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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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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