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Loans UK – The UK s leading lenders under one roof #department #of #education #loans


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Secured loans

  • 5,000 – 100,000
  • Between 5 and 25 years
  • Interest rates from 6.9% APR

A secured loan is only available to people who own their own home and have equity in their property.

Example: 150,000 house value and a 75,000 mortgage balance = 75,000 available equity in the property.

The equity is not the only determining factor when obtaining a loan. Your credit rating will also restrict the loan amount available and interest rates payable.

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Unsecured loans

  • 1,000 – 15,000
  • Between 5 and 25 years
  • Interest rates from 6.9% APR

Availability of unsecured loans is based on your credit history.

Example 1: 50,000 salary, good job, own their own home and never missed a payment on their loans or credit cards = lowest available loan rates.

Example 2: Self Employed, variable income, missed a couple of payments on a credit card and rent their home = no unsecured loans available.

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Bridging loans

They can be arranged in days as opposed to weeks and amounts of between 25,000 and 5 Million can be made available.

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I Applied For An Online Payday Loan. Here s What Happened Next: Planet Money: NPR #fed #loan #consolidation


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Listen to the Story

Payday lenders made about $49 billion in high-interest loans last year. More than a third of those loans were made online. I wondered what happens when you apply for such a loan, so I decided to find out.

In the course of reporting a story earlier this year, I logged on to a site called eTaxLoan.com and filled out an application.

I asked for $500 and, to be safe, I made up an address, a name (Mary) and a Social Security number. The site asked for more sensitive stuff — a bank account number and a routing number — and I made that up, too.

In spite of the made-up information, in less than a minute, I got a response.

“Congratulations. Tremont Lending has been selected as your lender and you have been pre-approved for a loan up to $750.”

If I wanted to borrow $750 for a week, I would have had to pay $225 in interest. The site said that was an annual percentage rate of more than 1,300 percent.

I did not agree to take the loan.

But within minutes, my phone rang (I had entered my real phone number). It was a guy from Tremont Lending, in South Dakota. I told him I was a reporter, that I didn’t really want a loan, and I figured that would be the end of it. But then, I started to get more calls.

“Hi, Mary. My name is Ethan, Ethan Foster, and I’m calling from InstaLoan. And this call is regarding the loan application which you put online. It has been successfully approved by our company as a personal loan.”

And:

“This message is intended for Mary Kettler. Mary, the very second you receive this message, I need your urgent attention to return the call. My name is Tom Watson.”

For months, I got dozens of calls. Many of the callers had strong foreign accents. One caller, who said his name was Kevin, told me that Mary had been approved for a loan of up to $5,000 — 10 times what I initially asked for.

Kevin said he was from a company called Cash 4 You, which was unconnected to eTaxLoan.com. By this point, I was wholly confused. ETaxLoan had said it was a secure site, but now, many different companies had my application — and, presumably, my personal information.

It turns out there’s a huge online bidding process for such loans. ETaxLoan isn’t a lender at all, but something called a lead generator. It finds potential customers, then passes them on.

When I tried to contact eTaxLoan to learn more, I might as well have been looking for the holy grail. The company’s customer service line connected to a recording that said “due to an overwhelming response to great loans,” it could not take calls. The site lists an address in Delaware — but the company isn’t at that address. I spent days trying to find the company’s physical location, without success.

And when I tried to call back the people who had offered me loans, I couldn’t get through.

But eventually, I did find someone willing to talk about the business. Jack Murray heads Fix Media Group, in Virginia, which has a site called wefixmoney.com. Murray says his company — not unlike eTaxLoan — is really a marketing firm.

“We are a matching service, just like an Expedia is for a travel company or a Hotels.com is for a hotel company,” Murray says.

But instead of matching travelers with hotels, Murray matches those who need cash — and can’t get it elsewhere — with those willing to lend.

For that, he might get anywhere from $1 to $100 per lead. Murray draws a big distinction between his company and others in the business. He says he’s completely aboveboard and works only with partners he trusts.

“We have a pretty limited network of lenders, and we know what each of our lenders is looking for,” he says. “So whether it’s a certain state or other qualifications or characteristics of the customer, it will match the appropriate lender based on those things.”

Murray says neither he nor his lenders resells personal data, like the kind I submitted. But he says that others do, and that’s likely what happened in my case. It doesn’t take long online to discover there’s a whole network of people trying to buy and sell payday loan leads.

None of this surprises Benjamin Lawsky, the superintendent of financial services for New York state and one of many regulators trying to clamp down on payday lending.

“Once you made that application, you basically sent up a red flag with them that you are someone in need of this money, and you need it on a short-term basis,” he told me. “That’s when the vultures come out.”


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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Heaven s Family – Christian Micro-Loan Fund #bad #credit #loans


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Micro-Loan Ministry

Micro-loans are a proven means of helping the poorest of the world’s poor rise from poverty with dignity.

Micro-Loan Ministry

People who start businesses must have some capital to begin, and so most need a business loan. But what if you were so poor that you had zero collateral and no banks would give you a loan? Such is the plight of many of the world’s poor, including millions of honest and hard working followers of Jesus. Banks won’t even lend them $200. Shouldn’t their faith in Jesus, however, and a consistent testimony be enough collateral for fellow believers, like us, to trust them with a $200 loan?

Dina Zotica Diaz de Arnao is a Peruvian Christian woman who has benefitted with a micro-loan. She already has a small store in the front room of her little house, but her inventory is extremely limited. Along with the small income that her husband earns from scavenging and selling recyclables, they are just scraping by. Dina was overjoyed to receive a one-year loan of $200 that will enable her to significantly expand her inventory. Her pastor, Jose’ Ernesto Castillo Medrano, has faith in her, and he is administrating her loan.

The other Christian women in Peru who received micro-loans from Heaven’s Family also have small businesses that they are now expanding with our help. When their loans are repaid, the funds will be loaned to other hard-working believers. Micro-loans are a proven means of helping the poorest of the world’s poor rise from poverty with dignity.

Donations to the Micro-Loan Ministry are used for program expenses related to making small business loans primarily to poor Christians who have a reputation of being hard-working and honest in restricted and impoverished nations. Our micro-bankers who are committed believers of Jesus Christ will occasionally extend loans to non-belivers to support their local ministry outreach. All fundraising and general/management expenses are paid from from the general fund of Heaven’s Family. Our micro-loans are generally administrated by the borrower’s pastor who is paid for administrating the loans by means of the interest earned.


FAQ S – Payday Loans Online, No Fax Cash Advance at #cash #loans #bad #credit


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FAQ

What is a cash advance loan or payday loan?

A cash advance loan is an unsecured loan that will help you get through to your next payday. The loan is unsecured, so you will not need collateral. You can use a payday loan to help take care of unexpected expenses such as car repairs or emergency medical bills, or pay that phone bill on time to prevent disconnection. You can apply online using our application and the money is instantly deposited to your savings or checking account.

Why do I need a payday loan?

Expenses sometimes come up before payday that need immediate attention or else there will be consequences. You can pay your cable bill on time and avoid bouncing a check or paying a late fee.

How much money do you loan?

Your loan amount depends on your employment information. We can loan up to $1,500 to first-time borrowers.

How do you determine the fees?

We abide strictly by state and federal laws for establishing our loan fees. As per the applicable laws, our fees can range anywhere from $25 to $30 for every $100 you borrow.

What are the requirements to qualify for a loan?

There are no credit checks for our payday loans, but you do need to meet the following requirements:

  • An active savings or checking account
  • Be a citizen of the U.S. and be at least 18 years of age
  • Have a verifiable income of at least $1,000 per month
  • You must be employed

How do I apply?

We have a simple online application process you will find on our website. You will know instantly if you are approved or not.

How do I complete the application?

In order to have your application considered you need to provide your name, address, information about your employer, bank account information and one form of picture identification.

Will my personal information be safe with your application process?

Absolutely! We use state-of-the-art 128-bit computer encryption and secured web pages to protect all of your personal information. The safety of your information is as important to us as it is to you!

What does it cost to apply?

Nothing!

Do I have to take a loan if I am approved?

No. You will be notified immediately in regards to your approval. At that point you are welcome to contact us to ask questions and give it some thought. When you are ready to proceed, you simply follow the acceptance process.

Do I need good credit?

We do not perform a credit check, so your credit history does not affect your ability to qualify for a payday loan with us.

Do I need to own a home to qualify?

Renters and homeowners can qualify for a payday loan. It makes no difference to us!

How do I fax you my information?

We gather all of your personal information online based on the data you give us. There is no need for you to fax us anything.

Can I have multiple payday loans going at the same time?

No. You must pay off an existing payday loan before you can be approved for another.

Do you call my past or present employers?

No. Your application status is completely confidential and we consult with no one to determine your eligibility.

Is direct deposit necessary to qualify?

For your security, we only send money through direct deposit to your bank account.

How fast will I get my money?

Your application will be processed in less than an hour after we receive it. Once you accept the terms of the loan, the money will be available the next business day. After you have received your money, we will begin discussing repayment terms with you that fits your budget and schedule.

Will I be notified when my money is available?

We will notify you by email when you are approved. We reserve the right to alter the loan agreement up until the time you receive your funds if new information regarding your application is presented.

When will I have to pay the money back?

Repayment terms vary depending on your state and local laws. We generally try to reschedule payment on your next payday, or within 8 to 25 days from receipt of payment.

Can I pay back my loan early?

Paying your loan back prior to the scheduled due date may entitle you to a refund of some of your loan fees. Contact us if you intend on paying back your loan early to see how you can benefit.

What if I can’t pay my loan back on time?

A loan extension may be available if you cannot pay back on time. We offer options for repayment including:

  • Pay the loan back as agreed to in your documents
  • Pay back a portion of the principle and all of the finance charges prior to the due date
  • Pay just the loan fees on the due date

Am I limited to how many times I can get a payday loan?

We want to help our customers with their short-term bill paying needs. If you are finding yourself in need of payday loans on a consistent basis, then you may be experiencing a more serious budgeting issue. We recommend using these loans only in emergency situations. Consult a financial expert if budgeting problems persist.


The U. S. Small Business Administration #montel #williams #loan


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Disaster Loan Applications

If you are in a declared disaster area and have suffered any disaster related damage you may be eligible for federal disaster assistance. Homeowners and Renters must register with the Federal Emergency Management Agency to obtain a FEMA Registration ID Number by calling 1-800-621-3362. You can apply for a disaster loan online.

SBA Disaster Home Loan Application (paper forms)

SBA Form 413 Personal Financial Statement . Download, print form and complete or complete version online and print.

IRS Form 4506-T . Download, Print form and complete or complete version online and print. Please see instructions.

SBA Form 2202 Schedule of Liabilities . Print form and complete. This is a suggested format for the Schedule of Liabilities. The information contained in this schedule is a supplement to your balance sheet and should balance to the liabilities presented on that form. If you need assistance please see instructions.

SBA Form 2202 Schedule of Liabilities instructions . Follow examples 1 through 8 for requested information. You may use your own form if you prefer. Any format is acceptable as long as it includes the information included in the instructions.

All required documents listed in Filing Requirements must be returned. All forms requiring signature must be signed and dated. Incomplete applications will not be accepted.

U.S. Small Business Administration

Processing and Disbursement Center

14925 Kingsport Rd.

Ft. Worth, TX 76155-2243


The U. S. Small Business Administration #monthly #mortgage #calculator


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Advantage Loans

SBA guarantees three types of 7(a) business loans known as Advantage Loans. These are the Small/Rural Lender Advantage Loan . the Community Advantage Loan and the Small Loan Advantage .

The loan provided to the business is the equivalent of a Basic 7(a) Loan—not revolving—allowing the proceeds to be used for regular purposes. What differentiates a Basic 7(a) Advantage Loan from a Basic 7(a) loan is which lenders can get a guarantee. Another difference is the amount of underwriting some lenders must conduct before providing a guarantee. The principal difference is tied to the lender who provides the loan, rather than the structure and purpose of the loan. The Advantage Programs allows selected lenders to obtain 7(a) guarantees on loans they propose to provide to eligible and creditworthy small businesses that meet all the requirements of a Basic 7(a) Loan through an alternative application process.

All the Special Purpose Loan Programs listed above have certain requirements (such as what collateral must be obtained and how the repayment structure of principal and interest) that the SBA imposes on the lender and/or that the lender must impose on the borrower.

These programs also impose certain requirements on the lender for underwriting and closing the loan.


Australia s Best Home Loans – Your Mortgage Australia #quick #cash #loans #no #credit #check


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Australia’s Best Home Loans

The global economic downturn has created the lowest interest rates in nearly 50 years. But which home loan reigned supreme in the 17th Annual Your Mortgage Magazine s Mortgage of the Year Awards?

Welcome to the 2009 Your Mortgage Magazine Mortgage of the Year Awards. It seems we say this every year, but in the last 12 months a veritable revolution has taken place in the Australian home loan market.

When we last took a survey for the Mortgage of the Year Awards, bank standard variable rates were around 9.46% their highest level since early 2000.

But then rates started dropping, thanks to the worsening global economy. Since September 2008, the Reserve Bank of Australia slashed the official cash rate by 4%. This brought the standard variable rate down to 5.82% as some banks chose not to pass on the full rate cut.

The non-banks realised that they were in danger of losing their hard-earned market share to the banks, unless they rolled up their sleeves and started to compete aggressively on the thing that matters most to customers the price.

So between some assertive marketing from all the lenders and some encouragement for a sluggish economy from the Reserve Bank of Australia, rates have now been forced down to their lowest level in nearly five decades.

Competition still king

Like the previous Mortgage of the Year Awards, the results are strikingly close.

This is great news for borrowers, as this competitiveness will no doubt continue in the future.

While interest rates appear to have stalled for the moment, some experts are predicting the cycle has bottomed out and interest rates could rise as quickly as they dropped.

In the meantime, property prices continue to plateau and fall in some areas around the country. Again, this is good news for buyers!

All told, borrowers are in an enviable position to begin on the path to home ownership. They enjoy great home loan products and low interest rates.

Buying a home is never easy, but we hope these Awards will make choosing the best loan for you an easier and more enjoyable experience.

Over the following pages we are proud to present to you Australia s top mortgage products to help you finance your dream home or investment property. We looked at every aspect of the loans in order to impartially judge the best loans for new homebuyers, second homebuyers and first-time investors. About 1,000 mortgage products in our database have been carefully vetted using a wide-range of criteria to ensure you are getting the best value home loan.


Today s FHA Loan Requirements #provident #loan


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FHA Loan Requirements

What are the current requirements for FHA Loans?

FHA loan requirements are written to very straightforward and simple to follow. You will find some of the most useful information about today’s FHA loan guidelines including income, credit and property requirements listed below.

To decide if you meet current FHA home Loan requirements for approval, lenders will look at:

  • Your monthly income and your current monthly expenses. Standard FHA loan requirement debt-to-income ratios are 31/43. These ratios may be exceeded with compensation factors.
  • Your credit history (standard FHA loan requirements for credit score are more flexible than other programs). A 620 FICO credit score is often required to obtain an FHA approval.
  • To determine if the home meets FHA requirements for loan approval, an appraisal must be performed by a certified FHA appraiser. Only the lending institution may initiate the order for an appraisal to determine that the subject property meets FHA loan inspection requirements.

FHA Debt to Income Ratio Requirements

Currently, FHA loans requirements state that your monthly housing costs (mortgage principal and interest, property taxes and insurance) must meet a specified percentage of your gross monthly income (31% ratio). You must also have enough income to pay your housing costs plus all additional monthly debt (43% ratio). These percentages may be exceeded with compensating factors.

FHA Loan Credit Score Requirements

Your credit background will be fairly considered. While the official FHA loan requirements for credit score states that the minimum FICO score for FHA loans is 580 for LTV ratios over 90 percent and 500 for LTV ratios below 90 percent, most lenders today will not approve mortgage loans to borrowers with credit scores below 620. It is possible for a borrower to be approved for an FHA Loan after bankruptcy, provided that the bankruptcy is at least two years out of discharge if Chapter 7 or one year out of discharge if Chapter 13 and all court ordered payments have been made on time.

FHA Loan Appraisal Requirements

For the subject property to be eligible for FHA loan approval, it must first be appraised by a certified FHA appraise r. FHA loan property requirements for appraisals state that the home must be in fairly good condition. Things that could disqualify the subject property include a leaky roof, structural problems and/or damage, missing siding or paint and other issues. The appraiser must determine if the appraised value of the home meets or exceeds the maximum Loan-to-Value requirements for FHA mortgage loans. If the appraised value comes in below those requirements, the borrower could have to bring more money to the closing table.

Additional requirements for FHA Loans

Additionally, to meet current FHA loan eligibility requirements you must:

  • Have a valid US Social Security Number (SSN)
  • Be a legal U.S. resident Be at or above the legal age to sign on a mortgage per state law. There is no maximum age limit for a borrower.

Even if you are not a U.S. citizen, you must have a valid Social Security Number (SSN). A Tax ID number (ITIN) does not qualify as an acceptable substitute for a SSN.

FHA Loan Limits and Down Payment Requirements

The maximum loan amount under today’s FHA loan requirements is determined by:

The maximum FHA loan amount: FHA approved lending institutions can not insure loans higher than the specified amounts listed for the metropolitan area or county where the property is located. The highest maximum FHA mortgage right now is $729,750. The lowest FHA maximum mortgage loan amount in any area is $271,050. To see what the limit is in the county in which you’re interested, visit the following site https://entp.hud.gov/idapp/html/hicostlook.cfm . This site lists U.S. territories as well as states.

Maximum FHA Financing: Depending on the state where the property is located, FHA Loan Requirements state that the maximum Loan-to-Value financing will be 96.5% of the lower of the purchase price or the appraised value of a home being purchased or 97.75% of the lower of the appraised value of the home or the amount you are refinancing plus closing costs of a home being refinanced. If you are refinancing and taking cash out . the loan will be limited to 85% of the appraised value.

Additional lender offers.


Arizona – s #1 Hard Money #personal #loans #calculator


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Arizona s #1 Hard Money Private Money Lender Since 1992

LOAN RATES STARTING AT 8%

1-10 Year Terms!

Low Fees!

No Prepayment Penalties!

Kenwood Mortgage is one of the oldest and most respected hard money lenders in Arizona.  We fund all types of investment real estate including residential, commercial, multi-family, and land.  Our loans range in size from $50,000 to $25,000,000 with rate and fee structures that are considered among the most reasonable in the marketplace.

All loans are underwritten by principal decision makers which ensures speed, privacy, and a minimum of red tape. Most loans close in less than a week with little more than a simple application and credit report.  If the property qualifies and the loan makes sense for the borrower, we ll be prepared to close right away.

(480) 783-8800

Kenwood Mortgage Investments addresses the question:

Hard money lender or private money lender?

The history of our industry includes endless esoteric debate over wether to call itself private money or hard money lending. If you do an online search of both terms you’ll discover there is no single definition for either. Take a look at any private lender or hard money lender website and you’ll likely find both terms used interchangeably and frequently, but it’s not because they are confused. It’s all about ranking with the search engines and since the battle for business is now fought on the internet no one wants to leave to chance that all pistons aren’t firing. When the phone rings the borrower could be asking for either hard or private money and it makes no sense to argue with a good loan opportunity. “Are you guys private money or hard money?” My stock answer: “Absolutely. now tell me what you’re trying to accomplish so that we can craft an exacting loan to fit your needs.”

However, truth be told, given the opportunity to introduce myself where there are no preconceived notions about my business, I do prefer to say I am an Arizona private money lender. After all, “Private” leaves less to the imagination than “Hard”, don’t you think?

Kenwood Mortgage Investments is an Arizona private money lender, and yes, we are also an Arizona hard money lender. Call us anything you like, so long as you call us when you need a fast funding without unnecessary personal intrusion or bank underwriting neurosis.

We fund loan amounts of $50,000 to $25,000,000 usually within 24-48 hours of receiving a preliminary title report and are regarded by the industry as a lower rate/longer term alternative to typical terms offered by our competitors. Kenwood makes loans on the following property types: