverage.

Not all ?personal loans with credit problems? will come with insurance guarantees, but if you're standing on financially shaky ground, it may not hurt to spring for a little extra coverage. This way, if for what ever reason you run out of financial wherewithal before you pay off the loan, the insurance company may be able to liberate you from all or part of your debt.

You can retire your loan in increments, but remember that bad credit personal loans tend to accrue interest rate charges rapidly. Thus, may want to ?consolidate? your high interest loans into some other kind of creditor account, put the balance onto your credit card, perhaps, to avoid continuing to have to pay those hefty charges.

If you're not particularly organized, it helps to reduce your total number of creditors so that you can manage the paperwork without getting confounded by different interest rate charges, fees, and penalties -- sending one or two checks a month to creditors is a lot easier psychologically than sending out five or six different loan payments.

http://www.superpages.com/supertips/personal-loans-with-credit-problems.html

Personal Loans for People With Bad Credit

2010-03-14T00:40:00.000-08:00

What are some of the restrictions governing personal loans for people with bad credit, and how can indebted individuals leverage unsecured personal loans for smarter financial management? Minimum requirements include the fact that a borrower must be at least 18 years of age and a US resident. In addition, many payday personal loans demand that borrowers make at least $1,000 per month and maintain active checking accounts at reputable banks.

What is considered "bad credit"? A FICO score of 580 or below is definitely a bad credit score. FICO scores of 580 to 619 are considered low scores.

Do you already have an outstanding personal loan? Already having an outstanding bad credit personal loan may impede the approval process. Not all lenders are similarly scrupulous. Some bad credit personal loans require zero documentation of income. These arrangements are called “faxless” bad credit personal loans, and they typically require very little approval time. Unfortunately they come with a steep price in the form of high fees and interest.

How quickly do bad credit personal loans get approved? The fastest ones can deposit money into an account and be accessible within the hour. Other unsecured personal loans offer accessibility within 24 hours. The size of your loan will depend in large part on your monthly income history and application. If you have zero credit and many marks on your record, don't expect to be able to take out a thousand dollars or more without paying incredibly hefty fees.

Are there consumer protections for bad credit borrowers? While companies in the business of providing bad credit personal loans can charge service fees, particularly for rollover payments, they may be limited by state and federal law as to how they may claim funds and under what conditions they may lend out to borrowers.

Small loans cost as much to process as larger ones. One of the reasons these types of personal loans cost so much is that the cost of filing a small loan (in the range of $100 to $500) can be equal to the cost associated with filing a much larger personal loan (on the scale of a home mortgage). Thus, to make a profit, bad credit lenders need to charge higher rates than standard lenders do.

Do your research! Read over the written terms, caveats and clauses of your loan contract carefully, and scour your resources for alternative financing options, so you don't feel pressured to take out a bad credit loan or default on a creditor obligation. The terms in fine print are the most important. And if there is anything in the agreement that you don't understand, be sure to ask for an explanation in writing. Verbal comments, promises, assurances and explanations are non-binding. Even if you can get a bad credit personal loan, it may not be the best answer to your financial problem.

http://www.superpages.com/supertips/personal-loans-for-people-with-bad-credit.html

Personal Loans for Debt Consolidation

2010-03-11T15:50:00.001-08:00

Debt has a bad reputation for ruining lives, prompting many to form a debt-free goal. Rather than paying off each credit account individually, consumers favor using personal loans for debt consolidation to cut interest payments. This is a solid debt repayment strategy, unless you fall into the common debt consolidation traps. Using personal loans can alleviate some of the pitfalls, but you must be cognizant of others.

Debt Consolidation Trap #1: Transfer Fees

Some lenders, usually credit card companies, charge balance transfer fees when you consolidate to their product. Using personal loans for debt consolidation is one way around this because personal loan lenders may not charge this kind of fee. Always read your fine print to ensure you don’t rack up unexpected charges. Otherwise, transferring balances to your new lower interest rate will not save you as much money as you thought.

Debt Consolidation Trap #2: Creating New Debt

No one can know exactly what curve balls life has in store, which is the reason so many individuals incur debt in the first place. This fact makes credit cards an attractive safety net to those without ample funds set aside in an emergency savings account. The problem with this plan is that it’s easy to charge cards back up to pre-consolidation levels after you use a personal loan to consolidate debt. If you aren’t careful about changing your spending and saving habits, you’ll end up with the same debt payments you had before, plus the consolidation payment.

Debt Consolidation Trap #3: Consolidation Payments

Lowering your interest rates through debt consolidation loans makes good financial sense when you do the math. It doesn’t, however, always equate to good cash flow sense. Where you once had small payments scattered throughout your month, you now have one large payment due. In some cases, your personal loan payment will exceed what you bring home in a week. If this is the case, you must develop a budget that allows you to save a portion from each paycheck to make your payment. If your lender has the contractual option of raising your interest rate over late payments, you may end up in a worse financial position than you were in before consolidating your debt. Even if they don’t change your interest rate, you’ll pay a substantial amount in late fees and your lender will report a poor payment history to credit bureaus.

As long as you carefully read your lending agreement and are diligent about changing your spending habits, personal loans for debt consolidation purposes will save you money while you whittle away at your debt.

Personal Loan Rates

2010-03-11T15:47:00.000-08:00

Searching for the perfect loan option for you often means comparing the rates of competing lenders. You understand how the interest rate charged affects your payments and know it’s important to find the lowest personal loan rates available. What you may not know is exactly how lenders determine the interest rate they charge to lend you money.

Lenders use the following factors to set personal loan rates:

Credit history
Collateral
Loan type
Loan terms

Credit History

Reviewing your credit file gives lenders a good idea of how reliable you are to repay the loan. Generally, the closer you are to the perfect credit score of 850, the lower the rates you’ll enjoy as a result. Lenders sometimes tier personal loan rates based on credit score, so if you can maintain a score in the 700s, you should still receive a low rate.

Collateral

It’s no secret that lenders are more willing to take risks by giving loans to individuals with shaky credit when they have collateral. Collateral for a personal loan can be anything from a house to a car to stock certificates. Keep in mind that your collateral must have a tangible resale value in order to be accepted by lenders. Family heirlooms may have sentimental value to you, but banks won’t accept them unless they can be quickly sold for cash.

Loan Type

The type of loan you choose will often play a major role in the lender’s rate. Payday loans, for instance, carry some of the highest personal loan rates in the industry because of their extremely short terms. On the other hand, home equity loans maintain lower rates with possible tax advantages due to the nature of the collateral. If multiple types of loans will suit your purpose, make sure to compare rates between types, as well as lenders.

Loan Terms

The length of time you want to repay the money and your loan amount play a role in the interest rate with many lenders. Although all loans constitute income to financial institutions, they make the bulk of their profit from the larger loans amounts. If you lender uses the loan amount to determine your rate, ask how much more you must borrow to get a rate discount. Also, remember that the longer you take to repay the loan, the riskier it is for your lender that you’ll default on the loan. If you can afford higher payments, you may save on interest by shortening your loan’s term.

Every lender uses a different method to set personal loan rates, but if you remember these four key elements, you can find the lowest possible rate.

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

Personal Loan Rate Basics

2010-03-11T15:46:00.000-08:00

When you’re ready to apply for a loan, it’s important to know how your lender sets the personal loan rate they offer you. This is not an arbitrary number selected on a whim, but the sum of careful calculations they do concerning the nature of their business and how you fit into it. Knowing how they set the rate can help you to maximize your chances of getting the lowest interest rate possible.

Banking Industry Factors

Sometimes, the personal loan rate your financial institution offers to you has little to do with your creditworthiness. Industry factors play a large role in most service oriented businesses, but this is especially the case with financial companies. When the industry faces uncertain times, you’ll notice it in bank interest rates.

For example, a higher than normal percentage of defaulting mortgages causes a ripple effect through the financial industry because many banks are also in the home loan business. When one business unit takes a loss, the whole company must look for ways to cover these losses before shareholders hold them accountable for a decreasing stock value. Offering loans is the primary way banks make money, so increasing the personal loan rate is their best chance for additional profits until they can sell off their bad assets.

Personal Credit Factors

When market forces are not in play with the personal loan rate, your credit is the single largest factor determining what rate you receive. In general, the higher your credit score, the lower the interest rate on your personal loan. When you wish to obtain the low advertised rate of a lender, remember that good credit is not always enough. Within the fine print, the lender may stipulate the rate requires credit qualification. This can equate to scores hovering near perfect, not just above average.

Loan Amount Factors

If everything in your credit is top notch and the industry as a whole is without scandal, it doesn’t always make immediate sense why you did not get the interest rate you deserve. Rather than reflecting on you, your personal loan rate might be a reflection of the loan amount. It’s no secret that larger loans generate more profit for financial institutions than small dollar deals. You can ask your lender if increasing your loan amount will qualify you for a better interest rate, but know that the bank threshold may be beyond your reach, perhaps as high as $50,000 for a personal unsecured loan. In this case, the offered rate is the best deal for your loan amount.

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

Personal Loan Options

2010-03-11T15:45:00.000-08:00

If you’re thinking about applying for a personal loan, you have a lot to consider. Under the umbrella of personal loans, you’ll find a variety of loan options, all with individual terms and nuances. Before you apply for any loan, find out about the different types available to you in various situations to determine which is right for you.

“I want a car.”

Getting a personal loan to buy a car is a relatively easy matter. In most cases, you go to the dealership to browse the selection and drive away in your new car with dealer financing. Because dealerships don’t make a dime until the car drives off the lot, they make a wide range of lending options available to customers to expedite the process. Whether you select the standard auto loan, lease or balloon payment option, your auto dealer is not your only lending source.

Banks and credit unions offer vehicle purchase loans, although they do not always advertise the fact. If you have a solid credit history, you can get a personal loan from your financial institution using your new car as collateral. You can also refinance the loan you get at the dealership to your bank at a later time.

“I want a house.”

A mortgage is your best personal loan option for home purchase. Extended terms of 30 years create budget-friendly payments for this hefty purchase. Mortgage lenders determine approval based on your loan size, credit score and income; however, bad credit mortgage options exist if you’re willing to pay higher origination fees and interest rates.

When you want to design and build your house instead of purchasing within a housing community, you’ll need land. Lot loans are special personal loans that allow you to buy your land separate from your builder. You then roll the lot loan into your mortgage when it’s time to close the deal.

“I want to consolidate my debt.”

Debt consolidation is a hot topic among consumers looking for ways out of debt. If your credit is strong, an unsecured personal loan is an option to help lower your interest rate and payments. Homeowners who owe less than their home is worth have an additional option for debt consolidation in the form of home equity loans. Rates are typically lower than unsecured loan rates, but every state has different guidelines for equity lending. Talk to your lender to explore this option.

Every financial institution offers different personal loan products, so it’s smart to talk to multiple lenders about what they offer early in your decision-making process.

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

Personal Loan Comparison Tips

2010-03-11T15:42:00.000-08:00

Selecting the correct loan to meet your needs is about more than just the rate of interest you pay for the deal. By performing a personal loan comparison on the primary four components of your loan, you can determine which loan is the clear choice for you. Without performing a side-by-side comparison, you risk passing on the personal loans that can save you the most money.

Personal Loan Comparison 1: Interest Rate

Although the interest rate is not the only area you should focus on during your personal loan comparison, it is an appropriate place to start. When you’re considering a short-term loan against a long-term loan, be sure to find out what rate of interest the short-term personal loan charges on an annual basis. Once you do the math on your 90-day loan, you may discover an interest rate in excess of 100 percent. Note this on your comparison and continue your analysis of your loan options.

Personal Loan Comparison 2: Loan Term

In general, higher loan amounts come with longer loan terms. When performing your personal loan comparison, you must keep in mind what your goal is with obtaining the loan. Extended terms on personal loans yield lower monthly payments, but mean paying more in interest over the life of the loan. An extended term can also provide you more flexibility if you plan to use an annual bonus or income tax refund to repay a large portion at once.

Personal Loan Comparison 3: Monthly Payments

Accepting the lowest payment option is a natural reaction, but take a deeper look at the personal loans. Your personal loan comparison will show you why the loan has such a reasonable monthly payment. Low payments because of low interest rates are often a good deal, while low payments due to lengthy terms mean paying more money to the lender. If both personal loans have monthly payments you can afford, consider the loan with the higher payments if the rest of the terms are more favorable.

Personal Loan Comparison 4: Total Interest

For many experienced borrowers, the total interest they pay is of critical concern during the personal loan comparison process. Assuming you never make extra payments or late payments, the amount of interest on the contract is the exact amount you’ll pay. Depending on the term and amount of the personal loan, the interest you pay may exceed the amount you borrow. If cutting the total interest is important to you, seek lenders who do not charge a prepayment penalty, allowing you to pay additional principal on the loan at any time
http://www.superpages.com/supertips/personal-loan-comparison.html

Personal Loan Calculator

2010-03-07T17:03:00.000-08:00

When you need a loan for something, shopping the variety of options available to you is an important step. You know you want the best rates available and a loan that fits your family’s budget, but you may not know exactly what terms you need. A personal loan calculator is a tool to help you with your decision. As with any computer-based program, your final calculations are only as good as the data you input, so knowing the difference between online calculators is crucial.

Payment Calculator

The most common personal loan calculator available online is used to calculate loan payments. Before you apply for any loan, you should make a habit of performing this calculation. If you don’t, you run the risk of getting a loan with monthly payments you can’t afford.

For example, if you want a personal loan to purchase a car, you must know how much car you can afford. Input a few price points with a variety of interest rates and note how each change affects your payment. Spending $15,000 on a car may not sound unreasonable until you run the payments at a high interest rate of 18 percent. Use findings to shape the nature of your car search to save valuable time.

Interest Rate Calculator

A less common personal loan calculator is for finding interest rates. Use this calculator to determine the highest interest rate you can afford to pay for a loan. Simply input the amount you want to finance, the highest payment you can afford and the number of months to repay the loan. Keep the percentage it provides in mind when shopping for personal loan rates. If a lender cannot offer a rate under your maximum, don’t apply.

Payoff Calculator

The payoff calculator is the most useful of the personal loan calculators for anyone trying to eliminate their debt. This one typically has two different functions. You can enter the data on your current balances, rates and payments to find out how long it will take you to be debt free. Another function of this calculator is handy if you have a debt free timeline. Input your balances, rates and payoff deadline to determine the required monthly payments to meet your goal.

No matter what kind of loan you desire or how many debts you have to repay, using a personal loan calculator can help you make more informed financial decisions.

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

Personal Loan Application Tips

2010-03-07T17:02:00.002-08:00

Submitting a personal loan application causes apprehension in some people, especially if you have shaky credit or are unsure what’s on your credit report. Even with its polished marble floors and hushed interior, your bank isn’t a scary or foreboding place. Even if you’ve never applied for credit before, you can stride into your bank with confidence and get the money you need.

Know Your Needs

Before you submit a personal loan application, it’s smart to figure out the exact nature of your request. How much do you need? How much can you afford to repay each month? These are questions the lender will likely ask, so be ready to answer. If you can’t, you may end up with too little money to meet your needs or payments you can’t afford.

Shop Around

Your bank decade is a good place to start, but don’t forget about your other options. Check out the offerings of the other banks in town, including those that are small and locally run. Another option for your personal loan application is internet banks. Some have lower overhead because they lack a brick and mortar building and they may pass their saving onto you in the form of lower rates and application fees. Your goal is to find the most money for the lowest cost.

Stay in Control

Lenders learn early in their careers to control the direction of the conversation and get the personal loan application while you’re at the desk. Remember that this is your money and your credit, so you aren’t obligated to apply with any lender simply because you took up time to get the information you need. You decide when and if you’ll apply for a loan.

Also, keep in mind that applying for multiple loans to find the best rate is not a solid strategy. Your credit is pulled each time you apply. If you must apply for more than one loan, narrow down your options to the top two or three lenders and apply with each to minimize the inquiries in your credit file.

Be Prepared

While every lender is different, compile basic information and documentation in a folder to make the personal loan application process easier and less time-consuming. Include your social security number, gross annual or monthly income, paystubs or self-employed tax returns and employer contact information. If you’re using the loan to make a purchase, include the contract showing the purchase price. Depending on how long you’ve been with your company or at your current address, the lender may also need previous employer information or your previous addresses.

Taking the time to research companies and evaluate your needs before submitting a personal loan application allows you to apply only once and still get the best deal available.

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

Personal Line of Credit

2010-03-07T17:02:00.001-08:00

Sometimes, life throws curveballs when you least expect it, causing a need for extra cash on an ongoing basis. When you find yourself in this situation, applying for a bank loan can help fill the gap, but may not be your best option. Instead, look into a personal line of credit to meet your ongoing needs.

Line of Credit Basics

Unlike a standard loan, a personal line of credit is a lending vehicle that functions much the same as a credit card in the sense you can purchase and make payments up to your credit limit. Don't be fooled into thinking credit cards and credit lines are the same because lines of credit offer additional options to advance you money. That being said, both can fill cash flow gaps when used in a responsible manner.

Your lender approves you for the highest credit limit you qualify for under the lending guidelines. Essentially, a lender assumes you'll max out the line and sets the limit based on what you can afford to repay each month. Once established, you can draw funds from the line of credit and repay the funds based on your needs and cash flow. Because you advance funds over time, most lenders charge a variable interest rate that fluctuates with the Prime rate set monthly by the Federal Reserve Board.

Line of Credit Advantages

The main advantage of a personal line of credit is the ability to decide when and how much you borrow. Lines of credit are ideal for funding projects with undetermined expenses. If you'd used a loan, pay more monthly if you estimate too high. When the opposite is the case, you may be unable to obtain a loan for the additional funds. Using your line of credit allows you to only pay for the portion of the money you use, potentially saving hundreds of dollars in interest charges.

In addition to the flexibility provided, you can take advantage of interest rate decreases as each occurs. Depending on the terms of your personal line of credit contract, your rate may adjust monthly, automatically reducing your payments as interest rates fall.

Line of Credit Disadvantages

Economic instability is the biggest disadvantage of personal lines of credit. In a rising interest rate environment, you risk a hefty increase in interest costs and payments. Your lender may write an interest rate cap into your contract, but this can be several percentage points higher than you're comfortable paying. Regardless of the current interest rates, always consider your ability to repay your credit line at the highest allowable rate before taking the deal.

Overall, a personal line of credit is a decent borrowing option when you need increased flexibility in the way you use your loan proceeds.

http://www.superpages.com/supertips/personal-line-of-credit.html

Personal Credit Management Tips

2010-03-07T17:01:00.000-08:00

Money management is a skill best learned over time and with the benefit of those little mistakes along the way. While some have an inherent knowledge of personal credit and financial matters, the majority of people stumble from time to time. No matter which end of the spectrum you fall, you can whip your credit and finances into shape with a few simple tips.

Understand your credit report

Figuring you have plenty of time to learn about your credit isn’t the most productive approach. The saying “what you don’t know can’t hurt you” doesn’t apply to your credit score. Pull a free copy of your personal credit report from the credit reporting agencies at least once per year and make a habit of disputing incorrect information. Paying attention to your credit before you need it ensures fewer surprises when you apply for a loan.

Respect your credit usage

If you aren’t in a position to pay off your personal credit card bills each month, that’s ok as long as you plan for it. By now, you’ve already heard that the average credit card takes 30 or 40 years to pay off when you only make the minimum payments. Cash flow doesn’t always come in even batches, so making only the minimum payment on your cards may be necessity. When you know you won’t have the funds to pay the full amount, forgo making frivolous personal credit purchases. Do you really want to pay interest on fancy restaurant dinners for the next several years?

Plan for the future

Building up your savings account is the best way to avoid overextending your use of personal credit options. Create a savings plan that covers the full range of your goals. If you know you’re spending a week in Hawaii next winter, begin saving now to avoid racking up credit card charges. In addition to planned expenditures, save for unexpected emergencies. No one likes calling a professional to deal with a burst pipe, but it’s less of a blow when you can pay with cash instead of credit.

Keep credit accounts current

Devise a system to make sure you don’t forget due dates. It doesn’t matter whether it’s your auto loan, home mortgage or personal credit card bill, failure to pay on time results in late fees, negative credit reporting and potentially increased interest rates as a late payment penalty. Make a habit of paying bills early if you can. Loan companies are often more forgiving of a late payment from a customer with an outstanding payment history.

Keeping your personal credit in shape isn’t hard as long as you’re willing to work with it. A little bit of attention now can save you hundreds or thousands of dollars of frustration in the future.

http://www.superpages.com/supertips/personal-credit.html

Personal Cash Loan Tips

2010-03-07T16:58:00.000-08:00

Not every loan must come from a bank or other lending institution. Times exist when a personal cash loan between friends or family members is more appropriate than visiting a brick and mortar business. Unfortunately, mixing money and friendship can be a difficult task, even when a solid relationship is present. Whether you’re borrowing money or lending it, you can minimize the chance of friendship ending loans with five tips.

Written Contract

Borrowing $3,000 from a friend isn’t the same as using his lawn mower. A personal cash loan is a serious financial transaction requiring timely repayment and both parties should treat it as such. Putting all the specifics in writing not only solidifies your commitment to the deal, it allows no room for later disagreement about the exact terms. Make sure you include the loan amount, payments, interest rate – if applicable – and your notarized signatures.

Fair Interest Rate

It’s not just a good idea to offer a fair interest rate on personal cash loans; it’s the law. You can get an idea of the going interest rates for varying loan amounts by visiting lender websites, but keep in mind most banks must follow different rules than individuals. To ensure you aren’t charging a “loan shark” rate, find out the maximum legal rate allowed in your state and stay under it.

Responsible Repayment

Friends are often more forgiving during hard times than lending companies, but that’s no excuse for lax repayment. Treat the personal loan from a friend just as you would an obligation to any other lender. Always strive to make full payments on time, even when your friend tells you take as much time as you need. You don’t want to lose a friend over money.

Responsible Lending

If you plan to lend money to someone, make sure you can afford to be without the funds. Helping someone in his or her financial time of need is a noble deed, but overextending yourself is not the help your friend needs most. When you lend more than you can afford, you may begin asking for repayment every time you see your friend, straining the relationship. On the other hand, offering to help someone using money you don’t immediately need puts less pressure on you and your friendship.

Gauge the Relationship

Before lending money or accepting a personal cash loan from anyone, determine the nature of your relationship. Do you really know each other well enough to enter into a financial arrangement? Do you trust this person to repay the money? Are you comfortable owing money to some you know? If you cannot answer these questions in a positive manner, consider other loan options.

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

No Credit Check Personal Loans

2010-03-05T03:50:00.000-08:00

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

Online Personal Loans

2010-03-05T02:52:00.000-08:00

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

Need a Fast Personal Loan?

2010-03-05T02:49:00.000-08:00

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

Misconceptions of Bank Loans

2010-03-05T02:48:00.000-08:00

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

Long Term Personal Loans

2010-03-05T02:46:00.000-08:00

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

Loan Consolidation Programs

2010-03-05T02:45:00.000-08:00

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

How to Get a Personal Unsecured Loan

2010-03-05T02:44:00.000-08:00

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

How to Find a Loan

2010-03-05T02:42:00.000-08:00

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

How to Compare Loans

2010-03-05T01:41:00.000-08:00

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

How to Get a Fast Personal Loan

2010-03-04T18:43:00.000-08:00

How do fast personal loans work? Basically, the borrower either goes in person to a payday loan shop or locates a reputable company online. The next step is to fill out an application and provide basic proof of your ability to pay back the debt.

Most lenders will require that you are at least 18 years old, an active resident of the United States, and otherwise “payday loan free.” You might also have to demonstrate proof that you have a working checking account and that you make a certain amount of money per month vis-à-vis a steady income stream.

Personal Loans for People with Bad Credit

Lenders of fast personal loans will generally not ask you to show proof of credit or require collateral. No one will check your credit report, so you can achieve a financial shot in the arm even if your credit rating is bellow 400. To qualify for fast personal loans, however, you will often have to provide a personal check remitting the amount plus a hefty interest fee. For instance, on a $200 loan, you might be charged a processing fee of $30 or $40.

Terms associated with fast personal loans are typically very brief. You may have 14 days, for instance, to remit the balance. After this time, you may authorize your lender to cash the check you used to take out the loan or ask the lender to rollover the balance to a subsequent pay period. The danger here is that, with each rollover, your interest rate charges tack on more to your total balance. Thus, a small loan of $200 can quickly become an extravagant expense and pave the way to financial insolvency.

Loan terms associated with fast personal loans may be negotiable. Although you generally can't secure loans with collateral, you may be able to pay off the balance with a credit card or otherwise funnel money from your next paycheck to resolve your debt without resorting to claims of bankruptcy or other extreme measures.

Under the right circumstances, fast personal loans can prove immeasurably helpful for dealing with life's unfortunate accidents. However, to guard against using these instruments frequently, build up an emergency fund, and lower your interest rates on your debts.

http://www.superpages.com/supertips/how-to-get-a-fast-personal-loan.html

Homeowner Personal Loans

2010-03-04T18:39:00.002-08:00

Owning a home opens up more borrowing avenues than just your mortgage. When you need funds, whether the need relates to your home or not, you can save money when you take advantage of available homeowner personal loans. These loans may not always be your best option, but knowing how each works can help you narrow your loan search.

Home Equity Loan

A popular option among homeowner personal loans is the home equity loan. This secured loan uses your home as collateral like a mortgage, but your lender files it as a second lien on the property. This means your equity lender gets behind the first mortgage for payment when it comes to a foreclosure.

To protect their investment, equity lenders use a formula to determine how much they can safely lend you. For instance, they may decide that the total of your loans cannot exceed 80 percent of the home’s value. If your home is worth $200,000, they cap your borrowing power at $160,000. When you owe $120,000 to your first mortgage lender, you have $40,000 in available equity to borrow. Sometimes, state law dictates the maximum loan to value, even though financial institutions may set their maximum well below the state’s limit to mitigate their risks.

Home Equity Line of Credit

A home equity line of credit is a more flexible version of the home equity loan. Homeowner personal loans in this form use the same calculations to determine available equity, but you do not receive a lump sum check after closing your loan. Instead, your available equity becomes your credit limit on a revolving credit account. You’re free to borrow from it and repay it as you see fit until loan maturity.

Equity credit lines typically allow you to draw from the line for a period of 10 years. At that time, your lender converts what you still owe into a fixed rate home equity loan, giving you 20 years to repay the full balance. In some cases, your lender will allow you to reapply for a new line of credit with a new maturity date.

The selection of personal homeowner loans available to you can vary based on the state you reside in and your credit history. Although these loans have potential to save you money at tax time, always check with a tax professional before writing off the interest. You should also consider the prevailing interest rates for unsecured loans. If your home equity loan rate is not below what you can get for unsecured credit, it may be time to try a different lender.

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

High Risk Personal Loans

2010-03-04T18:38:00.000-08:00

The most sought after loans are those with low interest rates and favorable terms, but only individuals with exceptional credit scores can get these loans. On the other side of the lending spectrum are high risk personal loans. Everyone knows these loan options exist for individuals with a poor credit rating, but few people know exactly why lenders consider them high risk.

Risk Factors for Lenders

Whether your lender grants you a $3,000 unsecured loan, a $25,000 auto loan or a $250,000 mortgage, they take a risk you will not repay your debt to them. You may think that there is less risk involved with the auto loan or mortgage because of the collateral, but this isn’t always the case. Sometimes, lenders wind up with vehicles or homes they are unable to sell for enough to recover the cost of the loan. Depending on the model of car or your housing market, lenders can take substantial losses after repossession or foreclosure.

In general, your credit history is the primary tool your lender uses to determine your default risk. Do you have collections and charge-offs? Do multiple creditors report slow pays? Although this alone does not prove a lack of trustworthiness on your part, it does give your lender reason for pause. If there were extenuating circumstances to cause your credit blemishes, you may not fall into the category of high risk personal loans.

Your income source is another area of concern for some lenders. Self-employed individuals in seasonal professions are riskier to loan money to than salaried employees at established companies. This is also true of commission-only workers. It isn’t that any one line of work is better than the next; it’s that fluctuating incomes are unstable. Any uncertainty about your ability to repay your loan during your lean times of year can classify you as a high risk borrower.

Taking High Risk Loans

Receiving high risk personal loans is not the financial kiss of death, just higher interest rates and fees. In fact, taking a high risk loan can be the first step to returning to favorable credit status. As long as you make your payments on time and work to correct any existing credit issues you can fix, you can restore your good credit rating and potentially refinance your high risk loan in the future.

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

Getting Out of Payday Loans

2010-03-04T18:37:00.000-08:00

When you need a small amount of money for a short period, payday loans can be valid options. The problem borrowers run into is that short terms and high fees make these loans difficult to repay, forcing them to take out new loans each payday to cover the original amount. If you’re in this situation, it can feel like you’ll pay this loan’s high fees for the rest of your life, but there are simple steps you can take break the cycle for good.

Consult your budget

At this point, it doesn’t matter if you started using payday loans because of an expensive emergency or you weren’t managing your money in a responsible manner. Getting out of the payday loan cycle is your focus. Before you can do this, you must revisit your current spending habits.

Review your household budget and your bank statements to uncover areas of overspending. Even if you can only cut out $100 in expenses each month, that’s enough to make a dent in most payday loans and begin slashing the amount of fees you’ll pay from each paycheck. Maybe reviewing your spending means you’ll forgo eating out, cable or trips to the movies until you repay your payday loan debt, but the result is well worth the sacrifice.

Compare your loans

Depending on the expenses that led you to use payday loans, you might have multiple loans with various lenders if you were unable to get enough money from one. Fees for so many different high interest loans make it even more difficult to get out of debt, but it’s not impossible. Read all your contracts and find out which loan charges the highest fee per $100 borrowed. Make it your goal to repay that one first to save the most money.

Cut back on your borrowing

Just because your first payday loan was $500 with fees totaling $50 doesn’t mean you must borrow the full $500 each payday. In fact, some lenders will let you borrow money in $25 increments. Borrow as little money as you can afford at each check. For example, borrowing $400 instead $500 will cut your fees by $10, giving you $110 you don’t need to repay from your next check. Be diligent with your spending habits and chip away at your payday loans with every payment until your balance is gone.

No matter how you entered the cycle of payday loans, never forget that you can get out of this debt. As long as you make it a priority, you will succeed.

http://www.superpages.com/supertips/pay-day-loans.html

Getting Low Interest Loans

2010-03-04T18:31:00.000-08:00

No one begins the search for loans with the intention of obtaining the highest rate possible. While getting the amount of money you need is of primary concern, finding low interest loans is a close second on the priority list. To ensure you get the best possible deal, there are steps you can follow to make this desire a possibility.

Know credit management guidelines

Although no one can give you the exact model of building and maintaining a perfect credit score because the major credit bureaus hold that secret close to the vest, you can follow a set of credit management guidelines that will help you get low interest loans when you need them. The basics include:

Make your payments on time, every time
Use no more than half of your total available credit
Maintain a good mix of credit products, including mortgage, auto and credit cards
Keep your credit accounts open when you pay off the balance to help your debt utilization ratio
Focus on credit longevity by using the same credit card for a number of years
Never apply for credit and store charge cards when you already have enough to meet your needs

Understand credit scoring

Credit bureaus use the FICO score, named for the Fair Isaac Corporation that developed the scoring model. FICO scores run from 300 to 850, with 850 being the best possible score. While the goal is to reach the illustrious perfect score, excellent credit is generally in the mid- to high-700s. Anything below 600 constitutes a poor credit score.

Understand your credit file

The information contained within the file is just as important as the score when qualifying for low interest loans. High and perfect credit rarely features blemishes of concern, but average credit does. Your lender will take interest in:

The amount and age of repossessions or foreclosures
Whether you consistently pay bills late
Collection activity
If the amount of available credit is proportionate with your income
Defaulted student loans
Number of recent credit inquiries

Keep in mind that even individuals with stellar credit scores can make mistakes when applying for low interest loans that hurt approval chances. If a lender sees a dozen recent inquiries, but cannot determine if you’re shopping rates or obtaining accounts, they may offer a higher rate on the assumption you’re going on a spending spree you might not be able to repay.

http://www.superpages.com/supertips/low-interest-loans.html

Getting Instant Loans at Tax Time

2010-03-04T18:30:00.000-08:00

In the fast food society that wants everything yesterday, there’s a mystical appeal to products that give consumers something right then and there. The instant loans offered during tax season are no exception. Although these instant refund anticipation loans provide fast cash, they may not be the best alternative in your situation, regardless of the sales pitch.

Facts About Instant Loans

If you listen to the radio or watch television around the income tax filing deadline, you’ve heard the promise of walking into a tax preparer’s office and walking out with a check in hand. While instant loans might appear too good to be true, they’re 100 percent legitimate. They also carry a hefty fee for the convenience.

Without going into detailed specifics that vary by company, the gist is you’re borrowing against your own money. When the company prepares your income tax return and determines you have a refund coming, you get this instant cash option. Rather than waiting for the government to send you your full refund amount, the company offers you an amount less than your refund. In exchange for walking away with your money, you agree to let the government send the company your full refund, thus repaying your loan in full, including the fees. That’s why this instant loan is called a refund anticipation loan.

Alternatives to Instant Loans

If the idea of paying an effective interest rate in excess of 200 percent for the privilege of using your own money doesn’t appeal to you, there are alternatives to instant loans. Keep in mind that while you will not receive immediate benefit of the funds, you will enjoy the full amount due to you. In this case, patience is not just a virtue; it’s a money saver as well.

Take advantage of timesaving options available during tax season. You may be the kind of person who enjoys putting pen to paper when figuring your taxes, but mailing your return to the IRS takes extra time. Tax preparation software programs often come with a free eFile option. If using forms from the IRS website, you can often eFile without fee through the same site.

Use the direct deposit option. Again, waiting for a check to arrive in the mail is time-consuming. The IRS deposits refunds into accounts on Friday of each week after processing. As long as you beat the rush and file early, you can have your full refund within as little as two weeks. When it comes to the IRS, two weeks may as well be instant.

When you find yourself in a financial bind, instant loans from the tax preparer may be a better option than waiting the two weeks. Carefully weigh the advantages against the disadvantages to determine what’s right for you.

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

Getting a Business Loan Using Personal Credit

2010-03-04T18:27:00.000-08:00

Starting a business is a noble endeavor pursued by countless Americans each year. Unfortunately, it’s an expensive undertaking that causes most to seek a business loan to cover the unexpected expenses. For fledgling businesses, securing financing is not easy, but there are options available.

Business Loans

You can walk into any financial institution and find a department to handle the processing of your business loan. You’ll also find that business lenders require proof you’ve been in business and generating cash flows for a specified period. Once your business is up and running, securing a business loan or line of credit for operating and expansion expenses is a good option. In the beginning, however, it’s not an option at all.

Small Business Administration (SBA) Loans

The Small Business Administration is a government organization that funds businesses in the early stages of development. To qualify for an SBA business loan, you must prove you’ve done your research on the industry and found a viable customer base for your product or service. You’ll need a marketing plan, business plan and projection of income for the next seven years. If you plan to start a business in the same industry you’ve worked in for the last 20 years, you have a better shot at approval than a long time stockbroker looking to open a bakery.

Personal Loans

The most common method of funding your business is to obtain a personal loan for your business expenses. Some people try to use their personal credit cards for business expenses, while others take equity from their home to cover costs. You can outright get a personal loan for your business, but you must be careful in the way you do it.

For example, it’s inadvisable to walk into your bank and say you want to apply for a personal loan to start a business. For some financial institutions, it’s an automatic decline because you’re really applying for a business loan, not a personal loan. Other companies may view your request as high risk because there’s no guarantee you’ll make enough at the new business to repay the loan, especially if you quit your existing job.

By no means should you lie to your bank about the purpose of your loan when asked, but consider your words and the nuances of what you say. While you may be starting a business, are you really leaving your current job to work at it full-time? Or are you investing in a business opportunity in addition to your current employment. The difference is slight, but there is a difference. If you have a good relationship with your lender, talk openly about your plans and find out what lending options the bank has available for your situation.

Whichever route you go for your business loan, the point is to not get so bogged down in the details that you forget to start the business. The more you work at your business venture, the more options will become available to you.

When you need a business loan to pay for new business expenses, it’s difficult to get what you need. Rather than focusing on a specific kind of business loan, explore your options and use whatever’s available to you.

http://www.superpages.com/supertips/business-loan.html

Getting a Bank Loan

2010-03-04T18:24:00.000-08:00

With its mahogany desks and polished marble floors, some borrowers find banks intimidating. Even if you have an excellent relationship with your banker, getting a bank loan is not always the easiest endeavor. Bankers must follow strict requirements set by the institution. Knowing what to expect when you apply and following three strategies is the best way to expedite your loan process.

Credit Requirements for a Bank Loan

In most cases, you need good credit to get a bank loan. Although most financial institutions have ties to finance companies specializing in bad credit loan options, your banker needs to see a credit score of at least 650 on the scale of 300 to 850. You may even need a score as high as 720 to qualify for favorable rates and less paperwork.

To have a more positive lending experience with your bank, pull a copy of your credit report on a regular basis. If it shows incorrect information, fix it. When you know you have blemishes on your credit, prepare a document explaining any extenuating circumstances. For example, a low credit score due to unpaid medical bills isn’t always viewed the same as a low credit score for poor money management. Providing this information upfront saves time because the underwriter won’t have to ask for clarification about the situation.

Collateral Requirements for a Bank Loan

Banks have some of the strictest guidelines to follow concerning collateral. Just because a used car qualifies for financing at the dealership doesn’t mean your bank can refinance the loan for you. Bank loans require vehicles to be no older than a certain age, usually five years, and have sufficient value to cover the loan plus their administrative costs. This means that a loan of $8,000 can require a vehicle value of $10,000 to allow the lender breathing room.

Before you visit your bank for a secured loan, investigate the value of your collateral. Remember to use the wholesale value rather than retail cost because banks sell cars and homes at auction in the event of repossession or foreclosure. If you feel your collateral justifies a higher loan amount than the wholesale value indicates, prepare to back up your claims with upgrade details or market comparisons.

Paperwork Requirements for a Bank Loan

Paperwork and documentation requirements are frustrating aspects of any bank loan. While you can understand the lender’s need to verify your income, the amount of documentation may feel excessive. As a rule of thumb, take two years of tax returns and your most recent paystub for loans exceeding $25,000. Your banker may not need it, but having everything ready at the time of applications saves you from digging through your files and faxing lengthy returns the following week.

It may never be easier to get a bank loan than it is a direct mail credit card offer, but following these few tips can help you enjoy as smooth a lending process as possible.

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

Finding the Best Personal Loans

2010-03-04T18:23:00.002-08:00

Finding the best personal loans out there means you must research not only your loan options, but also your lenders. Every lender has one area in which they specialize. Knowing what that area is will help you narrow your focus, which allows more time to shop rates and terms between your lenders.

Payday Advance Loans

A payday advance loan is a short-term option that helps float you between paydays when you can’t make ends meet. A payday loan company is an obvious choice, but your bank may have another cash advance option to meet your needs. Direct deposit advance, available at some financial institutions, allows you to advance funds from your paycheck as long as you have an established history of direct deposits into your bank account. Both direct deposit advance and payday cash advances carry high rates of interest and are not the best personal loans out there unless you are in an emergency.

Auto Loans

An auto loan is a personal loan secured by the purchased vehicle. Although you can obtain financing at most auto dealerships, they are often not your lender. Instead, dealerships partner with auto finance companies that offer rates and terms to their customers, typically within an hour. You can also find auto loans at your bank or credit union that may have more favorable rates.

Unsecured Loans

An unsecured loan doesn’t require collateral and is among the best personal loans when you need a smaller dollar amount. Because the lender has only your guarantee to repay the loan in lieu of tangible collateral, your interest rate is higher than the rate of secured loans. Financial institutions are your primary source of unsecured loans, but you will also find finance companies in your town and online ready to meet your needs.

Home Equity Loans

A home equity loan is a special breed of personal loan because it uses your home’s equity as collateral, placing a lien on the property until you fully repay the loan balance. Depending on your state’s equity lending guidelines, you may only be able to obtain an equity loan through a bank or mortgage company. Keep in mind that equity options take longer to close than a standard personal loan.

Locating the best personal loans in your area is a matter of knowing what type of loan you need and finding a lender who offers the product.

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

Finding Small Personal Loans

2010-03-04T18:23:00.001-08:00

Obtaining small personal loans can be more difficult than finding a lender for a large loan or mortgage. Lenders make their money from the interest you pay for the loan and even high interest rates on small balances do not add up to much. With that in mind, you do have several options for getting a small dollar loan, but remember the interest rate will be higher than it is for larger dollar amounts.

Banks and Credit Unions

Your bank is among the best source of small personal loans in the industry, especially if you have a long-standing relationship with them. Leveraging your total financial relationship with the institution can help keep your rate affordable. This is also a convenient option because many banks allow you transfer money online from your checking account with them to the loan account.

The primary disadvantage of getting a small loan from your bank is they usually have minimum loan amounts. If you only require $250 and they require you to borrow $1,000, your payments will be much higher than you want, even if you do immediately repay the unwanted $750 difference.

Payday Loan Companies

Payday loans are another source of small personal loans. You take them your paystub and often walk out with your money within minutes. When you’re in dire need of funds between paydays, this may well be your best option.

Before you head to the payday loan company near you, keep in mind that these loans have the highest annual interest rates in the lending industry. Because the term is often only a few weeks, these companies will not report your payment history to the credit bureaus unless they send you to collections. If you’re looking for small loans to help build up your credit score, this isn’t the right loan option for you.

Credit Card Cash Advances

If you have a credit card for any length of time, you lender will start sending cash advance or convenience checks to you with your statement. These checks allow you to take out small personal loans without using your card, limited only by your credit limit. When you need money to pay another credit account, you can use these checks.

Even when the convenience check offers a lower interest rate than you pay for your credit card charges, they typically charge a cash advance fee for the privilege of using the check. Depending on the advance amount, this can be a substantial charge added to your loan balance. Do the math on any planned advance before you use the checks to ensure the lower interest rate offered is as good a deal as it looks.

Even though small personal loans charge higher interest rates, you can still find the exact loan you need if you can be flexible in your approach.

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

Finding Bad Credit Loans

2010-03-04T18:22:00.000-08:00

When a less than stellar credit history stops you from getting the loan you want, you have two options on how to proceed. You can give up and put your plans on hold, or you can look for bad credit loans to meet your needs. Loans for shaky credit scores may not be as desirable or plentiful as they are for the A-credit borrowers, but you do have options.

Starting your search

Even in times of economic downturn, you can still find loans available for virtually every credit score. Rather than applying for the first loan you find that caters to bad credit, be willing to put a little more effort into your search. Loan options with attractive terms may not be the first ones to pop out at you.

Before you approach any lender, know your credit score. Although no lender can guarantee approval based on score alone, bad credit loans typically tie interest rates and terms to the score. Giving your lender an estimate of your score allows him to talk about your options with his company. Avoid submitting applications with multiple lenders because this lowers your already perilous credit score. If the lender can tell you that they only approve loans for certain credit requirements you don’t meet, apply elsewhere.

Finding a lender

Hundreds of online companies compete for your business, but you may find local lenders also willing to make bad credit loans. Talk to your banker about your situation and find out what options your financial institution has for you. Depending on the size and nature of the bank, she may have latitude in making loans to longstanding customers. This is especially true of smaller, locally owned bank branches.

Nationally associated financial institutions have other benefits during your loan search. While you may not meet strict underwriting guidelines, financial services companies often have sister companies that handle those loans they cannot. Let your banker refer you to the finance company they use to see if loan approval is possible. Just remember that finance company rates for bad credit loans will be substantially higher than the rate your bank offers, sometimes by several percentage points.

If you’re unable to find bad credit loans available close to home, your search isn’t over. Online lenders and payday loan companies are still available to help you out, so long as you understand they charge interest and fees well above the standard bank loan.

http://www.superpages.com/supertips/bad-credit-loans.html

Find an Unsecured Consolidation Loan

2010-03-04T18:19:00.000-08:00

After you determine debt consolidation is your best option for managing your debt, you may find the process of looking for help a bit discouraging. Lending companies are more than willing to provide loans using your home as collateral, but locating an unsecured consolidation loan may lead you to businesses of questionable ethics. You do have legitimate lending options available as long as you’re willing to devote a little extra time to the process.

Think like the lender

It’s natural to think you deserve an unsecured consolidation loan because you make your current payments. Once you eliminate those, it reasons that you can afford a lower total payment. When you look at it from a lender’s perspective, it isn’t always so black and white.

Consider the fact that your current debt is spread between a number of lenders, effectively limiting each company’s risk in the event you default on your loans. With a consolidation loan, one lender takes on the risk of all the creditors. When you get an unsecured loan, you offer no tangible guarantee that the lender will ever see that money again.

Evaluate yourself as a borrower

Your credit score and income are two important factors in your ability to find an unsecured consolidation loan. Learn what your credit score says about you. A low rating coupled with a history of late payments and collection activity indicates high risk to the lender. A high debt to income ratio can say you live beyond your means, whether or not you consolidate your debt.

Look at your options

Sometimes, the amount you wish to borrow is impossible to receive in the form of an unsecured consolidation loan based on your credit and income. When this happens, know that your bank is not the only company able to assist you. Consider a credit counseling agency.

Not every credit counselor offers debt consolidation loans to clients, but they will provide you help making your budget and analyzing your spending, making it possible to break your bad financial habits. You may also receive a debt management plan offer from them. Instead of refinancing all your existing debt into one account, your credit counselor acts as your liaison with your creditors. They accept one monthly payment from you and use the majority of the funds to pay each loan. After you’ve been in the debt management plan for a set period, they may offer the unsecured consolidation loan you originally wanted.
http://www.superpages.com/supertips/unsecured-consolidation-loan.html

Evaluating Personal Loan Companies

2010-03-03T19:27:00.000-08:00

Before you make any purchase, it’s smart to learn about the company with which you plan to do business. It’s natural to want to know more about how they do business and if you can expect the extended warranty they offer to be valid when you need it down the road. Evaluating personal loan companies should be no different because the nature of your relationship with the lender will shape your overall satisfaction with your loan for as long as you have it.

Evaluate the company website

No, not every business has the most engaging use of technical effects to keep you searching its website for hours on end. What personal loan companies should have is a website free of typos and grammatical errors. One or two errors isn’t the end of the world, but pages plagued by them may signal a predatory website built in a hurry to capitalize on an economic downturn.

Make sure you scroll all the way to the bottom of the pages. What do you see? Most legitimate companies have a privacy policy, contact information, terms of use and the like. Failure to provide one of these links is not a warning sign in and of itself, but keyword stuffing should send you running. This is when a company identifies the keywords most searched in their industry and repeats them over and over in hopes of gaining search engine traffic. Search engines are onto this practice, but not all webmasters know it doesn’t work yet. If you find this at the bottom of a personal loan company site, continue your lending search with a different company.

Investigate local businesses

Every town has that one location that changes hands every month or so. One day it might be a pizza parlor and the next it’s a payday advance company or drycleaners. It happens. New businesses fail, but you should pay attention to ownership. Is the same person cleaning your clothes one week now joining the ranks of personal loan companies? It could be a personal dream becoming a reality for the owner, but it may signal a business owner looking for something profitable at any cost, regardless of whether he has experience in the industry.

Even established lenders may not have exceptional service records. Although you want a company with staying power, you don’t want to use a lender that employs unfair or unethical business practices. Checking with the Attorney General in your state or the Better Business Bureau can let you know if other consumers have issues with this business. Finding negative information may not influence your decision to use a lender, but it will give you pause for thought before you sign your personal loan agreement.

Above all, remember that evaluating personal loan companies is about more than comparing interest rates and terms. If your research into the company turns up a number of red flags, that low interest rate they offer can prove to be a sour deal.

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

Do You Need a Loan?

2010-03-03T19:26:00.001-08:00

Not all purchases justify full cash payments. Sometimes you need a loan. In fact, there are times when it’s to your benefit to take out a personal loan to finance your purchase over time. How can you tell when you need a loan and when you should pay cash? The answer is different for everyone, but there are a few questions to ask when deciding.

How much do you need the item?

It’s important to differentiate between real needs and wants when making credit decisions. You don’t need a loan for luxuries or wants. If you need a new transmission for your car to get to work each day, that’s a legitimate need worthy of credit use. On the other hand, purchasing a new outfit and concert tickets is a want and your best bet is to pay with cash instead of advancing your line of credit.

How long will you have the item?

Generally, it makes sense to use credit for durable goods you’ll have for years to come. A new washing machine, new tires and even computer equipment make sense to finance. Just be careful not to let the term of your loan exceed the useful life of the item. For example, computer technology changes rapidly and your new laptop may be obsolete after only a few years. Knowing that, you don’t need a loan term of five years because you’ll be paying for your computer long after you need upgrades or a replacement.

Does the purchase enhance your life?

Unfortunately, the rush you get from speeding down the road in a new sports car isn’t the kind of enhancement to consider. Instead, think of ways to better you life circumstances. Perhaps you need a loan to go back to school to get a higher paying job. Maybe you need a loan to add energy efficient appliances to your home for a lasting decrease in your energy bill.

Will paying cash cause a financial hardship?

As a rule, if you can afford to pay cash for your purchases, you should. It may be tempting to accept the credit card or personal loan offer that arrived in the mail, but you’ll appreciate objects more once you take the time to save up for them. This isn’t always possible. Life happens to everyone. Cars break down. Computers crash. Your savings account may not always cover emergency expenses. When this happens, you need a loan.

By evaluating your needs before making credit purchases, you can ensure you need a loan before making potentially damaging financial decisions.

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

Do Banks Give Personal Loans?

2010-03-03T19:24:00.000-08:00

Most banks offer many different loan services, including personal loans. Personal loans can range in amounts from less than $1,000 up to any amount the bank allows, commonly $10,000. These loans can be used for anything, but are generally used to pay bills or as a down payment on a larger purchase. Personal loans may or may not require collateral. The smaller the loan, the better chance you have of not having to put up collateral.

Shop around for personal loans at different banks. Banks do charge processing fees and an annual percentage rate in order to cover their cost on the loan and to make money from it. Check all fees at each bank. A borrower may come across a situation where the processing fee is higher at one bank, but the APR is lower. If the APR saves you more over time, it might be worth paying a higher processing fee.

Before signing a personal loan, always read the terms of the loan. The borrower should know the term of the loan, APR, fees and whether there is a prepayment penalty. While a borrower does not intend on making any late payments, this sometimes happens, so it’s a good idea to check what the late payment fee would be. A prepayment penalty is a fee that is charged if the borrower pays off the personal loan before a specified date. If the borrower wants to pay off the loan early, he should compare the amount of interest he would have paid over the full term of the loan and the amount of the prepayment penalty. If the penalty is higher than the interest, pay the loan as agreed until the prepayment date, then pay the loan off in full.

While secured personal loans may be more difficult to qualify for, if you can qualify for a secured loan at a “brand name” bank, you should opt for that rather than a personal loan at a non bank or a payday loan institution. Payday loans and non-banks (such as some internet banks) may offer personal loans that are easier to get, but the borrower may end up paying exorbitant interest rates and other fees. Also, if the lender sells the loan to another company or investor, the monthly payment could change due to changes in fees and the APR.

http://www.superpages.com/supertips/do-banks-give-personal-loans.html

Determining Personal Loan Needs

2010-03-03T19:23:00.000-08:00

Usually, you know how much you need when you apply for a personal loan because of the loan’s purpose. You determine an auto loan amount based on the cost of a car, or the mortgage by the price of a home. When your needs aren’t as well defined, it can be tricky to know what number to put on your loan application. By taking the time to evaluate the exact nature of your needs, you can ensure you apply for the loan you really need.

Expense Frequency

Knowing you want to apply for a personal loan is only a small piece of your task. Before you can apply, you must define the nature of the expense you need the loan to cover. Is this a single expense or recurring?

If you have a one-time expense, applying for a fixed-rate personal loan may be your best option. On the other hand, a personal line of credit is often the better option when you expect the expenses to occur more than once. Failure to get the right loan product the first time around might lead to multiple loan applications over a relatively short period.

Expense Timeline

Once you understand what type of personal loan is the best fit for your situation, it’s time to consider how much you need to borrow. Sometimes, the easiest way to estimate your total expenses is to plot out a timeline of when you’ll need the money. For example, making improvements to your home often happens in phases. Finding how much you can expect to spend during each phase will tell you how much you need for the total project.

Income Expectations

When you apply for any personal loan, it’s crucial you remember that your lender sets payments based on your current income level. If your loan’s purpose is to start your own business, you must keep in mind that your income may drop while you build up your new customer base. Unless you have savings to supplement your income, consider applying for personal loan amounts that yield a payment you could afford, even if your income dropped by half. This may mean borrowing less money than you originally hoped, but you’ll protect your credit score by doing so. Even when you expect your income to increase, it’s still smart to borrow only what you can afford to repay based on your current earnings.

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

Debt Consolidation Personal Loans

2010-03-03T19:22:00.000-08:00

Finding yourself in debt is not a position anyone relishes. Debt consolidation personal loans are often the best option to help you get out of debt, but it’s important to avoid the pitfalls of these loans. If you employ three simple strategies when evaluating these personal loans, you save a good bit of stress and potentially save your credit rating.

Strategy 1: Be realistic about your debt

Debt consolidation personal loans do not eliminate your debt. Instead, these loans put it all into a neat little package so you only must view one credit statement each month. In a perfect world, your consolidation loan comes at a lower interest rate than your previous credit accounts.

A mistake some borrowers make is assuming they can breathe easy once they consolidate debt. This is not always the case. Debt consolidation personal loans bring everything together, so if you had difficultly remembering when all the various payments were due, you no longer have that problem. On the other hand, the total amount of debt is no different. Even with a lower monthly payment, you must remain diligent about your repayment efforts to eradicate your debt forever.

Strategy 2: Avoid the easy way out

When you’re in deep debt, you get offers for debt consolidation personal loans frequently. Some of these offers may talk about wiping out your debt for pennies on the dollar. Yes, this is possible, but it is not a consolidation loan. Rather, it’s a debt settlement program.

Debt settlement programs differ from debt consolidation personal loans by the way they deal with your creditors. A consolidation lender makes a loan and disburses the funds to pay off your other credit balances. A settlement program offers your creditors an amount well below your current balance. If they accept, they may report a charge off for a portion of the debt on your credit report. If your goal is restoring good credit, the easy way isn’t always the best way.

Strategy 3: Ignore minimum payments

Debt consolidation personal loans come with set payments for you to make each month. Although you must always pay at least this amount, you are typically free to send in additional money to repay the loan early. Always review your household budget to see if you have extra funds. If so, consider sending it along with your consolidation payment. The only way to truly eliminate your debt is to pay off your consolidation loan.

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

Debt Consolidation Loans

2010-03-03T19:21:00.000-08:00

Paying off debt is a goal shared by millions of Americans. If you’re thinking of joining their ranks, it’s a goal worthy of pursuit. Unfortunately, not everyone can afford to write a check to cover everything, but debt consolidation loans give you the satisfaction of doing precisely that. Although the sum of your debt remains the same, tracking your payoff progress is easier when everything is in one place. But is debt consolidation your best option or would you be better off attacking each debt in turn? Reviewing the basics will help you decide.

Why to consolidate

People consider debt consolidation loans for a number of reasons, but the motivation remains the same. If your rates are too high, your payments unaffordable or you simply can’t keep up with all the minimum monthly debt payments, a consolidation loan can help you by simplifying your financial life. You must decide which part of the equation is most important to you in the event you cannot have all three.

For example, if you can only obtain an unsecured personal loan to consolidate your debt, the rate may not be much better than your original accounts. What you do gain is a single payment to make each month that is potentially lower than the sum of your current payments. On the other hand, you might find a phenomenal rate, but with a shorter term, that makes your monthly payment higher. Although you pay more each month, you save on your total interest payments and get out of debt years sooner than you would otherwise.

Disadvantages of consolidation

Debt consolidation loans aren’t right for everyone. Unless your consolidation is part of a bankruptcy case, there’s nothing stopping you from running your credit card balances back to your pre-consolidation levels. The difference now is that you have a debt consolidation payment to make each month in addition to your new balances.

You must also consider the type of debt consolidation loan you choose. Using the equity in your home to pay your bills is an option in many states; however, it is not one to take lightly. While you may enjoy tax advantages or flexible payment terms, you’ve used your home as collateral. This means the lender has a legal right to the property should you become unable to repay the loan. Second liens rarely foreclose on property over non-payment, but they can make it difficult to sell or refinance your home.

Deciding to consolidate

Ultimately, only you and your family can decide what’s best for your financial stability. Whether you decide to use debt consolidation loans or tackle each debt on your own, the most important thing is to get out from under those debts and focus on the important things in your life.

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

Dangers of Fast Personal Loans

2010-03-03T19:20:00.000-08:00

With anything in life, rushing through often brings severe consequences. Obtaining fast personal loans to make a purchase is no different. Even when time is short, you can take certain steps to prevent falling prey to scam artists or unscrupulous business practices.

Why fast loans tempt borrowers

Fast personal loans are attractive to consumers because of the “right now” society in which we live. A lending officer might tempt you into submitting your application with the promise of getting to leave with extra cash in your pocket. A short underwriting turnaround can also mean less time for someone checking your credit to notice the blemishes that usually lead to credit decline.

Why fast loans cause problems

In many cases, the lender offers you a legitimate loan product with an expedited processing period. These loans are fine, but offering fast personal loans is a way for predatory lenders to lure you deeper into debt. Instead of performing your due diligence on the loan’s terms and conditions, the siren’s song of quick cash distracts you from the facts. The lender knows this.

The top sign of a questionable personal loan is a loan officer who’s unwilling to discuss the specific details. Rather than providing appropriate disclosure of terms and fees, he focuses on the speed of approval. When you need money to cover your expenses, the turnaround time is important, but not the only factor in accepting the loan offer.

Another questionable practice is targeting individuals with low credit scores for high interest loans. Yes, loans for bad credit do feature high interest rates to compensate the company for taking additional risk, but the rates and fees are not typically unreasonable in nature. Businesses that employ predatory lending practices for fast personal loans, hope you’ll apply and accept the loan before you investigate the company or the terms. Because individuals with low credit scores have trouble obtaining financing through conventional methods, they may apply out of the sheer relief that they finally received a loan offer. It’s only after months of paying exorbitant interest rates that they realize the mistake.

Avoiding personal loan scams

Always consider the logic behind any credit offer before you accept fast personal loans. If the deal sounds a little too perfect to be real, there’s an excellent chance something else is going on that you don’t see. Protect your finances by investigating every loan offer you receive to determine whether it’s a valid option.

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

Consumer Loans to Build Credit

2010-03-03T19:19:00.000-08:00

Your credit score is a number that follows you through life and determines your ability to make the large purchases you want. You already know the importance of making this number as high as possible, but you may not know all the strategies to build your credit rating. Using consumer loans in a responsible manner is among the best ways to build and maintain good credit.

Credit Cards

Although credit cards have the reputation for being bad consumer loans, you can use them to build and increase your credit, even when you don’t have enough credit to qualify for other kinds of loans. The key to using credit cards is to use them in moderation. Responsible credit management also means limiting the number of credit cards you apply for at a time.

Start out slow with your credit card usage by charging only fuel for your car. Unless you’re in the midst of a cross-country road trip, this should be an amount you can pay off each month. Once you’ve followed this method for three to six months, use your card for a larger purchase, like schoolbooks, car repairs or to replace an aging household appliance. In this case, you will carry a balance on your card to prove you can manage a debt load, but you should first budget to pay off the total balance within six months.

Unsecured Loans

After you’ve used credit cards to establish your credit, it’s time to move to a different kind of loan. Visit your financial institution and request a small personal loan. The amount need not be large and you don’t need a specific purpose in mind for the funds. The goal of this approach is to show you can repay consumer loans without collateral according to the credit agreement. Make sure you select a term long enough to establish a good payment history for the credit bureaus. You can usually get by with six months, but terms of at least one year are best.

Consumer Loan Tips

Regardless of the type of loan you have, there are a few guidelines to help you maximize the benefit to your credit score.

Pay your bills on time
Make more than the minimum payment on credit cards
Take out only one kind of consumer loan at a time
Keep credit card balances under 50 percent of your total credit limit

The same consumer loans that lead to bad credit are the loan products that help you build or restore a positive credit rating. Even if you’ve been irresponsible with your credit in the past, it’s never too late to improve your credit score.

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

Collateral Loans

2010-03-03T19:18:00.000-08:00

If building a solid credit history is your goal, using collateral loans may be your best option. In fact, when you have no credit history or bad credit, the use of secured loans can be the only option lenders make available to you. As long as you follow a few simple guidelines, you can use these personal loans as stepping-stones to your financial goals.

Determine your credit needs

Sometimes, it’s easy to overlook collateral loans as viable borrowing options. When you’re buying a car or a house, this is the first type of loan to cross most people’s minds. If your goal is simply to obtain a line of credit or small personal loan, you may not think of this option.

In most cases, lenders have secured lending options for all the various loans they offer. Because collateral loans often carry lower interest rates than unsecured alternatives, you have the potential to save money by offering your lender something of value in return.

Evaluate your collateral

Although people like to believe their belongings carry significant value, now is the time to view your things with a critical eye. Decide what object of value you wish to use as collateral. Vehicles you own outright, equity in your home and certificates of deposit are standard selections. Artwork, jewelry, investment certificates and rare coins can also secure collateral loans. Keep in mind that your bank may not accept these specialty items as collateral, so you may need to do additional research on where you can go.

Borrow what you need

At any interest rate, the lender makes more money when you borrow higher amounts. Know how much money you need from the transaction before you apply for any collateral loans. If the lender offers you more than you need, turn it down for the sake of your budget.

Of course, there are situations when you have a genuine need for additional funds. In that case, it’s ok to increase your loan amount. Be sure you take time to consider your decision; however, because borrowing too much from collateral loans is a slippery slope. Higher loan amounts mean higher monthly payments. Once you offer something as collateral, you have the potential to lose it if you cannot afford your payments. As long as you won’t overextend yourself, it’s safe to raise your loan amount.

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

Certificate Secured Personal Loans

2010-03-03T16:42:00.000-08:00

Sometimes, you have the money you need to make a large purchase, but you can’t get to it because it’s locked into a certificate of deposit (CD). When you can’t wait for your CD to mature, certificate secured personal loans are excellent options to use your money without incurring a penalty for early withdrawal. Once you know about the common terms and conditions of this loan, you can determine if this is the way to go or if you should wait until CD maturity to make your purchase.

Common Loan Terms

When you request certificate secured personal loans, it’s important to know how they work. Your lender will place a note in their system that you may not access your CD until you repay the loan. Because you weren’t going to withdrawal the money until maturity anyway, this is little more than an extra precaution that has no bearing on you. The lender sets the term of your loan to coincide with your CD’s maturity and determines how much you can borrow, usually 90 percent of the CD’s total value.

Your bank might offer you two different repayment options. One option requires equal monthly payments comprised on principle and interest. When the CD matures, the money within is yours. The other option allows you to pay only interest each month, deferring repayment of principle until after the CD matures. You pay back your loan balance at maturity and keep the rest of the money for yourself.

CD Secured Loan Advantages

CD secured personal loans often carry a low rate of interest that hovers around 3 percent more than your CD pays. When your credit is on shaky ground, you can use certificate loans to rebuild your score because lenders are more likely to approve the loan when they already have the full amount sitting in the CD as collateral. Although you will end up paying the interest to use money you already have, it is a solid strategy when establishing good credit is of primary concern.

CD Secured Loan Disadvantages

As with any loan, there are distinct disadvantages to certificate secured personal loans. Most lenders will only accept your CD as collateral when you open the CD with their institution. This means that you cannot take advantage of Bank A’s special interest rate offer if your CD is at Bank B, unless you close your CD, take the penalty and open it at Bank A. To combat this problem, consider the lending options of different banks before opening a CD, even if you don’t think you’ll need this kind of loan in the future.
http://www.superpages.com/supertips/secured-personal-loans.html

No Credit Loans

2010-03-03T02:51:00.000-08:00

Financial institutions pay much attention to providing loans for individuals with perfect credit and bad credit, but they spend little time discussing lending options for people without established credit. When you first work to build your credit, no credit loans are your best options, as long as they report your good payment history to the major credit bureaus. Make sure you understand why different companies offer no credit loans so you can use their motivation to your advantage.

Student Credit

College campuses have no shortage of booths and advertisements for student credit cards and loans. While many students don’t manage their credit and end up in debt, you can use these no credit loans for students to establish a good credit history. The key to avoiding the student debt trap is applying for only one card and never using it for shopping splurges.

Lenders that offer student credit cards want more than the interest you pay each month on purchases. They want a solid relationship with you as you progress through various life stages. Knowing this, only apply for a credit card with a financial institution that offers loans you need in the future, like auto loans and mortgages. You may also find additional benefits for banking and investing with the same company who issued the card, so make sure you have plenty of local branch offices nearby.

Used Car Lots

Although the major car dealerships require some level of credit history to finance a vehicle, the smaller car lots offer no credit loans on a regular basis. In some cases, your car salesperson is also your lender. Used car lots provide these loans because vehicles are more difficult to finance once they reach a certain age. The cost paid by your dealer for each automobile at auction is often far less than you pay, so the dealer might own each car on the lot outright. This makes every sale they make coupled with the financing charge pure profit.

The dealership can afford to make no credit loans to purchase their cars because they require you make more frequent payments, sometimes every week. Having collateral and steady cash flow lessens their risk and allows them to take a chance on individuals establishing credit. Don’t forget that you can negotiate monthly payments if a weekly schedule doesn’t work well with your current budget.

No credit loans come in multiple forms and allow you to build your credit from scratch. As with any loan product, always read every word of the contract to make sure you get everything promised by the lender.

http://www.superpages.com/supertips/no-credit-loans.html

Cash Advance Loans

2010-03-02T16:25:00.000-08:00

Sometimes, you need more money than you make, yet credit or time constraints make a traditional personal loan unattainable. Cash advance loans help bridge the gap between paydays, not to be confused with credit card cash advances that help you into more debt. This type of loan should be your last resort, so always look into your other options to confirm nothing else will work first.

Cash advance loans are among the fastest to obtain, but offer the highest interest rates because of their short terms. Some companies will let you apply for your loan online, but most require you apply in person. Keep in mind that using the online option will lengthen the amount of time it takes to get your funds. Procedures for getting the loan are roughly the same for both online and in-person applications.

Provide your cash advance lender with your personal information, including name, address, date of birth, social security number and employment information. Your social security number is used as a personal identifier, as most payday loan companies don’t check credit. You’ll also provide how much and how often you’re paid.

Take documentation with you to expedite the approval process. Your lender needs to see your paystub to verify your income and pay frequency. They need this information because your loan only has a term as long as it takes to get to your next payday, not years like standard loans. That’s why this is a cash advance loan; you’re advancing cash from your paycheck in between paydays.

You must also take proof that you have a bank account. Printed checks with your name on them usually suffice, but your lender might require bank statements as well. Depending on the company, you may have to verify you’ve deposited money into the account within the last month. Your lender does this because you’ll repay the cash advance loan with a check from that account. Using an account without regular activity raises the lender’s risk you’ll default.

After approval, they deposit funds into your bank account or cut you a check within 24 hours. When you’re ready to repay the loan, you can either show up at the lender’s office with cash in the amount of the loan plus fee or let the lender deposit the check you gave them at the time of application. Either way, you pay the same amount. You may also pay only the fee and take out a new loan for the same amount, but this causes a substantial increase in the overall interest rate you pay.

Despite the high interest charges, responsible use of cash advance loans can help you through times of financial adversity.

http://www.superpages.com/supertips/cash-advance-loans.html

Can You Get a Personal Loan with Bad Credit?

2010-03-02T16:24:00.000-08:00

Bad credit personal loans have flooded the consumer market over the past several years. Lenders and creditors have demonstrated that they are still willing to extend personal loans to people with bad credit, but there is definitely a price to pay. However, just because you have some blemishes on your credit report or an uneven income stream does not automatically disqualify you from some type of credit or personal loans, even in today's economic climate. What is considered "bad credit"? A FICO score of 580 or below is definitely a bad credit score. FICO scores of 580 to 619 are considered low scores.

That said, the conditions under which you can contract for bad credit personal loans can vary significantly. If your credit rating is horrible, or if you've demonstrated creditor malfeasance recently (e.g. filed for bankruptcy), you may find that your options for personal loans are quite limited. It may be possible to qualify for a high interest or restricted credit card rather than a personal loan if you find yourself in that situation. It definitely pays to shop around, however keep in mind that each time a lender pulls your credit report, it is recorded. And multiple credit checks can actually have a negative impact on your credit rating. If you have a recent copy of your credit report, it would be a good idea to discuss it with a potential lender before they pull their own copy of your credit report. If they can't help you, at least they won't be making your situation worse by asking for an unnecessary credit report.

Unsecured personal loans will come with extremely high interest rates. Unfortunately, many indebted Americans find themselves in a snowball situation, where debt begets debt, and the high interest rates and additional fees can be higher than your minimum monthly payment, quickly getting you in a situation where you've maxed out your credit limit and now they're adding "over limit" fees to the monthly charges.

Bad credit personal loans can be powerful tools for accessing quick cash in an emergency, allowing you to pay off something with an even higher interest rate, or to pay for something unexpected. But these kinds of personal loans also can put you at higher risk for default and mismanagement. In fact, experts in personal loans recommend that individuals with bad credit take an active part in clearing up their credit first before considering more high-cost debt.

The key to wisely managing a personal loan with bad credit, or credit cards for those with bad credit, is to crunch the numbers and determine how quickly you will be able to repay that debt. Many borrowers with bad credit look at the bottom line -- how much can I afford to pay each month -- and they borrow the maximum amount while planning to make only minimum payments. What you should do is plan to borrow the lowest amount possible for your situation and plan to make monthly payments that are a good deal higher than the minimum required. The sooner you can pay back a personal loan when you have bad credit, the better it will be.

Given that your bad credit might be caused by something as innocuous as an accidental misreporting of a bank finance charge, the first logical step is to review your credit report and fix everything you can -- if for no other reason than to expand your options for personal loans in the future. The credit reporting agencies often make mistakes, so a careful review of your report may turn up something you can easily fix. Tackling the other issues with your credit may take time and patience, but there is no quick fix for improving bad credit. Read more about personal loans for people with bad credit.

http://www.superpages.com/supertips/personal-loan-with-bad-credit.html

Export - Import

Best Personal Loan Options

2010-03-02T16:23:00.000-08:00

When you need to borrow money, you have many options available to you. How do you sift through the sea of lenders to find the best personal loan for your situation? Luckily, it's not as difficult as maintaining a high credit score. The key is to get to the heart of your need and look closer at the options that fulfill it, without looking at all the financial bells and whistles your lender wants to sell you.

“I want cash flow.”

With overdraft and returned check fees on the rise, seeking a little financial security between paychecks is a smart idea no matter what life situation you have. The best personal loan option for cash flow purposes isn't a traditional loan at all. It's a revolving line of credit. Although credit cards are technically revolving credit lines, think about your non-plastic alternatives and you may end up with a more attractive interest rate.

Personal lines of credit are ideal because you only pay interest on the portion you use, so if you end up not needing any help between paydays, you pay nothing. If you apply for this personal loan with your current bank, you might even be able to link it to your checking account as overdraft protection. Even if your bank doesn't offer the best personal line of credit rate, you'll still potentially save hundreds of dollars in bounced check fees.

“I want to make home improvements.”

Before you apply for a home improvement loan, think through the exact amount of money you need for improvements. The best personal loan option for high dollar improvements is a home equity product if you can take advantage of potential tax deductions, but smaller loans amounts benefit more from a standard personal loan. Depending on your state, there may be a mandatory cooling off period between application and loan closing in addition to a rescission period after the closing. A personal loan will get you the money you need faster and typically with far less paperwork.

“I want to prepare for an event.”

To know the best personal loan product for this, you must first understand the nature of your event. Is it a wedding or other event where you make multiple payments that end on a certain day? Are you preparing for a life event, such as having a baby, where expenses continue over a lengthy period?

If you're paying for a single event, opt for a personal loan with the best interest rate you can get. On the other hand, ongoing expenses from your life event require a line of credit because you really don't know the amount of money you need until you're in the situation.

Even if you just want to buy a car, still consider these questions before rushing into an auto loan application. Just because a lender offers a loan supposedly tailored to your need doesn't mean it is the best personal loan available to you.

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

Before You Apply for a Personal Loan

2010-03-02T16:18:00.000-08:00

Times exist when you aren’t just ready to borrow money; you’re motivated to start the process. Before you apply for a personal loan, there are certain steps it’s smart to take. Rushing into a loan without following the steps might work out fine or it can stick you with a loan you don’t really want. Only you can decide if it’s worth it to take the risk.

Determine your needs

When you’re in the market for an auto loan, this step seems obvious. Go beyond the purpose and decide what features you’ll accept when you apply for a personal loan. If you cannot pay an application fee or make payments over a certain amount, draw the proverbial line in the sand before you reach the lender’s office. Doing so will squelch the temptation to take the first offer you receive that doesn’t meet your requirements.

Review your credit report

Checking your credit file at least once every 12 months is a good strategy to stay on top of the information found within. If it’s been more than six months since you last pulled your credit, consider ordering a new report before you apply for a personal loan. Multiple inquiries can lower your credit score, so find out if there’s any reason a lender would decline your application before you submit it. Put off your application until you correct any inaccuracies or delinquent accounts you find.

Research your lending options

In some cases, you can find multiple loan products to perform the same function for you. When this happens, make a list of the advantages and disadvantages to using each option. Once you decide, be willing to accept additional facts from lenders, but don’t let a smooth talking salesperson change your mind with hype or financial jargon.

Discuss lenders

Who you apply for a personal loan with is every bit as important as what type of loan you choose. Talk about your options with family and friends. Find out if anyone you know has a loan with a certain company and if they are satisfied with the service. You can also discuss lenders with each other. Sometimes, the information they provide about the competition is relatively free from bias. If a lender tells you to take the deal offered by the competition, chances are high that it’s a good deal.

Shop around

You should not apply for a personal loan with the first company you visit. Even if you later determine the first deal was your best option, you have no way to know that without shopping the competition. Without pulling your credit file, lending companies can give you a wealth of information about their terms and conditions. You can use that information to decide which company wins your business.

http://www.superpages.com/supertips/apply-for-a-personal-loan.html

Basics to Get a Loan

2010-03-02T16:13:00.002-08:00

When you need more money for a purchase than you have time to save, you need to get a loan. With the plethora of businesses offering loans, it’s a good idea to familiarize yourself with the different types of loans available to you. Even though multiple loan products can provide the cash you need, they are not identical. Know which options are more beneficial to you before you visit with a lender to ensure you don’t end up with the wrong loan.

Equity loan options

If you own a home that’s worth more than you owe, you can get a loan utilizing the difference, or equity. You may hear people refer to this as a second mortgage, but that doesn’t mean you have to use your mortgage company. Online lenders and banks can also help you with this option.

This type of loan takes on three distinct forms: home equity loan, home equity line of credit and home improvement loan. The home equity loan and line of credit work exactly like standard personal loans and lines of credit, with the exception being you use your home as collateral. Home improvement loans typically require a contractor to sign the loan paperwork to guarantee work is being performed on the home. Because your home is collateral, interest rates on equity products often offer more favorable interest rates than personal loans.

Personal loan options

A personal loan is any loan an individual can apply for. Although equity loans technically meet this requirement, they get a separate category because of the complexity and legal differences. You can get a loan in this category with or without collateral and the term can be close-ended or revolving.

Options in this type include credit cards, signature loans and auto loans. The main difference between your options is that auto loans are always used to purchase a vehicle and secured by the purchase, while the remaining personal loan options can be unsecured or secured. It’s important to note that credit cards are not your only personal revolving credit option. Personal lines of credit offered by financial institutions perform the same function, but often with lower interest rates.

Business loan options

You can get a loan for business purposes to cover start-up or operating expenses. By definition, a business loan is one obtained using the business’s credit. If you’re just starting your business, you can get a personal loan to cover your costs, but it is considered a personal loan, not a business loan.

Keep in mind that you can get a loan not discussed here because lenders tailor loans to meet your particular needs. In general, if you understand these three classifications, you can grasp the details of any custom loan product, no matter how complex.

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

Bad Credit Tips

2010-03-02T16:13:00.001-08:00

As of November 2009, the average credit score for Americans was 692. On a scale from 330 to 830, this is far from what you might think of as bad credit. In fact, the average American might enjoy favorable personal loan rates because of this score. If your credit rating isn’t quite so stellar, there are ways to pull it up if you’re willing to change your habits.

Not only must you change the way you use credit, you should change the way you think about credit. Before you do anything else, realize that the time for beating yourself up because of your bad credit score is over. It doesn’t matter whether you lost a job, accumulated medical bills due to illness or simply overspent on your credit cards. It happens to more people than you realize. Follow these seven simple steps to kiss bad credit goodbye.

Accept your score for what it is and move on. You can fixate on what you did wrong or you can focus on what you will do right. Choose the latter.
Change your spending habits. Pulling out the credit cards to pay for a night at the movies is the kind of behavior that leads to bad credit in the first place. If you can’t pay cash for small dollar transactions, avoid them because they all add up.
Build your savings. Murphy’s Law states that basically, if it can go wrong, it will. Start adding to your savings account now so that you don’t have to use your credit card the next time Murphy strikes.
Pay your bills on time, every time. If creditors report that you miss payments or always pay late, your bad credit will get worse. Tell yourself payments are due a full week before the official due date and pay accordingly.
Pull your credit report. If you suspect you have bad credit because you were denied a loan, you’re entitled to a free report from the credit bureau that supplied the information. Find out what’s in your report and work to remove incorrect information
Contact your creditors. Make a list of any company you owe money to and move those using collection agencies to the top of the list. Find out if you can negotiate directly with the original creditor and work out a payment plan. Once you do, stick to it.
Pay down your credit cards. Although paying off one card at a time gives you a sense of satisfaction, getting all your cards under 50 percent of the available credit limit is better. Maxed out credit cards are sure signs of bad credit or bad credit waiting to happen.

While none of these tips alone will elevate your credit score overnight, you will be taking steps in the right direction to correct your bad credit. After these behaviors become habit and your credit score inches up, the low interest personal loans you desire are soon to follow.

http://www.superpages.com/supertips/bad-credit.html

Bad Credit Loan Terms

2010-03-02T16:12:00.000-08:00

You need a loan, yet you find yourself dreading the application process because you know what the lender will find in your credit report. Rather than putting your life on hold while you try to repair your credit, you can look for a bad credit loan. As long as you’re realistic about what you can expect during the lending process, finding a loan to meet your financial needs shouldn’t be a difficult task.

Bad Credit Loan Turnaround Time

When you apply for a bad credit loan, you can expect the underwriting process to take several days to a few weeks. Although your favorite lender may advertise same-day financing, this is often something lenders reserve for borrowers with perfect credit. Because your credit score places you in the high-risk borrower category, make sure you apply for personal loans well in advance of when you need the money. This will allow the lender adequate time to review your information and request additional documentation if they need it.

Bad Credit Loan Interest Rates

It’s no secret that borrowers with shaky credit receive higher interest rates than lending companies advertise for qualified borrowers. Before you apply for a bad credit loan, determine the maximum payment you can afford. When your credit is less than perfect, it’s wise to avoid dwelling on the interest rate, when affordability is often the critical factor for you. As your credit improves, you can look into low interest refinance options for your personal loans.

Keep in mind that legal loan maximums still apply to you when you take out a bad credit loan. Reviewing the interest rate ceiling for your state will help you determine if the offered rate is too high. Just because your credit isn’t perfect is no reason to fall victim to illegal loans.

Bad Credit Loan Repayment Terms

A bad credit loan may not offer as long to repay as the standard loan does. This is because lower credit scores equate higher risk to the lender. The longer it takes you to repay the full loan amount, the more risk you’ll default on your obligations. Again, determining your maximum monthly payment amount before you apply for personal loans will help. As long as your payment is affordable, it won’t matter to you whether you have five years or three years to repay the balance.

http://www.superpages.com/supertips/bad-credit-loan.html

Asking for Personal Cash Loans

2010-03-02T16:10:00.000-08:00

As children, we learn to make use of what we have and do without the things we don’t possess. Sometimes, this makes asking for personal cash loans difficult. Going to a bank is one thing because they lend money all the time, but getting a loan from a family member or friend feels different. Consider your approach and the nature of your relationship with care to avoid damaging your friendship during the borrowing process.

Decide how much money you need

Now is the time for realism, not optimism. If you already know you must have $5,000, asking for personal cash loans of only $1,000 does little good. Your friend might all too happy to help you out with the loan, but he doesn’t want to become your personal piggy bank. Asking for the loan amount you need alleviates the issue of running out of funds and coming back for more.

Wait for the appropriate time

Although you might schedule a lunch or an evening out to give you the opportunity to ask for the loan, remember that this is still your friend. Avoid pouncing on her with the request for personal cash loans the moment she arrives. Instead, take the time to find out what’s going on in her life. If she mentions a potential layoff or a costly medical procedure, consider asking someone else with a more positive financial situation. Asking your friend for money when you know she’s on shaky ground herself might make her feel bad when she’s unable to help you.

Offer loan collateral

Even if you don’t have a car or substantial home equity, you may still possess an object of value that the banks won’t accept. Offering collateral shows that you’re serious about repaying the loan. Your friend may tell you that collateral is unnecessary, but will still appreciate the sentiment.

Write it up

Between friends and close family, a handshake is often enough to seal any deal. Rather than relying on your bond, create a loan contract for all personal cash loans just as you would when borrowing from a bank. Again, it proves you’re serious about repaying the loan, but it also clarifies the terms of the arrangement. If the contract states you’re borrowing $5,000 for three years, no one can be upset when you have not paid all the money back after two years.

Say thank you

Your bank doesn’t expect your gratitude for lending you money because it is part of the business. Friends, on the other hand, deserve appreciation for helping you out in your financial time of need. It’s unnecessary to shower them with praise for the loan each time you see them, but a simple thank you when they give you the money and when you repay it will suffice.

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

Apply for Personal Loans

2010-03-02T16:08:00.000-08:00

When you need money, you must apply for personal loans. No matter how many times you’ve done this in the past, you may pause before visiting with your lender. Because every lending company is different, it’s hard to know exactly what information the lending officer will need from you to complete the transaction. While the exact steps for your lender will vary, you can get ahead of the game with these four simple steps.

Check your credit

Before you apply for personal loans, it’s wise to understand what’s on your credit report. Although the score is an important part of the loan approval process, it isn’t all you need to know. Your lender wants to know how you got that score, so you should pay attention to the details contained within the report.

Make sure everything in your report is correct to avoid unwelcome surprises when you apply for personal loans. If you find incorrect information about you or any of your accounts, contact the credit bureau immediately. The correction process is not always quick, so start it as soon as possible.

Decide on your loan

It doesn’t make good sense to apply for personal loans until you know what kind of loan you need. Applying for an auto loan to buy a car or a mortgage to buy a house is obvious. When your lending needs are more complex, take time to think about what sort of repayment terms are in your best interest. Keep in mind that larger sums of money often demand collateral, while small sums may not qualify for an extended term.

Review your budget

As you apply for personal loans, your lender will ask you what kind of payment you can afford. Unless you take the time to review your household budget, you may not know the answer to this question. This is not a situation where guessing is ok. Always take the time to understand how the new payments will alter your current financial situation. No one takes out a new loan with the intention to default, yet you take that risk when you apply without all the facts.

Gather your documentation

The kind of loan you desire and your income picture usually determines the type of documentation you need to supply the lender. Although you do not need to supply this information when you apply for personal loans, giving it to your lender at application will expedite your loan process. Instead of trading phone calls to clarify your income, they can take everything they need from your paystubs and recent tax returns, allowing them to call you only when the loan is ready to close.

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

Interprenuer Center

Apply for a Personal Loan

2010-03-02T16:07:00.000-08:00

The first step to borrowing money is to apply for a personal loan. It doesn’t matter if you’re using your local bank, an online lending company or a payday advance service. They all must collect information from you about your needs and obtain your agreement to pull your credit, if they use credit scores. Being unprepared to submit the application doesn’t necessarily destroy your approval chances, but it can take more time.

When you apply for personal loan products, the lending institution is taking a risk that you’ll repay the debt. In a sense, they have a stake in your financial well-being, so they will delve into any aspect of your financial life they deem relevant. Some of the questions can seem invasive or unrelated, but failure to answer honestly can lead to a decline. Make sure to take certain pieces of information when you apply.

Take: Beyond having previous addresses and basic information ready, have a clear purpose for the funds in mind. Your lender already knows you need money or you wouldn’t be applying for a personal loan. Be able to explain where the money’s going to expedite the underwriting process.

Reason: Lenders must know the purpose of your loan because lending money to finance terror activities or illegal endeavors leads to fines and potential closure by the United States Government. Unless the bank has specific lending policies against using certain kinds of loans for a particular purpose, it only matters that they can verify your intended use of funds is not illegal or illicit.

Take: Having a list of personal and business references with you isn’t a bad idea. Not all lenders require references, but taking a list of people ready to vouch for your trustworthiness never hurts. Just make sure you ask before adding anyone to the list. Finding out a friend or colleague doubts your reliability when you apply for a personal loan is detrimental to your approval chances.

Reason: If you apply for personal loans not requiring high credit scores, the lender takes more of a risk in giving you the money. Some lenders recognize your likeliness to repay the loan has more to do with character and stability than the number on your credit report. Talking to people who can verify you fulfill your obligations establishes your character, while talking to those who affirm you have the job you claim to have proves capacity to repay.

When you have any doubt about what the lender requires to apply for a personal loan, find out what you need to bring when you schedule the appointment. Fewer surprises at the time of application often lead to fewer delays in getting the money you need.

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

How to Get a Fast Personal Loan

2010-03-02T16:04:00.000-08:00

Personal Loans for People with Bad Credit

http://www.superpages.com/supertips/how-to-get-a-fast-personal-loan.html

Limited Production Cruiser

2010-02-28T05:28:00.000-08:00

Incorporates characteristics similar to those in the Cruiser category but is designed and built by small manufacturers on a limited basis. Many are hand-built, built to order and/or highly customized (e.g., Titan Gecko, American Ironhorse Bandit). Physical Damage coverage is available on most Limited Production Cruisers.

Motorcycles 25 Years or Older

2010-02-28T05:27:00.000-08:00

Vintage motorcycles allow you to preserve the past and enjoy the classic rides from yesteryear. Agreed Value coverage is available for bikes 25 years or older.

Agreed Value

The agreed value option for motorcycles means the lower of the following will be used to settle a total loss:

The amount necessary to repair or replace the stolen or damaged property to its pre-loss condition, reduced by the applicable deductible.
The agreed value shown on the Declarations page, reduced by its salvage value if you retain ownership of the motorcycle. No deductible applies in the event of a total loss.

The agreed value, which you provide and the insurance company confirms, is the market value of the motorcycle at the time of application, including the market value of all custom parts and equipment. The agreed value should be updated on your policy whenever changes are made to your motorcycle.

Customized Motorcycle Insurance

2010-02-28T05:26:00.000-08:00

Your bike is an extension of your personality — that's one reason why you customize it. To ensure that customizations you make to your bike are covered, the following Customized Motorcycle program features are offered with a Progressive Motorcycle insurance policy.

Custom Parts and Equipment (CPE)/ Accessory Coverage

In most states, at least $1,000 of free Custom Parts and Equipment (CPE)/Accessory coverage is included with Comprehensive or Collision coverage on motorcycles less than 25 years old that are listed with resale values in the NADA Appraisal Guide.

Up to $30,000 of Additional Custom Parts and Equipment (ACPE)/Accessory coverage can be purchased for motorcycles less than 25 years old that are listed with resale values in the NADA Appraisal Guide. Models from most major manufacturers (Honda, Harley-Davidson, Yamaha, Kawasaki, BMW, Suzuki, Aprilia, Polaris, Arctic Cat, etc.) fall into this category. Bikes in this category are eligible for Actual Cash Value Physical Damage coverage and Purchase Price/Replacement coverage on CPE, up to the limit purchased.

Motorcycles less than 25 years old whose manufacturers are listed in NADA but whose resale values are not listed are eligible for up to $50,000 in Agreed Value Physical Damage coverage and CPE coverage. Itemized receipts and an underwriting inspection are required for this coverage.

Motorcycles assembled from a kit or individual parts and motorcycles whose manufacturers are not listed in NADA are eligible for Liability coverage only.

Comprehensive and Collision Coverage

Comprehensive and Collision coverages are available on most motorcycles and all ATVs.

Motorcycles less than 25 years old whose manufacturers are listed in NADA but whose resale values are not listed are eligible for up to $50,000 in Agreed Value coverage and CPE coverage. Itemized receipts and an underwriting inspection are required for this coverage.

Motorcycles that are not eligible for Comprehensive and Collision coverage include the following:

Kit/homemade, non-factory built or composite
State-assigned VIN
Rebuilt or retitled
Original frame has been replaced
Manufacturer not listed in NADA Appraisal Guide

Loss Settlement Options

With a Progressive Motorcycle policy, motorcycle/ATV total losses are settled using two methods: actual cash value (ACV) and agreed value.

Actual Cash Value (ACV)

The actual cash value (ACV) option for motorcycles means the lower of the following will be used to settle a total loss:

The amount necessary to repair or replace a stolen or damaged motorcycle to its pre-loss condition, reduced by the applicable deductible.
The ACV of the motorcycle at the time of loss, reduced by the applicable deductible, and by its salvage value if the insured opts to retain ownership of the motorcycle.

For example, if the ACV of your motorcycle is $12,000 when it is totaled in an accident, your Collision deductible is $500, and the salvage value of your bike is $6,000, your payout amount from the insurance company would be $5,500.

This settlement method applies to:

Motorcycles and ATVs with a resale value listed in the NADA Appraisal Guide.

Agreed Value

The agreed value option for motorcycles means the lower of the following will be used to settle a total loss:

The amount necessary to repair or replace the stolen or damaged property to its pre-loss condition, reduced by the applicable deductible.
The agreed value shown on the Declarations page, reduced by its salvage value if you retain ownership of the motorcycle. No deductible applies in the event of a total loss.

The following items must be insured with the agreed value settlement option:

Motorcycles whose manufacturers are listed but have no resale values listed in the NADA Appraisal Guide.
Motorcycles 25 years old and older.

Motorcycle Insurance Rates

2010-02-28T05:25:00.000-08:00

For more than 35 years, Progressive has offered affordable motorcycle insurance rates. With Progressive, you can insure a variety of motorcycles and off-road vehicles, including customized motorcycles and motorcycles 25 years and older.

If you're looking for a motorcycle insurance rate tailored just for your bike, check out the different types of motorcycles and off-road vehicles we insure:

Customized Motorcycle Insurance
Motorcycles 25 Years & Older
Cruiser
Limited Production Cruiser
Street Sport
High Performance
Touring
Sport Touring
Regular
Dual Purpose/Enduro
Motocross/Dirt Bike
Mopeds
Scooter
Trike
All Terrain Vehicle (ATV)/Off-Road Vehicle

Get Motorcycle Insurance Rates — and Much More

How and where you shop for motorcycle insurance rates can save you a lot of money. With so many companies trying to win your business, our goal is to provide you with the information you need to make the right decision. Our motorcycle insurance rates provide you with the information you need to make the right decision today, tomorrow, or whenever you're ready. We offer motorcycle insurance rate quotes 24/7 online and by phone, so we're here when you need us.

Customized Motorcycle Insurance for You

Progressive motorcycle insurance offers customized motorcycle insurance that fits your needs. Our Customized Motorcycle program features include Accessory coverage for your custom parts, Comprehensive and Collision coverage, and Actual Cash Value (ACV) and Agreed Value settlement options. Your customized motorcycle insurance policy is just moments away.

Motorcycle Insurance Rates

2010-02-28T05:23:00.002-08:00

If you're looking for a motorcycle insurance rate tailored just for your bike, check out the different types of motorcycles and off-road vehicles we insure:

Get Motorcycle Insurance Rates — and Much More

Customized Motorcycle Insurance for You

Discounts on Affordable Motorcycle Insurance

2010-02-28T05:23:00.001-08:00

If you're looking for affordable motorcycle insurance that protects your bike, choose Progressive. Not only do we offer cheap motorcycle insurance, we offer discounts, too. In fact, you may already qualify for significant discounts if you insure more than one bike or already have another Progressive policy — even if it's not a motorcycle policy. Plus, safe riders could receive even lower rates on our already affordable motorcycle insurance.

You may qualify for even more discounts, too, including the following:*

Claims-Free Renewal – Receive an automatic discount if you have no at-fault accidents during your previous policy period.
Homeowner – Get a discount on your motorcycle policy if you own your own home.
LoJack – Automatically receive a discount if your bike is equipped with LoJack® for even more affordable mtorocycle insurance.
Paid in Full – Pay the full amount of your policy when it renews and receive a discount just for doing so.
Prompt Payer – Pay on time for a year and receive a discount when your policy renews.
Responsible Driver – No accidents or violations on your driving record for the last three years translates to a discount.
Safety Course – Completing an approved safety course could earn you a discount.

Affordable Motorcycle Insurance — Even for Customized Bikes

With Progressive motorcycle insurance, you'll receive coverage that fits your needs and affordable motorcycle insurance that fits your budget. Our Customized Motorcycle program offers up to $30,000 of coverage for custom parts, as well as Actual Cash Value or Agreed Value coverage for several types of personalized bikes. To find out what kind of coverage you need, get a quote for affordable motorcycle insurance any time.

Cheap Motorcycle Insurance for Many Types of Motorcycles

Everyone wants affordable motorcycle insurance, but no one wants cheap motorcycle insurance that doesn't cover what you need. A Progressive policy offers coverage for all kinds of bikes and ATVs: Cruisers, Limited Production Cruisers, Street Sports, High Performance, Touring, Sport Touring, Mopeds, Scooters, Trikes, and even models older than 25 years, to name a few. See what your rate for affordable motorcycle insurance is today — get a quote now!

ATV Insurance Coverage

2010-02-28T05:21:00.000-08:00

We know you love your all-terrain vehicle, or ATV, whether you're a rancher, hunter, or trail rider. We also know that you want to be covered if your ATV is stolen or badly damaged, and proper ATV insurance coverage can help protect your investment.

Many states require ATV insurance for vehicles operated on state-owned land, and your homeowners policy might not cover you if you ride off your own property. That's why ATV insurance coverage is especially important.

Much like our motorcycle insurance, Progressive offers a variety of ATV insurance coverages, including:

Comprehensive

In most circumstances, Comprehensive ATV insurance coverage pays for damage to your ATV if it's caused by an event other than a collision. For instance, if your ATV is damaged by fire, theft, vandalism, flooding, or an animal, Comprehensive coverage will likely apply. You just pay the deductible you selected, and your ATV insurance will cover the rest.

Collision

Collision pays for significant physical damage to your ATV if you hit another ATV, a tree, a parked vehicle, a big rock, a stump, a fence post, or other obstacle. You just pay the deductible you selected, and your Collision coverage will pay for the rest. Due to the rough nature in which many ATVs are used, Collision does not provide coverage for scrapes, scratches, minor dings/dents, and other cosmetic/non-structural damage.

Bodily Injury & Property Damage Liability

ATV insurance coverage offers Bodily Injury and Property Damage Liability to pay for injuries to people or damage to property caused by your ATV. Liability coverage also protects your assets, up to the limits you choose.

Uninsured/Underinsured Motorist

If the person at fault for an accident doesn't have insurance — or doesn't have enough insurance — Uninsured/Underinsured Motorist Bodily Injury will pay for injuries and damages you suffer that the at-fault party is legally liable for, such as medical treatment and lost wages. You simply select the amount of ATV insurance coverage you want, and you're protected up to those limits.

Get an ATV Insurance Quote

You want to choose the right ATV insurance company for your needs, and we make sure to provide you with the necessary information to make the right decision today, tomorrow, or whenever you're ready. Our ATV insurance options are convenient, easy, and available 24/7 online and by phone. We'll help you with your Progressive ATV insurance quote every step of the way, too.

How to Keep ATV Insurance Rates Low

Several factors can affect your ATV insurance rate. You may not be able to control them all, but there are a few things you can do if you have ATV insurance coverage and want to keep your rates low:

Ride carefully.

If you have violations on your driving record or claims on your ATV insurance policy, your rates will be higher.

Choose your ATV carefully.

ATVs with higher displacement, or those that are considered more aggressive machines, typically cost more to insure based on the history of claims for those vehicles.

Buy More ATVs.

You'll receive a discount if you insure more than one ATV on your policy.

Motorcycle Insurance Coverage

2010-02-28T05:20:00.000-08:00

With motorcycle insurance coverage from Progressive, you can choose how much and what kind of coverage your bike needs — at a reasonable price, too. Options include Bodily Injury and Property Damage Liability, Medical Payments, Roadside Assistance, and more. Protecct your bike with the following types of motorcycle insurance coverage:

Bodily Injury & Property Damage Liability (BI/PD) - BI/PD covers you if you're at fault for an accident that injures another person or damages someone's property, up to the limits you select.

Comprehensive & Collision - This motorcycle insurance coverage pays to repair or replace your motorcycle if it's stolen or damaged in an accident, regardless of who is at fault. For each coverage, you select a deductible that you pay out of pocket. We pay for the remaining damage.

Uninsured/Underinsured Motorist (UM/UIM) - When the person at fault for an accident doesn't have insurance or doesn't have enough insurance, UM/UIM will cover your injuries and damages that the at-fault party is legally liable for, such as medical treatment and lost wages.

Medical Payments - MedPay covers the cost of necessary medical care you receive as the result of a motorcycle accident and can be used regardless of who is at fault. MedPay often is limited to medical treatment received within the first three years after an accident and is limited to a specific dollar amount. In some states, MedPay only applies after other medical insurance is exhausted.

Custom Parts & Equipment - When you purchase Comprehensive or Collision motorcycle insurance coverage, at least $3,000 of Accessory coverage for your custom parts and equipment is included in most states. Up to $30,000 of additional Accessory coverage can be purchased to cover custom parts that exceed the included value.

Roadside Assistance - If your motorcycle breaks down, Roadside Assistance will pay to tow it to the nearest qualified repair facility. Roadside Assistance also covers the necessary labor costs at the place of breakdown when your motorcycle or off-road vehicle is disabled due to any of the following:

Mechanical or electrical breakdown
Dead battery
Flat tire
Lockout
Insufficient supply of fuel, oil, water, or other fluids
Entrapment in snow, mud, water, or sand within 100 feet of the roadway

Motorcycle Insurance Coverage for Many Types of Bikes

We know how important it is to choose the right motorcycle insurance. With so many motorcycle insurance policies to look at, we provide the information you need to make the best decision. Progressive motorcycle insurance coverage protects many types of bikes and ATVs, including Cruisers, Limited Production Cruisers, Street Sports, High Performance, Touring, Sport Touring, Mopeds, Scooters, and Trikes. We even offer motorcycle insurance for older bike models. Get the motorcycle insurance coverage you need today, and we'll take care of the rest.

http://motorcycle.progressive.com/motorcycle-coverages.aspx

Motorcycle Insurance

2010-02-28T05:11:00.000-08:00

Insure your bike with Progressive, and receive coverage and claims service from the No. 1 motorcycle insurance group in the country. We’ve protected bikes and riders for more than 35 years. From your quote through any claims you might have, our experts are available 24 hours a day to help you.

(If you're looking for auto insurance, we offer that, too.)

Customized Motorcycle Insurance

Build a customized policy to fit your needs. Our program Accessory coverage, Comprehensive and Collision coverage, loss settlement options, Bodily Injury and Property Damage Liability, Medical Payments, Roadside Assistance. To see all of your options, start a motorcycle insurance quote.

Coverage for Different Types of Bikes

Progressive motorcycle insurance covers many types of bikes, so even if you’re looking for specific coverage—like scooter insurance, motocross insurance, dirt bike insurance, moped insurance, classic motorcycle insurance, or trike insurance—a motorcycle insurance policy is what you need. Start building your policy today with a Progressive motorcycle insurance quote, and check out our affordable motorcycle insurance rates.

Our motorcycle insurance quotes, available 24/7, include information to help you review your options and choose the best coverage for your bike. Start a quote today—you could save money, while getting the coverage you need.

Wholesale Business Vehicle Insurance

2010-02-27T10:49:00.000-08:00

Wholesale operations manufacture or produce goods and distribute their product to retailers. This can also include the sale of goods in large quantities to retailers.

Examples of wholesale operations include:

Coca-Cola distributors
Goodyear Tire manufacturers and distributors
Little Debbie Snacks distributors

Special Insurance Needs of Wholesale Operations

Because your vehicle is often on-site at customer-owned locations, you should have plenty of Liability insurance. That way, if your parking brake slips and your truck rolls into the side of a shop where you're dropping off goods, you'll have enough insurance to pay the damages.

If you haul any type of trailer, you'll love our free Single Deductible endorsement. With this, you only pay one deductible if both your vehicle and trailer are damaged in an accident. It's an easy way to save yourself time, hassle and money.

Liability insurance and Single Deductible endorsements are vital to your business. Visit the business auto insurance section for a complete list of insurance coverages you'll need.

http://www.progressivecommercial.com/insurance/wholesale-business-insurance.aspx

Seasonal Business Vehicle Insurance

2010-02-27T10:46:00.000-08:00

A seasonal business is any business that operates only during specific times of the year, such as during specific months or for an entire season. Seasonal businesses can be trucking or small businesses.

Seasonal Work Truck Insurance From Progressive

Progressive offers a variety of flexible and affordable coverages for seasonal businesses, including landscaping insurance, snow plowing insurance and ice cream truck insurance. Seasonal commercial vehicle and work truck insurance protects your auto and your business when an accident occurs, and gets you back on the road faster.

Examples of common types of commercial work truck insurance include:

Ice cream truck insurance
Snow plow insurance
Landscaping insurance
Fishing charter insurance
Tax consultant

Vehicle and Work Truck Insurance: Personal Use Driving

If you plan to drive your work truck or other vehicles for personal use during the off-season, you can save money by letting us know. We can adjust your policy to reflect personal use for your vehicles in a matter of minutes. Since you often log less miles when driving your vehicles just for personal use, this simple change could lower your payments.

Work Truck Insurance: Parking Or Storing Vehicles

If your vehicle will be parked during the off-season, you may think you should cancel your work truck insurance during this time. But if you’d like to protect your vehicle while still saving money, just switch your commercial work truck insurance to a Comprehensive insurance Only policy.

With a Comprehensive Only policy, you essentially decline all insurance coverages except for Comprehensive insurance. Though a Comprehensive Only policy doesn't fully protect your vehicle while driving, you pay a small monthly cost to have basic protection against damage caused by incidents like vandalism, falling tree branches and hail. You won't be legal to drive, but this coverage will give your vehicle some basic protection.

A Comprehensive Only policy also gives you the bonus of continuous insurance coverage. And maintaining continuous insurance coverage is an easy way to lower your insurance premium. In fact, maintaining continuous insurance can save you so much money that most businesses find paying the small cost for a Comprehensive Only policy during their off-season actually saves them money in the long run.

http://www.progressivecommercial.com/insurance/seasonal-business-insurance.aspx

Food Service & Restaurant Vehicle Insurance

2010-02-27T09:59:00.000-08:00

What Are Restaurant and Food Service Businesses?

Restaurant and food service businesses earn income by providing, selling and/or delivering prepared food. They also deliver prepared foods, pick up supplies and run errands. Because you depend on your vehicle every day, it’s important to protect it with the proper food service insurance. Whether you need ice cream truck insurance or catering van insurance, Progressive has an affordable policy to meet your needs.

Common restaurant and food service insurance includes:

Catering truck insurance, including catering vans, trucks and trailers
Ice cream truck insurance
Pizza delivery insurance

Other types of vehicles that may require restaurant or food service insurance include Meals on Wheels, lunch trucks or lunch wagons, concession stands or trailers and carnival food trailer or trucks.

Food Service Insurance That Protects You When You Need It Most

Restaurant and food service vehicles make frequent trips to customers' locations, whether it's delivering a pizza or catering a wedding. These food service vehicles should have plenty of Liability insurance to protect against any damage they might cause while there, including hitting a parked car.

If you haul a trailer of any type, such as a carnival booth or movable catering station, you'll love our Single Deductible endorsement. With this, you pay only one deductible if your vehicle and trailer are both damaged in an accident.

Visit the Small Business insurance section for a complete list of the insurance coverages you'll need.

http://www.progressivecommercial.com/insurance/food-service-insurance.aspx

Non-Profit & Religious Vehicle Insurance

2010-02-27T09:55:00.000-08:00

What Are Religious and Non-Profit Organizations?

A religious organization is any non-profit business created for religious purposes. A non-profit organization is a noncommercial business whose goal is to promote a specific issue or public concern.

Examples of organizations that may need non-profit business insurance include:

Churches
Mosques
Synagogues
Religious associations
Charities
Arts
Political groups
Research foundations

Religious and Non-Profit Organization Auto Insurance Recommendations

Whether or not your organization owns its own vehicles, you will need some form of non-profit business insurance. A policy for non-profit auto insurance will protect your organization’s vans, pickups, trailers and other vehicles, as well as the driver and passengers.

Religious organizations often use their vehicles to transport members of their congregation, which means it's important to have Liability insurance to pay for medical bills or any property damage that might arise out of an accident.

Progressive Commercial also recommends Uninsured Motorist insurance, which will protect you, your vehicle and your passengers if someone who does not have auto insurance ever hits you. Uninsured Motorist insurance coverage will pay you if the other driver has no insurance or too little insurance. It can even protect you in a hit-and-run accident.

And if your organization does not own or use its own vehicles, you will still need a form of non-profit organization auto insurance, such as hired and non-owned liability coverage. This protects your non-profit business if someone driving on behalf of your organization is involved in an accident.

Visit the business auto insurance section for a complete list of the insurance coverages you'll need.

http://www.progressivecommercial.com/insurance/religious-non-profit-insurance.aspx

New Business Vehicle Insurance

2010-02-27T09:43:00.000-08:00

A new business is any venture that's just getting started, whether you’re still in the planning stages or working through your first year of operations.

Every business was once new. And at Progressive, we see the potential behind each new opportunity. That's why we offer new business insurance products designed to meet the needs of your new venture.

Progressive offers a range of new business vehicle insurance products designed to meet the specific needs of new ventures. And to really help you get off on the right track, we offer advice and information designed to help you make the right decisions about commercial auto insurance for your new business.

What Will New Business Vehicle Insurance Do For Me?

Paying for an unexpected accident can deplete cash reserves quickly. And if you can't afford an accident, people can file a claim against the value of your company. To prevent a potentially bad situation for your new business, be sure you have adequate new business vehicle insurance. The first step is discovering what type of new business insurance you really need to protect your vehicle and your company. Learn more about:

When it comes to choosing your new business insurance, it is also a good idea to choose limits that are high enough to protect against the value of your company. So whether you choose limits of $50,000 or $1 million dollars, your goal should be to protect not just your vehicle, but also your business.

Some new businesses, such as general contractors, may need to meet specific business insurance limit requirements set by an employer. If you're contracting with one company, it's important to understand any requirements they have regarding the business insurance coverages you need and the limits you choose.

How Can I Get the Lowest Rates on My New Business Insurance?

New business insurance is often one of the biggest costs for a start-up organization. At a time when keeping your expenses to a minimum is crucial, you're looking for ways to keep your new business vehicle insurance premium down.

From selecting higher deductibles to choosing one of our Electronic Funds Transfer (EFT) payment options, there are things you can do to keep your new business insurance costs low.

What If I'm Considering Starting a New Business?

Investigating new business insurance options and learning as much as possible is a great idea when you're thinking about starting a new venture. The more you know about your new business insurance options, the better you can plan ahead. With this knowledge, you'll be situated for success.

Progressive can help. Even if you don't know all of the details, we can give you an approximate quote for new business vehicle insurance that will give you an idea of what you'll need to budget for business insurance payments.

http://www.progressivecommercial.com/insurance/new-business-insurance.aspx

Landscaping & Snowplow Vehicle Insurance

2010-02-27T09:20:00.000-08:00

Progressive’s landscaping insurance includes snow plow insurance for small businesses. Progressive defines landscaping and snow plowing businesses as those earning income by providing landscaping or snow plowing services to residential or commercial properties. They may also earn income by delivering or selling firewood.

Landscaping and snow plowing businesses that typically need work truck insurance include:

Lawn care installation or maintenance
Tree trimmers
Snow removal
Firewood delivery

Seasonal Landscaping Insurance and Snow Plow Insurance For Small Businesses

In most areas of the U.S., landscaping and snowplowing are seasonal businesses. If your vehicles are stored during the off-season, you'll want to consider a Comprehensive Only policy. This type of landscaping and snowplowing insurance is not only extremely affordable, it saves you the hassle of having to cancel or renew your policy every season. Even better, Comprehensive Only insurance protects your vehicle during the off-season.

Ice Cream Truck Insurance

Progressive can help with insurance for ice cream trucks. Even with safety features such as extra mirrors and a safety arm, operating a moving vehicle loaded with sweet treats around children can be dangerous. That’s why insurance for ice cream trucks can be expensive.

Find out how Progressive’s insurance for ice cream trucks can save you money – and will protect you, your ice cream truck and your young customers. Call toll free at 1-888-806-9598!

More About Work Truck Insurance

Seasonal work truck insurance is often needed by small business that provide landscaping or snow plowing services. Another common seasonal coverage need is insurance for ice cream trucks.

Because your vehicle is often on-site at customer-owned locations, Liability insurance is important insurance for landscapers and for snow plow drivers.

Insurance options like Property Damage Liability coverage pay for damages if, for example, you accidentally scrape a customer's car with your snow plow.

Since you're essentially self-employed, you also may want to consider extra Medical Payments insurance, which can help you pay high-cost medical bills incurred as a result of an accident.

These snow plow and landscaping insurance options are vital to protect your business. Visit the business auto insurance section for a complete list of everything you'll need.

http://www.progressivecommercial.com/insurance/landscaping-snowplow-insurance.aspx

Farming & Livestock Vehicle Insurance

2010-02-27T09:05:00.000-08:00

It's your responsibility to ensure that no harm comes to the animals when you are transporting livestock, so your trucks and other vehicles need to be working properly. Having the right livestock hauler’s insurance is an especially important part of every livestock trucking business, too.

You can depend on Progressive for a variety of farm truck and livestock hauler’s insurance products and features to protect your equipment in the case of an unfortunate accident, which in turn, keeps your business running smoother.

What Are Farming and Livestock Businesses?

Farming and livestock businesses earn income by raising livestock or through agricultural production. Examples of farming and livestock businesses that typically need farm truck insurance include:

Seasonal harvesters
Fisheries
Nurseries
Ranching/livestock
Orchards
Green houses

Livestock Trucking Insurance & More To Meet Your Special Needs

Vehicles used by farming and livestock businesses are anything but basic to insure. A variety of equipment, from tractors with hay balers to pickup trucks with livestock trailers, helps farming and livestock businesses complete their daily tasks. When this equipment is out of commission due to an accident, it hurts your business. That’s why Progressive offers a variety of farm truck insurance and commercial livestock hauling insurance options to meet your needs.

Progressive insures a wide range of vehicles and has farm truck insurance coverage options to help protect your investment, including the Single Deductible endorsement. With this, you'll never pay more than one deductible in any accident, regardless of how many of your vehicles or trailers are damaged.

For a complete list of the commercial auto insurance coverages available to you, visit the business auto insurance section.

http://www.progressivecommercial.com/insurance/farming-livestock-insurance.aspx

Courier & Delivery Vehicle Insurance

2010-02-27T08:59:00.000-08:00

Courier and delivery service businesses earn their income by delivering letters, newspapers, magazines, documents or packages for a fee. Typical items transported by courier and delivery services include:

Medical samples
Legal documents
Express packages
Newspapers or magazine delivery
Bundled newspapers or magazines to carrier drop points or retail locations
Door-to-door mail delivery
Bundled mail to distribution hubs

Courier Service Insurance

Progressive provides courier insurance for people who drive their personal vehicles to make deliveries. These couriers may be under contract to one employer, such as a FedEx driver, or they may make deliveries for many different companies, such as a local messenger service.

What Should You Know About Your Courier Service Insurance Coverage?

If you are contracted to one company, your employer may provide Cargo insurance to protect delivered goods. Some companies will also provide basic Liability insurance to cover their employees while they are working. Ask your employer if you are unsure whether or not they supply Liability insurance coverage.

You should also find out what kind of commercial vehicle insurance your employer provides, as it may only protect you while you're delivering for them. In that case, you'll need your own auto insurance policy for when you drive your vehicle for personal use.

It's also important to know if an employer or contractor has any requirements regarding insurance that you purchase for yourself, such as minimum Liability insurance limits.

If you're self-employed, you'll want to visit the business auto insurance section for a complete list of courier insurance and delivery services insurance coverages offered by Progressive.

http://www.progressivecommercial.com/insurance/courier-delivery-insurance.aspx

Artisan & Contractor Vehicle Insurance

2010-02-27T08:47:00.000-08:00

Artisan and general contractor businesses include tradesmen and women who earn income by performing repair, improvement, installation or maintenance services at residential and commercial locations, including new construction sites.

Common examples of artisans and general contractors that need contractor insurance for their autos include:

Carpenters
Electricians
Masons
Metal workers and welders
Painters and paperhangers
Paving contractors
Pest control specialists
Plumbers
Roofers
Vending machine repairmen

Contractor Automobile Liability Insurance For Special Needs

If you have special automobile liability insurance needs, Progressive is here to help with a special contractor insurance products and services tailored to your circumstances.

All artisans and contractors should have plenty of commercial auto liability insurance. Many general contractors require you to carry automobile liability insurance limits of $1 million in order to work on a project.

Even if you're not required to have it, commercial automobile liability insurance is extremely important if your vehicle is often on-site at customer-owned locations. That way, if your parking brake ever slips and your truck rolls into the side of a customer's house, your commercial auto liability insurance will pay for the damage, up to your specified limits.

Because you're essentially self-employed, you may want to consider adding extra medical payments coverage to your general contractor insurance, which can help defray the high cost of medical bills incurred as a result of an accident.

These contractor insurance coverages are vital to your business. Get a complete list of business insurance coverages to learn about everything you'll need to protect your vehicles.

http://www.progressivecommercial.com/insurance/artisan-contractor-insurance.aspx

Commercial Insurance Coverages

2010-02-27T08:45:00.000-08:00

At Progressive, we offer a wide variety of general commercial auto insurance and services designed for commercial trucks, tow trucks, and business autos. These commercial auto insurance coverage options allow you to customize your commercial insurance policy to meet your business’ needs, whether you need commercial truck insurance, commercial automobile insurance, or anything in between. Our broad acceptance offers protection for most drivers, business types and vehicle models.

General Commercial Auto Insurance Coverages

No matter what you’re driving, you want to make sure you have basic commercial auto insurance or commercial trucking insurance coverages – like Liability Insurance and Physical Damage Coverage. Liability insurance provides coverage for injuries or damage to other people or property if you're at fault for an accident. Physical Damage insurance can provide protection in case of a collision or if your vehicle is vehicle is stolen.

There are many other commercial automobile insurance coverages you can select for your commercial auto insurance policy, including Medical Payments, Uninsured Motorist, and more. But no matter what coverages you choose, your commercial auto insurance quote will be designed to meet your needs.

Commercial Truck Insurance Coverages

If you’re a trucker, you have special insurance needs. As the #1 truck insurer in America, you can trust us to provide the commercial truck insurance coverages you need to stay on the road, like Motor Truck Cargo and Bobtail insurance.

Motor Truck Cargo Insurance – protects the cargo you’re hauling for your motor carrier. It covers your liability for cargo that is lost or damaged due to causes such as fire, collision, or striking of a load. If your load is accidentally dumped on a roadway or waterway (Removal Expenses coverage), our coverage pays for the cost to remove debris or extract pollutants caused by the debris.
Non-Trucking Liability Insurance – Also known as Bobtail, Non-Trucking Liability insurance provides coverage for your truck in case you cause an accident while you are using your vehicle for non-business or personal use, when you aren’t driving under dispatch.

Tow Truck Insurance Coverages

If you operate a tow truck, you’ll need On Hook Towing insurance to pay to repair or replace a vehicle you don't own if it is damaged while you are towing or hauling it. Garagekeeper's Legal Liability coverage is another tow truck insurance coverage designed for business owners who offer towing at service stations or operate a storage lot. It provides protection for a customer's vehicle when you are keeping it at a covered location for parking or storing, or to perform service.

Business Auto Insurance Coverages

There are also special commercial auto insurance coverages to protect your business auto. If you are an individual or sole proprietor and you have a vehicle on your policy that you use for personal or non-business use, the Individual Named Insured Endorsement is automatically included. It provides protection when you are driving a vehicle that you do not own or will protect your spouse or relatives who live with you if they are driving a vehicle that you don't own.

If you ever drive vehicles that you do not own for your business, then you should choose one of the Non-Owned Auto Vehicle Liability insurance coverages: Employers' Non-Ownership insurance, which protects your business when employees drive their own vehicles for a business purpose or Hired Auto insurance, which protects you in other situations when you drive a vehicle you don't own.

http://commercialauto.progressive.com/commercial-auto-insurance-coverage.aspx

Tow Truck Insurance

2010-02-27T07:48:00.000-08:00

As a tow truck operator, people depend on you when they’re in distress. No matter what the situation – an accident or roadside assistance – your tow truck customers are counting on you. Why not select a tow truck insurance company that works as hard as you do to deliver superior customer service and value?

Tow Truck Businesses We Insure

Progressive provides towing insurance coverages for a variety of tow trucks, including:

Medium/heavy duty tow trucks – dual/triple axle, including rotators
Service and other towing vehicles used in the business
Light tow trucks – single axle
Car carriers

Insurance for Tow Trucks

Whether you’re storing a customer’s vehicle or towing it, you need to make sure you have the tow truck insurance coverages you need, including:

Liability insurance, which covers you for any damage you cause to other people's vehicles or property.
Physical Damage Coverage, which pays for repairs to your vehicle if it's ever damaged in an accident such as a collision with another vehicle or a falling tree branch.

Additionally, we offer On-Hook Towing insurance and Garagekeepers Legal Liability insurance to protect you when you’re storing or towing a customer’s vehicle.

http://commercialauto.progressive.com/tow-truck-insurance.aspx

Truck Insurance

2010-02-27T06:31:00.000-08:00

Whether you’re hauling furniture across the state or packages across town, you can’t afford to be idle. Your truck is your lifeline. You work hard every day and, in many instances, other businesses and people count on you and your truck for their deliveries. That’s why you need to make sure you have the best commercial truck insurance available.

Progressive can help keep your trucking business moving, just as we've done for more than 30 years. We insure everything from tractor-trailers and dump trucks to flatbeds and box trucks. In fact, Progressive is the #1 truck insurer in America.

Commercial Trucks We Insure

Progressive offers truck insurance for a variety of local and regional trucking businesses, including motor carriers and owner operators, such as:

Construction
Logging
Freight
Farming
Dirt, sand & gravel hauling
and more!

Truck Insurance Coverages

We offer the coverages you need to keep your truck rolling, from full trucking coverage to liability only coverage — and everything in between. We also offer Motor Truck Cargo insurance and Trucker’s General Liability insurance in some states.

We don't require minimum driving or business experience to get a Progressive Commercial truck insurance policy, either. Everyone from veterans to rookies can be insured on our truck insurance policies. Even drivers who just got their CDL — or those who don't have a CDL at all, depending on your vehicle — can get commercial trucking insurance at an excellent rate. Plus, veteran drivers and businesses could qualify for our Experienced CDL and Experienced Business discounts.

Assistance With State and Federal Filings

Taking care of filings can be a hassle. That’s why we process your state and federal filings for you. With our automated process, we can turn a filing around for you within 24 hours in most cases.

http://commercialauto.progressive.com/truck-insurance.aspx

Business Auto Insurance

2010-02-27T05:49:00.000-08:00

Whether you’re a landscaper, cabinetmaker, or florist, your customers are the heart of your small business. They depend on you to provide a service, like a unique landscape design, a hand-carved kitchen cabinet, or an exotic bouquet of flowers. Every day, you strive to provide the best products and services so that your customers are satisfied. You can trust Progressive to provide you with the best commercial small business auto insurance solutions, to protect you and your business in the event of a claim.

Small Businesses We Insure

Progressive’s offers small business auto insurance to a variety of business types, including the following:

Landscaping and snowplow insurance
Artisan and contractor insurance
Courier and delivery insurance
Restaurant and food service insurance
Farming and livestock insurance
Wholesale business insurance
Religious and nonprofit organization insurance

With Progressive's small business auto insurance, you can cover a variety of vehicle types, including cars, pick-up trucks, vans, and SUVs. You can insure both inexperienced and veteran operators with clean driving records or points, too. In some states, we even offer coverage for drivers who have a foreign driver’s license.

Auto Insurance for Businesses

Progressive offers customized business auto insurance quotes for almost every type of small business. If you’re a new business owner with a pick-up truck or an experienced business owner with a cargo van, Progressive offers small business auto insurance solutions to meet your needs. Get your small business auto insurance quote and see how you can save.

http://commercialauto.progressive.com/business-auto-insurance.aspx

Commercial Auto Insurance

2010-02-27T05:25:00.000-08:00

Our commercial auto insurance plans offer protection for your small business vehicles and drivers. When you want to insure your work truck or other types of business vehicles, choose Progressive.

Affordable Commercial Auto Insurance

Commercial auto insurance from Progressive means good coverage at reasonable prices. We cover a range of business types, and we offer customized commercial insurance quotes based on your situation and needs. If you're looking for personal auto insurance instead of commercial auto insurance, we can help you with that, too.

Commercial Auto Insurance Quotes and More

Selecting the right commercial auto insurance can be time consuming, and with so many commercial auto insurance companies to research, it's hard to know where to start. Our goal is simple: to provide you with all the information you need to make the best decision for your company.

When you get a Progressive commercial auto insurance quote, you can see the coverage available for your fleet of work vehicles. With Progressive, you can choose commercial auto insurance for many types of businesses and vehicles, including small businesses, commercial truck insurance, commercial courier insurance, seasonal work truck insurance, livestock trucking insurance, food service insurance and more. Start today and get the commercial auto insurance quotes you need.

Rental Insurance Availability

2010-02-27T04:26:00.000-08:00

Progressive Home Advantage homeowners insurance, underwritten by select insurance companies, is offered directly through Progressive in all states except Alaska and Florida. Shop online or by phone, except in Hawaii and New Hampshire which are available by phone only.

Progressive Home Advantage® Making Our Auto Customers Feel More at HomeSM

2010-02-27T03:57:00.000-08:00

Protect your apartment or rental house — and your possessions — with renters insurance from Progressive Home Advantage^*. Renters insurance covers damages to your possessions when you rent rather than own your home.

If you already know what kind of renters insurance policy you need, get a renters insurance quote today!

What is Renters Insurance?

If you rent your home, having insurance protection for yourself and your possessions is still important. Similar to home insurance, renters insurance protects you in situations that everyone can face: fire, theft, water damage and other unforeseen circumstances your landlord’s policy doesn't cover.

Renters insurance typically provides coverage, up to the limits you select, for specified items and situations, including:

Personal property (furniture, electronics, computer equipment, clothing, etc.)
Personal liability if someone is hurt, whether in your home or away from it
Damage to your apartment or home caused by a covered loss

Imagine going to dinner or a special family get-together, and when you return home, you're greeted by the flashing lights of police cars and fire trucks. Building fires and damage can happen anytime, anywhere, but with proper renters insurance, your personal property inside your apartment will generally be covered if it’s affected by any of the following:

Fire
Smoke damage
Theft
Collapse of the building due to weather
Water leakage or overflow
Freezing of plumbing, air conditioning and more

Renters insurance will protect you from incidents that occur while you're at home, too, such as a toaster catching on fire or a friend slipping and falling while visiting you. Renters insurance provides coverage for your own items, and it provides coverage for other people's injuries or damages in situations for which you're liable, as well.

You can't rely on your landlord's insurance to cover your valuables — landlord insurance only covers the building structure and not your personal property.

Renters insurance, sometimes referred to as an HO4 policy, can provide the financial protection you need in case your possessions are destroyed or stolen, as well as liability protection if someone is hurt in your dwelling.

Before you shop for renters insurance, take an inventory of what you own to decide what level of coverage makes you comfortable. Then, get a renters insurance quote and choose the policy that's right for you.

http://homeowners.progressive.com/renters-insurance-quote.aspx

Condominium Insurance Availability

2010-02-27T03:21:00.000-08:00

Condo Insurance

2010-02-27T02:58:00.000-08:00

Protect your condo — and your possessions — with condo insurance from Progressive Home Advantage^*. Different from home insurance, condo insurance is designed specifically for condos, and it covers what you keep inside of yours.

What is condo insurance?

When you own a condominium, you — not your condo association — are responsible for what's inside your condo. That's why having a personal condo insurance policy is important.

Condo associations have master policies that cover the property, common areas and physical structure of your building. However, these master policies do not cover your personal property or your legal responsibility to others, and they may not cover improvements or customizations to your unit.

That's where condo insurance comes in.

As you get condo insurance quotes while shopping for a condo insurance policy, you'll typically select from available coverages, such as:

Personal property
Replacement value of your primary dwelling and specified permanent attachments, up to a specific value
Bodily injury if someone is hurt on your property
Liability for property damage
Damage protection from dangers, such as fire, plumbing freezes, vandalism, glass breakage, etc.

A basic condo insurance policy will cover damages to most of your personal belongings, as well as walls, floors, ceiling coverings, etc. Most condominium by-laws or trust agreements state that the condo owner owns or is responsible for everything within the unit, including permanently attached fixtures and improvements.

With condo insurance, sometimes called an HO6 policy, damage to improvements, additions and alterations of your unit are covered. Your condo insurance policy also covers your belongings and the structural parts of the building that you own.

Before you shop for condo insurance, take an inventory of what you own to decide what level of coverage makes you comfortable.

Ready to take the first step toward obtaining condo insurance? Get condo insurance quotes through Progressive today.

http://homeowners.progressive.com/condo-insurance-quote.aspx

Homeowners Insurance Availability

2010-02-27T02:38:00.000-08:00

Source: http://homeowners.progressive.com/home-owners-insurance-availability.aspx

Homeowners Insurance Terms and Definitions

2010-02-27T02:14:00.000-08:00

The homeowners insurance terms and definitions listed below will help you understand what you're buying when you shop for homeowners insurance, condo insurance or renters insurance.

Appraisal

An evaluation of a home insurance property claim by an authorized person to determine property value or damaged property value.

Cancellation

The termination of a home insurance policy during the policy term. An insurance company can only cancel a home insurance policy for reasons stated in the policy and permitted under the law of the state in which the policyholder resides.

Claim

A policyholder's request for reimbursement from an insurance company under a home insurance policy for a loss to property.

Print all terms and definitions These definitions provide a brief description of the coverages Progressive offers and some of the terms and phrases used in connection with homeowners insurance. These definitions are not applicable in all states or for all products. This is not an insurance contract. Other terms, conditions and exclusions apply. Please read your official policy for full details about coverages. These definitions do not alter or modify the terms of any insurance contract. If there is any conflict between these definitions and the provisions of the applicable insurance policy, the terms of the policy control.
Source: http://homeowners.progressive.com/home-owners-insurance-terms.aspx

How Much Home Insurance Do You Need?

2010-02-27T01:57:00.000-08:00

You generally have three options to choose from when deciding how much home insurance you need, and each of these options provides a different level of coverage for your home:

Actual Cash Value — Pays for the cost to replace damaged property while factoring in depreciation amounts. For home insurance policies, Actual Cash Value applies unless a policy states that Replacement Cost or Guaranteed Replacement Cost has been chosen.
Replacement Cost — Pays for the cost to replace damaged property without factoring in deductions for depreciation, but payment is limited to a maximum dollar amount.
Guaranteed Replacement Cost — Pays the full cost of replacing damaged property, with no deduction for depreciation and no dollar limit. Guaranteed Replacement Cost is not available in all states, and most companies limit the coverage to 120 percent of the cost to rebuild your home. Allowing for this amount protects you in cases of increased construction costs or other building-related fees due to inflation.

You can determine a rough estimate of what it would cost to rebuild your home by following this equation:

Local building costs per square foot x Total square footage of your home = Cost to rebuild your home.

Your local builders association or a real estate appraiser can provide you with local building costs for your estimate.

http://homeowners.progressive.com/how-much-home-insurance.aspx

Home Insurance Coverage — What's Covered

2010-02-27T01:38:00.000-08:00

Home Insurance Coverage — What Is Covered

Standard home insurance coverage policies provide the following types of coverage, up to the limits outlined in the policies:

Dwelling — Pays for damage or destruction to your house and any unattached structures and buildings, such as fences, detached garages, and storage sheds.
Personal Property — Covers the contents of your house, including furniture, clothing and appliances, if they are stolen, damaged, or destroyed.
Liability — Protects you against financial loss if you are sued and found legally responsible for someone else's injury or property damage.
Medical Payments — Covers medical bills for people hurt on your property. Medical Payments coverage also pays for some injuries that may happen away from your home, such as if your dog bites someone.
Loss of Use — Pays for additional living expenses if your home is too damaged to live in during repairs. Most standard home insurance coverage pays 10 to 20 percent of the amount of your dwelling coverage.

You also can purchase the following optional home insurance coverages:

Guaranteed Replacement Cost — Provides the most complete coverage for your home. Your home insurance company requires you to meet specific underwriting rules and conditions to qualify for this coverage. For instance, you may need to increase your home insurance amount on a monthly, quarterly or yearly basis to keep up with the inflation rate.
Inflation Guard Endorsement — Automatically adjusts your home insurance limits during your policy period so they are at 80 percent or more of your home's replacement cost, which is the amount most home insurance companies require you to have. This coverage is beneficial if your home's replacement cost is increasing with inflation.
Scheduled Personal Property Endorsement — Also called a personal article floater. With this coverage, possessions, including jewelry, furs, stamps, coins, guns, computers, antiques, etc., are covered. Each article is itemized and detailed in the floater, and excluded perils also are outlined. Personal article floaters often do not have deductibles.
Increased Limits on Money and Securities — Increases coverage amounts for money, bank notes, securities, deeds and more.
Secondary Residence Premises Endorsement — Covers a secondary residence, such as a summer home. Insurance for secondary homes is not automatically provided by the home insurance policy you have for your primary or principal residence, so it's important to consider this endorsement if you own more than one home.
Watercraft Endorsement — Expands personal liability and medical payments coverage for small sailboats and outboard motor boats only.
Theft Coverage Protection Endorsement — If items from your motor vehicle, trailer or watercraft are stolen, theft coverage protection broadens theft coverage without requiring proof of forcible entry.
Credit Card Forgery and Depositors Forgery Coverage Endorsement — Coverage applies if your credit cards are lost, stolen or used without permission, or if someone forges a check, draft, promissory note, etc. Certain restrictions apply and are noted in your home insurance policy.

Home Insurance Coverage — What Isn't Covered

A standard homeowners policy may not protect you from:

Flood, Earthquake, Nuclear Accident and War — To protect against unforeseen and uncontrollable events like these, you can purchase hazard insurance through your home insurance policy.
Windstorm Damage — In certain areas (mostly coastal) of some states, standard home insurance coverage does not cover damage caused by windstorms and hail. Check your policy information to see if windstorm damage is covered in your area.

Questions to Ask Before You Buy Home Insurance

Is flood insurance required, and what kind of flood insurance is available?
If you live in a flood plain and you have a mortgage, you may be required to have flood insurance. Depending on where your home is located, you may qualify for flood insurance through the National Flood Insurance Program. Some insurance companies also offer flood insurance. Keep in mind that your home could sustain flood damage by other means, such as broken pipes, even if it's not located in a flood plain, so consider this coverage if you are eligible for it.
Is earthquake insurance available?
Most insurance companies offer earthquake insurance for an additional cost. This insurance generally is attached to your home insurance policy as an endorsement. If you live in California, coverage is available from the California Earthquake Authority.

These are just a couple of the key questions to ask when purchasing home insurance. You may also consider water back-up, sump pump overflow, identity theft protection and other coverages that may be specific to your situation

http://homeowners.progressive.com/home-owners-insurance-coverages.aspx

Home Insurance Policy Types

2010-02-27T01:11:00.000-08:00

Homeowners insurance is designed to protect your home from what is called “perils.” A peril is your exposure to risk or something that causes loss or destruction. As a homeowner, you can typically purchase three different types of home insurance policies. They are:

Homeowners 1 (HO1): With this policy, your property is covered against 11 basic perils.
Homeowners 2 (HO2): This policy protects your property against 18 perils (including 11 perils from Homeowners 1).
Homeowners 3 (HO3): With this policy, your property is protected against most known perils, including some that are not covered by Homeowners 2.

Please see the following table for a breakdown of what perils are covered by the three different homeowners policies.

Home Insurance Policies and What They Cover
Types of Perils	Covered Perils
Types of Perils	HO1	HO2	HO3
Fire or lightning	x	x	x
Loss of property on premises due to fire or other perils	x	x	x
Vehicles	x	x	x
Windstorm or hail	x	x	x
Smoke	x	x	x
Explosions	x	x	x
Theft	x	x	x
Vandalism and malicious mischief	x	x	x
Riot or civil commotion	x	x	x
Aircraft	x	x	x
Breakage of glass constituting part of the building	x	x	x
Collapse of building(s)		x	x
Weight of ice, snow or sleet		x	x
Freezing of plumbing, heating and air conditioning systems and domestic appliances		x	x
Falling Objects		x	x
Accidental discharge, leakage or overflow of water or steam from within a plumbing, heating or air conditioning system or domestic appliance		x	x
Sudden and accidental tearing apart, cracking, burning or bulging of a steam or hot water heating system or of appliances for heating water		x	x
Sudden and accidental damage from artificially generated currents to electrical appliances, devices, fixtures and wiring		x	x
All perils except for flood, earthquake, war, nuclear accident. (Check your policy for complete list of perils.)			x
Coverage for jewelry, art, antiques, etc. May also include coverage for building code upgrades and sewer backups.	Can be added to any policy for an additional charge.

http://homeowners.progressive.com/home-owners-insurance-policy-types.aspx