Despite what you may think there are guaranteed personal loans available. If you have a job, earn one thousand dollars a month and are a U.S. citizen there are many lenders who will guarantee approval of your loan application.
So, how do they work? Well, these types of loans are also called payday loans. The idea is that the loan amount is small enough that the borrower can repay the loan when their salary is paid into their checking account – however, one can also choose to repay the amount with several repayments. The usual maximum loan amount is $1,500, although higher amounts are available from some lenders.
Do you qualify for a guaranteed personal loan?
The answer is yes – even if you have very bad credit – providing you meet the following, simple requirements.
1. You are a U.S. citizen
2. You’re over eighteen
3. You have a checking account
4. You have a job (or some other reliable source of monthly income)
5. You earn a minimum of $1,000 per month
If you can answer yes to the above, then you will get approval. But that’s not all. Most lenders require no credit check. What’s great about this is that your credit rating is not adversely affected – something that’s especially important if your credit is already less than good.
Also, most applications can be completed online and approval is almost instant and the money will be paid straight into your bank account within 24 hours. The money you receive is for you to spend whatever way you want; there are absolutely no conditions on how you choose to spend it.
There’s no doubt that people with bad credit who need money quickly that guaranteed personal loans can be a useful financial tool.
Although the borrower will almost certainly get instant guaranteed approval for a loan, one should remember that the terms for approval won’t be the same ones than those offered to people with fair or perfect credit – one usually pays more interest on the loan.
You can apply from many different sources, but there’s no doubt that for convenience and speed of approval, applying online is usually the best option. Be careful when applying. If you’re concerned if the lender is offering legitimate guaranteed online personal loans you can check them out with a third party consumer review service. Also, your Attorney General’s office or your state’s BBB can let you know if any complaints have been.
Guaranteed personal loans are available for anyone – even those with very bad credit. Just a few years ago this wouldn’t have been possible but thanks to de-regulation, competition and the internet, there are now many lenders who will give you the emergency cash you need. By shopping around you can get the best deal; one that best suits you and not the lender.
By: Robin Cassidy
Posts Tagged ‘Interest On The Loan’
Home Equity Refinancing – VA Loan Refinancing
January 25th, 2010
Opting to go with a VA loan to refinance your home mortgage can be great for your budget. It is possible to get cash when you need it. If you need to consolidate your high interest debt or pay for a child’s tuition a VA loan can be beneficial.
VA refinancing loans can be great. If you need you can find cash in little to no time at all. It can be a great tool to utilize.
What a VA loan transaction requires is repayment of the estate debt. The loan must be for the same property and also the same borrower. What this is called is “Cash Out Refinance.” This “Cash Out Refinance” is considered the principle residence of the homeowner.
In general the rule for the owner is that their homes can be refinanced for up to 90% of its appraised value. However, this option is not available in every state so check whether you are in a state that offers this option. The closing cost must be at par with the ratio of the homes value.
It does not matter how long the home have been owned, it is not a requirement for this loan. However, the minimum requirement is that the homeowners pay the loan on time on a consistent basis.
Most often people are not aware whether their rates are adjustable. This is a big concern because most people budget their income to accommodate the payment that they currently have. Fixed VA loans are great because it allows the borrower to know exactly how much they need allow for their payments every month.
This however is up to the lender to decide. The other option would be the VA loan that with an adjustable rate. On average the interest on the loan is adjusted by 1% every year. The duration of this is usually around five years and would typically reach 5%.
The only person that knows what is best for you is yourself; never take the first offer that is given to you. It is a common mistake people make, jumping on the very first offer because they are worried or not exactly sure of what to do or what they can do.
Do some research and find a plan that best fits you and your situation. It is recommended to speak with a consultant and look at their calculations. Look at how differently you make have to make the payments, depending on whether you choose to go with an adjustable VA loan or a VA loan that has a fixed rate. Make sure you are absolutely comfortable with the plan that is offered.
Once you have the numbers, think whether you would be able and comfortable with your monthly payments and go from there.
By: Michael Petrone
Option ARM Refinancing Loans
November 3rd, 2009
There are many products available that are included under the umbrella of refinancing loans; one of them is the Option ARM refinancing loan. ARM stands for adjustable rate mortgage and while it is a popular option, before you apply for one, there are a few things you should know.
An option ARM refinance loan is possibly the most flexible type of loan on the market. With the option ARM refinance loan, you have four different options to control your loan payments each month.
For instance there are two options that allow you to pay less than the principle and interest that are normal for all standard loans. Instead of paying both the interest and principle, you can choose to pay either the minimum payment or interest only. Minimum payment is the absolute minimum you can pay on your monthly loan payment. This type of payment is usually term interest deferred, because not only are you not paying the principle, you are also not paying some of the interest. The interest and principle are tacked on later on in the life of the loan according to the specific loan schedule. It should be noted that the minimum payment is usually increased every year to keep the homeowner somewhat in line with their necessary payments.
An Interest only option allows the homeowner the option to pay only the interest on the loan deferring the principle. Interest only payments are a great way to increase cash flow, when employment is tight or if you would rather use your monthly income for other types of purchases or investments.
Besides two options for paying less than the principle and interest of the loan, you also have two options for paying both your principle and interest. The first type of payment option is called the 30 year amortization payment. You pay your loan according to a standard loan in which you pay the principle and interest for a full 30 year mortgage term. The other type of option available is the full 15 year amortization payment. If you have extra income and would like to pay down your debt quickly, you can choose the option of paying off your loan in a 15 year schedule.
It should be noted that this type of mortgage is not for everyone. For instance, seasonal employees might benefit from this type of mortgage especially during the slow season and savvy homeowners that manage their money well can also benefit. However, this type of loan is not for the person looking to pay the least amount possible due to a lower income. In situations like these, this loan can increase the risk of financial problems.
By: Connie Barker