Times are tough for everyone right now, and it seems that just about everyone has gone through their “rainy day” funds, their nest egg, and are now working month to month. It is a difficult way to live, very stressful, and when you find yourself with unexpected bills at the end of the month, you may not have anywhere to turn to. More and more people are using a personal cash loan to get by.
If you walk into your local bank and ask for a loan, after they are done laughing at you, they will hand you a stack of papers that will take hours to get through, and then they will spend weeks or even months processing them, before they say, “No!” You cannot get a personal cash loan from a traditional bank any more for many reasons. First of all, they lost a lot of money giving out loans in the form of mortgages to people who couldn’t afford them. They also know that so many people just don’t care about their credit scores any more, that if they do give a loan, they have no real way to collect the funds if the person decides not to pay it back.
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If you watch any of the financial news stations on television these days, you may hear that the “Fed” rate is 0%, but that certainly doesn’t mean that that is the interest rate you will pay! The Fed rate really bears no relation to what a personal loan rate would be, other than when it is high, so is your rate.
When times are tough like they are right now, it is a good time to borrow money. Interest rates are lower and you can borrow more money for a longer period of time for less money. The bad news is that if you are lucky enough to have any money in the bank or in investments, then you are making less money than you would during good times.
Continue reading ‘What Is a Good Personal Loan Rate?’ »
Everyone goes through tough times, and with today’s economy, more and more people are looking to get their hands on money to pay the bills, or keep their head above water. Finding a loan these days can be difficult, however, especially if you have less than stellar credit. The credit companies have taken every opportunity they could over the past few years to bring down your credit score, and if you are looking for a loan, you may want to check into getting a guaranteed personal loan.
There are two types of loans that most banks and lending institutions deal with – secured (a guaranteed personal loan) and unsecured. A secured loan is one that is literally secured by something you already own, usually a home, a car, or a large household item or jewellery. You are putting up that item as collateral, as good faith, so that the bank will be confident about you paying them back. If you fail to pay the loan back on time, they take the collateral.
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There was a time when you could just walk into your local bank and ask for a personal loan, but those days are all but over. Even if you own your own home and have substantial and documented equity in it, you may have trouble getting a loan, even an equity loan. Banks are very tight these days after being burned by so many foreclosures, so now if you want a good personal loan interest rate, you have to look elsewhere.
There are several types of personal loans that you can get. The most common type of loan is an unsecured loan. This means that you will probably have to have a good credit score in order to get it. “Good” these days is over 700, and sometimes over 750. Most of us do not fall into this category. In fact, if your credit score is that good, you probably don’t need a loan anyway.
Continue reading ‘Finding a Good Personal Loan Interest Rate’ »
When we are in school, we spend a lot of time learning our reading, writing, and arithmetic, but we don’t learn a lot about personal finance. So, when we grow up and start to use credit cards or get a mortgage, we find that there are huge holes in our knowledge, holes that can cost us a lot of money. You may think that you know what you are paying for the money you are borrowing, but unless you have tried out your numbers on a personal loan calculator, you really don’t know.
A basic loan like a personal loan, or even a mortgage, has an interest rate attached to it. But, that interest rate is not “flat” interest, it continues to compound. So, although your annual percentage rate may be 5 percent, that does not mean that you will only pay 5 percent over the life of the loan. In fact, you may be surprised to find out that with compounding interest, you end up paying your loan off several times over, resulting in an overall interest rate of several hundred percent.
Continue reading ‘Using a Personal Loan Calculator’ »
Times are tough for everyone right now, and it seems that just about everyone has gone through their “rainy day” funds, their nest egg, and are now working month to month. It is a difficult way to live, very stressful, and when you find yourself with unexpected bills at the end of the month, you may not have anywhere to turn to. More and more people are using a personal cash loan to get by.
