Loan

Credit News

Provident Fund Loans, Pension Bridging – Quick and Easy, quick and easy loans.#Quick #and #easy #loans


Provident Fund Loans | Pension Bridging

Frequently Asked Questions

  • In order to secure Provident fund loans or a Provident funds loan, you need to have resigned from your fund.
  • Loans on provident fund can only be applied for by you, and not another person.
  • A Divorce pension loan can be applied for by a spouse with the consent of the other spouse or if a court has ruled in your favour

A Loan on provident fund is a quick way to access a money for your day to day expenses from your provident fund savings.

  • It is a loan against your provident fund savings. Loans against provident fund savings are personal loans normally granted by a private company and are safe.
  • A Pension loan is a personal loan. All loans on pensions are repayable within 4 to 6 months from the funds you receive from the pension payout.

Your Loan pension is an unsecured loan. You are essentially taking money from pension to fund day to day expenses or settle debt.

Loans against provident fund savings are permitted if you have given the fund termination notice.

Pension loan companies work quick to provide both Provident fund bridging finance and pension bridging finance.

Pension loans are a quick way to get money out of your pension savings fund. You must however give your pension fund notice that you intend terminating the pension contract.

Yes, a pension fund loan is safe and secure as long as you pay the loan back. If you do not pay it back then the loan company will issue summons, blacklist you and charge interest on the loan.

You cannot borrow against a pension fund if you have not resigned from the fund. You need to give your provident fund notice that you intend to stop the fund.

A loan from a provident fund has interest charges and these are governed by the National Credit Act. It is safe to take Loans on provident funds from accredited lenders we refer you to.

Pension loans and provident loans are secure and are affordable. The lender will quote you the rate before you sign the loan agreement.

Pension bridge and bridge pension definition

It is a Loan against pension fund and also includes provident fund loans finance. You are essentially taking funds out of your savings earlier than the maturity date.

Cash pension

Is essentially pension lending. It is a way to convert your pension or provident fund into cashif you intend or have given notice to cancel the savings.

Provident fund finance South Africa

Provident fund loans are provided to individuals by private companies in South Africa

Which funds will give me a pension advance

You can get a pension fund loan on almost all South African pension insurance companies.

Apply now for a quick answer. Safe and secure.

Can I borrow against GEPF

Yes, if you have given the GEPF notice that you wish to cancel your pension savings fund

These are loans on pension funds or loans against pension savings.

Is it possible to get a Provident Fund Loan

Yes, as long as you intend resigning from the fund.

Can I get some of my divorce spouses pension

Yes, if the courts have ruled in your favour or you have a settlement agreement from your spouse

Pension Divorce or Divorce Pension

Occurs when a person gets divorced from their spouse and claims a portion of the spouse pension. Your spouse needs to agree or a court needs to have ruled in your favour.

Loan Against Provident Fund and Loan Against Pension Fund

You are essentially borrowing against pension savings or borrowing against provident fund savings. These are your life savings and so borrow the least amount possible.

How much can I borrow against my pension

You can only borrow 10 % of the savings, to a maximum of R 32 000

Who gives loans against pension funds

We arrange for a private pension bridging company to contact you to advise on pension loans and provident fund loans

What divorce and pension rights do I have
  • Spouses are permitted in some cases to take a pension loan or provident loan from their spouses savings funds if the court has ruled in their favour or settlement has been reached.
  • Your rights to a pension loan in a divorce are governed by the type of marriage contract you have and the agreement you have with your spouse
Why bridging pension makes sense

IF you have immediate debt to settle, use pension bridging loans to settle debt to ensure you are not listed at the credit bureaus. Once listed then you will have great difficulty making loans anywhere.

Retirement pension loans possibility

These are possible if you intend or already have resigned from the pension savings fund.

It is a loan against pension funds and can be arranged very quickly if you have all the supporting documents from the fund. You cannot borrow against your pension or provident fund while it is still active. You need to have advised your funder that you wish to resign.

Cash Advance Conditions and Costs

Minimum Term 70 days

Maximum Term 90 days

APR ( Annual Percentage Rate ) 35.4 % (NCR rate : Repo Rate x 2.2 + 20 %)

Representative Example ( dependent on term and service required )


Eastern Savings and Loans, savings and loans.#Savings #and #loans


savings and loans

No time to save? Let us help!

Savings and loans

Child Benefit Savings Loan Plan

Helping families make the most of their money

Savings and loans

Member Death Benefit Scheme

When you open an account, you get free life loan insurance

How can Eastern Savings Loans help you?

Eastern Savings Loans is there for you with flexible, approachable financial services, whether it s for personal loans or savings.

Our only shareholders are our members, which means you – and your community – are in control. Our members are more than just customers because we put you first. Our products and services are designed to help our members manage their money well and our profits are shared amongst members or used to benefit the whole community. Every penny is used to benefit you. That doesn’t mean less security though – you’re protected by the Financial Services Compensation Scheme (FSCS).

  • Secure savings with access when you need them
  • Fair and affordable loans
  • Excellent customer service
  • Lots of ways to access your account
  • Supporting your community

Products Services

Find out more about what we offer

Savings and loans

Savings

Suitable for every occasion, accessible to adults juniors

Savings and loans

Loans

Ranging from 500 – 7,500 at a fair rate of interest. We have a loan to suit your needs

Savings and loans

Banking

Debit Card with Cashback Rewards, no overdraft fees and Direct Debit facilities


Low documentation home loans: what are they and should you apply? #stafford #loan


#low doc loans
#

Low doc home loans

Low doc loans are designed to assist people who do not qualify for a traditional home loan to buy a property. Low doc (or low documentation) loans still require the application to be made in writing, however you may not be required to provide much of the paperwork that is necessary with standard home loans, such as proof of income, assets or liabilities. The low doc loan relies more on a method called self-verification, where you state your income without the verifying documentation.

Who can benefit from a low doc loan?

Low doc loans are designed to benefit those people who have some existing equity or a deposit saved, and have trouble showing evidence of regular income. This could apply to the self-employed or casual workers. Low doc loans could also be made available to people with a bad credit history.

Low doc loans are also sometimes abused by people who have income they have omitted to declare to the taxation office. Failure to declare taxable income is an offence and, if caught, offenders are forced to pay penalties that far outweigh the savings they intended to make by breaking the law.

Why should I take out a low doc loan?

If you fall into any of the categories above and wish to purchase a property, a low doc loan could be your only option for obtaining the required finance. As with any major financial decision, always weigh up the pros and cons and determine whether you can afford the repayments. There could also be extra costs involved as many lenders will charge an inflated interest rate when standard documentation is not produced on application. Mortgage insurance is also a standard requirement with low doc loans, which adds further to the cost.

Most low doc loans will cover up to 80% of the value of the property (80% LVR), although the more financial documentation you can present to the lender, the higher the percentage could be.

Types of low doc loans

There are three main types of low doc loans: self-declared income, account statement and asset lend. Each of these low doc loans have slightly different eligibility requirements.

Self declared income

The most common low doc loan, where the lender will offer a home loan on a signed declaration of income, with no accompanying evidence. In general, 80% of the property value is loaned and the interest rate can be higher than a standard loan

Account statement

Requires more substantial income evidence, such as a letter from your accountant, however interest rates are usually more in line with a standard home loan .

Asset lend

This type of low doc loan requires the least evidence to be presented, in some cases no proof of income or signed declaration is needed. The loan is secured purely on the value of the property. These loans have substantially higher interest rates and, in general, a lower percentage of the value of the property can be borrowed.

What to look out for

Low doc loans generally have certain conditions and extra costs attached, such as:


Loans, Credit and Debt – Canadian Banks #pay #day #loan


#loans canada
#

Loans, Credit and Debt

The majority of Canadians have at least one loan. and in fact most of them have many loans. Credit and debt have become a way of life, and saving is no longer in vogue. This of course is unsustainable and resulted in the severe financial crisis we are in now.

Loans come in many forms, depending on the purpose of borrowing. For example a business in need of capital would apply for business loan. while a student can take advantage of Canada Student Loans Program to finance their education. Debt consolidation loans are a great solution for persons or businesses with several loans with high interest rate, allowing them to consolidate their debt and do refinancing at lower interest rates.

Equity Loans (home equity loans) can be obtained using your home equity as collateral for a large sum loan (think of this as a second mortgage). A home equity line of credit (HELOC) is a special kind of credit line tapping the existing equity in your home. Home owners trading up, might need a bridge financing. while arranging for permanent one. In certain cases, borrowers might want to consider getting interest only loan.

A loan can be a secured loan (car loan for example) or unsecured loan (personal credit line for example).

If you want to get a loan, then you can use various loan calculators to determine your monthly payments, by entering the loan interest. amount, and the amortization period. Another thing you can do is pull a copy of your credit report. to make sure that the information there is correct and it won’t affect your ability to get a loan. If you have less than stellar credit, it’s likely that mainstream lenders won’t be willing to give you a loan, and in this case you can apply for the so-called bad credit loans from one of the Canadian subprime lenders. If debt is overwhelming you can take advantage of credit counseling services available to borrowers in trouble.

Credit Cards are very popular credit instruments. Choosing a credit card is not always easy with so many choices available on the market. Before applying for a credit card make sure that, you have read and understood the credit card terms (check our Credit Card Tips article for more info). Be careful if you see an advertisement for a no-interest credit card (believe me there’s always a catch). If you have bad credit or no credit history you can apply for a secured credit card. from one of the Canadian banks. Learn what is a prepaid credit card (it’s not a credit card really) and if you are a heavy credit card borrower, learn how to get rid of credit card debt.

Payday loans have always been a controversial subject, and while the general opinion is that they are bad for consumers, there’s no denying that some people need them. Payday lenders make it really easy for borrowers to get a small loan, and many lenders offer payday loans online. To be able to decide for yourself if payday loans are good or bad, read what is a payday loan. how does a payday loan work. and what’s payday loans ultimate cost.


Loan Modification Programs: How to Qualify and Apply #fha #loan #rate


#home loan modification
#

Understanding the qualifications and how to get started

In order to avoid foreclosure, your lender may agree to modify some or all of the terms of your loan. A loan modification is a negotiation between you and your lender. It begins by contacting your mortgage company, discussing your problem, and proposing a solution that involves modifying the loan.

How Government Loan Modification Programs Work

The purpose of a mortgage modification is to get your monthly payment to a more affordable level. An affordable mortgage payment is typically defined as 31% of the borrower s monthly gross income. So for example, if you earn $4,200 a month, then your loan will be modified to be 31% of your income, or $1,302 per month in this case.

The federal government and the Department of Housing and Urban Development (HUD) have created and recently updated several loan modification programs for a person s primary residence.

Home Affordable Modification Plan (HAMP)

The Obama Administration introduced HAMP as part of the Making Home Affordable plan to stabilize the housing market. Under the federal loan modification plan, your monthly loan payments are reduced by modifying one or more components of your mortgage:

  • Lower the interest rate
  • Extend the life of the loan
  • Lower the loan principle

How to Qualify

Loan Modification Evaluator Interactive tool determines how likely you are to qualify for a loan modification and evaluates your mortgage options. Start the Modification Evaluator

Personal qualifications

As long as you can verify a legitimate financial hardship that impacts your ability to make your loan payments, you may qualify. Contrary to popular belief, you do not need to be behind on your payments before a lender will consider doing a loan modification with you. If you are behind on your payment or facing foreclosure, applying for a loan modification places a temporary halt on the foreclosure process.

Mortgage qualifications

In order for your loan to qualify for modification under HAMP, the following conditions must apply:

  • You obtained your mortgage on or before January 1, 2009.
  • You owe up to $729,750 on your primary residence or single unit rental property.
  • You owe up to $934,200 on a 2-unit rental property; $1,129,250 on a 3-unit rental property; or $1,403,400 on a 4-unit rental property.
  • The property has not been condemned.
  • You have a financial hardship and are either delinquent or in danger of falling behind on your mortgage payments (non-owner occupants must be delinquent in order to qualify).
  • You have sufficient, documented income to support a modified payment.
  • You must not have been convicted within the last 10 years of felony larceny, theft, fraud or forgery, money laundering or tax evasion, in connection with a mortgage or real estate transaction.

What if I don t qualify or have been denied?

Unfortunately not all struggling homeowners qualify for the government modification program. Springboard, a HUD-approved housing counseling agency, has developed three programs to help homeowners who have been denied or do not qualify for this federal program:

  • The Home Affordable Foreclosure Alternatives (HAFA) Program   Government assistance for a short sale or deed-in-lieu of foreclosure

Other Loan Mod Programs

  • VA Loan   If your home mortgage is a Veterans Administration (VA) loan, then there is a specific government program called the Cal Vet Modification .
  • FHA Loan   There is a loan modification program specifically for Federal Housing Administration (FHA) loans
  • None of the Above   Banks who do not participate in the government programs may have their own unpublished loan modification programs with a different set of qualifications.

How to Apply for a Loan Modification 3 Simple Steps

If you are currently facing a financial hardship and want a loan modification, then know that time is of the essence. You have a greater ability to negotiate with your lender earlier on in the foreclosure process than later. Get started today:

  1. Collect Your Financial Information

You ll need to provide your current income and expenses.

  • Collect Your Mortgage Information
    Get a copy of your mortgage statement that has your loan number on it.
  • CALL

    If you re ready to begin negotiating for a loan modification, get some free advice before contacting your lender. Talk to a nonprofit housing consultant from a HUD-approved agency and find out how likely you are to qualify for a loan modification based on your individual mortgage and financial situation.

  • Nonprofit housing consultants from a HUD-approved agency can provide you with:

    • All available loan modification options
    • A customized action plan
    • Budget suggestions
    • Help in negotiating with your lender

    Loan Calculator and Loan Comparison #auto #loan #calc


    #loans compare
    #

    Compare two loans -or- Calculate payments for a single loan.

    Amortization Notes

    • Payments are rounded up to the nearest cent (since people can’t write checks in fractional pennies). This payment rounding typically results in slightly lower total interest payments than the main loan calculator shows. This is also the reason the final payment is typically a little less than the rest of the payments (there’s slightly less accumulated interest over the course of the loan due to rounded up payments).
    1. Select Calc Term from the button’s popup menu (the up arrow).
    2. Enter the current credit card balance in Loan Amount .
    3. Enter the card’s current interest rate in Interest Rate .

    (check your statement or call your credit card provider if necessary)

  • Enter the amount you can pay each month in Payment .
  • Press the Calc Term button.
  • The loan’s Term field now reflects how long it will take to pay off the credit card with the specified payment amount and interest rate.
  • Press the Calc Term button.
  • Loan #2’s Term now reflects the shortened Term as a result of the extra payments. Repeat steps 4 5 as often as you like to see how different payment amounts affect the loan’s duration (aka Term ).
  • Analyze an existing loan.
    1. Set any 3 of the 4 values (identically for Loan #1 Loan #2) and compute the 4th value.

    When setting values:

    • Loan Amount = Remaining Balance
    • Term = Remaining Term

    For example.

    Select Calc Interest Rate from the button’s popup menu.

    Enter your monthly payment for Payment , the remaining balance for Loan Amount , and the remaining number of payments for Term (be sure term units are set to mo for months).

    Press the Calc Interest Rate button.

    If computed values differ significantly from your existing loan, double check that you entered the correct values for the other fields.

    1. Select Calc Loan Amount from the button’s popup menu (the up arrow).
    2. Enter the Interest Rate , Term , Payment for one or both loans.
    3. Press the Calc Loan Amount button.
    4. The Loan Amount field will now reflect the calculated loan amount. To try different scenarios adjust the Payment , Interest Rate , or Term and press Calc Loan Amount again.

    Mortgage Payments

    Mortgage payments include escrow payments which are intended to cover property taxes and insurance. Escrow payments can add significantly to a borrower’s total Payment amount.


  • July-2015: Best and Lowest Personal Loan Interest Rates in India #best #loan #deals


    #cheapest loan rates
    #

    July-2015:Best and Lowest Personal Loan Interest Rates in India

    5 Best and Lowest Personal Loan Interest Rates in India ( (Updated: July-2015)

    One of the ways to get a loan for an emergency is taking Personal Loans from Banks and Financial Institutions. With Personal Loan Interest Rates shooting up, everyone would be eager to choose a cheap personal loan interest rate when they are taking the loan. From this month, I would be providing latest personal loan interest rates in India so that a loan seeker can choose best personal loan interest rates.

    Why people choose personal loan?

    While home loan, car loan, etc. are meant for a specific purpose, personal loans on the other hand does not mean for any specific thing. You can take a personal loan for any of your financial obligations like child education, child marriage expenses, payment in advance to home, purchase of plot (where loans are not eligible), home emergencies etc. Banks and Financial Institutions charge very high interest rates on personal loans. Hence, once should be wise in choosing a best personal loan interest rate that suits them.

    Top 5 Best Personal Loan Interest Rates in India

    1) Kotak Bank Personal Loan Scheme

    Kotak Bank offers one of the lowest personal loan interest rates in India.

    • The interest rates range between 14.5% to 15.3%, depending on which company an employee is working.
    • The processing fees charged is up to 1.5%. Kotak Bank offers 0% processing fee for MNC/large companies for a limited period of time.
    • Zero charges for pre-payment of a personal loan
    • You can pay up to 25% of loan in any financial year as part-payment
    • Loan approvals within 24 hours after documentation is provided
    • Special personal loan interest rates for Govt employees and professionals like Doctors.

    2) Indus Ind Bank Personal Loan Scheme

    Indus Ind bank offers personal loan at attractive interest rates.

    • The interest rates range between 13% to 16.5%, depending on where the employee is working
    • The processing fees charged is up to 2% of the loan amount.
    • Loan approvals between 2-7 working days after documents are provided

    3) Bank of Baroda Personal loan

    Bank of Baroda offers personal loans with several benefits.

    • The interest rates are 14.75% for all employees and business individuals.
    • The processing fees charged is Nil.
    • Zero pre-payment closure charges.
    • Loan approvals between 2-5 working days after documents are provided

    4) Bank of India Star Personal loan Scheme

    Bank of India offers personal loans with some additional concessions to women.

    • The interest rates are 15%.
    • Special interest rate concession of 0.5% for women.
    • The processing fees charged is up to 2% of the loan amount.
    • Zero pre-payment closure charges.
    • Loan approvals between 2-5 working days after documents are provided

    5) Canara Bank Personal loan Scheme

    Canara Bank offers cheapest personal loan interest rates and lowest processing fees.

    • The interest rates are 15%.
    • The processing fees charged is up to 0.3% of the loan amount.
    • Loan approvals within 24 hours after documents are provided.

    Latest Personal Loan Interest rates in India with processing charges are enclosed below (Updated: July-2015)

    If you enjoyed this article, share this with your friends and colleagues through Facebook and Twitter.

    Suresh

    Best and Lowest Personal Loan Interest Rates in India


    Installment Loan – The Types and Advantages #payday #lenders


    #installment loans
    #

    Installment Loan – The Types and Advantages

    Installment loan is a consumer loan in which principal and interest are paid off through equal monthly payments.

    Installment loans are generally taken to purchase home, car, furniture etc. The loan comprises of specified amounts that are to be repaid over a predetermined repayment period. The payments can include both the principal and the interest or it may contain only the interest amount with the principal being paid in a lump sum amount with the final loan installment.

    Installment loans are available in the market as:

    • Unsecured loans:

    These loans are riskier for lending institutions and are hence available at higher rate of interest. The loan is available only if the borrower has a good standing in terms of credit score, payment history and job status. Example; Personal loans, student loans, etc.

  • Secured loans:

    These loans are offered by the bank or a financial institution against collateral. The bank can even sell the property if the loan isn’t paid back. The interest rates for secured loans are comparatively lower than unsecured loans. Example; mortgage home equity loan. home equity line of credit are secured loans.

  • Why borrowers prefer Installment loans

    There are certain advantages of dealing with installment loans which makes them a preferable choice.

    • Borrowers are aware of the amount of monthly payment that they have to make and the time period allowed to pay off the loan. So they can take the right financial move by planning a proper budget.
  • Installment loans have extremely competitive rates which vary in the 5 to 7 percent range.

  • Repaying an installment loan includes interest payments and after a certain period, an increasing portion of principal amount is also paid back. This helps in steady reduction in the principal amount during the loan term.

  • I Have Bad Credit And Need A Loan. #loan #payments


    #i need a loan but i have bad credit
    #

    I Have Bad Credit And Need A Loan

    Welcome to ihavebadcreditandneedaloan.cf

    Many credit history card holders do not regard this to be the energy of having credit, yet watch it as having their spending power expanded for a longer duration. In the instances where there is an unexpected cost, it is among the most convenient things to bulge the plastic, pay and go your way. This is exactly why charge card firms rake in earnings in the billions annually. Can you imagine what it would certainly resemble to have that in cardholders’ checking account?

    Submit your request for cash advancement payday loan from $100 to $1000 from the ease of your desktop computer, laptop, or mobile gadget! After you fill in our demand kind, stand by simply a couple of minutes as we look our substantial network of respectable loan providers for the financing tailored to your demands. Once authorized, you will be rerouted to the lender’s web page, specifying the financing’s terms and prices, as established by the lending institution. Ought to you accept these terms, you will have the funds deposited straight into your account within one business day


    How to Research and Apply for Business Auto Loans #debt #loans


    #loan for business
    #

    How to Research and Apply for Business Auto Loans

    January 27, 2012

    If you need to learn how to get a business car loan. below are some steps to take. A business car loan can be an excellent way to secure a nice tax deduction, as well as help your business’ credit score.

    You need to know what both your business and personal credit is before you go to your loan officer. Call around for the best rates, and make sure your business credit meets their minimum requirements. Too many inquiries to your credit will lower your credit score (as well as your business’). Try to use the same bank or lending party you used to secure the business loan, as you will get a much better rate.

    Guaranty

    If your business credit score is not great or the company is new, you may need to sign a personal guarantee for the loan. If this happens, you need a copy of your personal credit to make sure it is good. Most lenders require that the owner of a business has good credit before granting the loan. Get a good look at your personal score when you look at the business’ score. Sitting in front of the loan officer is no time to find out you have a bad score. If the bank extends a car loan to a business or corporation, and that business subsequently closes or goes out of business–the bank has no recourse, except the possible repossession of the vehicle. There is no one to sue or send a collection agency after. That can make them reluctant to offer a loan.

    Tips for Business Car Loans

    Your Banking Advisor May Help