Posts Tagged need money
Guaranteed Personal Loan Approval in 3 Easy Steps
Posted by Larry Donaldson in Finances on 04/13/2010
No matter how much you earn each month, it would not be surprising if there comes a time when you find yourself in short supply. Of course, if you are able to consistently spend less than you make, in theory you should never run into situations where you are out of money.
Unfortunately, reality is not that simple.
Why It Is So Easy to Run Short on Cash
Everybody’s situation is unique. However, the 5 main reasons you may be running low on money include:
1. You do not make enough money to cover even basic expenses.
2. Your paycheck is fine – when it comes, that is. But payments are inconsistent, and some months it is better than others.
3. You make a really good income, but something unexpected comes up suddenly that pushes you into the red.
4. A recent large purchase such as an automobile or a home has eaten into almost all of your available savings, and things are extra tight right now.
5. A friend or family member has asked to borrow money and you are trying to help, but you do not have the extra cash on hand.
Your Options for Getting Money Fast
When you are faced with any of these “money emergencies,” you need to get access to cash quickly. These include:
* borrowing from a rich friend or relative
* taking on a second job
* taking out a loan by putting up something of value as collateral
* taking out a personal loan without the need for collateral
Common Challenges with Getting Approved for a Loan
If you have explored all of these options thoroughly and have concluded that taking out a loan is your best bet, you may have one major concern: what if you do not get approved? It is common to be concerned about not getting approved for a loan if you have bad credit, have been rejected for a loan recently, or if you lack a checking account.
How to Get Guaranteed Personal Loan Approval
To get a guaranteed personal loan approval, follow these 3 steps:
1. Decide how much money you need to borrow. This requires striking a tricky balance: on the one hand, you do not want to borrow more than you need, since the interest you pay on this loan will depend upon how much you borrow. On the other hand, you want to make sure you borrow enough money since you do not want to have to go back in a week or two and take out another loan. Rule of thumb: figure out how much you need, then add 20%.
2. Contact at least 7 lenders before making a decision. This is important: you are probably going to be tempted to just take the first loan for which you get approved. Resist the temptation! If you contact at least 7 lenders, it is a sure thing that one of them will offer you a lower interest rate and overall better terms than the rest. Spend the extra 15-30 minutes to make sure you select the right lender.
hint: before contacting them, make sure the lender is one who will guarantee a personal loan, even if you have a bad credit score. They will tell you this up front.
3. Choose a lender whom you can contact via online or phone. While you may be most comfortable calling your lender, I urge you to consider the online option. It is quicker to get approval when you contact them online. And, you will hit your “quota” of 7 lenders before you know it.
Being in need of money is a problem only if you don’t know where to look to get a personal loan with guaranteed approval.
Get a list of lenders who specialize in helping individuals with poor credit scores at: http://www.youre-approved.info.
In a Journalistic World Full of Opinions on Reverse Mortgages, Where is the Truth?
Posted by Anne Johnson in Finances on 02/08/2010
One month into the year 2010, many people have heard at least something-good or bad- about reverse mortgages. This product has become extremely popular in the last couple years and its popularity continues to rise. However, with popularity also comes criticism. Every article that is published seems to be a minimal amount of information clouded by a storm of opinions.
Although this product is different from any currently on the market, reverse mortgages are a still lien on a person’s home, just like traditional mortgages. Unlike traditional mortgages, a reverse mortgage does not require a person make monthly mortgage payments for as long as they live in the home.
Reverse mortgages are used so homeowners over the age of 62 can pay off their existing mortgage and obtain access to additional funds. Once a homeowner has taken out a reverse mortgage, they will never have to make a monthly mortgage payment again. This federally insured product does require that the homeowner remain current on real estate taxes, homeowner’s insurance, and home repairs. Provided that the homeowner maintains his obligations, the reverse mortgage will not become due until the homeowner moves away or otherwise vacates the home. If the homeowner fails to meet these obligations, the reverse mortgage could become due and payable before the homeowner leaves the home.
The federally insured reverse mortgage does have costs associated with it, just as all financial products do. Most of the up front costs associated with the product go directly to the government so that the reverse mortgage remains a non-recourse product. It is considered non-recourse because, assuming the homeowner continues to respect his contractual obligations, he will never owe more than the fair market sale value of the home.
Reverse mortgage benefits can help people who cannot comfortably afford their mortgage payments, health care, and daily expenses. Important to note is that this product is something which should be discussed with the homeowner’s heirs. In order for the home to remain in the family after the homeowner has passed away, the estate will be responsible for paying off or refinancing the reverse mortgage. This loan should not be considered if a homeowner wishes to leave a mortgage-free home to their heirs because it is a loan and does need to be repaid.
It seems that some critics are unclear on many important facts about this loan. The fees can be a little higher than traditional mortgages, but the interest is not. Also, the largest fees go directly to the government for insuring the reverse mortgage, not to the banker to make a quick buck. For homeowners who could use this product, the benefits strongly outweigh the costs.
There is a lot of misinformation surrounding reverse mortgages. This product is not right for everyone, but also should not just be used in the case of last resort. It can greatly help senior homeowners enjoy their retirement and the protections surrounding the mortgage continue to improve. Hopefully, the product will be around for many years to help seniors without enabling anyone to take advantage of them.
As a former psychology major, finding solutions to resolve people’s problems has always been a subject of interest to me. I hope that my writing will give people the knowledge and confidence to make important decisions about reverse mortgages. In addition to writing, I love to read, knit, spend time with friends and family, and watch the Missouri Tigers and Green Bay Packers!