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Start Up Loans How It Works – Start Up Loans #consolidation #loan #rates


#startup business loans
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How It Works

Do you have a great business idea, or have you been trading for less than 24 months? Are you looking for finance and support to help develop your business? If you answered yes, then a government-backed Start Up Loan could help.

STEP 1 – Register Online

The first step is to check that you are eligible, and if so, to get in touch with us by filling out our quick online registration form . giving us some basic contact information.

STEP 2 – Make a Business Plan

Once you have registered, a member of the Start Up Loans Company, or a Delivery Partner representative, will contact you to discuss the next steps. You will work with a Business Advisor who will provide guidance on your business plan and cash flow. The more prepared these documents are, the better, as they will form the basis of your loan application. There are free templates available on our website.

STEP 3 – Complete Your Application

Once your business plan and cash flow forecast are completed, your Delivery Partner will then put forward your application to be considered for funding. You will never be charged to make a Start Up Loan application. Not by us. Not by our Delivery Partners.

STEP 4 – Get Going

If your application for a Start Up Loan is successful, you will be able to access exclusive business offers including discounted website design, free accounting software and free legal advice.

You will then start to repay your loan. You are required to pay back the loan within 1-5 years, and there is no early repayment fee. The exact term will be agreed with your Delivery Partner as part of your application process.

STEP 5 – Meet Your Mentor

After receiving funding from the Start Up Loans Company you will be offered a mentor who is on hand to help your business succeed. You will likely have a lot of questions that need answering and decisions to make, and a mentor can provide guidance and support to help you grow and develop your business.

Interested in a Start Up Loan?


Know When it Makes Sense to Consolidate Student Loans – US News #pay #day #loans


#consolidated loans
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Know When it Makes Sense to Consolidate Student Loans

Consider the type of loan you have and your repayment history before seeking consolidation.

Gone are the days when it was generally a good idea for most federal student loan borrowers to consolidate their loans. The student loan world has changed significantly, eliminating two of the biggest benefits of consolidation.

First, most federal loans previously featured variable interest rates. These rates changed annually, so consolidation allowed borrowers to lock in historically low numbers. In July 2006, interest rates on new loans became fixed. Because consolidation interest rates take a weighted average of the underlying loan rates, borrowers no longer automatically get a lower rate by consolidating.

Second, in the past, it was common to have your federal loans held by multiple servicers. By consolidating, borrowers could pay one servicer instead of many. Now, most borrowers pay all their loans under one bill from the start, thanks mostly to efforts on behalf of the Department of Education.

With these benefits removed, borrowers may be wondering if consolidation is even worthwhile. For many, the answer is, not really. However, it can still be a useful tool for some. Here are some situations where it can make sense to consolidate student loans.

1. To o btain access to forgiveness or repayment benefits: Student loan regulations and laws are complicated, but sometimes that can work to the borrower’s benefit. This is true when it comes to consolidation, Parent PLUS loans and Public Service Loan Forgiveness.

While Parent PLUS loans are technically eligible for PSLF. it’s hard for borrowers to take advantage of this benefit. A borrower must make 120 payments under either a standard 10-year, income-based, income-contingent or Pay As You Earn payment plan to qualify for PSLF.

The catch is that Parent PLUS loans are not eligible for the three income-related payment plans. and a borrower paying under a standard repayment plan will have nothing left to forgive after 120 payments.

If you consolidate a Parent PLUS loan under the Direct Loan program, however, it becomes eligible for income-contingent repayment and therefore has the potential to be eligible for PSLF. If the borrower wouldn’t otherwise be eligible for PSLF, having access to this option could make payments much more manageable, especially if the borrower still owes money when he or she retires.

On a related note, as only Direct Loans are eligible for PSLF, borrowers with older Federal Family Education Loan Program loans can use consolidation to transfer those loans ​into the Direct Loan program to gain access to PSLF.

Consolidation can work the other way too, especially when it comes to Perkins loans. Many unique forgiveness opportunities available to Perkins loans are lost when they are consolidated, so make sure you do your research before taking this step.

2. To obtain a lower payment : While income-related payment plans provide much needed relief for many, those lower payment amounts may still be too high to manage. For those borrowers, especially those with lower loan balances, extending the term of the loan through consolidation may actually yield a lower payment than some other repayment options.

This calculator can help weigh all of those options at once. Just remember that the longer you take to pay the loan, the more you will pay in interest.

3. To manage private student loans: The benefits of student loan consolidation have increased when it comes to private student loans. While it is generally not advisable to consolidate federal loans ​with private loans since you’ll lose the federal benefits, consolidating your individual private loans may make sense.

There’s been a significant increase in lenders offering a private loan consolidation product. increasing the competitiveness of these products. Borrowers can often find a lower interest rate and more favorable terms, especially if they have a good payment history on their existing private loans to date.

At the very least, private loan consolidations can extend the term of your loans, lowering the payment. As we’ve discussed in the past. private loans have very few lower payment options. so consolidating to a longer term with a lower payment can sometimes be the only option available.

If you have good credit and payment history on the loans you want to consolidate, this can also be a way to release the co-signer​ from responsibility of those underlying loans. The co-signer will not automatically transfer to the new loan product, so if you do still require one to consolidate, you’ll need to find a new one, or ask your existing co-signer​ to re-up his or her commitment.

4.To get out of default: If you’ve defaulted on your federal student loans, consolidation is the fastest way to get the loan out of default. Consolidation is not as beneficial as loan rehabilitation, as consolidation doesn’t remove the default from your credit history. However, if you’re not eligible for rehabilitation or can’t take the time to complete that process, consolidation can get your loan back in good standing.

A good place to start to determine the pros and cons of consolidation will be your student loan holder, which will have a good understanding of how consolidation will benefit – or not benefit – your particular situation.


Housing Loan Calculator – Making Sense Out if it #military #auto #loans


#housing loan calculator
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Housing Loan Calculator Making Sense Out Of It

Posted on January 2nd

When you are purchasing or refinancing a house, you will inevitably come across a housing loan calculator (also known as mortgage calculator). It is commonly used by mortgage bankers to help illustrate the details of a housing loan for you to more easily understand the whole deal. A proper housing loan calculator will help you plan you personal finances accordingly so that you can repay the property loan comfortably. It illustrates your  payments showing an amortized schedule breakdown.

A proper relevant Singapore home loan calculator should allow you to input your loan quantum amount, term or tenor, home loan interest rates for at least the initial 5 years. When you key in these figures into the Singapore mortgage calculator, the information you are looking for should then be tabulated in a table for you to scrutinize.

The mortgage loan calculator can be confusing especially if it is the first time you are trying to make sense of it. These are some of the terms that you should have a better understanding.

Housing Loan Balance

The first thing to note is the principal amount. If you are applying for a mortgage refinance, this amount is the original loan amount that is still outstanding. It can also be called the amount financed by the lender. For a new home purchase, this is the amount that you are borrowing. For mortgage refinancing, this is the amount that is outstanding on your current housing loan.

Rate of Interest

One of the critical factors in determining monthly payments is the interest rate. This can cost you tens to hundreds of thousands of dollars over the course of the loan. Origination fees are fees added to the principal balance of the loan in exchange for a lower interest rate. This is generally not a good idea because this fee can never be recovered regardless of when you pay off the mortgage.

Tenure

The loan tenure is the duration of the loan usually described in number of months. A 15 year loan tenure is equivalent to 180 months.

Taxes And Insurance

Mortgage calculators can calculate and show the total costs that you will have to pay. It can show taxes, home insurance, and other related costs expected to incur for the duration of the housing loan. The mortgage breakdown can be illustrated and calculated with or without this information.

Amortization

The results of the calculator can be illustrated in a table for you to easily observe the details of the housing loan. An amortization schedule will show your payments in future and the outstanding loan amount in the future. This information helps you to also see the interest you will pay over the whole period of the housing loan.

Interest And Principal Portion

The monthly payments that you will see generated by the housing loan calculator will show how much of the payments are for interest and how much are for principal payments. This can show you the outstanding principal at different periods of the housing loan. It can also help you better understand how interest charges are calculated.

Monthly Installments

When annual interest rate changes, the monthly installment commitments should be adjusted accordingly. This is where you will also see adjustments to the repayment on principle and interest portions that the payments are made to.

Cumulative Interest Paid And Outstanding Amount

This is where you will see the accumulated total interest paid and the outstanding principle amount owing at any point in future. Cumulative interest paid will only increase over time, while outstanding principle amount owing will decrease. At the end of the data generated by the Singapore housing loan calculator, the outstanding principle owing will be zero.

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Hard Money: What is it and How do Hard Money Loans Work? #calculate #loan #payment


#hard money loans
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Hard Money: What Is It and How Do Hard Money Loans Work?

Most real estate investors hear terms that they don t understand in the beginning. One of these terms, hard money. is little understood, and frequently asked about. Here is a great explanation of hard money.

What Does Everyone Mean by Hard Money? What is Hard Money

Hard money lenders (HMLs) are typically private individuals or small groups that lend money (Hard money) based on the property you are buying, and not on your credit score. Usually these loans cost (percentage-wise) much more then an average mortgage. often times up to twice what a regular mortgage does, plus high origination fees.

Who Needs Hard Money

Developers and house flippers, amongst others, will use it to fund deals because you can often borrow up to 100% of your purchase price! On the other hand, hard money lenders will frequently require you to back up your loan with real assets. If you know you can buy a property and turn it quickly at huge profit, and you can t get a standard mortgage, it might be one way to go. Some investors use hard money to get into the property, do some quick fixes to raise the property value, then get a new loan (based on the property s new, improved value) from a bank to pay off the hard money lender.

In Other Words.

Hard money loans are easily accessed and cut through the red tape. If you can develop a relationship with a LOCAL hard money lender, you can get funds within a couple days, and sometimes with no appraisal or other costs (except for origination fees of course).

Now different HML s have different requirements and protocol. There is a local HML that only charges 12% interest and 1 point origination if you keep it over a year and 2 more points if you keep it less than a year. He only does 30 year notes, and obviously he wants you to keep it. He has over 1100 notes, so he doesn t want the hassle. He wants his money to stay loaned out. I have also worked with another local HML who doesn t charge any points, but he s extremely fickle and can be hard to work with.

Now the typical HML will charge somewhere right around the usury rate. In Texas its 18% annual, so most HML s will charge 5% origination and 13% interest on a 1 year note or no points upfront and 18% interest with a shorter call. Now they can get around usuary by shifting their origination fee into a commitment fee (little different protocol), but most HML s don t know this.

The beauty of HML s is that the loan is normally not based on your credit score (especially with local lenders) or at least not on your credit worthiness (assets and income), you can receive funding within a matter of days (normally about 7-14 days) rather than 30 days+, and you can get a loan on any piece of junk that you find. You also are not normally dealing with a processing team. You deal directly with an individual lender. If he or she says yes, then you have the loan. This is quite advantageous versus going through an entire loan committee process or underwriting process.

HML s on longer term investments are not a good idea, but for short term flips, rehabs, or for the initial purchase, they can be a very strong tool. I started my investing using HML s, and have made very good money using them. I now use mostly a line of credit from the bank, but it took me several years to work into that. I also now do some local hard money loans to other investors.

Thanks to Ryan Webber for his explanation in other words (from our forums )

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Emergency Financial Aid – What it is and Where to Get it #rural #development #loan


#emergency loan
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College Emergency Financial Aid

Are You in Need of Serious Help?

Preparing for college takes serious financial planning. Most students rely on a carefully balanced combination of scholarships, grants, loans and personal savings to meet their college tuition costs. Unfortunately, no amount of planning can guard against every contingency, and there are times when a student s financial circumstances can suddenly change. A major illness, the loss of a job, or a family tragedy can all derail a student s college career. Not only emotionally, but financially.

When financial circumstances take a turn for the worse, many students feel they are left with only one option. Leaving school, and abandoning their dreams of a college education. However, there are financial aid programs available that can help students in difficult circumstances hang on to their college ambitions, and ride out the current financial storm. These emergency financial aid programs exist to help students recover from unexpected financial difficulties, and to avoid the last resort of abandoning a promising college career.

Emergency Financial Aid

Emergency financial aid for college students comes in a variety of forms, and addresses a number of different circumstances. Keep in mind, this is aid for students in extreme circumstances, or in a time of crisis. It does not apply to students who have not adequately planned for their financial needs.

Emergency financial aid may come in the form of short-term loans or grants designed to help students remain in school when the completion of their college education is threatened by financial circumstances that are out of their control. Whether it s a death in the family, a sudden major illness or the loss of reliable income, quitting school may not be the only option.

If you are a college student facing a financial crisis, try not to panic. Remember the importance of your college education, and how hard you have worked to get to where you are. Before you consider quitting school, consider the emergency financial aid opportunities that may be available to you.

How Emergency Student Aid Works

Emergency financial aid can take a variety of forms, including tuition waivers, financial aid advances or small personal loans. These measures are designed to help students avoid an interruption in their college studies due to an unforeseen emergency. The most common situations that may lead to a student s eligibility for emergency financial aid include:

  • a sudden health emergency
  • unexpected loss of income
  • death in the family, or other family emergency
  • rent in arrears, and risk of eviction
  • natural disaster

Emergency aid is only available in extreme circumstances, and students will be expected to meet stringent criteria in order qualify. Typically, applicants must be full-time students, with an acceptable minimum GPA. Students applying for emergency aid will also be required to provide adequate documentation of the crisis leading to their need for emergency funds.

Students considering emergency financial aid should understand that these programs offer limited help. They are only a stop-gap in a crisis, not a secondary form of college funding.

College Resources

Colleges and universities often offer emergency financial aid to students in good standing who are facing an unexpected financial crisis. As with any campus-based financial aid, emergency aid programs will vary from school to school, and will be subject to available funds. Students who have found themselves in extreme circumstances should visit their college s financial aid office to find out what types of emergency aid is currently being offered.

The following examples are typical of the types of campus-based emergency financial aid available to college students in crisis.

  • Ithaca College in New York State offers two forms of emergency aid. Students who are facing a financial shortfall may request an Aid Advance on any expected grant or scholarship payouts. In other words, if a student has scholarship or grant money forthcoming, and will have a credit balance after all tuition fees have been paid, the college may provide an advance on that balance to be used for unexpected expenses.Ithaca also offers the Ebsary Loan for students in extreme circumstances. This is an interest free loan that must be repaid by a specific date, and can not be bundled with any other outstanding student loans.
  • Rackham Graduate School at the University of Michigan offers two emergency aid programs for its resident graduate students. The Rackham Graduate Student Emergency Fund provides up to $2500 in emergency financial aid to students who encounter a crisis situation or unforeseen expense. Applicants must supply a detailed statement describing the nature of the emergency, a budget detailing the amount of funds required, and a letter of support from their department head or the dean of admissions.Rackham Graduate School also administers the Center for the Education of Women Critical Need Grant for undergraduate and graduate students, including parents and returning female students who are faced with unexpected financial challenges.
  • Pasadena City College offers campus-based Short-Term Emergency Loans to its enrolled students. Loans are available for unexpected expenses, books and supplies. Loans are typically processed within 24 48 hours, and must be repaid with 30 days.
  • Austin Community College supports a campus-based Student Emergency Fund for currently enrolled students. Circumstances covered include loss of housing due to natural disaster, sudden significant medical expenses and death in the family. To be eligible, students must have completed at least 15 credit hours, and must have a minimum 2.0 GPA. Maximum awards are $500 per student, and are not renewable.
  • The University of California-Berkeley supports a number of Emergency Loans for both undergraduate and graduate students. These short term loans are available to students in good standing who are faced with sudden, and unforeseen, financial need. Students who meet the stringent eligibility requirements may receive between $775 and $1300 in emergency funds. Loans are interest free, and are due within 60 days of disbursement.

Many colleges and universities will also offer tuition waivers and fee deferments for students who face an unexpected financial crisis. Students are encouraged to contact their college s office of financial aid for details on programs which may benefit them in an emergency situation.

The Dreamkeepers and Angel Fund

The Dreamkeepers and Angel Fund for Emergency Financial Aid is supported by the Lumina Foundation for Education, and is administered at more than 30 community colleges across the country. The program was designed to help students avoid dropping out when faced with unexpected financial difficulties. Situations covered by this program include childcare, healthcare, housing and minor car repairs.

To be eligible for Dreamkeepers Emergency Financial Assistance students must have completed a minimum of 15 credit hours at a participating community college, and must be in good academic standing. Students must submit a statement detailing their need for assistance, and will be expected to provide documentation of their financial need. Students who meet the programs requirements will be eligible for up to $1000 in financial assistance.

The Dreamkeepers and Angel Fund is currently administered at 37 community colleges across the country, and students facing a sudden financial crisis should contact their school s office of financial aid to learn whether or not their college participates in the program.

Private Lender Emergency Loans

As a last resort, students who are facing an unexpected financial crisis may wish to consider a short term loan from a bank or other private lending organization. Short term private loans can help students avoid dropping out of college, and stay on track for graduation. However, as with all private lender loans, students should not enter into any loan agreement lightly. Borrowing from a private lender, even in small amounts, should be a last resort when all other financial aid possibilities have been exhausted. Remember, private lender emergency loans will have higher interest rates than standard student loans, and are likely to have very stringent repayment terms. As always, use caution when considering any private lender loan.

Students faced with a sudden family emergency, or an unexpected financial crisis, may feel that dropping out of college is their only option. However, there are programs in place designed to help students in exactly these circumstances. If you are faced with an unforeseen financial crisis, contact your financial aid adviser and discuss your situation. There may be financial aid assistance available that can help you avoid any unwanted interruption in your college education.


How it Works: Illinois #low #apr #loans


#short term loans bad credit
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Why Choose

  • Avoid costly late fees, overdraft fees, service cancellations
  • Bad/No Credit? No Problem!
  • Fast, friendly service

At Short Term Loans, L.L.C. we know that you canпїЅt plan for everything. When unexpected expenses come up, we are here to help you through the rough spots with the cash you need until your next payday, or even longer.

How It Works – Illinois

ShortTermLoans.com is licensed to make loans to Illinois residents. If you reside in a state other than Illinois, and submit a loan application on our site, we transfer your loan application into a referral form and share it with third party lender networks. If you are accepted by a lender in that network, the lender will contact you directly by email or phone. You will need to fill out their application and they will provide you with their loan terms including APR and repayment terms.

Payday Loans

A Payday Loan is a short term cash advance that can help you cover bills, car repairs, medical bills, or any other unexpected expense until your next payday. Avoid costly returned check fees, overdraft charges, and late fees by getting a payday loan today.

Installment Loans

An Installment Loan from Short Term Loans can also help you get cash fast for unexpected expenses or any other need while allowing you to pay the loan back over time in manageable payments.

Shorttermloans.com makes it simple and hassle free to get the cash you need from the comfort and convenience of your own home.

HereпїЅs how:

  1. Apply Now by completing our easy and secure online application*
  2. Retrieve your email approval in minutes
  3. Money is deposited in your account the next business day

LOAN FUNDING SCHEDULE

Loans approved before 6:45 p.m. CST will be funded the next business day.

Loans approved after 6:45 p.m. CST will be funded the second business day.

Loans approved after 6:45 p.m. CST on Thursday and before 6:45 p.m. CST on Saturday will be funded on Monday.


NYSLRS – Loans: Getting One and Paying it Back #10000 #loan


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Disclaimer

This Google translation feature is provided for informational purposes only.

The New York State Office of the State Comptroller s website is provided in English. However, the Google Translate option may help you to read it in other languages.

Google Translate cannot translate all types of documents, and it may not give you an exact translation all the time. If you rely on information obtained from Google Translate , you do so at your own risk.

The Office of the State Comptroller does not warrant, promise, assure or guarantee the accuracy of the translations provided. The State of New York, its officers, employees, and/or agents are not liable to you, or to third parties, for damages or losses of any kind arising out of, or in connection with, the use or performance of such information. These include, but are not limited to:

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


#cheapest car loan
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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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What Is Home Equity? What can you Use it For? #pay #day #loans


#home equity loan
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What is Home Equity?

By Justin Pritchard. Banking/Loans Expert

Justin Pritchard helps consumers navigate the world of banking.

Home equity is your share of the value of your home. It’s what you truly own and have an interest in. When calculating your net worth and getting a loan, home equity is important to understand. It’s not always easy to use home equity, but it’s still an asset.

An Example

Assume you bought a house for $200,000, made a 20% down payment. and got a loan to cover the rest. In this example, your home equity interest is 20% of the home’s value: the home is worth $200,000 and you contributed $40,000 – or 20%. You own the home, but you really only own $40,000 worth of it.

It might be easier to think about home equity in terms of what you owe instead of what you’ve contributed. Prices change over time. You can figure out how much home equity you have by subtracting any money you owe from the home’s value.

The home is worth $200,000, but you owe $160,000. The loan balance is 80% of your home’s value, so the remaining 20% is your home equity.

Now assume your home’s value doubles (unlikely, but it’ll keep the numbers simple). If it’s worth $400,000 and you still only owe $160,000, you have a 60% equity stake. Your loan balance hasn’t changed, but your home equity increased.

Building Home Equity

As you repay your home loan, your home equity generally increases. With each monthly payment, you pay a little bit of interest and you reduce your loan balance.

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Over time, more and more goes towards your loan balance – increasing your home equity interest at an increasing rate.

As the previous example showed, you can also increase equity if the value of your home increases.

What is Home Equity Used For?

Equity is an asset, so it’s a part of your total net worth. You can spend it someday if you need to. You might use it to buy your next home, to fund your retirement, or to pay for a child s education. It’s a large and important asset, so choose wisely.

When you get a second mortgage, you borrow against your home’s equity (second mortgages are also known as home equity loans ). It’s nice to have a large pool of money to draw from, but home equity loans can be dangerous. Your home serves as collateral for these loans. If you can’t repay, your lender can potentially foreclose and you d lose your home.

In the 2008 mortgage crisis, some people found that they relied too heavily on home equity: as equity increased, borrowers withdrew as much of it as they could in the form of cash. Unfortunately, equity from price appreciation can evaporate just as easily as it materializes. It s risky to scrape out as much as you can from your home s value.


Quick Loan Alternative in 15min: How It Works #private #loans #for #college


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How to get a quick loan

How to get a quick loan online?

Quick loans are available through a variety of lenders online. Many lenders, like Sunny, allow you to speed up the process by filling in your application on their site. The form is sent off instantly and your decision is back in no time – sometimes in less than 4 minutes. After you are approved, most online lenders can directly deposit your cash into your bank account.

Why is online a fast way to get a loan?

Every unnecessary step is removed when you get a loan online. No going to the individual office or bank. No interview. No waiting for a cheque in the mail or picking up an envelope of cash – there is barely a delay to speak of for your direct deposit. Your research for comparison and your decision can fall in the same short period. And most often, if you’re looking for some quick quid, you need it today, not tomorrow. Online lenders are a great choice when you have an urgent need for funds.

How do quick loans work?

Quick loans offered online work by quickly getting your information only to the people who need it, without waiting periods. The lender’s website lets you pick how much you want to borrow, how many instalments there are and how long they’ll last, and view how much you are going to pay each time with no confusion. After you provide your information in the on-screen application, online lenders can run a speedy credit history check and other background checks, deciding whether to approve it. Once your money has been wired, it’s easy to withdraw it directly from your account. You’ll usually be able to keep track of payment dates via their site or by email updates, and set up direct repayment back to the lender to ensure you never miss a payment.

How do I choose the right fast loan?

With so many fast loan companies out there, it’s important to compare your various alternatives to find the loan that best suits your personal needs. When it comes to emergency expenses, you often need to make financial decisions very quickly, and making a well-informed decision is essential to your financial stability. Consider every aspect of the loan. Will it allow you to pay back early without penalty? Will it allow you to adjust payment dates as you go along? Do you need to reapply every time you take out another sum? And most importantly in this case, how quickly will you get the cash? Scrutinizing lenders’ websites for information like this will help you find the best loan for you to work with.

Sunny’s quick loans

We believe in transparency and honesty to make a difficult time and difficult decision as stress-free as possible. In order to make your choice clear, we provide a little more information about Sunny’s quick loans:

We give you 5 days to change your mind and repay the principal with no fees and no interest. You can do this once per month, no questions asked.