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Car title loans: Friendly Only for Emergency Funding
Car title loans are loans which people try to get in utter emergency only. If some good amount of money is urgently needed one may go for it keeping in mind that repayment must be made within a very short period. Car title loans contracts may of different forms most common of which is that the title of the car is offered to the lender as evidence of collateral property or as just security. This generally happens if the lender is a bank or any financial company. The borrower is asked to leave a set of the keys of the car to the possession of the lender. The borrower can use the car as his personal vehicle.
Car title loans have other forms also. It may happen that the borrower is not allowed to keep the cars possession. Instead of it the lender will keep the car with him and give the same back to the owner of the car when he will pay back the money in the stipulated period. It happens that the borrower cannot clear the loan within the period. This is a very critical state for the borrower as the lender may sell the car to recover the money given as loan.
There are many lenders from whom one can secure car title loan. Banks are there and there are different financial companies in the market. One can search on the internet and find particular web sites of the companies which receive online application for car title loans and give the loans. It is rather simple to get this kind of loans.
The borrower must have the title of the vehicle in his name and the car must be insured in all respect. He must submit documents supporting his address proof and latest telephone bill. If he owns a home a statement of mortgage is demanded. The lender will want some document supporting the fact that the borrower is in a service approved by the law of the land and that he has been in the service for one year minimum. His annual income should not be less than $12000 in any way. He must be 21 years at the time of submitting the application for the car title loan.
How much money the borrower can get? It is up to the discretion of the lenders. It may not be any good amount and it may at best within half of the assumed resale cost of the vehicle. The borrower may be or usually is asked to pay back considerable amount immediately after he receives the payment. The rate of interest for car title loans is really exorbitant and it is nearly 300 percent.
People take Car title loans for extremely urgent necessity and they must pay back the loan within a very short span of time, that is, within 15 to 30 days.
Deferred Student Loan Lender – Be Sure You Have All The Information
For college students, finding ways to afford their education is as challenging as getting into a good school. Most students receive student loans and do not fully comprehend their repayment schedules.
An interest deferred student loan is only one kind of loan available. It is conceivable to find a deferred student loan lender, but like all loans, each bears its own unique set of dangers and benefits. Each lending institution features its own set of rules for potential borrowers, and the search for affordable student loans may be your first serious educational quiz!
One deferred student loan lender, the Stafford Loan, requires no payments until after graduation, with an extra six-month grace period. Whatever amount borrowed will have to be repaid only after graduation, or if the student goes below part-time status or drops out of school. As long as the student remains enrolled at a qualified educational establishment, the loan’s interest is deferred.
Stafford Loans have 2 options, 1 in which the loan is given by the school and the other when a private lending institution grants the loan, which is assured by the federal government. In both situations, loan repayment requirements remain identical.
A Perkins loan, released by the school, is backed by funds made available by the government and the amount of funding is limited and reliant on financial constraints.
Other Loan Types
Additional non-deferred student loans available for students and their parents, such as the Federal Direct Parent Loan for Undergraduate Students, will grant a loan based on the amount charged by the school for classes and additional expenses less any scholarships or other aid received by the student. In this loan, repayment is slated begin within 60 days of the full amount being paid to the school.
The Federal Direct Graduate PLUS Loan offers a similar plan, complete with the same repayment demands.
For many unsubsidized loan agreements, money borrowed under a deferred student loan agreement will not entail repayment until after graduation. But, with many of these loans, interest will accrue from the date of the loan. Students are advised to make interest payments through the life of the loan or the interest amount will be added to the principal.
Most of these loans are awarded to students not qualifying for need-based assistance and they are considered unsecured loans. For many students that need a loan to make attending college plausible, there are deferred loans which delay repayment until after graduation. There are even some occupations that will let repayment to be deferred for up to 36 months. Make sure you know if you are dealing with a deferred student loan lender, and if you have signed up for an interest deferred student loan, make extra sure you understand the terms you agreed to and the repayment schedules. Always query the financial aid office at your school and make sure you complete your application, submitting all the necessary forms requested by the lenders. Prior to applying, be sure you have all the facts to make an enlightened decision, so that you don’t equate your higher education with higher interest rates!