Personal Loan Lenders: Making the Best Choice for You

When evaluating different personal loan lenders, there are many different factors that you will need to take into consideration. If you have several options, you need to make sure that you make the right decision for your needs. Here are the basics of choosing a lender and making the right choice for you.
Convenience
When looking at different lenders, you want to make sure that you are choosing a lender that will be convenient for you to work with. You want to find a lender that offers a variety of services and will make it easy on you throughout the process. For example, many people like to be able to access their account online. Others would like a lender to have many different locations so that they can easily go in and talk someone about their loan whenever they need to. Depending on what you value, make sure that the lender you choose offers this level of convenience.
Interest Rates
Perhaps one of the most important factors in choosing a personal loan lender is the interest rate that they offer. When you get a personal loan, you are going to be paying a substantial amount of money in interest to the lender. This means that you need to get the best deal that you possibly can on an interest rate. If you do not do your homework and find the lowest interest rate, you will basically be throwing money out the window.
In addition to finding the lowest interest rate, you also need to make sure that the type of interest rate suits you. Some lenders might only be willing to offer you a variable rate on your loan. This means that your payment that fluctuate up and down based upon a financial index. Many people would prefer to have a fixed interest rate on their loan because of the stability that it provides. Make sure that you find a lender that not only offers low rates but also gives you the type of interest rate that you desire.
Customer Service
Something else that you will want to look for in a personal loan lender is customer service. Some lenders do not put an emphasis on customer service and you can tell it immediately. As a borrower, you are going to want to work with someone that places a priority on making sure that the customers taken care of. You want someone that will bend over backwards in order to help you if you ever encounter a problem with your loan. Otherwise, the entire process of the loan could be a burden to you.
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Choice for You, Lenders, Loan, Making, Personal, Personal Loan, the Best

Housing Industry Troubles may Mean Boost for Debt Consolidation

Is the still struggling U.S. housing market, with its high rate of foreclosures and plummeting home values, destined to send consumers to debt consolidation loans in the years to come? Will the residential housing slump continue to act as a drag on the national economy’s recovery? A recent story by the Chicago Tribune suggests that “yes” is the answer to both questions. And for anyone hoping that the fragile economic recovery will soon pick up momentum, this comes as bad news.
The Housing Market’s Woes
The residential housing market has wreaked havoc on the health of the national economy since it started to slump in late 2006. Last year, for instance, the United States saw a record 2.8 million foreclosure filings made against properties, according to foreclosure data company RealtyTrac. Now comes the news that housing sales slumped in May, thanks largely to the expiration of the first-time and move-up homebuyers tax credits on April 30. Even worse, the Mortgage Bankers Association reports that housing values are continuing to fall. The Tribune story quotes the bankers as saying that the national median home value reached an eight-year low earlier this year. And when U.S. consumers feel pressured, they don’t spend.
Confident Consumers Needed
The U.S. economy needs confident consumers to thrive. If consumers aren’t spending money at shopping malls, restaurants and hotels, the national economic recovery will continue to be a painfully slow one. And with housing values falling and foreclosures rising, there’s no reason for consumers to boost their spending. They’re still wisely in saving mode; they’ve learned an important lesson during the Great Recession about the value of socking money away and not overspending. Other consumers who have lost their jobs or who have seen their annual incomes fall may be turning more frequently to debt consolidation services. These loans will help consumers slash away at their debts. But they don’t make for confident consumers; it’s hard to picture consumers who’ve just taken out debt consolidation loans heading to their local electronics store to buy a new flat-screen TV.
Housing’s Influence
None of this is new, of course. The housing market has always had a major impact on the fortunes of the U.S. economy. Remember after Sept. 11, 2001? The strong housing market helped pull the country out of an economic slowdown. Now, the housing market is having the opposite effect. It’s pulling the country’s economic recovery down. Consumers won’t resume their spending until they’re confident that they can pay their mortgage loans, that they won’t lose their residences to foreclosure and that their homes will finally start rising in value again. Unfortunately for the country, it doesn’t seem as if this will happen any time soon.
 Debt Consolidation, foreclosures, great recession, mortgage default, mortgage loans, unemployment

Poorest people being hit hardest as banks ‘reverse Robin Hood’

Poorest people being hit hardest as banks ‘reverse Robin Hood’
SOCIETY’S poorest people are being unfairly penalised by the major high street banks, Citizens Advice Scotland claims.
The organisation’s research – Fully Charged – said banks imposed unfair overdraft fees on their poorest customers in “a reverse Robin Hood effect”. Poor people were subsidising richer customers, despite being the hardest hit by fees, it said.
The report found that banks penalised low-income customers when they went overdrawn through no fault of their own, and forced customers further into debt by offering consolidation loans.
Citizens Advice acting chief executive Susan McPhee said: “Despite all the talk from banks about how they were going to be more responsible and help people through the recession, here we see the real story: the banks are still imposing heavy charges on vulnerable people.
“While the charges are unfair for everyone, those who are poorest are having to fork out a much higher proportion of their income than those who are better off. Indeed, these charges mean the poor are actually subsidising the rich, like a reverse Robin Hood effect.”
Citizens Advice said it has a client with poor mental health whose £2 overdraft resulted in £180 of charges over two months. Another person was charged £66 for going 60p overdrawn, and one 77-year-old was charged £300 in one month because of single bounced transaction.
Ms McPhee said: “These cases are at the extreme end, but they are not rare. And the fact they are happening at all is appalling.”
The support and advice service is calling for bank charges to be “proportionate to their level of infringement”. Customers who go overdrawn by pennies should be charged less than someone who is overdrawn by hundreds of pounds, it said.
Former Scottish Labour leader Wendy Alexander backed the Citizens Advice Scotland report. The Paisley North MSP lodged a motion with the Scottish Parliament urging the Scottish and UK governments and the banks “to work toward ending unfair charges that affect millions of customers”.
“For people on low incomes, a hefty overdraft charge can lead to a vicious cycle which is hard to get out of,” Ms Alexander said. “It is time banks ensured their charging regimes do not disproportionately hit their most vulnerable customers.”
Liberal Democrat finance spokesman Jeremy Purvis MSP said: “Punishing overdraft fees can tip vulnerable customers already walking a financial tightrope into debt. It simply isn’t right that someone on a low income should pay £25 or more to their bank just because they’re overdrawn by a pound or two.”
‘Sneaky’ Bank of Scotland charged student £48 in fees for 1p debit
JULIA Turner, a 19-year-old student, spotted a T-shirt which cost £5 and bought it. The problem was that she only had £4.99 credit left in her account, and although the purchase left her only 1p over her maximum limit, Bank of Scotland charged her a total of £48 in fees.
The 19-year-old, who lives in Newhaven, was stunned when she got a letter from the Bank of Scotland outlining the charges: a £20 administrative fee for going over her £500 limit, plus a further “unauthorised overdraft fee” of £28. Ms Turner, who is due to start a fashion course in Glasgow after the summer, has been told by the bank that she will have to pay up.
She said: “I thought I had a fiver left on my card, so I was shocked to receive the letter. I would have paid the 1p in cash if I had any idea I’d gone over. I thought if I ever went over my overdraft my card would be rejected, so I think it’s a bit sneaky that they’d let me spend money and then charge a fortune. I am putting every penny towards my college fund so it seems a shame to pay such an unnecessary sum.”
Ms Turner’s father, Douglas, said the bank’s attitude was a disgrace. He said: “I remember a time when banks actually cared about their customers. This practice might be legal but it’s not right.” At the time the Bank of Scotland said it was looking into the case.
Banks, being hit hardest, people, Poorest

loan-l What Happens to Your Loan When You Trade In a Car

When you trade in a car that still has a loan balance you will be responsible for paying off the loan balance that remains on the loan. The following information will explain what happens to a loan when you trade in a car, what it means to you and what you can do to reduce the impact.
A Trade-In With a Loan
Begin with this example: You drive a car with an outstanding loan balance of $6,000. You want to trade in the car on a new one. The dealer will give you $4,000 for your trade in. That means you still owe $2,000. If you buy from that dealer, and the dealer is willing to do it, he will assume the outstanding loan and pay it. But he will also add that amount to the loan for your new car. That is called negative equity because you already owe more than your new car is worth.
The Impact on You
The first impact when you trade in a car with a loan and have a negative equity situation is you will face a higher interest rate. All lending rates are based on risk, and if you are borrowing more than your vehicle is worth. If you should default, recovering the vehicle from you doesn’t clear the loan with the lender. The second impact is you will have higher payments than you would have had. When you trade in a car with a loan balance, it costs you.
Get the Most You Can for Your Car
You can remove your burden by being well prepared and knowledgeable. The most important thing to know is the value of your current car. There are numerous sources – beginning with simply looking at what similar cars are going for around town – to find out current used car prices. The dealer will start with a low offer, and if you don’t know better, you simply are increasing the amount of negative equity in your new car loan.
Look for Incentives
Perhaps the easiest way to lower the negative equity created when you trade in a car with a loan is to get the dealer to apply incentives to your loan. If there is a large cash-back offer, it might wipe out your loan balance. It would be better to have a larger new car loan without the negative equity than to lower the new car price with an incentive and roll your old loan on top of it.
You Are Still Responsible
Even if the dealer takes over your loan when you trade in the car, you are still responsible for the payments. The dealer will collect the monthly payments from your new car loan and apply them to the old car loan. But you must make sure that your money is indeed applied to your loan. You could end up with late pays or a default on your credit report and not even know it. You need to keep close tabs every month on monthly payments and get involved when you see that a payment is not posted within three days of the due date.
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Car, Happens, Loan, Trade, What, When

Pay Off Your Debts With A Non Profit Debt Consolidation Loan Company

We all are currently living in the era of debt consolidation programs. This is entirely due to the ever-increasing demand for these services. There are over thirty million consumers who have below-average credit. Debt management companies are thriving nowadays because of a genuine demand for debt related services as more and more people are now seeking professional help and guidance in terms of debt consolidation and management. Debt consolidation loans are a convenient way to pay off your debts. By doing a little bit of research, you can easily choose a company that will provide the most ethical and fair solution to your debt related problems


Instead of getting deeper and deeper into debt, it is advisable to take professional help and consider taking up a debt consolidation loan, as this can be the best possible solution for bad debt. Debt consolidation loans help you get rid of your debt faster and quicker, as you make lesser number of payments at a much lower interest rate.
To get out of the clutches of debt, make sure you choose the right debt consolidation loan program for yourself. You should choose a debt consolidation program according to your interests and requirements. Most people prefer to choose a non-profit debt consolidation loan agency. The selection of a non-profit debt consolidation loan agency can be made based on a number of important factors.
Irrespective of the reasons behind choosing the non-profit debt consolidation loan companies, you should always keep in mind that the foundation of the debt consolidation loan help industry is negotiation, reduction and unity. The debt consolidation company will first carry out a thorough consultation and analysis of your financial profile. Then, they will most likely try to work out a predetermined strategy to eradicate your debt. Your personal debt consolidation loan specialist will start contacting your creditors to request a reduction in your balance amount and interest rate.
After the balance amount and interest rates are lowered, your various accounts will be bundled up into one solitary balance in your debt consolidation loan account. After determining your debt-to-income ratio, you will be able to determine a monetary amount you can afford to pay once on monthly basis. Once you agree on these terms and conditions, you can petition to receive a copy of an itemized list of each month’s payment to be disbursed to your creditors.
Not all non-profit debt consolidation loan companies work the same way. They do, however, share the common objective of eliminating or significantly reducing your debt. You must find out the options available to you and which type of company is best for you. If there is particular problem you have in terms of debt management, you should be aware of how to address it and solve it.
For instance, you might find it difficult to manage your finances and feel burdened by credit card debt. If this is so, credit card debt consolidation loan may be the perfect solution. If you are seeking relief and advice beyond the financial realm, debt consolidation loans are the remedy for you. If you have identified your problem and are willing to solve it, there are companies that will help you craft the ideal debt consolidation loan solutions for you.
The non-profit debt consolidation loan companies combine with the businesses that contribute to them. These businesses usually partner up with a non-profit debt consolidation loan company for a number of reasons, the tax write-off being an important one. But as an aware consumer, be wary of companies advertising that their fees are based on voluntary contributions. These are dishonest and illegal claims, because though they are billed as voluntary contributions, they are actually mandatory for customers. Stick to stipulated norms and conditions when it comes to the debt consolidation loan industry.
Consult your debt consolidation loan service professionals to make sure your strategies are well planned and beneficial to your long-term interests. Your awareness, patience and a well-crafted personalized online debt consolidation loan program will lead you to a debt free life.
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loan-l Economic Injury Disaster Loans: Who Is Eligible?

loan-l Economic Injury Disaster Loans: Who Is Eligible?
If you’re the owner of a small business, small agricultural cooperative or private nonprofit organization of any size and have suffered considerable economic injury as a result of a physical or agricultural production disaster recognized by the Secretary of Agriculture, then you may be eligible for one of the SBA loans through the Economic Injury Disaster Loan (EIDL) Program. Considerable economic injury means that you’re unable to meet your business obligations as they arise and maintain your ordinary and necessary operating expenses.

The mission of the U. S. Small Business Administration (SBA) provides that affordable, timely and accessible financial assistance is available to homeowners, renters and businesses following a disaster by way of low-interest, long-term SBA loans through its Office of Disaster Assistance (ODA). The SBA disaster loan program is the only form of SBA assistance that is not limited to small business finance. The SBA is the primary means of federal assistance for the repair and rebuilding of disaster losses in the private sector, farming excluded.
The purpose of this article is to provide an outline of the factors that determine eligibility for an EIDL. An application pertaining to specific variables must be submitted for review. If the application is approved, a loan is arranged to cover specific expenses like payments on short-term agreements, accounts payable and installment payments on long-term agreements. The intent of an EIDL is to assist you in meeting your necessary financial obligations that could have been met had the disaster never occurred.
Factors that Determine Eligibility
The SBA determines your eligibility after an evaluation of your situation. Various things related to your financial obligations will be considered, including total debt obligation, operating expenses that come due during the time frame affected by the disaster and working capital required for this period. Your financial position as well as that of any partners, officers or directors who hold more than 20 percent interest will be evaluated, and all partners, officers and directors will become guarantors of the loan. It’s expected that all parties use their own resources to the greatest ability without causing undue hardship before any consideration is given to a loan. Assistance is provided only to those that the SBA deems unable to obtain credit from another source. The rate of interest on an EIDL cannot exceed 4 percent per year, nor can it exceed a 30-year term. The term is based on an individual’s ability to repay the loan.
Other Requirements
An important thing to note is that if you live in a designated flood area and you were legally required to maintain flood insurance but failed to do so, then you will not be eligible for a disaster loan. Another important condition to be aware of is that a penalty for misusing these funds is immediate repayment of one and a half times the amount of the loan, so it’s imperative that you understand what the loan can be used for and that you maintain accurate records of all expenditures for a full three years from the initialization of the loan.
How Do I Apply?
A certified or preferred lender is your best bet to help you through the application process, as these lenders have handled it many times and are familiar with the loan requirements. You can learn more about the lenders and conditions in your area by visiting the SBA’s website at http://www.sba.gov/.
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Yielding Mutual Benefits by Strategically managing Student Loans Debt

After a BA in economics in 1994, White managed to finance the degree through scholarships and work-study, running a debt of $6,000 in student loans. Working in a nonprofit housing agency in Philadelphia followed for three years after which she enrolled at Clark Atlanta in 1997, heavily depending on loans for living expenses. By the time she got her MBA her student loans debt rose to $50,000. Without a doubt costs of higher education are skyrocketing. If the last two decades are any indication, the price of two and four-year public and private colleges are exceeding inflation and family income. Last year the average tuition and fees for four-year public colleges increased almost thrice as fast as the national inflation rate.
Thus, students of all economic levels are compelled to borrow for financing education. The time is ripe for getting the better of your debt with interest rates for Federal Stafford Loans at an all-time low. The debt incurred for education should be seen as a major investment in oneself.
An example of the benefits of investing in education is Fern Williams White, 31, a 1999 graduate of Clark Atlanta University with an MBA in finance. As account associate for an Atlanta financial services firm, her salary has doubled thanks to the degree.
White got her student loans bills under control shortly after graduation by consolidating all her Federal Stafford Loans. In place of the five payments to separate lenders her monthly payment is now $391 with a saving of $150 a month.
Her consolidated Stafford Loans amount to $280 with a fixed interest rate of 7.375% over 20 years. The remainder goes into a private.
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How to Reduce the Origination Fee for Student Loans

A loan origination fee covers the cost incurred by the lender in the process of issuing your loan. This may include paying a loan agent, filing paperwork with the county or simply printing and storing documents. It is not typically possible to completely eliminate the fee. In fact, even low-cost federal loans carry an origination fee up to three percent. However, there are some things you can do to reduce the fee on your student loan so you owe less money up front on your new loan.
Prepare Applications Diligently
If you have problems with your application, you may need to resubmit them. Frequent problems include having the wrong Social Security number or wrong phone number. Every time you withdraw and resubmit an application you could be subject to another fee. Further, if there is misinformation on your application, the loan agent may have to look for your background check or credit report more than one time, increasing potential fees. Eliminate this possibility by double-checking your information before you submit. This is particularly important if you are applying online where there tend to be more errors due to lack of proofreading.
Pay Attention to Deadlines
Loans come with deadlines for applications and funding. This is particularly relevant with federal loan options. Because federal loans are often subsidized or carry grant funding, the earlier you apply the better. Missing a deadline can mean you need to rush the application through, and this will cost extra money. For example, if you are using a private loan and seeking a government guarantee, the private lender will have to file your loan documents with the US Department of Education after you have submitted them to the private lender. This can take weeks, and you will run the risk of needing to pay to rush the documents through the private lender if you wait too long.
Provide Income Statements
You may not have an income, and you will not need to submit personal income statements. However, if you are seeking loans as a dependent student, meaning your parents will pay a portion of your tuition, then you will need to provide information on their income. The same is true if your parents are the ones seeking the loans which is the case with the federal PLUS loan program. The lender may charge you a fee if the lender has to independently contact an employer or bank for income verification. Cut out this step by providing tax schedules or other verification.
File Paperwork Personally
You may not have the option to file your paperwork personally. However, if you are using collateral on your student loans, you may be able to file the lien on your own with the county registrar to reduce the loan origination fee on the debt. This is not a typical requirement on a federal loan. Some private lenders may use collateral. Simply ask about fees for filing paperwork, and then ask if you can file yourself to cut back on those fees.
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Student Loans: How to Get the Funding You Need

Many times student loans are key to whether a young adult will be able to attend college. Without them, getting a higher education may remain an unattainable dream. Luckily, many people can get a student loan without a co-signer and even if your are not financially needy.
The first step to getting a student loan is to know how to apply for one. The very first thing you need to do is fill out the Free Application for Federal Student Aid, otherwise known as the FAFSA. You can do this at http://www.fafsa.ed.gov/. This application will help qualify or disqualify you for a federal Pell grant, which needs to be done for all students — whether they will qualify or not — before looking for any other student loans. The great thing about the FAFSA is that, even if you don’t qualify for a Pell grant, it can help you qualify for a subsidized Stafford student loan where the US Department of Education pays all of the interest on the loan until repayment begins (6 months after you have left school — whether it is because you graduated or dropped out).
What kind of loan or grant you get, and how much you are offered, will depend on your Expected Family Contribution — otherwise known as EFC. If you can get a grant for some of your expenses, but not all of them, you will likely be able to obtain either a subsidized or unsubsidized student loan to pay for the rest. Even if you do not think that you will qualify for a grant or subsidized loan, you can still be offered one that is unsubsidized. This means that you will have to pay the interest from the start of the loan, but it may be easier to obtain a loan this way rather than by going to a private lender — especially if you are a young student who does not yet have a credit rating and no other adult will co-sign for you.
Whether you get a grant, subsidized student loan, or an unsubsidized student loan, if you have money left over after all of your classes and books are paid for, you can use the remainder for living expenses. You can use it to pay the school for meals and a dorm for the year or to help pay for your own apartment and groceries. This may come in handy if you are not able to work enough hours while taking a heavy load of classes.
If you cannot get any funding after review of your FAFSA, or you are not offered enough, you can always try to get student loan funding through a private lender. This may be harder to accomplish and you may need to line up a co-signer — such as your parents, spouse, or an older sibling — who has a good credit record. These student loans should also be deferred until you leave school and include a 6 month grace period.

Bad Credit Personal Loans : What Can They Do

Sometimes, bad credit personal loans are the only option that is available to some folks. Let’s face it, life just doesn’t always work the way that we want it to, and at times, through no fault of your own, you find yourself with less than a great credit rating. One way to look at this is to be discouraged and overwhelmed by the situation, but the better way to view it is as an opportunity. You know the situation that you are in, and what you can do is start to try and repair your rating, perhaps with an unsecured personal loan. There are several reasons that people often explore this option, and here are a few of them:
Debt consolidation is a real priority for some people, who are trying to get their finances back on track. By being able to combine all of their bills into one monthly bill with a lower payment they are able to take control of the situation and start turning it around.
Money for education is another commonly reported reason to explore a personal loan offer. Schooling is expensive, but it can pay great dividends when graduation day comes and you are able to get a better job. Sometimes, this kind of trade off is worth it, knowing that you’ll be making more money down the road.

House payment or down payment are also reasons to look at taking out a loan, and bad credit personal loans can work for these reasons too. Whether trying to get a new home, or stay in the one that you already have, there is a need for money and an unsecured personal loan can help in certain situations.
Just married and in need of a honeymoon to relieve all the stress that came with planning the wedding. This is what you might call a debatable use of the money, as far as whether it is a smart reason to use it, but many people figure “how many times do you get married?” and feel that it is important to celebrate this milestone in their lives.
These are just a few of the reasons that people take out bad credit personal loans. When there is no other choice, there is a least one choice left, but as with any loan, you should shop around for the best deal that you can find, even if it isn’t a cheap personal loan. That being said, this kind of loan can offer some relief, and if you take the time to get the best deal that you can and manage the money wisely you could be well on the way to repairing your credit score.

Debt Consolidation More Effective Than Mortgage Modifications?

Is the federal government’s massive mortgage modification program little more than a giant debt consolidation program for struggling homeowners? And if that’s all it is, is it even working at providing debt relief to the homeowners who need it? A growing number of critics, ranging from angry bloggers to politicians to consumer advocates, are criticizing the federal government’s Home Affordable Modification Program. Some say that it is little more than consumer debt consolidation with some fancy dressing from the federal government. Others say it simply hasn’t been effective: Too many homeowners are still falling into foreclosure to be able to say that the government’s modification program has had any real success.
Fanfare
The Obama administration announced the Home Affordable Modification Program in 2009 with great fanfare. The goal was to help three to four million homeowners avoid foreclosure. Under the program, the government provided financial incentives to banks and lenders who agreed to modify the mortgage loans of homeowners struggling to pay their monthly bills. Lenders can lower the monthly payments of these homeowners in one of many ways: They can reduce the interest rates on their loans, restructure loan terms or forgive a portion of their principal balances. Critics came out right away, saying that it wasn’t the government’s place to bring debt relief to homeowners who overspent on their residences. Supporters, though, said that anything that could cut down on the soaring number of housing foreclosures had to be good for the national economy.
A Sluggish Start
The problem so far has been that the Home Affordable Modification Program has helped nowhere near the initial 3 million to 4 million targeted. In fact, the U.S. Treasury Department reports that fewer than 1 million homeowners have received permanent loan modifications under the program. At the same time, a study by Fitch shows that nearly 65 percent of homeowners who do receive mortgage modifications default on their new loans within 12 months. Those are all abysmal numbers, and highlight a program that’s simply not working.
What Now?
What other options do homeowners have to stop foreclosure? Critics have said that the mortgage modification program acts a bit like debt consolidation, under some of the options that lenders have, because banks and lenders are taking existing consumer debt and reworking it, leaving homeowners with payments that they are supposed to be able to afford. Why not, then, advise more homeowners to look into traditional debt consolidations? It’s true that these loans do come with some disadvantages – taking one out lowers the credit scores of consumers; these loans often come with high interest rates – but they can also help consumers get a handle on their debts. Struggling homeowners who take out debt consolidation loans might be able to get their finances in enough order to be able to make those mortgage payments comfortably each month.