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 ‘Maximum Loan’
New Loan Limits Set For FHA Mortgages and FHA Refinance Loans
November 28th, 2009
On Monday HUD announced its new, permanent maximum loan limits for FHA Mortgages and FHA Refinance Loans that will become effective on Janurary 1st, 2009. These new maximum loan limits have been set as part of The Housing and Economic Recovery Act of 2008 and will be permanent limits.
Under the Housing and Economic Recovery Act of 2008 (HERA), which passed in July 2008, the Federal Housing Finance Agency (FHFA) was established and directed to set conforming loan limits each year. The rules governing how the loan limits are established differ from the rules set forth in the Economic Stimulus Act of 2008 (ESA), which applies to loans originated in 2008. For example, under ESA, loan limits for high-cost areas were set at 125 percent of local house price medians and the maximum high-cost limit was 175 percent of the national conforming limit ($729,750 in the continental U.S.).
Starting January 1st, the national loan limit for one-unit homes in the lower 48 states shall be pegged to a house price index chosen by the FHFA. The national loan limit for 2009 will remain at $417,000. In future years, the mortgage limit for any given area shall be set at 115 percent of the median house price in that area, as determined by HUD, except that the FHA mortgage limit in any given area cannot exceed 150 percent of the Freddie Mac national loan limit, nor be lower than 65 percent of the Freddie Mac national loan limit.
This essentially creates the “Floor” and the “Ceiling” for the maximum FHA loan amount for a given area with the lowest maximum FHA loan amount being $271,050 in any area and the highest FHA loan amount being 625,500. Alaska, Hawaii, Guam and the USVI may be adjusted to 150% of these limits to account for higher costs.
The new FHA Mortgage limits for 2009 are detailed below:
In areas where 115 percent of the median house price is less than 65 percent of the Freddie Mac limit, the FHA limits are set at the 65 percent amount, i.e., the “Floor,” as follows:
One-Unit $271,050
Two-Unit $347,000
Three-Unit $419,400
Four-Unit $521,250
Any area where the limits exceed the floor is known as a high cost area. In areas where 115 percent of the median house price exceeds the 150 percent figure, the mortgage limits are set at the 150 percent amount, i.e., the “Ceiling,” as follows:
One-Unit $625,500
Two-Unit $800,775
Three-Unit $967,950
Four-Unit $1,202,925
For all other areas, i.e., those where 115 percent of the median home price for the area is in between the floor and the ceiling, the limit shall be at 115 percent of the median home price.
These new FHA mortgage limits could mean that the time might be right for you to consider an FHA refinance loan or an FHA mortgage for your new home purchase. If you would like more information on FHA mortgage loans or an FHA refinance loan, please visit fha-101.com.
By: Spencer Llewellyn
100% VA Refinance Loans – Veterans Receive Help During Tough Economic Times
November 15th, 2009
Many Americans, including our veterans, may be feeling the effects of current economic tough times. And, many homeowners fear that if they don’t get some relief fast, foreclosures may be in their future. Relief may be in sight now that the Veterans’ Benefits Improvement Act of 2008 has established new and better VA loan conditions. The bill sponsored by Senator Daniel Akaka (D- HI) and signed by the president into law October 10, 2008, includes major impacts to the VA Home Loan Guaranty Program. Understanding these impacts can help VA-eligible borrowers who qualify refinance under the new VA loan benefits and possibly stave off financial dire straits.
The VA’s authority to guaranty Adjustable Rate Mortgages (ARMs) and Hybrid ARMs was originally set to expire this year. Under the new law, this authority has been extended through September 30, 2012. Unchanged are the VA program requirements associated with ARMs and hybrid ARMs. Notably, unlike conventional ARMs and conventional hybrid ARMs, interest rates on VA guaranteed ARMs and VA guaranteed hybrid ARMs are limited year after year, and for the life of the loans. This can represent an important benefit to veterans.
Cash-out refinancing loans are also enhanced under the new law. Cash-out refinancing happens when a new home loan replaces an old mortgage of lesser amount resulting in “cash out” of the equity for the homeowner. Under the old law, a cash-out loan was limited to 90 percent of appraised property value. Now, cash-out VA refinance loans are available for up to 100 percent of the appraised property value.
VA loans closed during the period of January 1, 2009 through December 31, 2011 are subject to an increase in the maximum loan guaranty amount. As a result of the new law, the VA guaranty, previously capped at $417,000, now will be available on loans of up to $729,750 depending on the location of the home for which the VA loan is obtained. The loan limit increase will allow Department of Veterans Affairs to help a higher number of military personnel who currently have subprime mortgages (obtained with less-than-ideal qualifications) to refinance into safer, more affordable loans under VA guaranty. Though VA has never guaranteed subprime mortgages, VA-eligible borrowers feeling financially squeezed due to high rate subprime mortgages are potentially the greatest beneficiaries of this Act.
Improvements made to the VA home loan guaranty program under the new law are designed to help qualified veterans maintain adequate or suitable housing and protect veterans who may feel they may lose their homes to foreclosure. Increasing the loan-to-value ratio and raising the maximum loan amount available under the VA Home Loan Guaranty Program can save many homeowners from this doom.
VA-eligible borrowers may find a VA home loan easier to get than other conventional loans. Not only do VA home loans require no private mortgage insurance, but, there is also no down payment required. Many find that qualifying for a VA home loan can be less stringent compared to conventional loans. And, now with the new law created by the Veterans Benefits Improvement Act of 2008, a VA home loan can be even more beneficial to veterans in financial distress.
Understanding the benefits created as a result of this new law, veterans can weather the current financial storm.
By: Isacc Davis