Category Archives: Auto Loans
Secured Personal Loans Yield Immediate Cash
When you need cash now to make purchases or pay debts, you might want to consider taking out an online secured personal loan. A secured personal loan is a loan that is secured with property that you own, and can easily obtained in amounts up to $100,000 or more.
Most secured personal loans are backed up by using your home as collateral. That is the reason why some lending institutions refer to these loans as homeowner loans. Collateral need not be in the form of your home, however; you can easily use other real property, such as your car, boat, RV, or other pieces of land or real estate to stand good for your secured personal loan.
Additionally, if other lenders have placed liens against your property to secure your mortgage, you can still use it for collateral.
Secured Personal Loans For All Borrowers
Secured personal loans are very popular among those who might have been turned down for an unsecured loan. You can use your secured personal loan for whatever needs you have, whether you are looking to buy a new automobile, finance home improvements, add an addition to your home such as a fourth bedroom, or perhaps even take a dream vacation.
There are many benefits of a secured personal loan over an unsecured personal loan. Secured personal loans typically carry lower monthly payments that are spread out over many years. Secured loans are also very attractive to buyers without perfect credit, even those with low FICO scores, which makes the secured loan available to nearly all types of borrowers, regardless of past history.
By getting your secured personal loan online, you are ensured of getting the lowest interest rate possible across the industry. Your interest rate is typically calculated by taking into account the amount of the loan, the term of the loan, and your credit history.
Protect Your Future
A good idea when taking out a secured personal loan is to purchase the optional disability and life insurance that most lending institutions offer on these loans. Your disability or life insurance policy for your new secured personal loan will be very beneficial to you if you were to lose your job or become unable to work due to illness, when your benefits would be activated that make payments on your behalf during the incident. Additionally, if you were to pass away, the policy would ensure that your survivors can keep your home.
Apply Securely Online
Applying for your secured personal loan online is simple, convenient, and hassle-free. Online lenders have set up websites that feature applications that are user-friendly, and allow you to submit your information electronically. Any documentation that is required to complete the processing of your loan can also be submitted by sending a scanned email copy of the required item or by faxing a copy. Items that might be required are recent paystubs, bank statements, and identification documents.
Once approved, you will receive an offer from the lender. You are not obligated to accept the offer. If you review and accept the offer from your lender, the proceeds from your new online secured personal loan can be deposited into your bank account almost immediately.
Loans: 4 Keys To Better Loans and a Better Credit Score! (Page 1 of 2)
How you manage loans impacts your FICO score more than any other factor in your credit history. It’s true, you are scored heavily on the kinds of loans you have, how many months or years you have had those loans, how much you owe, and your repayment history, are key clues that credit bureaus use to arrive at your credit score. If you can wisely manage your loans, you will add points to your credit score quickly. Here are 4 key tips…
1. When the time is right you should try to refinance your high interest loans.
If you have high interest rate loans, especially on big ticket items like a motor vehicle or home mortgage and interest rates drop two points or more in the market, investigate refinancing some or all these loans. This is especially true if your credit score improves to above 700, even above 750 would be better. But, be wise about how you carry out this tactic.
First, shop loan sources other than the creditor that has your loan now. This way you may force your current lender to compete for your continued business by offering a more favorable interest rate. At the same time, do this only with those lenders who are obviously only interested in making money on you. Stick with lenders with whom you have a good long-term relationship but advise them that you are looking for a lower rate on your loan.
When shopping for credit give potential creditors only your credit score, not your Social Security number, for them to come up with a quote. Giving your S.S. number results in inquiries on your credit report which can damage your score. When they use only your score, no inquiries are recorded.
When seeking loans, you are looking for a lower interest rate or better repayment terms or both. By getting a better interest rate you will save hundreds, perhaps thousands, of dollars in interest. At the very least, getting more favorable monthly repayment terms that you can comfortably afford, will enhance your loan repayment history and automatically improve your score.
Refinancing is ideal for someone who is living from pay-to-pay and having a tough time making their monthly bills and who has been getting late notices or collections recorded in their credit history. It’s also a good idea for someone who has been paying bills on time with no recent negatives in their credit history and who has a good credit score. They will have an easier time refinancing for a better interest rate and more favorable repayment terms.
2. This is not my favorite solution but, if you must, there are loans available for folks with a poor credit history.
If your credit score is really low and you need a loan, you should look into services that provide loans to people with poor credit scores. But, be very careful you do not go even deeper into interest rate debt. There are legitimate lenders who know that some folks with poor credit scores will still make their payments on time if given a second chance and they are willing to speak with anyone that other lenders have denied.