What is a Secured Loan?

The terms and conditions for secured loans vary from lending company to lending company.  They’re loans that require a borrower to back his or her creditworthiness, the consideration given to a borrower’s likeliness to repay a loan, with a form of collateral.  Collateral is form of property pledged to secure or guarantee the fulfillment of a financial obligation, and secured loans require a borrower or co-borrower to provide an acceptable form of collateral to obtain the loan.  What is and isn’t considered an acceptable form of collateral for a loan varies between lending companies; typical forms of collateral used to obtain loans are real estate, cars, and stocks and bonds.

Secured Personal Loans

Some lending companies, depending on the secured loan amount and borrower’s creditworthiness, require borrowers to include a co-borrower in his or her application process.  A co-borrower is a person that promises to either make the required monthly loan payments or repay the entire loan in the event the primary borrower is unable to fulfill the obligation.

Secured loans can be significantly large in principle amounts, many tens of thousands of dollars, depending on a borrower’s income, creditworthiness, and collateral.  Because they’re backed by collateral, lenders consider them less risky then unsecured loans.  They’re likely priced differently with lower interest rates.
Some borrowers find the collateral requirements for secured loans an inconvenience.  Working with a lending specialist Loans Now may help you to determine what type of loan is right for you.

What is an Unsecured Loan?

Unsecured Personal Loans

The terms and conditions for unsecured loans vary from lending company to lending company.  They’re loans a borrower obtains entirely on his or her creditworthiness, which is the consideration given to a borrower’s likeliness to repay a loan.  Some lending companies, depending on the unsecured loan amount and borrower’s creditworthiness, require borrowers to include a co-borrower in his or her application process.  A co-borrower is a person that promises to either make the required monthly loan payments or repay the entire loan in the event the primary borrower is unable to fulfill the obligation.

An unsecured loan doesn’t require a borrower or co-borrower to provide any collateral to obtain the loan, which is a form of property pledged to secure or guarantee the fulfillment of the financial obligation.  What is and isn’t considered an acceptable form of collateral for a loan varies between lending companies; typical forms of collateral used to obtain loans are real estate, cars, and stocks and bonds.

Loans and Credit Checks

Depending on a borrower’s income and creditworthiness an unsecured loan can be significantly large; many tens of thousands of dollars.  However, their principle balances are usually smaller then secured loans.  Because they’re not backed by collateral and lenders consider them more risky then secured loans, they’re priced differently and have a higher interest rate.

Lenders make the conveniences and flexibility of unsecured loans available to borrowers with bad or poor credit by altering the loan offer’s terms: reducing the possible loan amount, shortening the term – length of the loan, and charging a higher interests rate.

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Working with a lending specialist Loans Now may help you to determine what unsecured loan is right for you.

Why Credit is Important

Personal Credit

Anyone wanting to obtain a sizable loan, like a home mortgage, will need credit.  More specifically, personal credit, and it is an unavoidable requirement in the lending process.  Personal credit is comprised of several different factors: a borrower’s repayment history – whether or not they have been making their monthly payment requirements in full and on time.  Their repayment history is reported on his or her personal credit report.

Types of Personal Loans

Previous borrowing experience – there are several different lending options for someone wanting to borrow money: credit cards, installment loans, such as auto, personal, and student loans, and revolving lines of credit, which may require a source of collateral, and mortgages.  All the borrowing option’s repayment history is factored and scored differently on a personal credit report.  Larger loans, such as mortgages and installment loans weigh more on a personal credit report.  If a borrower where to miss one month’s $500 mortgage payment, it would affect his or her credit score differently than missing one month’s $75 credit card payment.

Establishing personal credit and maintaining a good repayment history significantly reduces a borrower’s future costs for loans – they’re receive lower interests offers on their loans.

There are several other products priced according to personal credit as well, and a borrower’s can make the most of his or her budget being a good credit consumer.

How to Rebuild Your Credit with Personal Loans

There are many different ways a consumer can rebuild his or her credit.  Their professional and personal circumstances will determine their options when deciding if accounts with slow pays and late payments should be closed, or consolidated into a single loan.  They’re the two most effective ways to quickly restore impaired credit; unfortunately, they’re not always options for some consumers because they’re employment situation offers limited income potential, or their unable to significantly reduce their monthly expenses.

Poor Credit

If a consumer is unable to rebuild his or her credit themselves they could benefit from hiring a credit repair company that specializes in restoring their client’s credit.  

Two well-known for-a-fee credit repair resources a consumer can use are creditrepair.com and Lexington Law.

Credit repair companies usually provide a variety of services: working with debt consolidation companies to restructure a client’s finances and reduce their monthly expenses.  Dispute fraudulent transactions with credit card companies and inaccurate records with credit reporting agencies that are negatively affecting their client’s credit history and score.  And possibly negotiate reduced payoff balances with creditors and lower monthly payments.  

Credit repair services can be a helpful resource for consumers unable to resolve their own credit issues for any reason.  Time constraints may prevent some consumers from being able to resolve credit issues associated with identity theft; the potential consequences can be extremely time intensive to correct.  Also, if a consumer is unaware of the different remedies credit and lending companies might offer to people experiencing financial hardships they wont know how what proactive measure they can to make to protect his or her credit.

Depending on a consumer’s professional and personal circumstances, the fee associated with utilizing a credit repair company may be money well spent.

How to Make the Most of Your Budget

Consumer Budgets

There are two basic consumer budgets: the individual budget and the household budget.  Both involve administrative requirements: short and long term forecasts for expenses and income, and tracking all spending to ensure they are adhering to the agreed to budget.  

Planning guides and software programs are available to simply the administrative process and increase the likeliness for financial success.  

Differentiating needs from wants is a requirement for both budgets as well.  It involves categorizing what purchases the consumer or household can’t do without, such as food, because they need it.  And what purchases the consumer or household can do without, such as a gaming system, because they want it.

Household Budgets

Both the individual and household budget require participants to make allotments for saving requirements, which is the amount of money they planned to regularly deposit either for future purchases or unexpected expenses.  In addition, both budgets require adjustments be made for disposable income; the money that is left over after the bills have been paid and the savings requirements met.

Making the most of each budget requires financial discipline, effective record keeping and communication skills.  Every member in the household has their own simple individual budget, and collectively they make up a more complicated household budget; they’re components of microeconomics – the financial behaviors of consumers.

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We wanted to point out some obvious flaws in their scam.


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We have reported this to the FBI and local authorities and set blockers in place. Please do not present your personal information to anyone like SSN#, Bank Account Numbers and DOB.

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What My Interest Rate Says About Me

Simply, lending companies evaluate their loan applicants based on several widely accepted factors.  And they categorized their loan applicants based on the outcome of their evaluation.  

Loan applicants should know a little bit about the different factors used in credit evaluations.  The most important factor is his or her credit history – whether or not they have made the required monthly payments for their existing or previous loans on time, missed monthly loan payments, or defaulted on their loans.

Credit Checks

A borrower’s employment history is also a factor lenders also use to evaluate their loan applicants.  The more stable an applicant’s employment history: number of years employed at their current employer, and number of years employed in the same line of work the more likely it is an applicant will have a steady stream of income for the foreseeable future to meet his or her financial needs.

Another factor lending companies use to categorize a loan applicant’s ability to repay his or her loan is their debt-to-income ratio, or DTI.  It calculates what percentage of a loan applicant’s monthly income is used to pay for existing monthly bills.

Personal Loans and Bad Credit

Lending companies summarize their evaluation of the loan applicant through different interest rate offers.  When a high-risk borrower applies for the same loan as a low-risk borrower, lending companies will offers the high-risk borrower a higher interest rate for the loan; it’s called a risk premium.  It says certain borrowers are more likely than others to make late payments or miss their payments, and the companies have to offset the risk with a higher rate of return.

Presenting Yourself to a Lender: How to be a Good Candidate

When an individual applies for a loan, it’s in their best interest to present the most credit worthy application possible to the lending company’s loan office.  There are several ways for a potential borrower to maintain good credit.

Personal Loans with Bad Credit

The single most important factor used by lending company’s to determine a loan applicant’s credit worthiness is the applicant’s payment history, which is reported on his or her credit report.  Lenders consider borrowers with late payment or no payment histories high-risk borrowers, and this will negatively affect the borrower in several ways: they’ll pay a higher interest rate on their loan, qualify for fewer loan programs, limited loan amounts, and shorter terms.  That’s why borrowers should ensure the information reported on his or her credit reports is accurate.  

There are three main credit reporting agencies: TransUnion, Equifax, and Experian.  Anyone interested in applying for a loan should first check his or her credit reports to ensure they are accurate and presentable to a loan officer.  If they are reporting any inaccurate information, borrowers can and should dispute the claims with the agency.  They’ll provide borrowers with their step-by-step instructions on how to resolve any issues.

Correcting a credit report can be a time consuming process.  Applicants shouldn’t wait until they desperately need a loan to ensure their credit history with any or all of the big three credit reporting agencies are accurate.  

Following these simple instructions can save borrowers a great deal of money over a lifetime.

How to Figure Out Your Debt-to-Income Ratio

A common calculation personal loan companies use to partially access late payment risk is the debt-to-Income ratio, commonly called their DTI.  The ratio simply consists of debt divided by income.  For instance if an applicant pays a total of $800 a month for his or her expenses, and their total monthly income is $1600, their debt-to-income ratio is 50%.  

Every personal loan company has their own guidelines for calculating an applicant’s debt-to-income ratio.  Some companies may include certain expenses in their calculations that others exclude.  Each segment of the lending industry focuses their priorities differently; however, every one wants to be repaid on time.  Mortgage lenders include a front end DTI calculation that limits the ratio’s dividend or debit to the applicant’s housing costs.  This produces a more favorable calculation for the applicant than one including credit card debt, student loans, alimony, child support, and any other monthly obligation.

An applicant should have a general idea of their current debt-to-income ratio, their potential lender’s minimum requirement, and how they factor their calculations.

The type of monthly income lenders use to factor their debt-to-income calculations may vary as well.  If they use gross monthly income, which is an applicant’s income before taxes, it will produce a more favorable calculation then one factored with net monthly income, which is what remains after taxes are deducted.

Personal Loans and Bad Credit

Anyone considering a personal loan, especially for debt consolidation, should factor how any additional credit card purchase or extending existing lines of credit will affect their application and likeliness for approval.

What Besides My Credit Score Goes Into My Loan Decision

Every lending company has it’s own set of underwriting, or decision-making guidelines.  They use them to either decline or approve an applicant’s loan, and they frequently change.  Most lending companies that make personal loans borrow the money they use to fund their loans from large institutional investors who set covenants, or requirements the lending companies have to follow when making loans with their money.  

Personal Loans with Bad Credit

These are known as external factors, and they can include many different requirements.  Nearly every personal loan company is subjected to them and has to respond to them.

A few of the most common external factors beyond credit score are: employment history.  This may simply require an applicant to have been employed by their current employer for a minimum amount of time.  And if they are self-employed, to have a worked in their industry for a minimum amount of time.  Most Lenders give special considerations or make exceptions for professionals when they don’t meet the minimum employment requirements if they work in high-demand fields, like the medical field.

The loan applicants’ annual income is another common external factor the lending companies have to consider.  Their requirements usually include a maximum debt-to-income ratio.  It’s a calculation used to estimate the borrower’s ability to make his or her monthly payments based on how much monthly debt they carry in relation to their monthly income.

Anyone with a strained financial situation who is considering a personal loan should survey the lending companies’ external factors to better consider the possible consequences for waiting to apply for a personal loan.

Personal Loans, Scores to 450, No Payday or Title, 3,5,&7 Year Terms

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