Tag Archives: loan

90 Day Payday Loans-Promise enough time to recover the debts

Cash requirement may arise in any moment of life. Suppose if you have some urgent obligations like credit card bills, grocery bills or you need to pay the house rent. In that case, 90 day payday loans would be useful. These are short term loans which would enable to clear the backdated bills and current bills. You would also get sufficient time to repay the loan amount and rate of interest. Moreover, one cannot manage everything with the income of $1000.

The rates are higher for these unsecured loans. With the effective use of computer and an internet connection, one can search the lenders who would offer 90 day payday loans at affordable rates. No need to pledge any collateral against the loan amount. The loan amount would vary from $100 to $1500. There is no pressure of repaying the lump sum amount at one go. As the repayment period covers 90 days or 3 months, it means that you can repay the principal amount and the rate of interest in disintegrated parts. It would be in fact your choice of repaying the loan amount. You can repay the loan amount within 1 month or covering a period of 3 months.

You would not be verified for maintaining bad credit history. You would not be disapproved for any other bad factor like county court judgments, foreclosures, bankruptcy, missed payments, etc. Therefore, these loans are known as 90 day loans no credit check. No need to fax the documents. There would not be any need to go to the loan institute with unnecessary documents. It is advisable to read the terms and conditions given in the print. You would have to fill up the online application form with basic details without paying any processing fee:

a) Should be genuine citizen of US. b) Must attain the age of 18 years. c) Must have a regular source of income. It would determine the repayment ability. d) It is necessary to mention the bank account details which should not be less than 3 months old. It would be used for monetary transactions.

Once filling up the application form is done, submit the form to the lender’s secured server. The lender would verify the details and approve the requested amount. Within few hours, the loan amount would be transferred to the bank account. Any error or wrong information in the online form would lead to the rejection of the online form.

Homeownership Can Boost Your Approval Rate

Regardless of the loan type you are applying for, you can get a boost on your approval rate if you are a homeowner. Homeowners have better chances of getting approved for home loans, home equity loans but also for unsecured personal loans, student loans, car loans, business loans and many other loan types.

The reasons for this can be explained analyzing the effects that homeownership has on the loan terms and requirements for approval. There is a variable that is greatly modified by homeownership which has important incidences on all loan terms and requirements: the risk of default for the lender in the financial transaction.

Risk Of Default And Approval

The approval process is ruled by the lenders fear of default: The higher the risk of default, the lower the chances of getting approved. In the event of default, the lender is actually loosing his investment because there are little chances of recovering the money unless the lender has sufficient assets to compensate for the loses.

The risk of default and approval are thus, greatly related. If the applicant can provide any aid to reduce the risk of default, the lender will be significantly more comfortable at lending the money that the borrower needs. Thus, it is important to know which modifiers can reduce the risk of default and boost the chances of getting approved.

Consequences of Homeownership

Along these modifiers we can analyze various options: collateral, simple homeownership, down payments and a co-signer. Collateral provides the best form of guarantee as it is a particular asset that is used for security of a loan and the lender can take legal action of repossession in the event that the borrower defaults on the loan.

A down payment is useful for certain secured loans that already have collateral but the risk of default is still high. Then, the borrower offers a certain amount of money that has already been set aside by him, so as to reduce the amount of money needed to purchase the home or the car and thus, leaving the property with a higher amount of equity left. The property guaranteeing the loan is then worth more than the debt it is guaranteeing.

A co-signer is obliged to repay the loan along with the main applicant and thus provides an additional guarantee for repayment. This is also associated with homeownership. If both the applicant and the co-signer are homeowners, chances of getting approved are greater as the lender has additional properties to obtain repayment from in the event of default.

Finally, we have reached the modifier that can provide a great risk reduction without too many hassles. Simple homeownership provides a reduction on the risk involved in any financial transaction regardless if the property or properties are used as collateral for the loan. This is due to the fact that all of the applicant’s assets guarantee in a way the repayment of the loan. All the assets legally guarantee any debt that the owner may have and that’s the reason why a co-signer who is also a homeowner provides an additional guarantee and lowers the risk even more: He does not only provide an additional income but also, an additional real estate guarantee or guarantees.