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Dangers of Fast Personal Loans #payday #lenders


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With anything in life, rushing through often brings severe consequences. Obtaining fast personal loans to make a purchase is no different. Even when time is short, you can take certain steps to prevent falling prey to scam artists or unscrupulous business practices.

Why fast loans tempt borrowers

Fast personal loans are attractive to consumers because of the right now society in which we live. A lending officer might tempt you into submitting your application with the promise of getting to leave with extra cash in your pocket. A short underwriting turnaround can also mean less time for someone checking your credit to notice the blemishes that usually lead to credit decline.

Why fast loans cause problems

In many cases, the lender offers you a legitimate loan product with an expedited processing period. These loans are fine, but offering fast personal loans is a way for predatory lenders to lure you deeper into debt. Instead of performing your due diligence on the loan s terms and conditions, the siren s song of quick cash distracts you from the facts. The lender knows this.

The top sign of a questionable personal loan is a loan officer who s unwilling to discuss the specific details. Rather than providing appropriate disclosure of terms and fees, he focuses on the speed of approval. When you need money to cover your expenses, the turnaround time is important, but not the only factor in accepting the loan offer.

Another questionable practice is targeting individuals with low credit scores for high interest loans. Yes, loans for bad credit do feature high interest rates to compensate the company for taking additional risk, but the rates and fees are not typically unreasonable in nature. Businesses that employ predatory lending practices for fast personal loans, hope you ll apply and accept the loan before you investigate the company or the terms. Because individuals with low credit scores have trouble obtaining financing through conventional methods, they may apply out of the sheer relief that they finally received a loan offer. It s only after months of paying exorbitant interest rates that they realize the mistake.

Avoiding personal loan scams

Always consider the logic behind any credit offer before you accept fast personal loans. If the deal sounds a little too perfect to be real, there s an excellent chance something else is going on that you don t see. Protect your finances by investigating every loan offer you receive to determine whether it s a valid option.


The Dangers of No Credit Check Equity Loans #easy #loans #for #bad #credit


#no credit check loans
#

The Dangers of No Credit Check Equity Loans

Beware if you encounter a lender who offers no credit check equity loans. Anytime a borrower applies for a line of credit or loan, the lender is under law obligated to check the credit history of the borrower. Since large sums of money are involved in equity lending, it presents potential risk to both borrower and lender. The lender may lose if the borrower fails to meet payment obligations and borrower will lose his/her home if payments are missed.

Once the borrower steps into the snare, he/she soon learns that debts are increasing instead of reducing. Furthermore, some of the lenders of home equity loans present a similar trap, luring the clients in to a web of debt. Once the client agrees to the contract hidden, fees are added to the monthly installments and the client soon learns he cannot meet his monthly obligations. Therefore, when considering home equity loans be sure to do a thorough background check on the lender and company offering the loan. Read the terms and conditions, including any fine print the company has included on the contract if you want to avoid uncontrollable debt. Remember, your home is at risk, so precede with extreme caution if you do not want to haphazardly venture in financial ruin.


What Is a Payday Loan? Definition and Dangers #paycheck #loans


#pay day loan
#

What Is a Payday Loan?

By Miriam Caldwell. Money in Your 20s Expert

Miriam Caldwell is a freelance writer with a specialty in personal finance. She believes that you can lay a solid foundation by starting to manage your finances in your twenties.

Payday loan businesses cause customers to become reliant on them because they charge large fees, and expect quick repayment of the money. This can make it difficult for a borrower to pay off the loan and still be able to meet monthly expenses. Many borrowers have loans at several different payday loan businesses. which worsens the situation.

Payday loans should be avoided at all costs. If you need help turn to other sources first. Some credit unions and banks have begun to offer a similar service, but at much lower interest rates .

If you have been using payday loans. you need to stop immediately. You may need to make partial payments on your loans so you can begin to stop the cycle. You should make sure that you have food, pay your rent or house payment, and keep your power on. Then everything else should go to breaking the cycle.

This is similar to having constant late payments or overdraft charges from your bank.


The Dangers of No Credit Check Equity Loans #consolidation #loan #calculator


#no credit check loans
#

The Dangers of No Credit Check Equity Loans

Beware if you encounter a lender who offers no credit check equity loans. Anytime a borrower applies for a line of credit or loan, the lender is under law obligated to check the credit history of the borrower. Since large sums of money are involved in equity lending, it presents potential risk to both borrower and lender. The lender may lose if the borrower fails to meet payment obligations and borrower will lose his/her home if payments are missed.

Once the borrower steps into the snare, he/she soon learns that debts are increasing instead of reducing. Furthermore, some of the lenders of home equity loans present a similar trap, luring the clients in to a web of debt. Once the client agrees to the contract hidden, fees are added to the monthly installments and the client soon learns he cannot meet his monthly obligations. Therefore, when considering home equity loans be sure to do a thorough background check on the lender and company offering the loan. Read the terms and conditions, including any fine print the company has included on the contract if you want to avoid uncontrollable debt. Remember, your home is at risk, so precede with extreme caution if you do not want to haphazardly venture in financial ruin.


Dangers of Fast Personal Loans #personal #bank #loans


#fast personal loans
#

Share with friends

With anything in life, rushing through often brings severe consequences. Obtaining fast personal loans to make a purchase is no different. Even when time is short, you can take certain steps to prevent falling prey to scam artists or unscrupulous business practices.

Why fast loans tempt borrowers

Fast personal loans are attractive to consumers because of the right now society in which we live. A lending officer might tempt you into submitting your application with the promise of getting to leave with extra cash in your pocket. A short underwriting turnaround can also mean less time for someone checking your credit to notice the blemishes that usually lead to credit decline.

Why fast loans cause problems

In many cases, the lender offers you a legitimate loan product with an expedited processing period. These loans are fine, but offering fast personal loans is a way for predatory lenders to lure you deeper into debt. Instead of performing your due diligence on the loan s terms and conditions, the siren s song of quick cash distracts you from the facts. The lender knows this.

The top sign of a questionable personal loan is a loan officer who s unwilling to discuss the specific details. Rather than providing appropriate disclosure of terms and fees, he focuses on the speed of approval. When you need money to cover your expenses, the turnaround time is important, but not the only factor in accepting the loan offer.

Another questionable practice is targeting individuals with low credit scores for high interest loans. Yes, loans for bad credit do feature high interest rates to compensate the company for taking additional risk, but the rates and fees are not typically unreasonable in nature. Businesses that employ predatory lending practices for fast personal loans, hope you ll apply and accept the loan before you investigate the company or the terms. Because individuals with low credit scores have trouble obtaining financing through conventional methods, they may apply out of the sheer relief that they finally received a loan offer. It s only after months of paying exorbitant interest rates that they realize the mistake.

Avoiding personal loan scams

Always consider the logic behind any credit offer before you accept fast personal loans. If the deal sounds a little too perfect to be real, there s an excellent chance something else is going on that you don t see. Protect your finances by investigating every loan offer you receive to determine whether it s a valid option.


Dangers of Fast Personal Loans #installment #loans #online


#fast personal loans
#

Share with friends

With anything in life, rushing through often brings severe consequences. Obtaining fast personal loans to make a purchase is no different. Even when time is short, you can take certain steps to prevent falling prey to scam artists or unscrupulous business practices.

Why fast loans tempt borrowers

Fast personal loans are attractive to consumers because of the right now society in which we live. A lending officer might tempt you into submitting your application with the promise of getting to leave with extra cash in your pocket. A short underwriting turnaround can also mean less time for someone checking your credit to notice the blemishes that usually lead to credit decline.

Why fast loans cause problems

In many cases, the lender offers you a legitimate loan product with an expedited processing period. These loans are fine, but offering fast personal loans is a way for predatory lenders to lure you deeper into debt. Instead of performing your due diligence on the loan s terms and conditions, the siren s song of quick cash distracts you from the facts. The lender knows this.

The top sign of a questionable personal loan is a loan officer who s unwilling to discuss the specific details. Rather than providing appropriate disclosure of terms and fees, he focuses on the speed of approval. When you need money to cover your expenses, the turnaround time is important, but not the only factor in accepting the loan offer.

Another questionable practice is targeting individuals with low credit scores for high interest loans. Yes, loans for bad credit do feature high interest rates to compensate the company for taking additional risk, but the rates and fees are not typically unreasonable in nature. Businesses that employ predatory lending practices for fast personal loans, hope you ll apply and accept the loan before you investigate the company or the terms. Because individuals with low credit scores have trouble obtaining financing through conventional methods, they may apply out of the sheer relief that they finally received a loan offer. It s only after months of paying exorbitant interest rates that they realize the mistake.

Avoiding personal loan scams

Always consider the logic behind any credit offer before you accept fast personal loans. If the deal sounds a little too perfect to be real, there s an excellent chance something else is going on that you don t see. Protect your finances by investigating every loan offer you receive to determine whether it s a valid option.


The Dangers of Mortgage Refinancing #payday #loan #lenders #only


#refinancing your home
#

Common Dangers of Refinancing Your Mortgage

By Refinancing Right on September 13th, 2007

The main danger of mortgage refinancing comes from a lack of awareness. If your not aware of what you want from refinancing, and the pros and cons of a recommended deal, then you are open to being taken advantage of by unethical mortgage brokers.

Does this mean you shouldn’t use mortgage brokers? No, there are bad eggs in every industry. It just means you should make sure your are aware of the pros and cons of the deal you are being recommended. Mortgage refinancing is not for the uninformed. You need to pick your broker carefully.

You see to find the best mortgage refinancing deal you need to compare the pros and cons of a lot of different options, loans and lenders. To do this yourself would be overwhelming and very time consuming.

Your bank won’t do it for you, as they will defiantly be biased and recommend their loan products. That’s why it’s good that we have mortgage brokers to do this for us. It’s there full time job to do this well.

However, as I mentioned earlier their are bad eggs and bad practices. One such bad practice is called churning. Churning is where mortgage brokers refinance a loan even though the benefits do not outweigh the drawbacks for the borrower. They do this with total disregard too the borrower, just so they can get extra commissions.

Awareness is the key here. Just be aware about the pros and cons of a recommended deal. Also be aware of how these bad mortgage brokers operate. Read the following section, How Pick the Best Mortgage Broker. to have a good guideline to picking your mortgage broker. With the right guidelines and the right information this is an easy process.


Are there HARP Loan Disadvantages and Dangers? #cheap #loans #for #bad #credit


#harp loan program
#

Check HARP Refinance Rates

Are there HARP Loan Disadvantages and Dangers? Dustin Meshberger

Some have contacted us asking about some of the disadvantages and dangers of the HARP Loans program.  We were at first taken aback by this because some people viewed this program as a “too good to be true” government program.   Many were jaded and suspect that the government was willing to help the common homeowner with their mortgage and keep them in their homes.  After we spoke with them, those who qualified have never been happier.  Most homeowners are taking advantage of today’s mortgage climate by lowering their payment, reducing and locking in their rate.  (I say most homeowners are “lowering” their payment because you can actually raise your payment under HARP 2.  But 95% of people who use HARP 2 to refinance are saving hundreds of dollars each month.)

Well – we tried doing some research into this and we can’t really find any drawbacks except maybe one.  HARP 2 is limited in the fact that it only allows homeowners to refinance who have a loan backed by Fannie Mae or Freddie Mac.  Hopefully, there will be an updated program – HARP 3.0 – that allows for all homeowners who are underwater to refinance – regardless of who owns their note.

Other government streamline programs have done well such as FHA and VA.  Like HARP, these have had great feedback from the customer.  With HARP, I truly hope HARP 3 gets passed.   Here is what we know currently about who qualifies for the rumored HARP 3.0 program.  The main difference between HARP 2 and HARP 3 is that your loan doesn’t have to be backed by Freddie Mac or Fannie Mae.

Below are more guidelines to who would qualify under HARP 3.0.

  • A self-employed person who used stated income for the original mortgage and can verify their current income via federal tax  returns
  • A prime borrower who used a sub-prime mortgage because mortgage rates were lower and or fees were less as compared to a conforming loan
  • A Jumbo mortgage homeowner who lives in a high-cost area whose original mortgage was for between $417,000 and $625,500.
  • A wage earner who used a stated income and or stated asset mortgage for convenience
  • Sub-prime borrower who has paid mortgage as agreed and can verify income and assets
  • An Alt-A borrower whose FICO s were low at the date of origination, but have since improved.

HARP 3 would help millions of homeowners and hopefully it gets passed soon so that homeowners can take advantage of today’s low mortgage rates.  The Fed has promised low rates till 2015 so hopefully they keep their word and homeowners will be able to continue to refinance.


What Is a Payday Loan? Definition and Dangers #refinance #loan


#pay day loan
#

What Is a Payday Loan?

By Miriam Caldwell. Money in Your 20s Expert

Miriam Caldwell is a freelance writer with a specialty in personal finance. She believes that you can lay a solid foundation by starting to manage your finances in your twenties.

Payday loan businesses cause customers to become reliant on them because they charge large fees, and expect quick repayment of the money. This can make it difficult for a borrower to pay off the loan and still be able to meet monthly expenses. Many borrowers have loans at several different payday loan businesses. which worsens the situation.

Payday loans should be avoided at all costs. If you need help turn to other sources first. Some credit unions and banks have begun to offer a similar service, but at much lower interest rates .

If you have been using payday loans. you need to stop immediately. You may need to make partial payments on your loans so you can begin to stop the cycle. You should make sure that you have food, pay your rent or house payment, and keep your power on. Then everything else should go to breaking the cycle.

This is similar to having constant late payments or overdraft charges from your bank.


The Dangers of Mortgage Refinancing #sky #loans


#refinancing your home
#

Common Dangers of Refinancing Your Mortgage

By Refinancing Right on September 13th, 2007

The main danger of mortgage refinancing comes from a lack of awareness. If your not aware of what you want from refinancing, and the pros and cons of a recommended deal, then you are open to being taken advantage of by unethical mortgage brokers.

Does this mean you shouldn’t use mortgage brokers? No, there are bad eggs in every industry. It just means you should make sure your are aware of the pros and cons of the deal you are being recommended. Mortgage refinancing is not for the uninformed. You need to pick your broker carefully.

You see to find the best mortgage refinancing deal you need to compare the pros and cons of a lot of different options, loans and lenders. To do this yourself would be overwhelming and very time consuming.

Your bank won’t do it for you, as they will defiantly be biased and recommend their loan products. That’s why it’s good that we have mortgage brokers to do this for us. It’s there full time job to do this well.

However, as I mentioned earlier their are bad eggs and bad practices. One such bad practice is called churning. Churning is where mortgage brokers refinance a loan even though the benefits do not outweigh the drawbacks for the borrower. They do this with total disregard too the borrower, just so they can get extra commissions.

Awareness is the key here. Just be aware about the pros and cons of a recommended deal. Also be aware of how these bad mortgage brokers operate. Read the following section, How Pick the Best Mortgage Broker. to have a good guideline to picking your mortgage broker. With the right guidelines and the right information this is an easy process.