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


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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.



How do used car loans work? carloan banks usedcars #cheap #loan


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How do used car loans work?

I have some general questions about financing a used car

My current car, a 1995 Volvo 850 with around 200,000 miles, has been giving me some trouble. First, the A/C died, which for someone who likes to keep their surroundings as cold as possible is pretty annoying. It sounds like that may simply be a relay that needs to be replaced. Second, there was a good amount of white smoking blowing out of my tailpipe this afternoon. I’m worried that it may be a headgasket or a gasket on my turbo. I’m going to see the mechanic tomorrow morning.

Assuming that repairing my 15-year-old car will cost me many hundreds if not thousands of dollars, I’ve been looking into getting a replacement. I’ve tried my best to research various used car loans online. I’ve got $2000-$2500 to use a down payment. Ideally I’d replace this car with the same exact model, only with less miles. I love my Volvo.

It seems like many lenders limit the model year they will loan money for to newer (within the last 5 or so years) models. Is this true of most lenders? Will it be tough to get a $3000-$5000 loan for a late 90s model?

If I do get a loan, am I free to purchase the car wherever I want? Private seller? Dealership? Used car lot? How does this work? Does the bank give me a blank check with the stipulation that I can only spend up to $xxxx? Do I need to tell the seller/dealership to contact my lender to receive the money?

I currently do the majority of my banking online with ING Direct. They do not offer car loans. There are several banks near me, including PNC and my employers credit union. Generally, do you need to have an account at the bank to get a loan from them?

This is a tough situation for me, as I recently graduated from college and moved away from home. I don’t have any friends who can give me rides or help me look for a car. I’d like to be prepared if I need to start the process of finding a loan and then purchasing a car.

I bank at a local credit union in the metro NY area (and have commented about using credit unions here in the past ) and recommend that route.

My credit union will only give car loans for cars 10 years or younger. Why? Because the car is collateral in case you don’t pay back the loan. If the car stop working and you cannot afford to fix it, the credit union doesn’t want to repo a busted car.

Want a car loan? Need an account. The minimum for a savings account there is $5. Get pre-approved for the loan in the amount so you know that you’ll be able to finance it when you start shopping around. You’ll have to use a bank if you buy from an individual. If you buy from a business, they will attempt to loan you the money as well. There’s tons written about financing cars at dealerships and car negotiating for you to read. Commonly, it is recommended that you do not walk in and announce that you’ve been pre-approved elsewhere or for what amount.

Huh. I was not previously aware of the limitation on model years for car loans.

Well, the issue with car loans is that they will take a security interest in your car, so the car is collateral on the loan and therefore the lender has to care about the quality/upkeep of the car (FYI, there is typically a minimum amount of comprehensive and/or collision insurance coverage required when you take out an auto loan).

One potential alternative is a line of credit or personal loan. Discover has such a product, though I’m sure there are other, similar alternatives, possibly even one at your local credit union. This is different from a credit card in that 1) the interest rate tends to be lower, and 2) the monthly payment and payment term are fixed. For a small amount such as you are planning to borrow ($3-5K), it may be entirely feasible to get a personal loan.

The upside is that they do not care at all what you spend it on, or require any particular level of insurance on your car. The downside is that the interest rate may be a couple points worse than that of a car loan, and your repayment term may well be shorter (24-36 months is common), so the monthly payments will be higher.

posted by rkent at 8:00 PM on May 25, 2010

What the others said reflects my experience too, but I will add one bit of advice.

Last time I bought a car, I arranged for financing ahead of time with my credit union. I qualified for their very best rate, which turned out to be the lowest rate among about 10 banks and credit unions I checked. I wound up buying a very slightly used car from a dealer and the manufacturer had incentive financing which was about one percent lower than that. The finance guy at the dealership somehow wound up finding financing through the dealer services department at a major national bank which was even 1% lower than the manufacturer’s deal.

The point is that you should come prepared with your own financing in place, but be open to the possibility of a better deal. Also be aware that some dealers try to simulate a better deal by giving you a lower rate but a higher overall price. For that reason, you should negotiate on the price and all other details before you even begin talking to the dealer about financing. You should also make it clear that you’re totally indifferent about the car and prepared to walk at the first sign of nonsense.



Here s how banks calculate home loan eligibility. #mortgage #interest #rates


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Here’s how banks calculate home loan eligibility

Updated on: July 15, 2011

T his article is aimed at clearing doubts over how a bank calculates your net income while calculating the eligibility for total home loan amount. Normally, all banks provide home loans up to 60 times your monthly net income.

  • You have a monthly in-hand (take home) salary as Rs 50,000 and you are looking for a home loan of about Rs 30 lakh.
  • Your gross monthly income might be much more than Rs 50,000 per month but that does not matter while calculating the net income.
  • You don’t have any other loan like car or personal loan on your name.
  • Bank rules say that you are eligible to get 60 times your monthly net income as loan.

Well, all sounds good till the time you are talking to your bank executive or an agent over phone for your eligibility. They ask you for your net income, you answer Rs 50,000 per month and they immediately say that you are eligible for a loan that is 60 times your monthly net income, that is, Rs 30 lakh. You are excited that everything is going as per your expectations and think you will get the amount you were looking for.

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About Bad Credit Personal Loans Banks #home #mortgage #rates


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Other People Are Reading

Significance

Banks consider individuals with credit scores below 620 to have poor or bad credit. Banks find out your credit score from at least one of three privately held credit reporting agencies. The credit reporting agencies are Equifax, TransUnion and Experian. Most banks offering to do business with individuals with bad credit are internet-based or local businesses that offer payday advances. Some payday advances are more like personal loans because they are renewable each payday until the borrower is able to pay in full. Of course, fees apply with each renewal.

Features

The banks offering to loan money to those with bad credit do have some basic lending requirements that individuals must meet in order to apply. The banks require the borrower to be at least 18 years old and a legal resident with a minimum verifiable income of at least $800, although some require $1,000. Banks may require the borrower to have no outstanding payday loans or an active checking account.

Size

Most banks seem willing to offer unsecured personal loans of up to $1,500 to individuals with bad credit. Common offers are loans of $500 without a credit check deposited into your checking account in 24 to 48 hours. Secured loan amounts are a percentage of the value of the collateral.

Considerations

High risk lending banks may charge loan origination fees to applicants as well as high interest rates that may be three times the average interest rates or more. If a borrower cannot pay on the due date these banks may offer to delay payments with extension fees. The terms of the loan may include prepayment penalties; these are additional fees for paying off the balance early, so read the fine print. Lenders may also offer loan insurance for an additional fee. If you are considering this option, be sure you fully understand the costs and exclusions. If the banks fees and rates are tier-based, then a loan for $2,000 may have a significantly lower interest rate than a loan for $1,999, so be sure to ask.

Warning

Once you begin searching for personal loans you may be approached by fake lenders, phony debt counselors or scam artists who may even be using real names of loan companies. Learn about the latest advance fee loan scams and identity phishers before giving anyone your personal information such as your social security number or bank information.



5 Banks Providing Cheapest Home Loans in India #sky #loans


#cheapest home loans
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5 Banks Providing Cheapest Home Loans in India

Bangalore: Home prices may have been on an upward spiral for many years, but the cost of owning a house in India remains near the most affordable level in over three decades, showed data compiled by mortgage giant HDFC Ltd.

The average price of a home, purchased with a housing loan, rose to over 45 lakh in the 2012-13 fiscal marking the fourth consecutive year of uptrend from about 25 lakh in the year 2008-09, HDFC has said in a presentation.

Read on to know about few banks which provide cheapest home loans in India, listed by Yahoo.

Note: EMI per lakhs (in Rupees) for a loan amount of 30 lakhs as on May 3, 2013

1. Axis Bank

Axis Bank housing loans are intended for current requirements. One can choose between fixed and floating rate options based on which way you think interest rates are moving.

A loan in which the interest rate does not change during the entire term of the loan is known as a fixed rate and a floating interest rate is acknowledged as a changeable rate or adaptable rate.

Axis bank is offering 2,212 as fixed rate and 2, 149 as floating rate for a period of 5 years. Alternatively for 10 years fixed rate is 1,420 floating rate is 1,349, for 15 years fixed rate is 1,184, floating rate is 1,105 and for 20 years fixed rate is 1,084, floating rate is 998.

Also Read:



Why it – s miles cheaper to avoid the banks when buying a car. #auto #loan #rates


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Why it’s miles cheaper to avoid the banks when buying a car

WITH car sales falling off a cliff, there’s never been a better time to buy a car. The number of new cars sold in Ireland last year was a third the number sold in 2000, when the Celtic Tiger was alive and well. The industry is on its knees as a result – so you’ve a better chance of getting a bargain.

“It’s definitely a buyer’s market,” said Conor Faughnan, director of policy with AA Ireland. “You can push the car dealer on price, particularly if you’ve got the cash to do a deal.”

Cash of course is the cheapest way to buy a car – but not many of us have the luxury of having the cash to buy a car outright. Chances are, you’ll have to borrow to buy your dream set of wheels. Choose the wrong car finance however and you could pay as much as €6,000 more for your car than you would have, had you borrowed the money elsewhere.

You usually have two choices of car finance – a hire purchase agreement, where you pay monthly repayments for the hire of the car, or a car loan. You’ll typically be offered hire purchase if you go to a dealer; while a bank will usually offer you a loan.

The Sunday Independent examined the car finance offered by AIB, Bank of Ireland, Danske Bank, Permanent TSB and Ulster Bank as well as the hire purchase deals offered by a few dealers. We found that hire purchase can work out a lot cheaper than a loan – but only if the interest rate is lower than 9 per cent and there are no hidden charges lobbed on top of that.

BORROWING €10,000

Up to €2,350 more expensive at the bank

If borrowing €10,000 to buy a car, one of the cheapest ways to do so is through hire purchase with Renault Finance.

If you’re buying a Renault Megane (Coupe, Hatch or Grand), Renault Finance offers interest-free hire purchase of up to €11,000 as long as you pay off the money borrowed over three years – and pay a 30 per cent up-front deposit off the price of the car.

If you’re not interested in a Megane, but have another Renault in mind, you could borrow €10,000 from Renault Finance at an interest rate of 4.9 per cent under hire purchase – as long as you can stump up the 30 per cent deposit. Under that rate, the monthly repayments are €185 over five years – and the cost of your credit, including interest and fees of €150, comes to €1,250. That’s up to €2,350 cheaper than the banks.

If you’re buying from a BMW dealer, BMW Financial Services charges 7.95 per cent interest under HP if you’re borrowing €10,000. The monthly repayments over five years are €198.67, which brings the cost of your credit to €1,920 – almost half what some banks charge. You don’t have to pay a deposit to get the 7.95 per cent interest rate.

Our survey found that Bank of Ireland is the most expensive for car loans. It charges 13.6 per cent interest on a fixed-rate loan of €10,000. Under that rate, your monthly repayments over five years are €226.82 – which brings the cost of your credit to €3,609.

Bank of Ireland will knock off 1 per cent from your interest rate if you get your loan online – but even with that discount, its €10,000 car loans still work out more expensive than those offered by AIB, Danske Bank, and PTSB. Ulster Bank is the second most expensive for a €10,000 car loan. Ulster charges 12.3 per cent interest – which clocks up to €3,238 after five years.

Permanent TSB offers the cheapest €10,000 car loan. Permo charges 9.9 per cent interest, which will cost you €2,595 after five years.

Check if your bank offers hire purchase as that may work out cheaper for you than a car loan. Bank of Ireland charges 10.5 per cent interest on €10,000 borrowed under hire purchase, which brings the cost of your credit to €2,756.40 after five years – about €800 cheaper than the bank’s fixed rate loan.

BORROWING €30,000

Up to €5,731 more expensive at the bank

If buying a Renault, Renault Finance should work out a lot cheaper than your bank. It costs €3,510 to borrow €30,000 over five years under Renault’s 4.9 per cent interest rate for hire purchase – but again, you need a 30 per cent deposit to get that rate.

If you don’t have the 30 per cent deposit, you’ll be charged 6.9 per cent interest – which is still cheaper than the banks.

It costs €6,068 to borrow €30,000 over five years under BMW Financial Services’ hire purchase plan – which charges 7.95 per cent interest.

Borrow the €30,000 through Bank of Ireland’s variable loan however, and you’ll pay €9,241 in interest over five years – between €3,173 and €5,731 more than the hire purchase offers we examined. Bank of Ireland charges 11.7 per cent interest on this loan – which makes its variable loan the most expensive of the €30,000 car loans examined.

Danske Bank’s variable loan is also expensive. Danske charges 11.47 per cent on a variable loan of €30,000, which will cost you €9,054 after five years.

The cost of Permo’s €30,000 car loan, which has an interest rate of 9.3 per cent, adds up to €7,277 after five years. The hire purchase offers from Bank of Ireland and AIB worked out cheaper than Permo’s loan however.

BORROWING €60,000

Up to €6,192 more expensive at the bank

One of the cheapest ways to borrow €60,000 is through hire purchase with BMW Financial Services. You’ll pay 7.95 per cent interest on €60,000 and this will cost you €12,290 after five years. Get a €60,000 variable loan at 11.7 per cent from Bank of Ireland however, and you’ll pay €18,482 interest after five years – about €6,200 more.

Avoid Danske Bank’s variable loan – it charges 11.47 per cent interest on €60,000, which will cost you €18,107 after five years.

At 9.3 per cent interest, Permanent TSB’s car loan was the cheapest €60,000 bank loan surveyed. The cost of that loan came to €14,555 after five years.

Bank of Ireland’s hire purchase however works out cheaper than Permo’s car loan. The cost of borrowing €60,000 under Bank of Ireland’s hire purchase over five years adds up to €13,515.

LEASING

If you own your own business and you’ve no desire to own a car outright, leasing could work out cheaper for you in the short-term.

For example, it could cost you €29,560 to buy a Toyota Avensis diesel saloon. If you lease it for five years from Merrion Fleet Management, your monthly repayments come to €512.67. These repayments include the cost of maintenance such as road tax, servicing and tyres. By contrast, the monthly repayments for a €30,000 bank loan over five years range between €619 and €654 and these repayments don’t include costs such as road tax and servicing.

The cost of leasing a car will however add up over time. After five years, the monthly repayments for the lease of the Toyota Avensis add up to €30,760 – and you won’t own your car but must hand it back to the leasing company at an agreed time. As long as you meet the repayments on your car loan or hire purchase agreement, you’ll own your car.

CAVEATS

You need to understand everything about a hire purchase agreement before you sign up to it, warns Dermott Jewell of the Consumers’ Association of Ireland.

The main advantage of a loan over hire purchase is that you can sell your car to repay the loan should you fall behind on your repayments. You can’t do this with hire purchase. As a result, you’re more likely to have your car repossessed under hire purchase than a car loan. With hire purchase, you don’t own the car until the final payment is made.

“The inability to pay later has given rise to significant debts when devalued cars are repossessed, sold for small market value and leaving unmanageable balances to pay,” said Jewell.

Irish Independent

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90 Day Installment Loans Seattle WA – Green Leaf Loan Group, Seattle WA 90 Day Installment Loans, Seattle WA Retail Banks, Seattle WA Unsecured Business Loans, Seattle WA Working Capital Loans #e #loans


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90 Day Installment Loans Seattle WA

90 Day Installment Loans, Seattle, WA, Greenleafloangroup and Unsecured Business Loans

90 Day Installment Loans

Larger Loan Amounts and Time to Pay it Back

With 90 day installment loans you get larger loan amounts and time to pay it back. Our installment loans can be considered as short term installment loans or long term installment loans but either way they should be considered. Since your income is your credit there is no credit check which makes our unsecured installment loans sought out online by those with bad credit.

With 90 day installment loans you get the cash you need now and at least 90 days to pay back the loan. So, when you need a larger loan amount or more time to pay back the loan and your credit is not great then check out our featured installment loan lenders .

Everyone benefits from a larger loan and more time to repay with an unsecured installment loan. You can typically get a larger loan amount when you have more time to repay a loan. When an installment loan is unsecured then you also benefit by not having to provide any collateral for the loan. Your income and your good name is all you’ll need with our featured direct installment lenders .

Even with bad credit you can easily get an installment loan online from our direct installment lenders. When you apply for bad credit installment loans online. all you’ll need is a job and a bank account.

We provide access to short term installment loans and long term installment loans. A short term installment loan is usually for a smaller amount and takes less than 90 day to repay. Conversely, a long term installment loan is usually for a larger amount and takes more than 90 days to repay.



How do used car loans work? carloan banks usedcars #credit #loans


#used car loans
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How do used car loans work?

I have some general questions about financing a used car

My current car, a 1995 Volvo 850 with around 200,000 miles, has been giving me some trouble. First, the A/C died, which for someone who likes to keep their surroundings as cold as possible is pretty annoying. It sounds like that may simply be a relay that needs to be replaced. Second, there was a good amount of white smoking blowing out of my tailpipe this afternoon. I’m worried that it may be a headgasket or a gasket on my turbo. I’m going to see the mechanic tomorrow morning.

Assuming that repairing my 15-year-old car will cost me many hundreds if not thousands of dollars, I’ve been looking into getting a replacement. I’ve tried my best to research various used car loans online. I’ve got $2000-$2500 to use a down payment. Ideally I’d replace this car with the same exact model, only with less miles. I love my Volvo.

It seems like many lenders limit the model year they will loan money for to newer (within the last 5 or so years) models. Is this true of most lenders? Will it be tough to get a $3000-$5000 loan for a late 90s model?

If I do get a loan, am I free to purchase the car wherever I want? Private seller? Dealership? Used car lot? How does this work? Does the bank give me a blank check with the stipulation that I can only spend up to $xxxx? Do I need to tell the seller/dealership to contact my lender to receive the money?

I currently do the majority of my banking online with ING Direct. They do not offer car loans. There are several banks near me, including PNC and my employers credit union. Generally, do you need to have an account at the bank to get a loan from them?

This is a tough situation for me, as I recently graduated from college and moved away from home. I don’t have any friends who can give me rides or help me look for a car. I’d like to be prepared if I need to start the process of finding a loan and then purchasing a car.

I bank at a local credit union in the metro NY area (and have commented about using credit unions here in the past ) and recommend that route.

My credit union will only give car loans for cars 10 years or younger. Why? Because the car is collateral in case you don’t pay back the loan. If the car stop working and you cannot afford to fix it, the credit union doesn’t want to repo a busted car.

Want a car loan? Need an account. The minimum for a savings account there is $5. Get pre-approved for the loan in the amount so you know that you’ll be able to finance it when you start shopping around. You’ll have to use a bank if you buy from an individual. If you buy from a business, they will attempt to loan you the money as well. There’s tons written about financing cars at dealerships and car negotiating for you to read. Commonly, it is recommended that you do not walk in and announce that you’ve been pre-approved elsewhere or for what amount.

Huh. I was not previously aware of the limitation on model years for car loans.

Well, the issue with car loans is that they will take a security interest in your car, so the car is collateral on the loan and therefore the lender has to care about the quality/upkeep of the car (FYI, there is typically a minimum amount of comprehensive and/or collision insurance coverage required when you take out an auto loan).

One potential alternative is a line of credit or personal loan. Discover has such a product, though I’m sure there are other, similar alternatives, possibly even one at your local credit union. This is different from a credit card in that 1) the interest rate tends to be lower, and 2) the monthly payment and payment term are fixed. For a small amount such as you are planning to borrow ($3-5K), it may be entirely feasible to get a personal loan.

The upside is that they do not care at all what you spend it on, or require any particular level of insurance on your car. The downside is that the interest rate may be a couple points worse than that of a car loan, and your repayment term may well be shorter (24-36 months is common), so the monthly payments will be higher.

posted by rkent at 8:00 PM on May 25, 2010

What the others said reflects my experience too, but I will add one bit of advice.

Last time I bought a car, I arranged for financing ahead of time with my credit union. I qualified for their very best rate, which turned out to be the lowest rate among about 10 banks and credit unions I checked. I wound up buying a very slightly used car from a dealer and the manufacturer had incentive financing which was about one percent lower than that. The finance guy at the dealership somehow wound up finding financing through the dealer services department at a major national bank which was even 1% lower than the manufacturer’s deal.

The point is that you should come prepared with your own financing in place, but be open to the possibility of a better deal. Also be aware that some dealers try to simulate a better deal by giving you a lower rate but a higher overall price. For that reason, you should negotiate on the price and all other details before you even begin talking to the dealer about financing. You should also make it clear that you’re totally indifferent about the car and prepared to walk at the first sign of nonsense.



FRB: Charge-Off and Delinquency Rates on Loans and Leases at Commercial Banks #student #loan #network


#bank loan rates
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Delinquency Rates

1. Residential real estate loans include loans secured by one- to four-family properties, including home equity lines of credit. Return to table

Not available.

Source. Federal Financial Institutions Examination Council (FFIEC) Consolidated Reports of Condition and Income (1985-2000: FFIEC 031 through 034; 2001-: FFIEC 031 041).

Notes

Charge-offs, which are the value of loans removed from the books and charged against loss reserves, are measured net of recoveries as a percentage of average loans and annualized.

Delinquent loans are those past due thirty days or more and still accruing interest as well as those in nonaccrual status. They are measured as a percentage of end-of-period loans.

Banks are insured U.S.-chartered commercial banks.

Size, where used, is measured by consolidated assets adjusted for mergers; where used, “other” banks are those smaller than the 100 largest.

Special Notes

The adoption by some banks of FAS 159, The Fair Value Option for Financial Assets and Financial Liabilities, affected charge-off and delinquency rate data for 2008:1. Because the effects of the accounting change on the dollar volume of loans reported on banks’ loan books were small, the effects of the accounting change on banks’ charge-off and delinquency rates were presumably small for the industry as a whole. Information on the dollar impacts on banks’ loan books can be found on page 14 in the “Notes on the Data” section beginning with the April 11, H.8, Assets and Liabilities of Commercial Bank in the United States, statistical release. For more information on FAS 159, please refer to www.fasb.org/st/summary/stsum159.shtml.

Owing to a reporting problem, delinquency rates for residential and commercial mortgage loans for the third quarter of 1999 are partially estimated.



Banks that make the most money, and the least, on credit card loans #student #loan #consolidation #calculator


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Banks that make the most money, and the least, on credit card loans

By Fred O. Williams

The most lucrative card companies are ones you probably never heard of — but whose cards you just might carry.

Store-card issuers Comenity Bank and Synchrony Financial, formerly called GE Capital, reaped the most interest and fees from their cardholders among 12 major card issuers, an analysis by CreditCards.com found.

Banks that issue credit cards are enjoying high profits these days, buoyed by low defaults and cheap funding costs. But some card banks are better off than others, thanks to cardholders who shell out more interest and fees. Creditcards.com analyzed financial reports filed by 1,300 U.S. banks to see who made the most — and the least — from their card business in 2013. (See Credit card income at 500 U.S. banks . )

The analysis found a wide spread in card income — with some big banks collecting three times as much from cardholders as their competitors. The industry generated an average yield of 12.4 cents on each dollar of card balances last year, before losses and other costs. Among the top dozen issuers, yields ranged from a high of 28.4 cents to a low of 8.4 cents per dollar of card loans.

How can some card companies charge much, much more than others?

No. 1, consumers are not doing a lot of shopping around, said Jeanne Hogarth, vice president of policy at the Center for Financial Services Innovation. And No. 2, it amazes me how insensitive consumers are to [the] price of credit.

Even people with good credit are lured into high-rate cards, when they could qualify for a cheaper deal, the analysis found. On the other hand, companies making the least from cardholders kept a lid on rates and fees that other banks use to drive profits.

Many applicants, drawn in by a card’s instant discounts or rewards, overlook its interest rates, penalty fees and other important costs — to their own detriment. When you’re looking to get a credit card, we want you to shop based on the lowest cost of borrowing, said Todd Mark, vice president of education at Consumer Credit Counseling Service of Greater Dallas.

What yields measure

Credit cards are known as one of banking’s profit centers. A group of 16 banks that specialize in credit cards had triple the industry’s average return on assets in the third quarter of 2014, according to the Federal Deposit Insurance Corp.’s Quarterly Banking Profile.

The yields calculated by CreditCards.com are not a look at bottom-line profits. They exclude the costs of running a card business, such as marketing, customer service, fraud prevention and the cost of funds. The yields also leave out some income sources, such as the swipe fees that retailers pay. However, the yield is a good yardstick for comparing how much money each company charges its cardholders, per dollar in balances.

The chart lists 12 banks with the biggest U.S. card business in 2013. The first bar represents their average yield — cents of interest and fees they collect per dollar of balances. The second bar shows the yield after deducting money lost when cardholders default.

After Comenity and GE, the issuers with the next-highest yields are Capital One and Citibank — both of which have large store-card businesses in addition to their general purpose cards. APRs on store-card agreements are typically several points higher than rates on general-purpose cards. Wells Fargo, Discover, Chase and Bank of America were in the middle of the pack of the 12 card banks, with interest and fee income that hovered near the industry average.

Most expensive card companies

Comenity, a unit of Plano, Texas-based Alliance Data Systems, is the bank behind more than 120 store-branded cards from niche retailers such as Abercrombie, Dress Barn and ZGallerie. Although its name may not ring a bell, the bank has a long reach — with 33 million active accounts, it estimates that one in 10 employed U.S. adults carries at least one of its cards.



Compare the Best Credit Unions – Location – Interest Rates #credit #union, #credit #card, #banks, #financial #institution, #fdic, #loans, #credit #score, #cash, #consumer #banking, #bank, #online #banking, #federal #union, #union #bank, #secu


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Credit Unions

Membership Type

A credit union’s charter dictates eligibility based on factors such as common employment, association or residence. Check with the credit union you are interested in to confirm your eligibility. If you are not eligible, many credit unions allow membership through family members, a spouse or friends who are participants. Eligible members must join by submitting an application and purchasing one share in the union. The credit union determines the cost of one share, but expect rates to be around $5-10. By purchasing one share, members own a piece of their credit union and can vote in officer elections.

Net Worth

Credit unions are assigned a Net Worth Classification by the National Credit Union Administration (NCUA) that acts as an indicator of the risk involved in that union as well as its financial stability. The classification is based on the total assets of the credit union and a risk assessment of the its investments. These are the classifications assigned to credit unions by the NCUA.

  1. Well Capitalized: the credit union has a net worth ratio of seven percent or greater and meets any applicable risk-based net worth requirement under §§702.103 through 702.108.
  2. Adequately Capitalized: a credit union has a net worth ratio of at least six percent but less than seven percent. It also meets any applicable risk-based net worth requirement under §§ 702.103 through 702.108.
  3. Undercapitalized: the credit union has a net worth ratio of at least four percent but less than six percent. It does not meet any applicable risk-based net worth requirement under §§ 702.103 through 702.108.
  4. Significantly Undercapitalized the credit union has a net worth ratio of at least two percent but less than four percent or a net worth ratio of at least four percent but less than five percent, while either failing to submit an acceptable net worth restoration plan within the time prescribed in § 702.206, or failing to implement a net worth restoration plan approved by the NCUA Board.
  5. Critically Undercapitalized a credit union has a net worth ratio of less than two percent.

Type

Both Federal Credit Unions and Federally Insured State-Charted Credit Unions (FISCUs) receive the same insurance coverage by the National Credit Union Share Insurance Fund (NCUSIF). The NCUA, however, defers responsibility of state-chartered credit unions to state supervisory agencies.

The U.S. government insures deposits in federal credit unions up to $250,000 under the National Credit Union Share Insurance Fund (NCUSIF). Provisions in the Federal Credit Union act’s bylaws also protect member savings.

The chart above displays the percentage breakdown of type across all Credit Unions on Credio.



Car Loans: Compare UAE Car Finance from UAE banks #medical #loans


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What key criteria should I consider before taking out a car loan?

  • New or used – For used cars, most banks impose a limit of car model they will finance
  • Minimum salary requirement – UAE banks normally impose a minimum salary required to take out a car loan so select a provider from those whose minimum salary requirement is less or the same as your salary
  • Interest rates – do flat or reducing interest rates apply? See below for details of how these differ
  • Down payment – consider what the minimum down payment is
  • Fees – consider all fees applicable such as arrangement fees and early settlement fees
  • Other benefits – does the bank provide options for a payment holiday

Is a down payment always required when taking out a car loan in the UAE?

Yes although the amount of down payment required will differ according to each bank. Criteria taken into account include:

  • Whether you are buying a new or a used car
  • Whether you are going to transfer your salary to the bank that will provide the car loan
  • Whether you are taking out an Islamic product, in which case, no down payment is required.

How much can I borrow?

Most banks offer finance of 70-80% of the car value. The actual loan amount will depend on your income, the loan period and various other criteria.



8 Best Ways for How to Consolidate Credit Card Debt #banks #that #consolidate #debt


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What should you do if you find yourself overburdened with credit card debt and you are having trouble keeping up with all the payments? It may be time to consider debt consolidation to make your debt easier to manage, easier to track, and to potentially lower your monthly payments while you get back on track. I am a huge proponent of paying off your debt rather than just filing bankruptcy, so debt consolidation is something I preach about quite often. When I was in debt up to my eyeballs, I did all sorts of balancing acts to consolidate my debt to get it paid off, so I figured I could post about some to maybe help some readers out.

A big selling point for consolidation of debt is to reduce the number of bills coming into your house to a more manageable level. Rather than getting 4 credit card bills, all with their own balances and minimum payments, you can consolidate down to 1 (or 2, at most) bills that you can then make bigger payments on. Wouldn’t it be nice to have one bill that you pay $150 on rather than 4 bills with 4 separate payments? Thought so. Doing this also lets you see any progress you make on that singular debt, so it’s kind of a no-brainer just from the “encouragement” perspective. But how do you consolidate your debt? Well, there are a few different options.

1. Home owners can take out a home equity loan, which borrows against the value of their home, to consolidate their debt. By doing so you are basically putting your house up as collateral for the loan, so be sure to don’t default on payments. Since interest on this loan is tax-deductible, it is often a smart way of consolidating any credit card you may have built up.

2. Home owners can also do a “cash-out” refinance on their homes. This allows owners to refinancing and take some of the home value out to pay off their bills.

3. People with pretty decent credit could possibly open a new line of credit with a much lower interest rate and roll their debt onto that card. Granted, if you are in debt so bad you need to consolidate it, new credit may be difficult to obtain. But it is definitely something to keep in mind as you are looking at options, and credit cards are great for this because you don’t need to put anything up as collateral for the loan.

4. Watch for special offers of 0% interest balance transfers from an existing card. This is one of the most common ways of consolidating debt, and something I did quite frequently when I was working on paying off mine. I did many, many transfers over the years it took me to pay off the debt, but the effort was worth it because at 0% interest, I paid it off quicker.

5. Apply for a personal loan from your bank or credit union. Watch that interest rate to be sure it’s lower than what you pay now on your debt, but sometimes credit unions have great loan rates available for borrowers.

6. Borrow from your retirement money. I don’t recommend this at all, but for some people it may make sense. If you have a 401(k) plan, you can borrow against it. Keep in mind you cannot borrow money for retirement, so be really sure of what you are doing before signing on the dotted line.

7.Borrow money from a family member. This is a touchy subject for many, and I honestly would recommend against it unless the money you receive is a gift of some sort. Money issues can really pull a family apart, so be sure you know what you are getting into before agreeing to anything. If you know for sure you can pay off the amount borrowed in a reasonable amount of time, a no or low-interest loan from a family member could be feasible.

8.Contact a debt consolidation company. These can definitely be pretty shady, but I do know someone who used the NFCC, the National Foundation for Credit Counseling, to consolidate and pay off her debt. Organizations like this contact your creditors for you, negotiate payment settlements, and then set you up with a single monthly payment to pay towards the negotiated amount.

No matter the method, the most important thing you can do today with your debt is to get rid of it. While I find no problem with the responsible use of credit, carrying debt around can really limit your life and lifestyle. You can check out my previous series on getting out of credit card debt for more tips on getting that monkey off your back, and good luck to you on doing so. Debt be gone!

No related posts.

Don t forget Peer-to-Peer loan sites like Lending Club and Prosper.com. It s very easy to get personal loans funded at much lower rates than banks.

This is certainly a timely topic as many consumers are struggling with debt and need options. While I agree with many of your suggestions, I just wanted to clarify that the NFCC promotes the national agenda for financially responsible behavior and builds capacity for its Members to deliver the highest quality financial education and counseling services. That being said they provide a network of providers for consumers to use. Settlement which you refer to in the post is very different than credit counseling or debt Management plans. Here is a resource guide that outlines the differences.

I got a debt consolidation loan from Lending Club and it s a little frustrating because it automatically takes the money from my account, which means I can t pay anything extra (unless I m missing something). I wish I would ve put it all on one card.

You re absolutely right, Big Spender. I should have put that in there, considering I am a lender over at Lending Club!

Regarding #8, I d just like to add that NFCC is actually an association of credit counseling agencies/organizations. It s members are the more reputable/accredited agencies. NFCC is an excellent resource to finding a good one. Another resource is AICCCA. Same deal. Also look for agencies that are accredited by the BBB.

Half of those suggestions are assuming the individual has ultimately CHANGED THEIR SPENDING BEHAVIOR! One of the WORST things I see people doing is using home equity or retirement to cover credit card debt only to turn around and run the credit cards right back up.
I see nightmares with debt consolidation companies too. They can t do anything for you that you can t do for yourself and most of them are about as crooked as the payday loan places.

In fact, a lot of people today are struggling with their payments and bills trying to make ends meet and to avoid serious problems. It’s rather difficult to take debt under control and repay it in the shortest period of time as most of consumers experience rather tough financial times. Debt consolidators are here to help you. They provide specific low interest debt consolidation loan that can be to be really helpful for people who find it really difficult to manage their personal finances themselves and cover the existing debt.

Some additional points for # 8 (contacting a debt consolidation company) (1) latest studies from the NFCC show that only 21% of people who enroll in these programs complete them. (2) It appears on your credit that you are enrolled in a debt management plan. Not something a lot of lenders want to see.

Not saying this shouldn t be considered, but it should definitely be a last resort and one considered along with other options such as debt settlement and bankruptcy.

One way of consolidating your debt that this article does not cover is to simply call your bank. It’s a hidden secret that banks will work with you and have plans in-house designed to help you manage debt. These plans do not hurt your credit and can save you tons on interest and payments. Some companies will even help you pay off other cards. The first thing to do is call your bank, then consider these other options

Just look up all of your interest rates from each card and write them on a separate list. Then note the new rates you are supposed to be given. If the new rate is lower than the average index of the old rate, then consolidating your credit card debts would make financial sense for you. If there are cards offering lower rates, then you don t have to include them in your consolidation. And of course, if you want to consolidate your credit card debt, you should firstly look at all of your debt in details. Once you know what you have, it will be much easier to contact specialists to help you with your consolidation solutions.

There are many consolidation agencies that will work with debtors to lower the overall payments with a good rate.



PNC Bank wants to increase credit card use among customer base #bank, #banks, #billion, #business, #card


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PNC Bank wants to increase credit card use among customer base

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PNC Bank wants to add a card to your wallet.

The Pittsburgh region s largest bank is looking to become a bigger player in the estimated $4 trillion credit card industry, a move aimed at boosting revenue at a time when improving consumer finances and tight profit margins in other areas of the banks business are making credit cards increasingly attractive.

Last month, PNC introduced two new credit cards — a plain vanilla “core Visa” for individual consumers and cash rewards card for businesses — which it has marketed to customers through mailings and in branches. PNC executives have said they want to use credit cards to “deepen the share of wallet” with their customers.

Bank profits have been pinched because low interest rates have made it difficult to make money on traditional lending.

With U.S. consumers racking up $146 billion in new credit card debt since the beginning of 2011 and new regulations limiting debit card transaction fees, credit cards offer a big opportunity to banks, said Odysseas Papadimitriou, CEO of the personal finance websites CardHub and WalletHub.

“A bank s credit card department can be its most profitable revenue source, providing high rates of interest on revolving balances as well as lucrative ‘swipe fees on purchases,” Papadimitriou said. Swipe fees are paid by merchants when a credit card is used by customers.

PNC is relatively new to the market and remains a relatively minor competitor in an industry dominated by four companies — JPMorgan Chase, Bank of America, Citibank and Capital One. PNC ranked 11th among all Visa and MasterCard issuers in 2014, according to The Nilson Report, an industry publication. PNC s $5.6 billion in outstanding credit card loans is a fraction of the $129.6 billion at industry leader Chase.

PNC is not trying to compete with the national companies, said Todd Rosenthal, the bank s head of credit cards. But it does want to be a more familiar card brand regionally and take advantage of an opportunity that the bank has largely overlooked: PNC s own customers.

“We believe we are underpenetrated into our own customer base,” Rosenthal said. “If we can get the customers who are already doing business with us to have their credit cards with us, we think there is a great opportunity.”

PNC wasn t in the credit card business until its purchase of National City Corp. in 2008. Outstanding credit card loans increased 4 percent from a year ago, but it is still a small part of retail business at 8.6 percent of the bank s $51.5 billion in total consumer loans.

Rosenthal would not say how many existing customers had PNC credit cards, nor give specifics about how many more it hoped to capture, but acknowledged that PNC had been less successful than peers in penetrating its customer base.

At Wells Fargo, which has also pushed more into credit cards and ranks fifth with more than $30 billion in outstanding credit card loans, the company says that 41.8 percent of retail customers have a credit card with the bank.

There are risks. Credit cards are unsecured debt, meaning there s no collateral backing it as with a car loan or home mortgage, which makes it more difficult for banks to collect their money if a customer defaults. A downturn in the economy, higher unemployment and lax underwriting standards could bite the banks that aren t careful, said Dan Werner, a bank analyst at Morningstar.

“It s a little bit riskier business,” Werner said. “But given the current economic environment and the information available to underwrite these things quickly, it adds another stream of revenue to PNC to counteract the margin squeeze that banks have seen the last couple of years.”

PNC s strategy is a conservative one. CEO Bill Demchak has said the bank must be competitive with rewards, but would not be overly aggressive with its programs. Nor will PNC seek out subprime borrowers with poor credit, Rosenthal said.

The sales pitch to customers is one of trust and convenience. That is, customers who already have a checking account or mortgage with PNC can now add credit cards to the mix and do all their banking in one place, benefiting from more streamlined customer service.

“Just making it easy and integrated for clients to use the card,” Demchak said at the Sanford C. Bernstein Strategic Decisions Conference in New York recently. “That s our advantage. We re already their bank, right?”

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Personal Loans For Bad Credit Baltimore MD – Green Leaf Loan Group, Baltimore MD Personal Loans For Bad Credit, Baltimore MD Retail Banks, Baltimore MD Unsecured Business Loans, Baltimore MD Working Capital Loans #loan #rates


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Personal Loans For Bad Credit Baltimore MD

Personal Loans For Bad Credit, Baltimore, MD, Greenleafloangroup and Unsecured Business Loans

Personal Loans for Bad Credit

Green Leaf Loan Group Helps People with Bad Credit

Personal loans for people with bad credit. We help people with bad credit get personal loans and personal payday loans. Our loans are quick and online, so if you need a personal loan then we are here for you with no credit check.

Local Companies

12 East 25th Street

Baltimore, MD

ATM Fees

monthly fee: Monthly service fees range from $0 to $25.00. See institution about how these monthly fees can be waived.

ATM fee note: There is a $2.00 fee each time you use a non-affiliated ATM. This fee can be waived on your first two withdrawals each month by maintaining an average balance of $2,000.00 between your ‘Spend’ and ‘Reserve’ Accounts.

ATM Fee Rebate Noe: Some accounts provide rebates of ATM Surcharge Fees. Contact PNC Bank for details.

Services

Mobile & Text Banking, Debit Reward Programs, Overdraft Protection, Email Alerts, Online Bill Pay, Activity Download, Free Checks, Unlimited Checks

Data Provided By:



4% Interest, Without Fees: Too Good to Be Checking? #personal #finance, #bankrate #inc, #banks, #business #news


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4% Interest, Without Fees: Too Good to Be Checking?

Let’s be honest, the interest rate on most interest-bearing checking accounts these days is a joke. The average rate is a measly 0.05 percent, according to the latest report from the FDIC.

Imagine if you could earn 3 or 4 percent interest on a “free” checking account – with no minimum balance requirement, no monthly fees and free transactions at any ATM in the country?

It sounds too good to be true, but it’s not.

The Kasasa checking account (pronounced kah-sah-suh) offered by dozens of community banks and credit unions across the country is for real. Right now, 29 of these institutions are paying 3 to 4 percent APY to those who qualify.

The 4.01 APY offered by Pelican State Credit Union in Baton Rouge is 80 times more than the average interest-free checking account pays these days. Heck, it’s more than four times what you can make with the average 5-year CD. (National average: 0.86 percent, Bankrate.com )

“Consumers have been wrongly led to believe that earning competitive rates on checking is not an option anymore,” said Kasasa CEO Gabe Krajicek. “That’s costing them hundreds of dollars each year.”

For many people, the Kasasa account can be an easy way to boost the return on cash savings.

“It’s a good way to put all or most of your emergency fund into an account that’s going to earn a higher rate of return without sacrificing safety or liquidity,” said Greg McBride, senior financial analyst at Bankrate.com.

The key is you have to clear certain hurdles every month to earn that higher interest rate: get an e-statement, log in to online banking and use your debit card 10 times.

“For most people it’s not hard to satisfy the qualification criteria,” Krajicek said. “This is the stuff you probably do anyway.”

Should you fail to qualify for that month, say you only used your debit card nine times, you’ll get paid a much lower rate that’s comparable to a typical checking account.

“While the interest drops, there is never any sort of fee and you can try next month to meet all the qualifications,” Krajicek explained.

Joe Ridout, who lives in San Francisco, is very happy with his Kasasa checking.

“It’s a no-brainer,” he said “It beats the pants off of any other bank account I have.”

Ridout is the spokesperson for the advocacy group Consumer Action, so he knows a good deal when he finds it.

“If you are interested in saving money in a bank account, this is an easy way to do it,” he told me. “You’ll earn exponentially more than what you’d get from a mega-bank as long as you meet the monthly requirements.”

How do they do it?

Kasasa is designed to attract the type of customers that community banks and credit unions want: people who lower their costs and generate revenue.

A financial institution saves around $2 a month when an e-statement replaces a paper one. They make money every time you use your debit card. People who use online banking are more self-serve and that helps reduce overhead costs.

And it turns out, someone who has Kasasa checking is also twice as likely to apply for a loan.

Even so, there’s a limit to how much profit a bank can expect to make from these accounts. That’s why there’s a cap on the amount of money that can earn the maximum interest rate. It varies from $5,000 to $50,000 depending on the institution.

“We’re not trying to make this a place to park a million dollars,” Kasasa’s Krajicek told me.

What he wants to do is get more people to invest their money with community banks and credit unions because they offer personal service and reinvest that money in the local community.

“There are so many community financial institutions that will treat you like a person and not a number,” Krajicek said. “Consumers really do have a much better banking alternative than just sitting there and having it stuck to them by mega-banks.”



How do used car loans work? carloan banks usedcars #best #bank #loans


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How do used car loans work?

I have some general questions about financing a used car

My current car, a 1995 Volvo 850 with around 200,000 miles, has been giving me some trouble. First, the A/C died, which for someone who likes to keep their surroundings as cold as possible is pretty annoying. It sounds like that may simply be a relay that needs to be replaced. Second, there was a good amount of white smoking blowing out of my tailpipe this afternoon. I’m worried that it may be a headgasket or a gasket on my turbo. I’m going to see the mechanic tomorrow morning.

Assuming that repairing my 15-year-old car will cost me many hundreds if not thousands of dollars, I’ve been looking into getting a replacement. I’ve tried my best to research various used car loans online. I’ve got $2000-$2500 to use a down payment. Ideally I’d replace this car with the same exact model, only with less miles. I love my Volvo.

It seems like many lenders limit the model year they will loan money for to newer (within the last 5 or so years) models. Is this true of most lenders? Will it be tough to get a $3000-$5000 loan for a late 90s model?

If I do get a loan, am I free to purchase the car wherever I want? Private seller? Dealership? Used car lot? How does this work? Does the bank give me a blank check with the stipulation that I can only spend up to $xxxx? Do I need to tell the seller/dealership to contact my lender to receive the money?

I currently do the majority of my banking online with ING Direct. They do not offer car loans. There are several banks near me, including PNC and my employers credit union. Generally, do you need to have an account at the bank to get a loan from them?

This is a tough situation for me, as I recently graduated from college and moved away from home. I don’t have any friends who can give me rides or help me look for a car. I’d like to be prepared if I need to start the process of finding a loan and then purchasing a car.

I bank at a local credit union in the metro NY area (and have commented about using credit unions here in the past ) and recommend that route.

My credit union will only give car loans for cars 10 years or younger. Why? Because the car is collateral in case you don’t pay back the loan. If the car stop working and you cannot afford to fix it, the credit union doesn’t want to repo a busted car.

Want a car loan? Need an account. The minimum for a savings account there is $5. Get pre-approved for the loan in the amount so you know that you’ll be able to finance it when you start shopping around. You’ll have to use a bank if you buy from an individual. If you buy from a business, they will attempt to loan you the money as well. There’s tons written about financing cars at dealerships and car negotiating for you to read. Commonly, it is recommended that you do not walk in and announce that you’ve been pre-approved elsewhere or for what amount.

Huh. I was not previously aware of the limitation on model years for car loans.

Well, the issue with car loans is that they will take a security interest in your car, so the car is collateral on the loan and therefore the lender has to care about the quality/upkeep of the car (FYI, there is typically a minimum amount of comprehensive and/or collision insurance coverage required when you take out an auto loan).

One potential alternative is a line of credit or personal loan. Discover has such a product, though I’m sure there are other, similar alternatives, possibly even one at your local credit union. This is different from a credit card in that 1) the interest rate tends to be lower, and 2) the monthly payment and payment term are fixed. For a small amount such as you are planning to borrow ($3-5K), it may be entirely feasible to get a personal loan.

The upside is that they do not care at all what you spend it on, or require any particular level of insurance on your car. The downside is that the interest rate may be a couple points worse than that of a car loan, and your repayment term may well be shorter (24-36 months is common), so the monthly payments will be higher.

posted by rkent at 8:00 PM on May 25, 2010

What the others said reflects my experience too, but I will add one bit of advice.

Last time I bought a car, I arranged for financing ahead of time with my credit union. I qualified for their very best rate, which turned out to be the lowest rate among about 10 banks and credit unions I checked. I wound up buying a very slightly used car from a dealer and the manufacturer had incentive financing which was about one percent lower than that. The finance guy at the dealership somehow wound up finding financing through the dealer services department at a major national bank which was even 1% lower than the manufacturer’s deal.

The point is that you should come prepared with your own financing in place, but be open to the possibility of a better deal. Also be aware that some dealers try to simulate a better deal by giving you a lower rate but a higher overall price. For that reason, you should negotiate on the price and all other details before you even begin talking to the dealer about financing. You should also make it clear that you’re totally indifferent about the car and prepared to walk at the first sign of nonsense.



Home Buying – Banks vs. Mortgage Brokers #federal #student #loan #consolidation


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Mortgage Brokers

Mortgage brokers are professionals who are paid a fee to bring together lenders and borrowers. They usually work with dozens or even hundreds of lenders, not as employees, but as freelance agents.

Think of mortgage brokers as scouts.

They find and evaluate home buyers, analyzing each person s credit situation to determine which lender is the best fit for that person s needs. The broker submits the home buyer s application to one or more lenders in order to sell it, and works with the chosen lender until the loan closes. A good mortgage broker can find a lender for just about any type of credit.

The mortgage broker working to secure your loan is earning a fee for the transaction and the better deal they achieve for a lender, the more they are paid.

Don t be too anxious to disclose to a broker the interest rate you are willing to accept–let them tell you what terms they can secure. Shop around to make sure the terms are reasonable.

Many of the mortgages companies that advertise online are mortgage brokers.

What Difference Does it Make?

A local or online mortgage broker may find you a lender in another part of the country. An online bank might not have a local office where employees can help you one-on-one.

Some out of town lenders don t understand the types of heating systems used in specific areas, they aren t familiar with private septic systems, and they don t immediately understand common classifications and terms used by local appraisers. Those are just a few examples of problems I ve seen that caused significant slow-downs in loans made by an out of town lender working with a mortgage broker.

Using a local bank can sometimes be a plus. Their staff generally understand the specifics of local properties, but a distant lender who doesn t will delay closing until questions are answered.

Mortgage brokers can often find a lender who will make loans that a bank refuses–problem credit is one example. Loans for unique or commercial properties might be easier to secure through a mortgage broker.

Make your choice of a lender based on the best loan terms you can find. Ask questions about expected time-frame. Ask your real estate agent friends who have recently bought a home for lender and broker referrals.

Pull Your Own Credit Reports

Order your credit reports and scores from all three major credit reporting agencies before you visit a bank or broker. Personal copies of current reports should provide enough details for them to give you an opinion of the types of loans they can offer you.

The lender you decide to use will access your credit files, but taking your personal copies to the initial interview avoids multiple credit pulls that can lower your scores. Requesting your own credit reports does not affect your scores.



5 Banks Providing Cheapest Home Loans in India #business #loans #calculator


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5 Banks Providing Cheapest Home Loans in India

Bangalore: Home prices may have been on an upward spiral for many years, but the cost of owning a house in India remains near the most affordable level in over three decades, showed data compiled by mortgage giant HDFC Ltd.

The average price of a home, purchased with a housing loan, rose to over 45 lakh in the 2012-13 fiscal marking the fourth consecutive year of uptrend from about 25 lakh in the year 2008-09, HDFC has said in a presentation.

Read on to know about few banks which provide cheapest home loans in India, listed by Yahoo.

Note: EMI per lakhs (in Rupees) for a loan amount of 30 lakhs as on May 3, 2013

1. Axis Bank

Axis Bank housing loans are intended for current requirements. One can choose between fixed and floating rate options based on which way you think interest rates are moving.

A loan in which the interest rate does not change during the entire term of the loan is known as a fixed rate and a floating interest rate is acknowledged as a changeable rate or adaptable rate.

Axis bank is offering 2,212 as fixed rate and 2, 149 as floating rate for a period of 5 years. Alternatively for 10 years fixed rate is 1,420 floating rate is 1,349, for 15 years fixed rate is 1,184, floating rate is 1,105 and for 20 years fixed rate is 1,084, floating rate is 998.

Also Read:



Banks Loan – How To Find Banks Willing To Lend You Money #loans #today


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Banks Loan How To Find Banks Willing To Lend You Money

With the difficulty of today s financial situation,the majority of the population need the help of bank loans to assist them through bad credit, educational purposes, mortgages and car loans. The process of holding money, transferring money and lending money is done mainly by banks and its industry.

When it comes to financial needs and situations, the banking industry is probably the primary organization that is trusted by individuals. One main task these banks offer these individuals are banks loan achieving the status of helping other people who need money and don t have it. Each bank has their own policies but all cater to offering bank loans, whatever type the individual may need.

A loan is one basic variable in the business world equation. All big companies pass through banks loan to start and keep up their businesses. So whether it is a large company or an ordinary professional, a banks loan are helpful in any financial status you might be in or you may need for in any financial nature.

A loan is a certain amount of money that is borrowed that is required to be paid back. In terms and conditions that are agreed upon between the borrower and the lender. Banks loan first started in Genoa, Italy in the year 1400 s.

Ever since banks have been taking care of people s money by investing it and keeping it safe. A banks loan is one of the ways they provide the help and care people expect from them. And since then, banks have upgraded certain features in their banking procedures not just loans in general but all kinds of services they can offer. With the boom of technology over the years, banks have taken the ride with this boom and have done online banking as an added service for individuals who prefer these kinds of transactions.

How do banks loan work and how do bank gain money from loans? The only thing that banks earn from is the interest that will be added to the principal amount. Since as loans have a contracted amount to be repaid in certain terms normally every month, this money amount intended for installment payments already includes interest.

Of course every bank has different rules and regulations and certain bank loan conditions. So depending on these conditions then will determine how much interest you should pay, meaning how much the bank has earned as well.

Bans have different kinds of loans, each type of banks loan has a different set of conditions that go with it. Like for example, a secure loan needs collateral. Meaning the borrower needs to offer or barter something he owns for the loan. Mortgage loans are for purchasing houses. A credit card is an unsecured loan, meaning though there is no collateral, interest rates applied are very high. If the credit is not paid on time, then it will be unsafe and might end up giving you problems.

At the end of the day a banks loan like any other is something borrowed and needs to be returned. Irregardless of what kind of banks loan you may have, this is something that you need to think over and discuss thoroughly if you can afford to repay it on time avoiding any hassles to you and your creditor in the future.

Get Your Personalized Interest Rate. Choose Your Loan Type And Enter Your Zip Code:



Banking without banks #hard #money #loans


#peer to peer loans
#

By offering both borrowers and lenders a better deal, websites that put the two together are challenging retail banks

In this section

Elsewhere, returns (and risks) are higher. IsePankur, which lends to more than 60,000 people in four euro-zone countries, pays its lenders (who include your correspondent) a stonking 21.45% average net return (after a 3% default rate). Its typical borrowers do not flinch at rates of up to 28%: they are refinancing far costlier credit-card debt and doorstep loans.

Peer-to-peer lending is growing fast in many countries. In Britain, loan volumes are doubling every six months. They have just passed the £1 billion mark ($1.7 billion), though this is tiny against the country’s £1.2 trillion in retail deposits. In America, the two largest P2P lenders, Lending Club and Prosper, have 98% of the market. They issued $2.4 billion in loans in 2013, up from $871m in 2012. The minnows are doing even better, though they are growing from a much lower base.

Neil Bindoff of PwC, a professional-services firm, speaks of a “perfect storm” supporting P2P’s growth. Interest rates are close to zero, the public is fed up with banks, costs are low (one third of a typical bank’s, according to Renaud Laplanche of Lending Club), and e-commerce is becoming part of daily life. People use the internet for peer-to-peer telephony (Skype) and shopping (eBay), so why not loans?

Awareness is still low—a survey by pwc found only 15% of Britons claimed to have heard of the big P2P firms such as Zopa, Funding Circle and RateSetter; 98% had heard of the main banks. Another hurdle in Britain is that P2P is not fully regulated; that will change on April 1st. The Financial Conduct Authority will issue the new rules imminently. In America, people saving for retirement can apply tax breaks to their loans, and offset their losses against profits. Britain’s P2P industry is awaiting a decision to extend tax-free savings schemes to its lenders.

Regulation to the rescue

Regulation should help forestall a big worry: that an ill-run platform might collapse, taking investors’ money with it. At a conference organised by the P2P Finance Association, a trade body, this week, executives were worried about the risks of a “Bitcoin-style bust” that could rattle confidence in the nascent industry. New rules are likely to insist that P2P businesses ringfence unlent funds gathered from savers and arrange for third parties to manage outstanding loans if they cease trading.

Other big questions abound. One is insurance. Funds placed with P2P lenders are not covered by the state-backed guarantees that protect retail deposits in banks. Some platforms offer something of a substitute. Zopa and most other British companies have started “provision funds”, which aim (but do not promise) to make good on loans that sour. These smooth the risk for lenders, but blunt the original P2P concept. So too does insurance: Ron Suber of Prosper, America’s second-biggest lender, says “deep actuarial conversations” are going on with outsiders who would like to help lenders provide for the risk that their borrower defaults, dies, or loses his job. Purists fear such arrangements could recreate the moral hazard that has plagued conventional banking.

The boom in cross-border P2P raises tricky legal questions. The European Commission has yet to get to grips with the industry. National rules often determine how credit is issued and debts are collected. But they offer little help when the money comes from hundreds of lenders in dozens of countries. Yield-chasing foreigners, private and institutional, are investing heavily in the American market.

Only a third of the money coming to Lending Club is now from retail investors: the rest (the fastest-growing slice) comes from rich people and institutions. Should such big investors get a better deal—such as getting their pick of the best loans on offer? In Britain, Giles Andrews of Zopa regards the idea as anathema: all savers should be treated equally. Some others think big lenders will eventually dominate P2P.

P2P also ends the dangerous mismatch between short-term deposits and long-term loans inherent in conventional banking—but generally by locking lenders in for the loan’s duration. A secondary market in P2P loans is developing fast. This allows investors to get their money back if they need it, usually by selling the loans at a discount. But rules vary: some platforms will buy back the loans; others just hold an auction.

P2P is not complicated: success largely depends on marketing oomph, the quality of the algorithms used to screen borrowers and ease of use (P2P platforms are scrambling to develop apps for smartphones and tablets). P2P may attract big outsiders, such as banks, or internet companies which already have lots of data about their customers and (like Facebook) are good at connecting them. Google last year led a $125m investment in Lending Club, valuing it at $1.55 billion. It might well want more.



About Bad Credit Personal Loans Banks #boat #loan #rates


#bank loans for people with bad credit
#

Other People Are Reading

Significance

Banks consider individuals with credit scores below 620 to have poor or bad credit. Banks find out your credit score from at least one of three privately held credit reporting agencies. The credit reporting agencies are Equifax, TransUnion and Experian. Most banks offering to do business with individuals with bad credit are internet-based or local businesses that offer payday advances. Some payday advances are more like personal loans because they are renewable each payday until the borrower is able to pay in full. Of course, fees apply with each renewal.

Features

The banks offering to loan money to those with bad credit do have some basic lending requirements that individuals must meet in order to apply. The banks require the borrower to be at least 18 years old and a legal resident with a minimum verifiable income of at least $800, although some require $1,000. Banks may require the borrower to have no outstanding payday loans or an active checking account.

Size

Most banks seem willing to offer unsecured personal loans of up to $1,500 to individuals with bad credit. Common offers are loans of $500 without a credit check deposited into your checking account in 24 to 48 hours. Secured loan amounts are a percentage of the value of the collateral.

Considerations

High risk lending banks may charge loan origination fees to applicants as well as high interest rates that may be three times the average interest rates or more. If a borrower cannot pay on the due date these banks may offer to delay payments with extension fees. The terms of the loan may include prepayment penalties; these are additional fees for paying off the balance early, so read the fine print. Lenders may also offer loan insurance for an additional fee. If you are considering this option, be sure you fully understand the costs and exclusions. If the banks fees and rates are tier-based, then a loan for $2,000 may have a significantly lower interest rate than a loan for $1,999, so be sure to ask.

Warning

Once you begin searching for personal loans you may be approached by fake lenders, phony debt counselors or scam artists who may even be using real names of loan companies. Learn about the latest advance fee loan scams and identity phishers before giving anyone your personal information such as your social security number or bank information.



5 Banks Providing Cheapest Home Loans in India #what #is #an #fha #loan


#cheapest home loans
#

5 Banks Providing Cheapest Home Loans in India

Bangalore: Home prices may have been on an upward spiral for many years, but the cost of owning a house in India remains near the most affordable level in over three decades, showed data compiled by mortgage giant HDFC Ltd.

The average price of a home, purchased with a housing loan, rose to over 45 lakh in the 2012-13 fiscal marking the fourth consecutive year of uptrend from about 25 lakh in the year 2008-09, HDFC has said in a presentation.

Read on to know about few banks which provide cheapest home loans in India, listed by Yahoo.

Note: EMI per lakhs (in Rupees) for a loan amount of 30 lakhs as on May 3, 2013

1. Axis Bank

Axis Bank housing loans are intended for current requirements. One can choose between fixed and floating rate options based on which way you think interest rates are moving.

A loan in which the interest rate does not change during the entire term of the loan is known as a fixed rate and a floating interest rate is acknowledged as a changeable rate or adaptable rate.

Axis bank is offering 2,212 as fixed rate and 2, 149 as floating rate for a period of 5 years. Alternatively for 10 years fixed rate is 1,420 floating rate is 1,349, for 15 years fixed rate is 1,184, floating rate is 1,105 and for 20 years fixed rate is 1,084, floating rate is 998.

Also Read:



Home-Loan Borrowers Bypass the Banks #loans #uk


#loan.com
#

Home-Loan Borrowers Bypass the Banks

Almost half of home-purchase loans now come from independent mortgage companies, which say they can offer faster, cheaper loans.

Anya Martin

Nov. 4, 2015 10:30 a.m. ET

Look out, banks. Home buyers are increasingly turning to independent mortgage companies for their loans.

In 2014, nondepository independent mortgage companies originated 47% of completed home-purchase loans and 42% of refinance loans, according to data from the Federal Reserve. That’s up from 43% and 31%, respectively, in 2013 and the largest share of the mortgage market held by non-banks since 1995.

With deeper reserves, some banks may still have an edge in the jumbo market compared with nonbanks.

—Guy Cecala

Related Reading

The vast majority of nonbank mortgage volume is still from conforming mortgages backed by Fannie Mae. FNMA -0.46 % Freddie Mac FMCC -0.93 % and the Federal Housing Administration, but nonbank lenders are eager to increase their market share of jumbo loans, says Guy Cecala, CEO and publisher of Inside Mortgage Finance, a trade publication that tracks originations. Jumbo mortgages have dollar amounts above conforming loan limits of $417,000 in most areas and $625,500 in some pricey home markets, such as New York and San Francisco.

Still, banks may have an edge in the jumbo market. Because these loans exceed government limits, lenders either must sell the loans to a tiny secondary market of mortgage-backed securities (less than 3% of all jumbo mortgages), or hold them in portfolio, a capacity which only the largest lending-only institutions may have, Mr. Cecala says.

Some nonbank lenders are now selling their jumbo loans to big banks and large institutions, such as Wells Fargo, insurance companies and real estate investment trusts (REITs), Mr. Cecala says. “Banks are realists,” he adds. “They need to buy loans from nonbanks to keep their portfolios growing.”

Feeding loans to bigger institutions lessens the lending risk for nonbanks, allowing them to meet and sometimes surpass banks with competitive rates and terms, Mr. Cecala says.

ENLARGE

Some also are targeting those jumbo borrowers who want particular niches of service.

For example, Quicken Loans allows jumbo borrowers who have straightforward income documentation to complete their transaction fully online. “In many cases, you don’t have to talk to a loan officer,” says Bob Walters, chief economist for Quicken Loans.

Online nonbank lenders will have an increasing advantage as more millennials—those born between 1981 and 2000—enter the mortgage market. says Jason van den Brand, CEO of Lenda, a San Francisco-based lender that currently offers only refinances but plans to expand to purchase loans by the end of 2015.

Speed is a selling point for Charlotte, N.C.-based Movement Mortgage, which operates in 42 states and originated $4.24 billion in mortgages in 2014, says CEO Casey Crawford.

Movement’s sales pitch to conforming loan borrowers is being able to close mortgages in seven business days and jumbo borrowers in only a few days more, even with new federally mandated waiting periods on closing documents that went into effect last month.

Beyond lending power, banks hold one other advantage over nonbank lenders—being able to offer lower rates or closing costs to customers based on length of account history and amount of holdings.

“Bank lenders also focus on the overall client relationship, and can offer discounts based on the depth of that relationship,” said D. Steve Boland, Bank of America BAC 2.41 % consumer-lending executive.

Corrections Amplifications:

Data on loan originations come from the Federal Reserve. An earlier version of this article incorrectly cited the Federal Financial Institutions Examination Council. (11/4/15)



Personal Loans For Bad Credit Hartford CT – Green Leaf Loan Group, Hartford CT Personal Loans For Bad Credit, Hartford CT Retail Banks, Hartford CT Unsecured Business Loans, Hartford CT Working Capital Loans #bad #credit #debt #consolidation #loans


#loans for bad credit
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Personal Loans For Bad Credit Hartford CT

Personal Loans For Bad Credit, Hartford, CT, Greenleafloangroup and Unsecured Business Loans

Personal Loans for Bad Credit

Green Leaf Loan Group Helps People with Bad Credit

Personal loans for people with bad credit. We help people with bad credit get personal loans and personal payday loans. Our loans are quick and online, so if you need a personal loan then we are here for you with no credit check.

Local Companies

One Financial Plaza

Hartford, CT

ATM Fees

monthly fee: Monthly service fees range from $0 to $20.00. See institution about how these monthly fees can be waived.

ATM fee note: There is a $2.00 fee each time you use a non-affiliated ATM. (Fee does not apply to all accounts.)

ATM Fee Rebate Noe: Some accounts provide rebates of ATM Surcharge Fees. Contact Peoples Bank for details.

Services

Overdraft Protection, Email Alerts, Online Bill Pay, Activity Download, Free Checks, Unlimited Checks

Data Provided By:



90 Day Installment Loans Seattle WA – Green Leaf Loan Group, Seattle WA 90 Day Installment Loans, Seattle WA Retail Banks, Seattle WA Unsecured Business Loans, Seattle WA Working Capital Loans #low #apr #loans


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90 Day Installment Loans Seattle WA

90 Day Installment Loans, Seattle, WA, Greenleafloangroup and Unsecured Business Loans

90 Day Installment Loans

Larger Loan Amounts and Time to Pay it Back

With 90 day installment loans you get larger loan amounts and time to pay it back. Our installment loans can be considered as short term installment loans or long term installment loans but either way they should be considered. Since your income is your credit there is no credit check which makes our unsecured installment loans sought out online by those with bad credit.

With 90 day installment loans you get the cash you need now and at least 90 days to pay back the loan. So, when you need a larger loan amount or more time to pay back the loan and your credit is not great then check out our featured installment loan lenders .

Everyone benefits from a larger loan and more time to repay with an unsecured installment loan. You can typically get a larger loan amount when you have more time to repay a loan. When an installment loan is unsecured then you also benefit by not having to provide any collateral for the loan. Your income and your good name is all you’ll need with our featured direct installment lenders .

Even with bad credit you can easily get an installment loan online from our direct installment lenders. When you apply for bad credit installment loans online. all you’ll need is a job and a bank account.

We provide access to short term installment loans and long term installment loans. A short term installment loan is usually for a smaller amount and takes less than 90 day to repay. Conversely, a long term installment loan is usually for a larger amount and takes more than 90 days to repay.



Mortgage Brokers vs Banks: Who Gets Your Business? #no #fax #payday #loans


#loan broker
#

Mortgage Brokers vs. Banks: Who Gets Your Business?

6:11 pm ET

November 4, 2014 November 4, 2014

When you’re looking for a mortgage, you can use a mortgage broker or deal directly with the bank.

Each choice has pros and cons, and depending on your personality, you ll have to decide which is right for you.

Going it Alone

If you go it alone, you deal with the bank directly. If you re a regular customer and have a great relationship with your bank, you might receive better terms and interest rates .

If you don t have a good working relationship with a particular bank, you should shop around. Even if you do have a bank you ve worked with, you should consider shopping around anyway—don’t trust your bank is automatically giving you the best deal.

Keep in mind that when you re on your own, comparing rates and terms can be time consuming and complicated. You may not know how to compare mortgage products correctly or be savvy enough to slice through all the financial jargon.



Omni Military Loans – Banks & Credit Unions – Killeen, TX – Reviews – Photos #low #income #loans


#omni military loans
#

Recommended Reviews

First to Review

First of all, I would like to say that I have had satisfactory service from Omni Financial in the past. However, the complaint I am filing, in my opinion has given me complete distrust in this company to ever handle anything for me again in the future. The complaint has to do with the proof of income practices. I was trying to include my wife s income for consideration for a new loan, however, I was told that due to her being a tipped employee, all they would count is her hourly wages, unless I could show where those funds were deposited into our checking account. I provided pay stubs which not only include the details of her hourly wages, but also of her tipped income as well. This could also be provided through W-2 s as well as Tax Returns, however, apparently even though the IRS is taxing these monies as income and the Social Security Administration and Medicare receive their money based on her whole income. according to Omni Financial unless each and every single dime could be accounted for on a bank statement, the money doesn t exist. This in my opinion is an act of ignorance on the part of Omni Financial, due to the fact that tipped employees take most of their tips home in cash and therefore, much of that money does not make it into a bank account. It is used for gasoline, groceries, meals, and entertainment etc.

I dealt directly with the Branch Manager Mr. Keith Callands at the Killeen, TX branch. I could not get him to see the point that although this income may not show up as a check or deposits to the dollars and cents at our bank, they still existed. I explained that if that income existed to the company my wife works for as well as the IRS and the Social Security Administration and Medicare, then clearly those funds are being received. I find it odd that I did not have to prove that she received her pay checks by showing them her bank statements with those being deposited into our account, nor did I have to prove those wages that were listed on my pay stubs were being deposited into our account, so why would there be any difference to prove whether or not her tips were being deposited?

I have called the 2 main competitors of Omni Financial and they both do not participate in this practice, which makes me even more upset about the way I was treated by Mr. Keith Calland, the branch manager for Killeen, TX. It has made me wonder whether or not this is a policy he has decided to attempt to implement on his own or whether or not this is the companies policy with regard to this source of income.

I would like a change to this policy so that other soldiers whose spouses are servers are not looked at with distrust and not have their true income used as a source of income when applying for these loan products. I would also like to receive an apology letter from the company for the inconvenience of even having to come down to their offices with proof of my wife s income, only to be told that over 75% of it could not be counted. I would like a personal apology from Mr. Calland with regard to the way he chose to handle the situation, and IF he did decide to come up with this policy on his own without regard to company policy I would like to see to it that at a minimum he is reprimanded for doing so. Once I have received these things I am seeking, I also wish to never be contacted by this company at any point in the future, whether it be by email, postal mail or phone.



Personal Loans For Bad Credit Baltimore MD – Green Leaf Loan Group, Baltimore MD Personal Loans For Bad Credit, Baltimore MD Retail Banks, Baltimore MD Unsecured Business Loans, Baltimore MD Working Capital Loans #boat #loan


#small loans for bad credit
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Personal Loans For Bad Credit Baltimore MD

Personal Loans For Bad Credit, Baltimore, MD, Greenleafloangroup and Unsecured Business Loans

Personal Loans for Bad Credit

Green Leaf Loan Group Helps People with Bad Credit

Personal loans for people with bad credit. We help people with bad credit get personal loans and personal payday loans. Our loans are quick and online, so if you need a personal loan then we are here for you with no credit check.

Local Companies

12 East 25th Street

Baltimore, MD

ATM Fees

monthly fee: Monthly service fees range from $0 to $25.00. See institution about how these monthly fees can be waived.

ATM fee note: There is a $2.00 fee each time you use a non-affiliated ATM. This fee can be waived on your first two withdrawals each month by maintaining an average balance of $2,000.00 between your ‘Spend’ and ‘Reserve’ Accounts.

ATM Fee Rebate Noe: Some accounts provide rebates of ATM Surcharge Fees. Contact PNC Bank for details.

Services

Mobile & Text Banking, Debit Reward Programs, Overdraft Protection, Email Alerts, Online Bill Pay, Activity Download, Free Checks, Unlimited Checks

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Personal Loans For Bad Credit Charlotte NC – Green Leaf Loan Group, Charlotte NC Personal Loans For Bad Credit, Charlotte NC Retail Banks, Charlotte NC Unsecured Business Loans, Charlotte NC Working Capital Loans #www.loans


#online loans for bad credit
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Personal Loans For Bad Credit Charlotte NC

Personal Loans For Bad Credit, Charlotte, NC, Greenleafloangroup and Unsecured Business Loans

Personal Loans for Bad Credit

Green Leaf Loan Group Helps People with Bad Credit

Personal loans for people with bad credit. We help people with bad credit get personal loans and personal payday loans. Our loans are quick and online, so if you need a personal loan then we are here for you with no credit check.

Local Companies

2000 Randolph Road

Charlotte, NC

ATM Fees

monthly fee: Monthly service fees range from $0 to $29.95. See institution about how these monthly fees can be waived.

ATM fee note: There is a $2 fee each time you use an unaffiliated ATM. (Fee does not apply to all accounts.)

ATM Fee Rebate Noe: Some accounts provide rebates of ATM Surcharge Fees. Contact RBC Bank USA for details.

Services

Debit Reward Programs, Overdraft Protection, Online Bill Pay, Activity Download, Free Checks, Unlimited Checks

Data Provided By:



Loans, Credit and Debt – Canadian Banks #logbook #loans


#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.



How do used car loans work? carloan banks usedcars #motorcycle #loan


#used car loans
#

How do used car loans work?

I have some general questions about financing a used car

My current car, a 1995 Volvo 850 with around 200,000 miles, has been giving me some trouble. First, the A/C died, which for someone who likes to keep their surroundings as cold as possible is pretty annoying. It sounds like that may simply be a relay that needs to be replaced. Second, there was a good amount of white smoking blowing out of my tailpipe this afternoon. I’m worried that it may be a headgasket or a gasket on my turbo. I’m going to see the mechanic tomorrow morning.

Assuming that repairing my 15-year-old car will cost me many hundreds if not thousands of dollars, I’ve been looking into getting a replacement. I’ve tried my best to research various used car loans online. I’ve got $2000-$2500 to use a down payment. Ideally I’d replace this car with the same exact model, only with less miles. I love my Volvo.

It seems like many lenders limit the model year they will loan money for to newer (within the last 5 or so years) models. Is this true of most lenders? Will it be tough to get a $3000-$5000 loan for a late 90s model?

If I do get a loan, am I free to purchase the car wherever I want? Private seller? Dealership? Used car lot? How does this work? Does the bank give me a blank check with the stipulation that I can only spend up to $xxxx? Do I need to tell the seller/dealership to contact my lender to receive the money?

I currently do the majority of my banking online with ING Direct. They do not offer car loans. There are several banks near me, including PNC and my employers credit union. Generally, do you need to have an account at the bank to get a loan from them?

This is a tough situation for me, as I recently graduated from college and moved away from home. I don’t have any friends who can give me rides or help me look for a car. I’d like to be prepared if I need to start the process of finding a loan and then purchasing a car.

I bank at a local credit union in the metro NY area (and have commented about using credit unions here in the past ) and recommend that route.

My credit union will only give car loans for cars 10 years or younger. Why? Because the car is collateral in case you don’t pay back the loan. If the car stop working and you cannot afford to fix it, the credit union doesn’t want to repo a busted car.

Want a car loan? Need an account. The minimum for a savings account there is $5. Get pre-approved for the loan in the amount so you know that you’ll be able to finance it when you start shopping around. You’ll have to use a bank if you buy from an individual. If you buy from a business, they will attempt to loan you the money as well. There’s tons written about financing cars at dealerships and car negotiating for you to read. Commonly, it is recommended that you do not walk in and announce that you’ve been pre-approved elsewhere or for what amount.

Huh. I was not previously aware of the limitation on model years for car loans.

Well, the issue with car loans is that they will take a security interest in your car, so the car is collateral on the loan and therefore the lender has to care about the quality/upkeep of the car (FYI, there is typically a minimum amount of comprehensive and/or collision insurance coverage required when you take out an auto loan).

One potential alternative is a line of credit or personal loan. Discover has such a product, though I’m sure there are other, similar alternatives, possibly even one at your local credit union. This is different from a credit card in that 1) the interest rate tends to be lower, and 2) the monthly payment and payment term are fixed. For a small amount such as you are planning to borrow ($3-5K), it may be entirely feasible to get a personal loan.

The upside is that they do not care at all what you spend it on, or require any particular level of insurance on your car. The downside is that the interest rate may be a couple points worse than that of a car loan, and your repayment term may well be shorter (24-36 months is common), so the monthly payments will be higher.

posted by rkent at 8:00 PM on May 25, 2010

What the others said reflects my experience too, but I will add one bit of advice.

Last time I bought a car, I arranged for financing ahead of time with my credit union. I qualified for their very best rate, which turned out to be the lowest rate among about 10 banks and credit unions I checked. I wound up buying a very slightly used car from a dealer and the manufacturer had incentive financing which was about one percent lower than that. The finance guy at the dealership somehow wound up finding financing through the dealer services department at a major national bank which was even 1% lower than the manufacturer’s deal.

The point is that you should come prepared with your own financing in place, but be open to the possibility of a better deal. Also be aware that some dealers try to simulate a better deal by giving you a lower rate but a higher overall price. For that reason, you should negotiate on the price and all other details before you even begin talking to the dealer about financing. You should also make it clear that you’re totally indifferent about the car and prepared to walk at the first sign of nonsense.



Home Loans: Compare home loans from UAE Banks #small #loans #for #bad #credit


#compare home loans
#

Got a question?

How do I choose a home loan provider?

Compare, compare, compare! Use our smart comparison tools to choose the best home loan for you. You may also wish to consider using a mortgage advisor such as Best Rate, who will do the hard work for you, recommend the best product for your needs and help you through the entire process from consultation to completion.

What key criteria should I consider before taking out a home loan?

What is the difference between a Fixed Rate and a Variable Rate home loan?

With a fixed rate home loan, you repay a fixed rate for a set number of years. With a variable rate, the repayment amount varies with the market rate, which means your repayments can change as the rate changes.

Will a bank lend me the full amount required to purchase my property?

No. You will need to pay a down payment / deposit and the bank will also carry out a valuation of the property and base the amount they lend you on this value rather than the purchase price. Any difference between what the bank lends you and what you need to pay to buy the property needs to be paid by you. A bank will commonly lend you 70%-85% of the property value.

Do I need to have a down payment / deposit?

Yes. In the UAE, it is a requirement to pay a down payment or deposit. The amount required will depend on whether you are a UAE national, resident expat or non-resident as well as your employment status and whether you are a first time buyer.

Should I apply for a home loan before looking for a property?

We advise you to obtain a pre-approval, which will help you to determine your budget. A pre-approval normally has a validity of one to three months, which is the time you have to make an offer on your chosen property. Once done, you can proceed with obtaining the final offer and completing the transfer process.

Can I take out a home loan as a first time buyer, non-resident or if I am self-employed?

Yes. Depending on your individual situation, different documents are required. Your chosen provider will provide you with details.

What is an arrangement fee?

This relates to what the bank will charge you at the beginning of the loan and is normally added to your principal loan amount. Some banks may offer home loan products with no arrangement fee but others may charge a fixed fee or a percentage of your total loan amount.

What is an early settlement fee?

This relates to the fee applicable if you decide to pay off your loan early. If, for example, you take a home loan for 25 years but expect to be in a position to pay if off before then, any early settlement fee becomes an important factor in choosing your home loan provider.

What is the difference between Flat and Reducing Interest Rates?

Rates on home loans can be calculated in two ways as a reducing rate or as a flat rate. With a flat rate, the rate is calculated on the entire principal amount of a loan (the full, original amount borrowed) whereas with a reducing interest rate, interest is charged only on the outstanding amount of the loan on a periodic basis.

Flat interest rates are normally lower than the reducing balance rate and therefore considered misleading. When it comes to comparing loans, the best way to compare their true cost is to convert everything into the Reducing Interest Rate equivalent (click here  for more information)

How long do I have to settle my home loan?

Tenures range on mortgages so make sure you take into account the tenure period when choosing a home loan product. Be sure to consider early settlement fees as well, in the event that you are in a position to make early repayments and settle your debt early.

What if I wish to sell the property before paying off the loan?

You are free to sell your property as and when you choose. You’ll just need to repay the full outstanding balance of your home loan at the time of sale.

What documents do I need in order to apply for a home loan?

Your residency and employment status will determine the exact documents you will require to submit on application. Your chosen loan provider will provide you with all details.

Do I need to transfer my salary to my home loan provider?

Not necessarily but doing so will often get you a better rate as you are then considered less risky to the institution.

Do I need to take out insurance on my home loan?



Home Buying – Banks vs. Mortgage Brokers #no #fee #loans


#loan broker
#

Mortgage Brokers

Mortgage brokers are professionals who are paid a fee to bring together lenders and borrowers. They usually work with dozens or even hundreds of lenders, not as employees, but as freelance agents.

Think of mortgage brokers as scouts.

They find and evaluate home buyers, analyzing each person s credit situation to determine which lender is the best fit for that person s needs. The broker submits the home buyer s application to one or more lenders in order to sell it, and works with the chosen lender until the loan closes. A good mortgage broker can find a lender for just about any type of credit.

The mortgage broker working to secure your loan is earning a fee for the transaction and the better deal they achieve for a lender, the more they are paid.

Don t be too anxious to disclose to a broker the interest rate you are willing to accept–let them tell you what terms they can secure. Shop around to make sure the terms are reasonable.

Many of the mortgages companies that advertise online are mortgage brokers.

What Difference Does it Make?

A local or online mortgage broker may find you a lender in another part of the country. An online bank might not have a local office where employees can help you one-on-one.

Some out of town lenders don t understand the types of heating systems used in specific areas, they aren t familiar with private septic systems, and they don t immediately understand common classifications and terms used by local appraisers. Those are just a few examples of problems I ve seen that caused significant slow-downs in loans made by an out of town lender working with a mortgage broker.

Using a local bank can sometimes be a plus. Their staff generally understand the specifics of local properties, but a distant lender who doesn t will delay closing until questions are answered.

Mortgage brokers can often find a lender who will make loans that a bank refuses–problem credit is one example. Loans for unique or commercial properties might be easier to secure through a mortgage broker.

Make your choice of a lender based on the best loan terms you can find. Ask questions about expected time-frame. Ask your real estate agent friends who have recently bought a home for lender and broker referrals.

Pull Your Own Credit Reports

Order your credit reports and scores from all three major credit reporting agencies before you visit a bank or broker. Personal copies of current reports should provide enough details for them to give you an opinion of the types of loans they can offer you.

The lender you decide to use will access your credit files, but taking your personal copies to the initial interview avoids multiple credit pulls that can lower your scores. Requesting your own credit reports does not affect your scores.



Compare the Best Banks #interest #rates #on #car #loans


#loans compare
#

Compare Consumer Banks

Data Sources

*Disclaimer: We strive to keep the information provided here accurate and up to date, however we cannot make warranties regarding the accuracy of our information. Please verify FDIC Insurance status, loan information, and interest rates during the application process. Please note that FindTheBest has financial relationships with some of the merchants mentioned here. Direct links are provided for your convenience, but FindTheBest may be compensated if consumers choose to utilize those links and generate sales for that merchant.

Core banking services, such as checking and savings accounts, make up the central hub of personal finance, but most banks also provide a comprehensive array of additional services. By meeting the financial needs of their customers, banks create lasting relationships with them that can offer cost savings and added convenience. However, the relationship with a bank can be difficult to end once it’s formed, so it’s important to choose carefully. The key is to figure out what you need and work on finding the perfect fit for you. Here are some important things to keep in mind as you look for a bank.

Traditional Branch-Based vs. Exclusively Online Banks

First determine whether you would prefer using a traditional bank or an online bank. Large traditional banks are likely to have hundreds or even thousands of branches located around the world, which is beneficial for frequent travelers. Branch-based banks also offer a higher level of personal customer service that is attractive to many consumers. You may enjoy having the ability to walk into a branch and meet with a representative in person when you have a problem or need to carry out a transaction. Most branch banks offer online services in addition to those offered by physical branches, although those offered by smaller banks may be less advanced or comprehensive than their larger or online counterparts. If you decide to choose an exclusively-online bank, your accounts will only be available online or over the phone. This may be discomforting to some consumers, but there are various benefits to choosing online banking. Since online banks do not have to deal with maintaining numerous physical branches, they are able to pass the savings on to you in the form of higher interest rates and lower account fees. Most online banks are also open 24/7, providing you with real-time access to your accounts from anywhere at any time. Bear in mind that online banks are completely dependent on technology, so if your computer or Internet connection goes down, you will not have access to your accounts until the technical problems are fixed. Also, if you’re thinking about an online bank, ensure that it allows you to pay for daily expenses with a debit card and that it provides access to ATMs in your area.

How to Choose the Right Bank for You

Once you have narrowed your options to either traditional banks or online banks, consider the following criteria:

  • Fees. Bank fees often depend on your banking habits and behavior, so be aware of these habits while comparing banks. For instance, you will need to be aware of fees related to minimum balances, overdraft fees, fees for balance transfers, and charges for using other banks’ ATMs. Remember, banks like to collect fees from their customers, so be sure to read the fine print.
  • Accounts Available. It is critical to see if the bank offers the types of accounts you need. The two most common accounts offered are checking and savings. A checking account is where you keep most of your funds. Checking accounts typically provide you with a debit card, the ability to write checks, automatic deposit, and the option to transfer funds to other accounts within the bank and to an external bank. Online automatic bill payment plans may also be available, especially with the larger banks and online banks. A savings account is where you store your emergency funds. Since the money in a savings account is intended to stay put, you don’t need to worry as much about accessibility issues. In fact, most savings accounts limit the number of withdrawals you can make each month. These accounts typically offer a higher interest rate than standard checking accounts. For convenience and potential savings, you may want to consider using the same bank for multiple accounts.
  • Interest Rates. An additional element to consider is the amount of interest you can earn. Ideally, you are looking to generate high-interest income through saving accounts and certificates of deposit; however, you may have to give up other benefits to find a bank with good interest rates. For example, a bank may have the best customer service in the area, but if the interest rates are really low, then you may want to pass to find a better deal. Similarly, you might consider putting up with additional restrictions if it means you can earn a maximum level of interest on your deposits. That said, make sure that you won’t incur extra fees by tolerating restrictions. Depending on your account balance, fees can quickly negate the amount of interest you’re likely to earn.
  • Services. It is best to choose a bank that is readily accessible, whether it is on the phone or in person. If you choose a traditional bank, check the hours of operation, branch and ATM locations, and types of support available. If you are banking with an online bank or one that you cannot easily access, then the customer service options available to you will be crucial. In addition to evaluating the quality of customer service, it is important to know if a bank offers the services you need. If you’re tech-savvy, you may want to choose the bank with the best electronic banking services. These services let you check your account balances online, arrange transfers, view checks you have written, automatically pay bills, and more. Some banks will also give you the option of having electronic bank statements, where you receive a monthly email with a link to your statement. Other services may include direct deposit, cashier’s checks, and wire transfers.
  • Financial Products. There are two primary types of financial products available from most banks: loans and income generating assets. Many banks will provide car loans, student loans, home mortgage loans, and home equity loans for those who qualify. Check for low interest rates, origination fees, prepayment penalties, and any closing costs before accepting a loan. It is also important to consider the various loan terms and how they fit your needs. If you’re searching for low-risk investments, see if the bank offers certificates of deposits (CDs).


  • Car Loans: Compare UAE Car Finance from UAE banks #unsecured #debt #consolidation #loans


    #compare car loans
    #

    What key criteria should I consider before taking out a car loan?

    • New or used – For used cars, most banks impose a limit of car model they will finance
    • Minimum salary requirement – UAE banks normally impose a minimum salary required to take out a car loan so select a provider from those whose minimum salary requirement is less or the same as your salary
    • Interest rates – do flat or reducing interest rates apply? See below for details of how these differ
    • Down payment – consider what the minimum down payment is
    • Fees – consider all fees applicable such as arrangement fees and early settlement fees
    • Other benefits – does the bank provide options for a payment holiday

    Is a down payment always required when taking out a car loan in the UAE?

    Yes although the amount of down payment required will differ according to each bank. Criteria taken into account include:

    • Whether you are buying a new or a used car
    • Whether you are going to transfer your salary to the bank that will provide the car loan
    • Whether you are taking out an Islamic product, in which case, no down payment is required.

    How much can I borrow?

    Most banks offer finance of 70-80% of the car value. The actual loan amount will depend on your income, the loan period and various other criteria.



    About Bad Credit Personal Loans Banks #holiday #loans


    #bank loans for people with bad credit
    #

    Other People Are Reading

    Significance

    Banks consider individuals with credit scores below 620 to have poor or bad credit. Banks find out your credit score from at least one of three privately held credit reporting agencies. The credit reporting agencies are Equifax, TransUnion and Experian. Most banks offering to do business with individuals with bad credit are internet-based or local businesses that offer payday advances. Some payday advances are more like personal loans because they are renewable each payday until the borrower is able to pay in full. Of course, fees apply with each renewal.

    Features

    The banks offering to loan money to those with bad credit do have some basic lending requirements that individuals must meet in order to apply. The banks require the borrower to be at least 18 years old and a legal resident with a minimum verifiable income of at least $800, although some require $1,000. Banks may require the borrower to have no outstanding payday loans or an active checking account.

    Size

    Most banks seem willing to offer unsecured personal loans of up to $1,500 to individuals with bad credit. Common offers are loans of $500 without a credit check deposited into your checking account in 24 to 48 hours. Secured loan amounts are a percentage of the value of the collateral.

    Considerations

    High risk lending banks may charge loan origination fees to applicants as well as high interest rates that may be three times the average interest rates or more. If a borrower cannot pay on the due date these banks may offer to delay payments with extension fees. The terms of the loan may include prepayment penalties; these are additional fees for paying off the balance early, so read the fine print. Lenders may also offer loan insurance for an additional fee. If you are considering this option, be sure you fully understand the costs and exclusions. If the banks fees and rates are tier-based, then a loan for $2,000 may have a significantly lower interest rate than a loan for $1,999, so be sure to ask.

    Warning

    Once you begin searching for personal loans you may be approached by fake lenders, phony debt counselors or scam artists who may even be using real names of loan companies. Learn about the latest advance fee loan scams and identity phishers before giving anyone your personal information such as your social security number or bank information.



    5 Banks Providing Cheapest Home Loans in India #payday #loan #no #credit #check


    #cheapest home loans
    #

    5 Banks Providing Cheapest Home Loans in India

    Bangalore: Home prices may have been on an upward spiral for many years, but the cost of owning a house in India remains near the most affordable level in over three decades, showed data compiled by mortgage giant HDFC Ltd.

    The average price of a home, purchased with a housing loan, rose to over 45 lakh in the 2012-13 fiscal marking the fourth consecutive year of uptrend from about 25 lakh in the year 2008-09, HDFC has said in a presentation.

    Read on to know about few banks which provide cheapest home loans in India, listed by Yahoo.

    Note: EMI per lakhs (in Rupees) for a loan amount of 30 lakhs as on May 3, 2013

    1. Axis Bank

    Axis Bank housing loans are intended for current requirements. One can choose between fixed and floating rate options based on which way you think interest rates are moving.

    A loan in which the interest rate does not change during the entire term of the loan is known as a fixed rate and a floating interest rate is acknowledged as a changeable rate or adaptable rate.

    Axis bank is offering 2,212 as fixed rate and 2, 149 as floating rate for a period of 5 years. Alternatively for 10 years fixed rate is 1,420 floating rate is 1,349, for 15 years fixed rate is 1,184, floating rate is 1,105 and for 20 years fixed rate is 1,084, floating rate is 998.

    Also Read:



    Federal regulators scrutinize banks advance direct deposit loans #direct #lenders #for #payday #loans


    #advance loans
    #

    Federal regulators scrutinize banks’ ‘advance direct deposit’ loans

    Short-term loans from both banks, payday lenders drawing fire

    By James Peter Rubin

    Need cash in a hurry?

    People who have run to the neighborhood cash advance outlet for quick money are finding more sources for short-term loans in unexpected places — local bank branches.

    At least five regional and national banks now offer versions of advance direct deposit loans. Banks advance borrowers the money, with the loans repaid from scheduled future direct deposits — usually from paychecks or Social Security and other government benefits.

    Consumer groups say the loans closely mimic the terms of controversial high-interest payday loans offered at nonbank, retail outlets in urban and rural areas across the country.

    Advance deposit loans are billed as short-term, but snare consumers in long-term debt, says Kathleen Day, a spokeswoman for the Center for Responsible Lending, a North Carolina consumer advocacy and research organization. What do you think the chances are that a person who takes a loan that’s big interest and short term can pay back the loan and fee and still have enough for goods and services? Not high, Day says.

    In February 2012, the group was one of 250 national and regional consumer, religious and community groups and individuals asking federal regulators to take immediate action to stop banks from making unaffordable, high-cost payday loans.

    Rising demand from some banking customers for small-dollar, short-term loans has led U.S. Bank, Regions, Guaranty and Fifth Third banks to offer advance deposit loans ranging from $1 to $1,000. A fifth bank, Wells Fargo, has been offering short-term loans since 1994.

    The new federal financial watchdog agency, the Consumer Financial Protection Bureau (CFPB), has launched closer scrutiny of both banks and payday lenders offering high-interest, small-dollar loans with an eye on whether these loans are fairly marketed to low-income consumers.

    How the loans work

    Here’s how advance deposit loans work:

    Say you need $100 to pay your rent or cover some other expense, but don’t have the money in the bank. You’ve been receiving $500 monthly via electronic deposit. The bank agrees to a loan on the assumption that it will be able to automatically draw the full amount plus a fee from your next $500 deposit. There’s no check of the borrower’s credit history. The loans are popular partly because consumers can gain access to money quickly. The fee usually ranges from $7.50 to $10 per $100 borrowed. Guaranty Bank charges a flat $30 each time a customer applies for the loan. Repayment is required within 35 days. (See chart .)



    Home-Loan Borrowers Bypass the Banks #credit #card #loans


    #loan.com
    #

    Home-Loan Borrowers Bypass the Banks

    Almost half of home-purchase loans now come from independent mortgage companies, which say they can offer faster, cheaper loans.

    Anya Martin

    Nov. 4, 2015 10:30 a.m. ET

    Look out, banks. Home buyers are increasingly turning to independent mortgage companies for their loans.

    In 2014, nondepository independent mortgage companies originated 47% of completed home-purchase loans and 42% of refinance loans, according to data from the Federal Reserve. That’s up from 43% and 31%, respectively, in 2013 and the largest share of the mortgage market held by non-banks since 1995.

    With deeper reserves, some banks may still have an edge in the jumbo market compared with nonbanks.

    —Guy Cecala

    Related Reading

    The vast majority of nonbank mortgage volume is still from conforming mortgages backed by Fannie Mae. FNMA -0.46 % Freddie Mac FMCC -0.93 % and the Federal Housing Administration, but nonbank lenders are eager to increase their market share of jumbo loans, says Guy Cecala, CEO and publisher of Inside Mortgage Finance, a trade publication that tracks originations. Jumbo mortgages have dollar amounts above conforming loan limits of $417,000 in most areas and $625,500 in some pricey home markets, such as New York and San Francisco.

    Still, banks may have an edge in the jumbo market. Because these loans exceed government limits, lenders either must sell the loans to a tiny secondary market of mortgage-backed securities (less than 3% of all jumbo mortgages), or hold them in portfolio, a capacity which only the largest lending-only institutions may have, Mr. Cecala says.

    Some nonbank lenders are now selling their jumbo loans to big banks and large institutions, such as Wells Fargo, insurance companies and real estate investment trusts (REITs), Mr. Cecala says. “Banks are realists,” he adds. “They need to buy loans from nonbanks to keep their portfolios growing.”

    Feeding loans to bigger institutions lessens the lending risk for nonbanks, allowing them to meet and sometimes surpass banks with competitive rates and terms, Mr. Cecala says.

    ENLARGE

    Some also are targeting those jumbo borrowers who want particular niches of service.

    For example, Quicken Loans allows jumbo borrowers who have straightforward income documentation to complete their transaction fully online. “In many cases, you don’t have to talk to a loan officer,” says Bob Walters, chief economist for Quicken Loans.

    Online nonbank lenders will have an increasing advantage as more millennials—those born between 1981 and 2000—enter the mortgage market. says Jason van den Brand, CEO of Lenda, a San Francisco-based lender that currently offers only refinances but plans to expand to purchase loans by the end of 2015.

    Speed is a selling point for Charlotte, N.C.-based Movement Mortgage, which operates in 42 states and originated $4.24 billion in mortgages in 2014, says CEO Casey Crawford.

    Movement’s sales pitch to conforming loan borrowers is being able to close mortgages in seven business days and jumbo borrowers in only a few days more, even with new federally mandated waiting periods on closing documents that went into effect last month.

    Beyond lending power, banks hold one other advantage over nonbank lenders—being able to offer lower rates or closing costs to customers based on length of account history and amount of holdings.

    “Bank lenders also focus on the overall client relationship, and can offer discounts based on the depth of that relationship,” said D. Steve Boland, Bank of America BAC 2.41 % consumer-lending executive.

    Corrections Amplifications:

    Data on loan originations come from the Federal Reserve. An earlier version of this article incorrectly cited the Federal Financial Institutions Examination Council. (11/4/15)



    Personal Loans For Bad Credit Charlotte NC – Green Leaf Loan Group, Charlotte NC Personal Loans For Bad Credit, Charlotte NC Retail Banks, Charlotte NC Unsecured Business Loans, Charlotte NC Working Capital Loans #loan #payment #schedule


    #online loans for bad credit
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    Personal Loans For Bad Credit Charlotte NC

    Personal Loans For Bad Credit, Charlotte, NC, Greenleafloangroup and Unsecured Business Loans

    Personal Loans for Bad Credit

    Green Leaf Loan Group Helps People with Bad Credit

    Personal loans for people with bad credit. We help people with bad credit get personal loans and personal payday loans. Our loans are quick and online, so if you need a personal loan then we are here for you with no credit check.

    Local Companies

    2000 Randolph Road

    Charlotte, NC

    ATM Fees

    monthly fee: Monthly service fees range from $0 to $29.95. See institution about how these monthly fees can be waived.

    ATM fee note: There is a $2 fee each time you use an unaffiliated ATM. (Fee does not apply to all accounts.)

    ATM Fee Rebate Noe: Some accounts provide rebates of ATM Surcharge Fees. Contact RBC Bank USA for details.

    Services

    Debit Reward Programs, Overdraft Protection, Online Bill Pay, Activity Download, Free Checks, Unlimited Checks

    Data Provided By:



    90 Day Installment Loans Seattle WA – Green Leaf Loan Group, Seattle WA 90 Day Installment Loans, Seattle WA Retail Banks, Seattle WA Unsecured Business Loans, Seattle WA Working Capital Loans #loans #payday


    #90 day loans
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    90 Day Installment Loans Seattle WA

    90 Day Installment Loans, Seattle, WA, Greenleafloangroup and Unsecured Business Loans

    90 Day Installment Loans

    Larger Loan Amounts and Time to Pay it Back

    With 90 day installment loans you get larger loan amounts and time to pay it back. Our installment loans can be considered as short term installment loans or long term installment loans but either way they should be considered. Since your income is your credit there is no credit check which makes our unsecured installment loans sought out online by those with bad credit.

    With 90 day installment loans you get the cash you need now and at least 90 days to pay back the loan. So, when you need a larger loan amount or more time to pay back the loan and your credit is not great then check out our featured installment loan lenders .

    Everyone benefits from a larger loan and more time to repay with an unsecured installment loan. You can typically get a larger loan amount when you have more time to repay a loan. When an installment loan is unsecured then you also benefit by not having to provide any collateral for the loan. Your income and your good name is all you’ll need with our featured direct installment lenders .

    Even with bad credit you can easily get an installment loan online from our direct installment lenders. When you apply for bad credit installment loans online. all you’ll need is a job and a bank account.

    We provide access to short term installment loans and long term installment loans. A short term installment loan is usually for a smaller amount and takes less than 90 day to repay. Conversely, a long term installment loan is usually for a larger amount and takes more than 90 days to repay.



    Mortgage Brokers – Banks no longer going through a broker #student #financial #aid


    #loan broker
    #

    Banks cut off mortgage brokers

    A war has broken out between lenders and mortgage brokers, two groups that used to play nicely together so they could make loans for people who wanted to buy a home or refinance an existing mortgage. The fallout from the battle could result in fewer choices of loan products and higher loan fees for borrowers — or at least that’s the argument of the brokers, who so far appear to be on the losing side.

    Brokers still control a very large share of mortgage applications; however, a number of lenders, most notably JPMorgan Chase and Citi, recently announced they will no longer accept loan applications that are submitted through brokers. Instead, these lenders have decided to take applications and fund loans only through their own retail and other in-house operations. As a result, brokers have found themselves out in the cold.

    Are borrowers ‘best-served’ by lender or mortgage broker?

    Chase decided to exit the broker-based loan business and focus instead on loans originated through the bank’s branches and other direct-to-borrower (e.g. telephone or online) programs primarily for three reasons, according to a Jan. 13 letter from two Chase executives.

    • Borrowers are “best-served” by a bank loan officer, who can explain the bank’s products and help borrowers evaluate their loan choices.

    “We think (the best approach) is when we sit down with a borrower across the desk and say, ‘Tell us your financial situation and let’s match you to a loan that makes sense,” says Tom Kelly, a Chase spokesman in Chicago.

  • Loans originated by retail-focused bank professionals and loan officers have “performed better” than loans originated by mortgage brokers. In lender-speak, “performed better” means those borrowers were less likely to make late payments or default.
  • The lender’s network of bank branches has grown from 600 locations in four states five years ago to more than 5,000 locations in 23 states today.
  • Some 2,200 of those new bank branches were added as a result of Chase’s September 2008 acquisition of Washington Mutual, also known by the nickname “WaMu.” That acquisition brought Chase many more branches in four “high-growth markets” (California, Florida, Georgia and Nevada) and four other “important markets” (New York City, Chicago, Texas and Arizona ) according to the letter.

    Featured Rates

    “The market has evolved away from brokers,” Kelly explains. “But for us, more importantly, the coverage that we had of the country and of what we can do for borrowers is so much different from what it was five years ago.”

    Borrowers will still be able to shop around for a mortgage and costs will still be competitive since many banks will continue to offer loans, Kelly says. He suggests that borrowers will be better off with the bank’s own loan officers because, as he says, “there is some contention that brokers put people in the wrong loans.”

    Not all lenders have cut off mortgage brokers. Among those that say they still welcome broker applications is Wells Fargo. The lender is still committed to the mortgage broker loan origination channel, says Debora Blume, a spokeswoman for Wells Fargo Home Mortgage in Des Moines.

    “Our goal is to work with brokers who are aligned with our fair and responsible lending principles and diligent about managing to the economics of the mortgage industry,” Blume says.

    Are lenders trying to get rid of mortgage brokers?

    Not surprisingly, mortgage brokers aren’t happy being cut off. Marc Savitt, president of The Mortgage Center in Martinsburg, W. Va. and the National Association of Mortgage Brokers in McLean, Va. has even suggested there has been collusion among some lenders to push mortgage brokers out of the business altogether.

    “Some of the banks cutting off the brokers has nothing to do with consumer protection. This is all about market share,” he says. “They are trying to get rid of the competition.”

    Savitt says borrowers will still be able to shop for a mortgage but will have fewer choices. Borrowers in states — such as Savitt’s — that are less well-served by banking institutions may feel the loss more than borrowers who live in urban areas that are heavily populated with bank branches. Unlike banks, mortgage brokers “are in every community in this country,” Savitt says.

    Savitt is especially aggrieved by Chase’s argument that loans originated through brokers have performed poorly compared with loans originated through the lender’s direct-to-consumer channels.

    “I find that (claim) interesting considering that we are selling your (i.e. the lender’s) products. You developed these products. You set the guidelines, and you have 100-percent control over who gets approved and who gets denied. We, as brokers, have no say in the approval process, so tell me how this can be our fault,” he says.

    A world without mortgage brokers?

    Some mortgage brokers are so convinced that lenders no longer want their business that they’ve even contemplated a future in which borrowers won’t have the option of getting a loan through a broker.

    Among those who are so concerned is Janet Guilbault, a mortgage lending specialist with RPM Mortgage in Alamo, Calif. Her sense that mortgage brokers are being squeezed out of the business is based on three trends she’s observed:

    • Some lenders have completely cut their ties to mortgage brokers.
    • Others have closed their doors to new brokers, though they may still accept applications from brokers with whom they have an existing relationship.
    • Lender’s loan representatives are no longer a fixture in brokers’ offices. In the heyday of mortgage originations, these loan “reps” used to shower brokers with cookies and gifts and help newer brokers complete borrowers’ loan applications just to get their business, Guilbault recalls.

    Collectively, those trends suggest that “the writing is on the wall” for mortgage brokers, Guilbault says.

    The disappearance of brokers would be “a losing proposition” for borrowers, she says, because brokers:

    • Offer borrowers more choices of lenders and loan products.
    • Can more easily switch a loan application to a different lender to help the borrower qualify for a loan.
    • Can be contacted during evening and weekend hours when banks are closed.
    • Are compensated only when they close a loan.

    “We only get paid if we complete the loan, and we are trying to build a database of clients that can sustain our business. I personally think that path lends itself better to the kind of service (borrowers want),” Guilbault says.

    But Guilbault also believes that lenders want to blame brokers for the subprime mortgage mess and that they want to have more control over the mortgage business. Again, she suggests, that’s bad news for borrowers.

    “Banks can charge more when brokers are out of the game,” she says. “I won’t say they will, but whenever you remove competition, prices are not going to go down. They are going to go up and service is going to go down.”



    Home Buying – Banks vs. Mortgage Brokers #instant #payday #loan


    #loan broker
    #

    Mortgage Brokers

    Mortgage brokers are professionals who are paid a fee to bring together lenders and borrowers. They usually work with dozens or even hundreds of lenders, not as employees, but as freelance agents.

    Think of mortgage brokers as scouts.

    They find and evaluate home buyers, analyzing each person s credit situation to determine which lender is the best fit for that person s needs. The broker submits the home buyer s application to one or more lenders in order to sell it, and works with the chosen lender until the loan closes. A good mortgage broker can find a lender for just about any type of credit.

    The mortgage broker working to secure your loan is earning a fee for the transaction and the better deal they achieve for a lender, the more they are paid.

    Don t be too anxious to disclose to a broker the interest rate you are willing to accept–let them tell you what terms they can secure. Shop around to make sure the terms are reasonable.

    Many of the mortgages companies that advertise online are mortgage brokers.

    What Difference Does it Make?

    A local or online mortgage broker may find you a lender in another part of the country. An online bank might not have a local office where employees can help you one-on-one.

    Some out of town lenders don t understand the types of heating systems used in specific areas, they aren t familiar with private septic systems, and they don t immediately understand common classifications and terms used by local appraisers. Those are just a few examples of problems I ve seen that caused significant slow-downs in loans made by an out of town lender working with a mortgage broker.

    Using a local bank can sometimes be a plus. Their staff generally understand the specifics of local properties, but a distant lender who doesn t will delay closing until questions are answered.

    Mortgage brokers can often find a lender who will make loans that a bank refuses–problem credit is one example. Loans for unique or commercial properties might be easier to secure through a mortgage broker.

    Make your choice of a lender based on the best loan terms you can find. Ask questions about expected time-frame. Ask your real estate agent friends who have recently bought a home for lender and broker referrals.

    Pull Your Own Credit Reports

    Order your credit reports and scores from all three major credit reporting agencies before you visit a bank or broker. Personal copies of current reports should provide enough details for them to give you an opinion of the types of loans they can offer you.

    The lender you decide to use will access your credit files, but taking your personal copies to the initial interview avoids multiple credit pulls that can lower your scores. Requesting your own credit reports does not affect your scores.



    Here s how banks calculate home loan eligibility. #free #mortgage #calculator


    #home loan eligibility
    #

    Here’s how banks calculate home loan eligibility

    Updated on: July 15, 2011

    T his article is aimed at clearing doubts over how a bank calculates your net income while calculating the eligibility for total home loan amount. Normally, all banks provide home loans up to 60 times your monthly net income.

    • You have a monthly in-hand (take home) salary as Rs 50,000 and you are looking for a home loan of about Rs 30 lakh.
    • Your gross monthly income might be much more than Rs 50,000 per month but that does not matter while calculating the net income.
    • You don’t have any other loan like car or personal loan on your name.
    • Bank rules say that you are eligible to get 60 times your monthly net income as loan.

    Well, all sounds good till the time you are talking to your bank executive or an agent over phone for your eligibility. They ask you for your net income, you answer Rs 50,000 per month and they immediately say that you are eligible for a loan that is 60 times your monthly net income, that is, Rs 30 lakh. You are excited that everything is going as per your expectations and think you will get the amount you were looking for.

    Click NEXT for more



    Funding a New Small Business? Don t Bother With Banks #home #loan #interest #rate


    #loan for business
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    Funding a New Small Business? Don’t Bother With Banks

    Photograph by Leigh Reighton/Corbis

    Question: What steps should I take before applying for a loan to open a small business? I’d like to maximize my chances of getting a good response.

    Answer: Getting a small business bank loan is never easy, and it’s been especially difficult since the financial crash of 2008 and the lingering credit crunch. Even though small business lending is rebounding somewhat. it is still virtually impossible to get a loan to open a new business.

    That’s because lenders want to see a financial track record for your business that demonstrates your ability to repay the money they’re lending you. Without that kind of history, the lender has no way to know if your venture will be successful enough to make good on your obligation. Banks are lenders, not investors, and they’re not interested in knowingly making equity investments in businesses, as an industry representative told me in 2011 .

    So what are your options? Most entrepreneurs start their businesses with savings; they put startup costs on credit cards; or they get loans from friends and family. There are also more creative ways to raise startup capital, such as babysitting or renting out a room in your apartment .

    The void in bank lending has spurred the growth of alternative lending. which can be costly but gets money to entrepreneurs quickly and without a lot of hassle. Another new option is crowdfunding  through websites such as Kickstarter and Indiegogo.

    Some niche alternatives that have sprung up are less well-known. For instance, culinary businesses can apply to the Whole Foods (WFM ) Local Producer loan program, which the company says has lent $10 million to businesses making local food products since its inception in 2007. Interest rates range from 5 percent to 9 percent, and it helps if your company is already a Whole Foods supplier, though it’s not mandatory.

    Or maybe you need a loan to buy a franchise business. Many franchisers started to recognize that they’d need to help prospective franchisees with financing after home equity—once a common source of startup cash—plunged in many parts of the country. Matco Tools (DHR ). which has been selling tools to auto mechanics via independent distributors since 1979, ramped up its in-house financing program in 2008, says John Green, vice president for marketing and e-commerce at Matco Tools. The program can cover up to 100 percent of initial inventory and working capital costs for qualified prospects who want to buy Matco franchises, which range between $89,000 and $144,000.

    Perhaps a more realistic option for you is connecting with a nonprofit microlender. Caitlin McShane, communications director of Opportunity Fund. a California microlender, says her organization is making several times as many loans as it did five years ago. “We lend between $1 million and $2 million a month and do over 1,000 loans a year,” she says. The organization has offices in San Francisco, San Jose, and Los Angeles. It is currently running a startup funding challenge that aims to provide loans of up to $50,000 at 7.5 percent interest.

    When you do get your business to the point that a bank loan is a more realistic possibility, after two to three years of operations, here are some tips from Laurie Pettinella Zona, a partner in early-stage startup accelerator K5Launch.

    Make the loan officer’s job easier by “clearly illustrating why your business is a less risky investment,” she says. Be clear-eyed about what the risks are, however, as pretending to be risk-free is a bad idea. “Show that your business has a proven business model” with steady, paying customers, she says. And “put your best foot forward and sell yourself: your résumé, background, references, prior successful businesses, and history of paying back loans or investors.” Paying down your personal debt and getting your credit score as high as possible are also good ideas.



    FRB: Charge-Off and Delinquency Rates on Loans and Leases at Commercial Banks #student #loan #without #cosigner


    #bank loan rates
    #

    Delinquency Rates

    1. Residential real estate loans include loans secured by one- to four-family properties, including home equity lines of credit. Return to table

    Not available.

    Source. Federal Financial Institutions Examination Council (FFIEC) Consolidated Reports of Condition and Income (1985-2000: FFIEC 031 through 034; 2001-: FFIEC 031 041).

    Notes

    Charge-offs, which are the value of loans removed from the books and charged against loss reserves, are measured net of recoveries as a percentage of average loans and annualized.

    Delinquent loans are those past due thirty days or more and still accruing interest as well as those in nonaccrual status. They are measured as a percentage of end-of-period loans.

    Banks are insured U.S.-chartered commercial banks.

    Size, where used, is measured by consolidated assets adjusted for mergers; where used, “other” banks are those smaller than the 100 largest.

    Special Notes

    The adoption by some banks of FAS 159, The Fair Value Option for Financial Assets and Financial Liabilities, affected charge-off and delinquency rate data for 2008:1. Because the effects of the accounting change on the dollar volume of loans reported on banks’ loan books were small, the effects of the accounting change on banks’ charge-off and delinquency rates were presumably small for the industry as a whole. Information on the dollar impacts on banks’ loan books can be found on page 14 in the “Notes on the Data” section beginning with the April 11, H.8, Assets and Liabilities of Commercial Bank in the United States, statistical release. For more information on FAS 159, please refer to www.fasb.org/st/summary/stsum159.shtml.

    Owing to a reporting problem, delinquency rates for residential and commercial mortgage loans for the third quarter of 1999 are partially estimated.



    Banking without banks #fha #loan #calculator


    #peer to peer loans
    #

    By offering both borrowers and lenders a better deal, websites that put the two together are challenging retail banks

    In this section

    Elsewhere, returns (and risks) are higher. IsePankur, which lends to more than 60,000 people in four euro-zone countries, pays its lenders (who include your correspondent) a stonking 21.45% average net return (after a 3% default rate). Its typical borrowers do not flinch at rates of up to 28%: they are refinancing far costlier credit-card debt and doorstep loans.

    Peer-to-peer lending is growing fast in many countries. In Britain, loan volumes are doubling every six months. They have just passed the £1 billion mark ($1.7 billion), though this is tiny against the country’s £1.2 trillion in retail deposits. In America, the two largest P2P lenders, Lending Club and Prosper, have 98% of the market. They issued $2.4 billion in loans in 2013, up from $871m in 2012. The minnows are doing even better, though they are growing from a much lower base.

    Neil Bindoff of PwC, a professional-services firm, speaks of a “perfect storm” supporting P2P’s growth. Interest rates are close to zero, the public is fed up with banks, costs are low (one third of a typical bank’s, according to Renaud Laplanche of Lending Club), and e-commerce is becoming part of daily life. People use the internet for peer-to-peer telephony (Skype) and shopping (eBay), so why not loans?

    Awareness is still low—a survey by pwc found only 15% of Britons claimed to have heard of the big P2P firms such as Zopa, Funding Circle and RateSetter; 98% had heard of the main banks. Another hurdle in Britain is that P2P is not fully regulated; that will change on April 1st. The Financial Conduct Authority will issue the new rules imminently. In America, people saving for retirement can apply tax breaks to their loans, and offset their losses against profits. Britain’s P2P industry is awaiting a decision to extend tax-free savings schemes to its lenders.

    Regulation to the rescue

    Regulation should help forestall a big worry: that an ill-run platform might collapse, taking investors’ money with it. At a conference organised by the P2P Finance Association, a trade body, this week, executives were worried about the risks of a “Bitcoin-style bust” that could rattle confidence in the nascent industry. New rules are likely to insist that P2P businesses ringfence unlent funds gathered from savers and arrange for third parties to manage outstanding loans if they cease trading.

    Other big questions abound. One is insurance. Funds placed with P2P lenders are not covered by the state-backed guarantees that protect retail deposits in banks. Some platforms offer something of a substitute. Zopa and most other British companies have started “provision funds”, which aim (but do not promise) to make good on loans that sour. These smooth the risk for lenders, but blunt the original P2P concept. So too does insurance: Ron Suber of Prosper, America’s second-biggest lender, says “deep actuarial conversations” are going on with outsiders who would like to help lenders provide for the risk that their borrower defaults, dies, or loses his job. Purists fear such arrangements could recreate the moral hazard that has plagued conventional banking.

    The boom in cross-border P2P raises tricky legal questions. The European Commission has yet to get to grips with the industry. National rules often determine how credit is issued and debts are collected. But they offer little help when the money comes from hundreds of lenders in dozens of countries. Yield-chasing foreigners, private and institutional, are investing heavily in the American market.

    Only a third of the money coming to Lending Club is now from retail investors: the rest (the fastest-growing slice) comes from rich people and institutions. Should such big investors get a better deal—such as getting their pick of the best loans on offer? In Britain, Giles Andrews of Zopa regards the idea as anathema: all savers should be treated equally. Some others think big lenders will eventually dominate P2P.

    P2P also ends the dangerous mismatch between short-term deposits and long-term loans inherent in conventional banking—but generally by locking lenders in for the loan’s duration. A secondary market in P2P loans is developing fast. This allows investors to get their money back if they need it, usually by selling the loans at a discount. But rules vary: some platforms will buy back the loans; others just hold an auction.

    P2P is not complicated: success largely depends on marketing oomph, the quality of the algorithms used to screen borrowers and ease of use (P2P platforms are scrambling to develop apps for smartphones and tablets). P2P may attract big outsiders, such as banks, or internet companies which already have lots of data about their customers and (like Facebook) are good at connecting them. Google last year led a $125m investment in Lending Club, valuing it at $1.55 billion. It might well want more.



    Car Loans: Compare UAE Car Finance from UAE banks #auto #refinance #loans


    #compare car loans
    #

    What key criteria should I consider before taking out a car loan?

    • New or used – For used cars, most banks impose a limit of car model they will finance
    • Minimum salary requirement – UAE banks normally impose a minimum salary required to take out a car loan so select a provider from those whose minimum salary requirement is less or the same as your salary
    • Interest rates – do flat or reducing interest rates apply? See below for details of how these differ
    • Down payment – consider what the minimum down payment is
    • Fees – consider all fees applicable such as arrangement fees and early settlement fees
    • Other benefits – does the bank provide options for a payment holiday

    Is a down payment always required when taking out a car loan in the UAE?

    Yes although the amount of down payment required will differ according to each bank. Criteria taken into account include:

    • Whether you are buying a new or a used car
    • Whether you are going to transfer your salary to the bank that will provide the car loan
    • Whether you are taking out an Islamic product, in which case, no down payment is required.

    How much can I borrow?

    Most banks offer finance of 70-80% of the car value. The actual loan amount will depend on your income, the loan period and various other criteria.



    About Bad Credit Personal Loans Banks #bank #personal #loans


    #bank loans for people with bad credit
    #

    Other People Are Reading

    Significance

    Banks consider individuals with credit scores below 620 to have poor or bad credit. Banks find out your credit score from at least one of three privately held credit reporting agencies. The credit reporting agencies are Equifax, TransUnion and Experian. Most banks offering to do business with individuals with bad credit are internet-based or local businesses that offer payday advances. Some payday advances are more like personal loans because they are renewable each payday until the borrower is able to pay in full. Of course, fees apply with each renewal.

    Features

    The banks offering to loan money to those with bad credit do have some basic lending requirements that individuals must meet in order to apply. The banks require the borrower to be at least 18 years old and a legal resident with a minimum verifiable income of at least $800, although some require $1,000. Banks may require the borrower to have no outstanding payday loans or an active checking account.

    Size

    Most banks seem willing to offer unsecured personal loans of up to $1,500 to individuals with bad credit. Common offers are loans of $500 without a credit check deposited into your checking account in 24 to 48 hours. Secured loan amounts are a percentage of the value of the collateral.

    Considerations

    High risk lending banks may charge loan origination fees to applicants as well as high interest rates that may be three times the average interest rates or more. If a borrower cannot pay on the due date these banks may offer to delay payments with extension fees. The terms of the loan may include prepayment penalties; these are additional fees for paying off the balance early, so read the fine print. Lenders may also offer loan insurance for an additional fee. If you are considering this option, be sure you fully understand the costs and exclusions. If the banks fees and rates are tier-based, then a loan for $2,000 may have a significantly lower interest rate than a loan for $1,999, so be sure to ask.

    Warning

    Once you begin searching for personal loans you may be approached by fake lenders, phony debt counselors or scam artists who may even be using real names of loan companies. Learn about the latest advance fee loan scams and identity phishers before giving anyone your personal information such as your social security number or bank information.