Jan
24
Do You Know Which Loan You Want?
Filed Under Advice | Leave a Comment
David Peters asked:
Many people get confused when they hear about the different types of loans available. Here is a helpful loans guide of the most common loans available today.
Bad Credit Personal Loan
A Bad Credit Personal Loan is a loan made for people with a bad credit rating. However created, your past record of County Court Judgments, mortgage or other loan arrears can live on to deny you access to finance that other people regard as normal.
If you are a homeowner with equity in your property, a Bad Credit Personal Loan can bring that normality back to your life. Secured on your home, a Bad Credit Personal Loan can give you the freedom, for example, to do the home improvements or buy the new car you want.
With a Bad Credit Personal Loan you can borrow up to 125% of your property value in some cases.
Bridging Loan
A bridging loan is a kind of loan used to “bridge” the financial gap between monies required for your new property completion prior to your existing property having been sold.
Bridging loans are short-term loans arranged when you need to purchase a house but are can’t arrange the mortgage for some reason, such as there is a delay in selling your current home.
The beauty of bridging loans is that a bridging loan can be used to cover the financial gap when buying one property before the existing one is sold
A bridging loan can also be used to raise capital pending the sale of a property.
Bridging loans can be arranged for any sum and can be borrowed for periods from a week to up to six months.
A bridging loan is similar to a mortgage where the amount borrowed is secured on your home, but the advantage of a mortgage is that it attracts a lower interest rate.
While bridging loans are convenient, the truth is that the interest rates can be very high.
Business Loan
A business loan is designed for a wide range of small, medium and startup business needs including the purchase, refinance, expansion of a business, development loans or any type of commercial investment.
Business loans are generally available at really competitive interest rates from leading commercial loan lenders.
A business loan can be secured by all types of business property, commercial and residential properties.
Business Loans can offer up to 79% LTV (Loan to Valuation) with variable rates, depending on status and how long the term is.
Business loans are normally offered on Freehold and long Leasehold properties with Bricks and Mortar valuations required. Legal and valuation fees are payable by the client.
Car Loan
The basic types of car loans available are Hire Purchase and Manufacturer’s schemes. Hire purchase car finance is arranged by a car dealership, and in essence means that you are hiring the car from the dealer until the final payment on the loan has been paid, when ownership of the vehicle is transferred to you.
A Manufacturers’ scheme is a type of loan that is put together and advertised by the car manufacturer and can be arranged directly with them or through a local car dealership. You will not own the car until you pay back the loan in full. The car would be repossessed if you default on repayments.
Cash Loan
Cash Loans are also known as Payday Loans, and these loans are arranged for people in employment who find themselves in a situation where they are short of immediate funds.
A Cash Loan can assist you in this situation with short term loans.
Loans are repayable on your next payday, although it is possible to renew your loan until further paydays down the road.
To apply for a Cash Loan you must be in employment and have a bank account with a checkbook. A poor credit rating or debt history is initially not a problem.
Debt Consolidation Loan
Debt consolidation loans can give you a fresh start, allowing you to consolidate all of your loans into one simple loan, which will give you just one easy-to-manage payment, and in most cases, at a lower rate of interest.
Secured on your home, these debt consolidation loans can sweep away the pile of repayments to your credit and store cards, HP, loans and replace them with one, low cost, monthly payment that is calculated to be well within your means.
With a Debt Consolidation Loan, you can borrow up to 125% of your property value in some cases.
It can reduce BOTH your interest costs AND your monthly repayments, putting you back in control of the life you want to lead.
Home Loan
A Home Loan is a loan secured on your home. You can unlock the value tied up in your property with a secured Home loan, and many people choose to do so with this kind of loan.
The loan can be used for any purpose, and is available to anyone who owns their home. Home loans can be used for any purpose such as, home improvements, buying a new car, taking a vacation, paying of credit cards and debt consolidation.
Home Improvement Loan
A Home Improvement Loan is a low interest loan secured on your property.
With a Home Improvement Loan you can borrow money with low monthly repayments.
The loan can be repaid over any term between 5 and 25 years, depending on your available income and the amount of equity in the property that is to provide the security for the loan. You need to talk to your lender about that.
A Home Improvement Loan can help you with installing a new kitchen, bathroom, extension, loft conversion, conservatory, landscaping your garden or purchasing new furniture. You can even use it on non-house expenditure like a new car or repaying credit card or other debts, which makes it convenient and useful for multi purposes.
Home Owner Loan
A Home Owner Loan is a loan secured on your home that you own. You can unlock the value tied up in your property with a secured Home Owner loan. The loan can be used for any purpose, and is available to anyone who owns their home. Home owner loans can be used for any purpose such as, home improvements, new car, luxury holiday, pay of store card or credit card debt and debt consolidation.
Payday Loan
Payday Loans also known as Cash Loans are arranged for people in employment who find themselves in a situation where they are short of immediate funds.
A Payday Loan can assist you in this situation with short term loans to help you get through tough financial times.
Loans are repayable on your next payday, although it is possible to renew your loan until subsequent paydays. To apply for a loan you must be in employment and have a bank account with a checkbook. A poor credit rating or debt history is initially not a problem.
Personal Loan
There are two categories of personal loans: secured personal loans and unsecured personal loans - See individual titles below. Homeowners can apply for a Secured personal loan (using their property as security), whereas tenants only have the option of an unsecured personal loan.
Remortgage Loan
A remortgage is changing your mortgage without moving your home. Remortgaging is the process of switching your mortgage to another lender that is offering a better deal than your current lender. This process is done to help you save money. A remortgage can also be used to raise additional finances by releasing equity in your property.
You can borrow money and rates are variable, depending on status.
Secured Loan
A secured loan is a loan that uses your home as security against the loan. Secured loans are suitable for when you are trying to raise a large amount; are having difficulty getting an unsecured loan; or, have a poor credit history. Lenders can be more flexible when it comes to secured loans, making a secured loan possible when you may have been turned down for an unsecured loan. Secured loans are also worth considering if you need a new car, or need to make home improvements, or take that luxury holiday of a lifetime. You can borrow any amount of money and repay it over any period from 5 to 25 years. You simply select a monthly payment that fits in your current circumstances.
Secured Personal Loan
A Secured Personal Loan is a loan that is secured against property. Secured personal loans are suitable for when you are trying to raise a large amount; are having difficulty getting an unsecured personal loan; or, have a poor credit history. Lenders can be more flexible when it comes to Secured personal loans, making a Secured personal loan possible when you may have been turned down for an unsecured personal loan. Secured personal loans are also worth considering if you need a new car, or need to make home improvements, or take that luxury holiday of a lifetime.
You can borrow any amount you need and repay it over any period from 5 to 25 years.
Student Loan
A student loan is way of borrowing money to help with the cost of your education. Applications are made through your Local Education Authority or the government. A student loan is a way of receiving money to help with your living costs when you’re attending college. You start paying back the loan once you have finished studying, provided your income has reached a certain level.
Tenant Loan
A tenant loan is an unsecured loan granted to those that do not own their own property. A tenant loan is always unsecured because in most cases, if you are renting your accommodation, you do not have an asset against which you can secure your loan. Tenants sometimes find that some loan companies will only lend money to homeowners. If you are a tenant you need to look for a company, bank or building society willing to give you an unsecured loan.
Unsecured Loan
An unsecured loan is a personal loan where the lender has no claim on a homeowner’s property should they fail to repay. Instead, the lender is relying solely on the ability of a borrower to meet their loan borrowing repayments. Because you not securing the money you are borrowing, lenders tend to limit the value of unsecured loans.
The repayment period will range from anywhere between six months and ten years. Unsecured loans are offered by traditional financial institutions like building societies and banks but also recently by the larger supermarkets chains.
An unsecured loan can be used for almost anything - a luxury holiday, a new car, a wedding, or home improvements.
An unsecured loan is good for people who are not homeowners and cannot obtain a secured loan for example; a tenant living in rented accommodation.
Unsecured Personal Loan
An Unsecured personal loan is a personal loan where the lender has no claim on a homeowner’s property should they fail to repay. Instead, the lender is relying solely on the ability of a borrower to meet their loan borrowing repayments.
The amount you are able to borrow varies. The repayment period will range from anywhere between six months and ten years. An Unsecured personal loan can be used for almost anything - a luxury holiday, a new car, a wedding, or home improvements.
An Unsecured personal loan is good for people who are not homeowners and cannot get a secured loan. For example, this is a good program for renters.
Caffeinated Content
Many people get confused when they hear about the different types of loans available. Here is a helpful loans guide of the most common loans available today.
Bad Credit Personal Loan
A Bad Credit Personal Loan is a loan made for people with a bad credit rating. However created, your past record of County Court Judgments, mortgage or other loan arrears can live on to deny you access to finance that other people regard as normal.
If you are a homeowner with equity in your property, a Bad Credit Personal Loan can bring that normality back to your life. Secured on your home, a Bad Credit Personal Loan can give you the freedom, for example, to do the home improvements or buy the new car you want.
With a Bad Credit Personal Loan you can borrow up to 125% of your property value in some cases.
Bridging Loan
A bridging loan is a kind of loan used to “bridge” the financial gap between monies required for your new property completion prior to your existing property having been sold.
Bridging loans are short-term loans arranged when you need to purchase a house but are can’t arrange the mortgage for some reason, such as there is a delay in selling your current home.
The beauty of bridging loans is that a bridging loan can be used to cover the financial gap when buying one property before the existing one is sold
A bridging loan can also be used to raise capital pending the sale of a property.
Bridging loans can be arranged for any sum and can be borrowed for periods from a week to up to six months.
A bridging loan is similar to a mortgage where the amount borrowed is secured on your home, but the advantage of a mortgage is that it attracts a lower interest rate.
While bridging loans are convenient, the truth is that the interest rates can be very high.
Business Loan
A business loan is designed for a wide range of small, medium and startup business needs including the purchase, refinance, expansion of a business, development loans or any type of commercial investment.
Business loans are generally available at really competitive interest rates from leading commercial loan lenders.
A business loan can be secured by all types of business property, commercial and residential properties.
Business Loans can offer up to 79% LTV (Loan to Valuation) with variable rates, depending on status and how long the term is.
Business loans are normally offered on Freehold and long Leasehold properties with Bricks and Mortar valuations required. Legal and valuation fees are payable by the client.
Car Loan
The basic types of car loans available are Hire Purchase and Manufacturer’s schemes. Hire purchase car finance is arranged by a car dealership, and in essence means that you are hiring the car from the dealer until the final payment on the loan has been paid, when ownership of the vehicle is transferred to you.
A Manufacturers’ scheme is a type of loan that is put together and advertised by the car manufacturer and can be arranged directly with them or through a local car dealership. You will not own the car until you pay back the loan in full. The car would be repossessed if you default on repayments.
Cash Loan
Cash Loans are also known as Payday Loans, and these loans are arranged for people in employment who find themselves in a situation where they are short of immediate funds.
A Cash Loan can assist you in this situation with short term loans.
Loans are repayable on your next payday, although it is possible to renew your loan until further paydays down the road.
To apply for a Cash Loan you must be in employment and have a bank account with a checkbook. A poor credit rating or debt history is initially not a problem.
Debt Consolidation Loan
Debt consolidation loans can give you a fresh start, allowing you to consolidate all of your loans into one simple loan, which will give you just one easy-to-manage payment, and in most cases, at a lower rate of interest.
Secured on your home, these debt consolidation loans can sweep away the pile of repayments to your credit and store cards, HP, loans and replace them with one, low cost, monthly payment that is calculated to be well within your means.
With a Debt Consolidation Loan, you can borrow up to 125% of your property value in some cases.
It can reduce BOTH your interest costs AND your monthly repayments, putting you back in control of the life you want to lead.
Home Loan
A Home Loan is a loan secured on your home. You can unlock the value tied up in your property with a secured Home loan, and many people choose to do so with this kind of loan.
The loan can be used for any purpose, and is available to anyone who owns their home. Home loans can be used for any purpose such as, home improvements, buying a new car, taking a vacation, paying of credit cards and debt consolidation.
Home Improvement Loan
A Home Improvement Loan is a low interest loan secured on your property.
With a Home Improvement Loan you can borrow money with low monthly repayments.
The loan can be repaid over any term between 5 and 25 years, depending on your available income and the amount of equity in the property that is to provide the security for the loan. You need to talk to your lender about that.
A Home Improvement Loan can help you with installing a new kitchen, bathroom, extension, loft conversion, conservatory, landscaping your garden or purchasing new furniture. You can even use it on non-house expenditure like a new car or repaying credit card or other debts, which makes it convenient and useful for multi purposes.
Home Owner Loan
A Home Owner Loan is a loan secured on your home that you own. You can unlock the value tied up in your property with a secured Home Owner loan. The loan can be used for any purpose, and is available to anyone who owns their home. Home owner loans can be used for any purpose such as, home improvements, new car, luxury holiday, pay of store card or credit card debt and debt consolidation.
Payday Loan
Payday Loans also known as Cash Loans are arranged for people in employment who find themselves in a situation where they are short of immediate funds.
A Payday Loan can assist you in this situation with short term loans to help you get through tough financial times.
Loans are repayable on your next payday, although it is possible to renew your loan until subsequent paydays. To apply for a loan you must be in employment and have a bank account with a checkbook. A poor credit rating or debt history is initially not a problem.
Personal Loan
There are two categories of personal loans: secured personal loans and unsecured personal loans - See individual titles below. Homeowners can apply for a Secured personal loan (using their property as security), whereas tenants only have the option of an unsecured personal loan.
Remortgage Loan
A remortgage is changing your mortgage without moving your home. Remortgaging is the process of switching your mortgage to another lender that is offering a better deal than your current lender. This process is done to help you save money. A remortgage can also be used to raise additional finances by releasing equity in your property.
You can borrow money and rates are variable, depending on status.
Secured Loan
A secured loan is a loan that uses your home as security against the loan. Secured loans are suitable for when you are trying to raise a large amount; are having difficulty getting an unsecured loan; or, have a poor credit history. Lenders can be more flexible when it comes to secured loans, making a secured loan possible when you may have been turned down for an unsecured loan. Secured loans are also worth considering if you need a new car, or need to make home improvements, or take that luxury holiday of a lifetime. You can borrow any amount of money and repay it over any period from 5 to 25 years. You simply select a monthly payment that fits in your current circumstances.
Secured Personal Loan
A Secured Personal Loan is a loan that is secured against property. Secured personal loans are suitable for when you are trying to raise a large amount; are having difficulty getting an unsecured personal loan; or, have a poor credit history. Lenders can be more flexible when it comes to Secured personal loans, making a Secured personal loan possible when you may have been turned down for an unsecured personal loan. Secured personal loans are also worth considering if you need a new car, or need to make home improvements, or take that luxury holiday of a lifetime.
You can borrow any amount you need and repay it over any period from 5 to 25 years.
Student Loan
A student loan is way of borrowing money to help with the cost of your education. Applications are made through your Local Education Authority or the government. A student loan is a way of receiving money to help with your living costs when you’re attending college. You start paying back the loan once you have finished studying, provided your income has reached a certain level.
Tenant Loan
A tenant loan is an unsecured loan granted to those that do not own their own property. A tenant loan is always unsecured because in most cases, if you are renting your accommodation, you do not have an asset against which you can secure your loan. Tenants sometimes find that some loan companies will only lend money to homeowners. If you are a tenant you need to look for a company, bank or building society willing to give you an unsecured loan.
Unsecured Loan
An unsecured loan is a personal loan where the lender has no claim on a homeowner’s property should they fail to repay. Instead, the lender is relying solely on the ability of a borrower to meet their loan borrowing repayments. Because you not securing the money you are borrowing, lenders tend to limit the value of unsecured loans.
The repayment period will range from anywhere between six months and ten years. Unsecured loans are offered by traditional financial institutions like building societies and banks but also recently by the larger supermarkets chains.
An unsecured loan can be used for almost anything - a luxury holiday, a new car, a wedding, or home improvements.
An unsecured loan is good for people who are not homeowners and cannot obtain a secured loan for example; a tenant living in rented accommodation.
Unsecured Personal Loan
An Unsecured personal loan is a personal loan where the lender has no claim on a homeowner’s property should they fail to repay. Instead, the lender is relying solely on the ability of a borrower to meet their loan borrowing repayments.
The amount you are able to borrow varies. The repayment period will range from anywhere between six months and ten years. An Unsecured personal loan can be used for almost anything - a luxury holiday, a new car, a wedding, or home improvements.
An Unsecured personal loan is good for people who are not homeowners and cannot get a secured loan. For example, this is a good program for renters.
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Jan
20
Logbook Loans - Without Credit Checks Fast Approval
Filed Under Finance Corporation | Leave a Comment
Fastcash loan asked:
Your car or a vehicle is not only a pleasure to drive, but is a tool to get a loan as well. And while you can take a loan against your whole car, there are still best options in the form of logbook loans that have been approved against the logbook of the car. The logbook loans are considered loans fast. This is because there is no minute assessment of the car involved in the logbook provides loans and the approval of almost instantaneous. Also credit problems are rarely an obstacle to the book loans.
The logbooks are essentially guaranteed loans and loans were approved against the logbook of the car from the borrower. The logbook is a crucial and the base document of car. The logbook of a car contains details of the holder as a vital vehicle, the owner of the vehicle being registered trademark, chassis number, engine number, model and color details on the vehicle, etc. being so important document of the car, just the lenders continue to detain for as long as the loan amount approved hand, it is completely returned. So, all you have to take a loan against your car is to offer its log book as security to the lender. In the meantime, you can go on your car as usual. The amount approved such loan book depends on the value of the car, less the amount owed to the car.
For a car owner, Log Book Loans are best suited if he has bad credit. That’s because logbook loans were approved with no credit check on the borrower and the people are too poor credit loans approved book in a harmonious. However, before applying it to a lender, logbook each applicant borrowing should ensure that it meets certain requirements.
The lender must approve logbook loans only if the logbook is in the name of the borrower. The vehicle must be free of any payments due. So you have to eliminate all contributions to the vehicle before requesting loans logbook. Note that the vehicle must not be more than 8 years older and only then will its lender logbook as collateral. Also lenders prefer logbook provides loans on the insured vehicle. Proof of the borrower is also steady income that most lenders would like to see logbook for loan approval. So, make sure you have these requirements in place for the loan.
You can logbook source loans from various lending institutions, but for the speedy approval of the pros and prefer to apply to a lender online. You can find many providers logbook loans online to compare their conditions - conditions for a better understanding.
Caffeinated Content
Your car or a vehicle is not only a pleasure to drive, but is a tool to get a loan as well. And while you can take a loan against your whole car, there are still best options in the form of logbook loans that have been approved against the logbook of the car. The logbook loans are considered loans fast. This is because there is no minute assessment of the car involved in the logbook provides loans and the approval of almost instantaneous. Also credit problems are rarely an obstacle to the book loans.
The logbooks are essentially guaranteed loans and loans were approved against the logbook of the car from the borrower. The logbook is a crucial and the base document of car. The logbook of a car contains details of the holder as a vital vehicle, the owner of the vehicle being registered trademark, chassis number, engine number, model and color details on the vehicle, etc. being so important document of the car, just the lenders continue to detain for as long as the loan amount approved hand, it is completely returned. So, all you have to take a loan against your car is to offer its log book as security to the lender. In the meantime, you can go on your car as usual. The amount approved such loan book depends on the value of the car, less the amount owed to the car.
For a car owner, Log Book Loans are best suited if he has bad credit. That’s because logbook loans were approved with no credit check on the borrower and the people are too poor credit loans approved book in a harmonious. However, before applying it to a lender, logbook each applicant borrowing should ensure that it meets certain requirements.
The lender must approve logbook loans only if the logbook is in the name of the borrower. The vehicle must be free of any payments due. So you have to eliminate all contributions to the vehicle before requesting loans logbook. Note that the vehicle must not be more than 8 years older and only then will its lender logbook as collateral. Also lenders prefer logbook provides loans on the insured vehicle. Proof of the borrower is also steady income that most lenders would like to see logbook for loan approval. So, make sure you have these requirements in place for the loan.
You can logbook source loans from various lending institutions, but for the speedy approval of the pros and prefer to apply to a lender online. You can find many providers logbook loans online to compare their conditions - conditions for a better understanding.
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Jan
20
loans?
Filed Under Credit | 3 Comments
jguerrero14 asked:
I got someone to cosign for my autoloan but will they be able to if they have a few loans already taken out?
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I got someone to cosign for my autoloan but will they be able to if they have a few loans already taken out?
Caffeinated Content
Jan
13
Personal Loans
Filed Under Bankruptcy | Leave a Comment
WILLIAM LEE asked:
Personal loans are tricky - you never can quite make out whether it is absolutely necessary or if it is just a luxury you will be paying back for the next few years. That new computer, or that credit card outstanding, or the house refurnishing…the need for personal loans is never ending. We give you the best tips and knowledge on personal loans here; we also believe that you are better off knowing that there are other options out there - loan against property or car refinance spring to mind.
That done, you will find all you need to avail a personal loan in this section. How to apply for one, repayment options, charges applicable, documentation required, all these aspects are covered in this section. A personal loan can make a real positive difference in your life. It can also make a real difference in your finances.
A loan is a type of debt. This article focuses exclusively on monetary loans, although, in practice, any material object might be lent. Like all debt instruments, a loan entails the redistribution of financial assets over time, between the lender and the borrower.
The borrower initially does receive an amount of money from the lender, which they pay back, usually but not always in regular installments, to the lender. This service is generally provided at a cost, referred to as interest on the debt. A loan is of the annuity type if the amount paid periodically (for paying off and interest together) is fixed.
A borrower may be subject to certain restrictions known as loan covenants under the terms of the loan.Acting as a provider of loans is one of the principal tasks for financial institutions. For other institutions, issuing of debt contracts such as bonds is a typical source of funding.Legally, a loan is a contractual promise between two parties where one party, the creditor, agrees to provide a sum of money to a debtor, who promises to return the money to the creditor either in one lump sum or in parts over a fixed period in time. This agreement may include providing additional payments of rental charges on the funds advanced to the debtor for the time the funds are in the hands of the debtor (interest).
Types of loans
Secured
A secured loan is a loan in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan.
A mortgage loan is a very common type of debt instrument, used by many individuals to purchase housing. In this arrangement, the money is used to purchase the property. The financial institution, however, is given security — a lien on the title to the house — until the mortgage is paid off in full. If the borrower defaults on the loan, the bank would have the legal right to repossess the house and sell it, to recover sums owing to it.
In some instances, a loan taken out to purchase a new or used car may be secured by the car, in much the same way as a mortgage is secured by housing. The duration of the loan period is considerably shorter — often corresponding to the useful life of the car. There are two types of auto loans, direct and indirect. A direct auto loan is where a bank gives the loan directly to a consumer. An indirect auto loan is where a car dealership acts as an intermediary between the bank or financial institution and the consumer.
A type of loan especially used in limited partnership agreements is the recourse note.
A stock hedge loan is a special type of securities lending whereby the stock of a borrower is hedged by the lender against loss, using options or other hedging strategies to reduce lender risk.[citation needed]
Unsecured Loan / Pinjaman Tanpa Penjamin
Unsecured loans are monetary loans that are not secured against the borrowers assets. These may be available from financial institutions under many different guises or marketing packages:
• credit card debt
• personal loans
• bank overdrafts
• credit facilities or lines of credit
• corporate bonds
The interest rates applicable to these different forms may vary depending on the lender and the borrower. These may or may not be regulated by law. In the United Kingdom, when applied to individuals, these may come under the Consumer Credit Act 1974.
Abuses in lending
Predatory lending is one form of abuse in the granting of loans. It usually involves granting a loan in order to put the borrower in a position that one can gain advantage over him or her. Where the moneylender is not authorised, it could be considered a loan shark.
Usury is a different form of abuse, where the lender charges excessive interest. In different time periods and cultures the acceptable interest rate has varied, from no interest at all to unlimited interest rates. Credit card companies in some countries have been accused by consumer organisations of lending at usurious interest rates and making money out of frivolous “extra charges”.
Abuses can also take place in the form of the customer abusing the lender by not repaying the loan or with an intent to defraud the lender.
EON Bank expects to disburse RM100 million from its newly launched EON Bank Personal Loan scheme over the next 12 months, despite troubled economic conditions.
“This personal loan promises a 48 hour turn around time,” group chief executive officer, Albert Lau Yiong told a media conference after the personal loan product launch in Kuala Lumpur yesterday.
Applicants must be above 21 years with a minimum income of RM24,000 per annum to be eligible to apply for the personal loan which ranges from RM5,000 to RM250,000.
The loan comes with a flexible repayment period of between two to six years, with an interest rate as low as 0.75 per cent per month and a free personal loan protection.
EON Bank account holders will enjoy additional savings of 0.5 per cent a year on the interest.
Touching on loan growth this year, the head of group consumer banking, Micheal Lor Chee Leng said that the bank was on track to achieve a growth of between 6-8 per cent.
“To grow our business, we are adopting a customer-centric approach, as we increase cross-selling activities to the existing 1.4 million customers and utilise a strong distribution network of 137 branches,” added Lau.
EON Bank plans to open six new branches next year with an investment of RM1.5 million each.“We also plan to refurbish the 50 existing branches. This year we have refurbished 30 branches with the investment of RM1 million each,” he said.
Meanwhile, EON Bank also announced a reduction of its base lending rate by 25 basis point to 6.5 per cent from 6.75 per cent effective December 1, following the downward revision of the overnight policy rate by Bank Negara Malaysia.
However, the bank’s net interest margin will not be much affected by the cutback, Lor said. — www.smartpinjaman.com.my
Website content
Personal loans are tricky - you never can quite make out whether it is absolutely necessary or if it is just a luxury you will be paying back for the next few years. That new computer, or that credit card outstanding, or the house refurnishing…the need for personal loans is never ending. We give you the best tips and knowledge on personal loans here; we also believe that you are better off knowing that there are other options out there - loan against property or car refinance spring to mind.
That done, you will find all you need to avail a personal loan in this section. How to apply for one, repayment options, charges applicable, documentation required, all these aspects are covered in this section. A personal loan can make a real positive difference in your life. It can also make a real difference in your finances.
A loan is a type of debt. This article focuses exclusively on monetary loans, although, in practice, any material object might be lent. Like all debt instruments, a loan entails the redistribution of financial assets over time, between the lender and the borrower.
The borrower initially does receive an amount of money from the lender, which they pay back, usually but not always in regular installments, to the lender. This service is generally provided at a cost, referred to as interest on the debt. A loan is of the annuity type if the amount paid periodically (for paying off and interest together) is fixed.
A borrower may be subject to certain restrictions known as loan covenants under the terms of the loan.Acting as a provider of loans is one of the principal tasks for financial institutions. For other institutions, issuing of debt contracts such as bonds is a typical source of funding.Legally, a loan is a contractual promise between two parties where one party, the creditor, agrees to provide a sum of money to a debtor, who promises to return the money to the creditor either in one lump sum or in parts over a fixed period in time. This agreement may include providing additional payments of rental charges on the funds advanced to the debtor for the time the funds are in the hands of the debtor (interest).
Types of loans
Secured
A secured loan is a loan in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan.
A mortgage loan is a very common type of debt instrument, used by many individuals to purchase housing. In this arrangement, the money is used to purchase the property. The financial institution, however, is given security — a lien on the title to the house — until the mortgage is paid off in full. If the borrower defaults on the loan, the bank would have the legal right to repossess the house and sell it, to recover sums owing to it.
In some instances, a loan taken out to purchase a new or used car may be secured by the car, in much the same way as a mortgage is secured by housing. The duration of the loan period is considerably shorter — often corresponding to the useful life of the car. There are two types of auto loans, direct and indirect. A direct auto loan is where a bank gives the loan directly to a consumer. An indirect auto loan is where a car dealership acts as an intermediary between the bank or financial institution and the consumer.
A type of loan especially used in limited partnership agreements is the recourse note.
A stock hedge loan is a special type of securities lending whereby the stock of a borrower is hedged by the lender against loss, using options or other hedging strategies to reduce lender risk.[citation needed]
Unsecured Loan / Pinjaman Tanpa Penjamin
Unsecured loans are monetary loans that are not secured against the borrowers assets. These may be available from financial institutions under many different guises or marketing packages:
• credit card debt
• personal loans
• bank overdrafts
• credit facilities or lines of credit
• corporate bonds
The interest rates applicable to these different forms may vary depending on the lender and the borrower. These may or may not be regulated by law. In the United Kingdom, when applied to individuals, these may come under the Consumer Credit Act 1974.
Abuses in lending
Predatory lending is one form of abuse in the granting of loans. It usually involves granting a loan in order to put the borrower in a position that one can gain advantage over him or her. Where the moneylender is not authorised, it could be considered a loan shark.
Usury is a different form of abuse, where the lender charges excessive interest. In different time periods and cultures the acceptable interest rate has varied, from no interest at all to unlimited interest rates. Credit card companies in some countries have been accused by consumer organisations of lending at usurious interest rates and making money out of frivolous “extra charges”.
Abuses can also take place in the form of the customer abusing the lender by not repaying the loan or with an intent to defraud the lender.
EON Bank expects to disburse RM100 million from its newly launched EON Bank Personal Loan scheme over the next 12 months, despite troubled economic conditions.
“This personal loan promises a 48 hour turn around time,” group chief executive officer, Albert Lau Yiong told a media conference after the personal loan product launch in Kuala Lumpur yesterday.
Applicants must be above 21 years with a minimum income of RM24,000 per annum to be eligible to apply for the personal loan which ranges from RM5,000 to RM250,000.
The loan comes with a flexible repayment period of between two to six years, with an interest rate as low as 0.75 per cent per month and a free personal loan protection.
EON Bank account holders will enjoy additional savings of 0.5 per cent a year on the interest.
Touching on loan growth this year, the head of group consumer banking, Micheal Lor Chee Leng said that the bank was on track to achieve a growth of between 6-8 per cent.
“To grow our business, we are adopting a customer-centric approach, as we increase cross-selling activities to the existing 1.4 million customers and utilise a strong distribution network of 137 branches,” added Lau.
EON Bank plans to open six new branches next year with an investment of RM1.5 million each.“We also plan to refurbish the 50 existing branches. This year we have refurbished 30 branches with the investment of RM1 million each,” he said.
Meanwhile, EON Bank also announced a reduction of its base lending rate by 25 basis point to 6.5 per cent from 6.75 per cent effective December 1, following the downward revision of the overnight policy rate by Bank Negara Malaysia.
However, the bank’s net interest margin will not be much affected by the cutback, Lor said. — www.smartpinjaman.com.my
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Jan
11
Are there any student loans that include the cost of paying off a car?
Filed Under Financial Aid | 2 Comments
RameelRaymundo asked:
I need to buy a new car, but I’m also planning on going to law school in Sep of 09. I’m planning on buying a modest entry level car for around 17-19km and planning to put 5000 down. However, when I go to school I wont be working and will still have payments. My question is, are there student loans available that could include the cost of paying off the remaining balance of the car at the time?
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I need to buy a new car, but I’m also planning on going to law school in Sep of 09. I’m planning on buying a modest entry level car for around 17-19km and planning to put 5000 down. However, when I go to school I wont be working and will still have payments. My question is, are there student loans available that could include the cost of paying off the remaining balance of the car at the time?
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Jan
5
Loans For Every Occasion: Home Loans, Payday Loans, Student Loans And More.
Filed Under Advice | Leave a Comment
Michael Talbert asked:
At some point in life, it is almost guaranteed that you will be applying for a loan of some sort. Paying cash for products and services is not only becoming obsolete, it’s terribly inconvenient. Today, credit is a way of life, and as more and more people begin to shop online, plastic is the currency accepted everywhere.
The most basic of loans is of course, the credit card. Companies that issue credit cards make money every month that you carry a balance, and they are betting on the fact that you won’t pay off the balance every month.
Some loans actually make good business sense. Why would anyone want to shell out $300,000 for a new home when they could get a Home Loan and pay $1,000.00 a month, and then deduct the interest paid from their income taxes? That three hundred grand could be put to work in other investments, and could conceivably earn more for you than you are actually paying for the house! And all that time, if you time it right, your house becomes more and more valuable.
There are also times when for many people things just aren’t going well financially. An unexpected expense occurs and you find yourself just coming up short on your living expenses. Many types of loans exist for this type of situation, both secured and unsecured.
Maybe you just need some quick cash to get through the holidays, and intend to pay the loan off within the next few pay periods. Companies offering short term Payday Loans abound both on the Internet and off. Some with no credit check will transfer up to $1,500 into your bank account within 24 hours.
Student loans, auto loans, small business loans, personal loans, home loans, second mortgages, payday loans, government loans, bad credit loans, loans to consolidate other loans - there is a loan for just about any occasion out there.
The question is how much are you going to pay for your loan? And the answer to that depends in most cases on your credit history.
Your Credit History: Weather or not you get the loan, and how much it will cost you.
It is never too early to start establishing credit, and the best way to do this is with a credit card. If you are finding it difficult to obtain a credit card because you have no history, you can always buy your history by applying for a secured credit card or line of credit. Put down $500 or $1,000 and borrow against it. Make sure the institution you are applying to reports to the major credit bureaus, use the line of credit and pay your bills on time, and voila - you have a credit history! There is nothing wrong with carrying a balance over, just pay the minimum or a bit more, and pay it on time! Creditors like to think they will be making some money off of you.
What Lenders are Looking For
While different institutions have different criteria, there are some generalizations one can make about how they determine the creditworthiness of an applicant. Make no mistake about it; creditors are in the business of making money. If your credit is less than perfect, it doesn’t necessarily mean you won’t get the loan, but you will be paying more for it!
After receiving your application, a lender will then acquire a credit report from one of the three major credit bureaus, Equifax, Trans Union, or Experian. This is your credit history. Taking into account such factors as your income, the balances in your checking and savings accounts, the assets you own, the length of time you have been at your current job and place of residence, the amount you owe other creditors, and how promptly you pay your bills, the potential lender will then make a determination on if you will get the loan, and how much they will charge you for it.
Frequent late payments, bankruptcy, repossessions, legal judgment liens, or accounts being turned over to collection agencies do not bode well for obtaining a loan. That being said, most creditors realize that life happens, and such legitimate circumstances like an unexpected illness, injury, or the loss of your job do not necessarily reflect negatively on your creditworthiness.
When Things Take a Turn for the Worse
If you are in the process of paying on a loan or loans and one of these unforeseen circumstances befall you, talk to your loan officer. Most loan institutions find it in their best interest to work with the lendee, and will often make the necessary arrangements to make it easier for you to make your payments. Just remember, they want their money, and the last thing they want is for you to default on your loan, or heaven forbid, declare bankruptcy!
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At some point in life, it is almost guaranteed that you will be applying for a loan of some sort. Paying cash for products and services is not only becoming obsolete, it’s terribly inconvenient. Today, credit is a way of life, and as more and more people begin to shop online, plastic is the currency accepted everywhere.
The most basic of loans is of course, the credit card. Companies that issue credit cards make money every month that you carry a balance, and they are betting on the fact that you won’t pay off the balance every month.
Some loans actually make good business sense. Why would anyone want to shell out $300,000 for a new home when they could get a Home Loan and pay $1,000.00 a month, and then deduct the interest paid from their income taxes? That three hundred grand could be put to work in other investments, and could conceivably earn more for you than you are actually paying for the house! And all that time, if you time it right, your house becomes more and more valuable.
There are also times when for many people things just aren’t going well financially. An unexpected expense occurs and you find yourself just coming up short on your living expenses. Many types of loans exist for this type of situation, both secured and unsecured.
Maybe you just need some quick cash to get through the holidays, and intend to pay the loan off within the next few pay periods. Companies offering short term Payday Loans abound both on the Internet and off. Some with no credit check will transfer up to $1,500 into your bank account within 24 hours.
Student loans, auto loans, small business loans, personal loans, home loans, second mortgages, payday loans, government loans, bad credit loans, loans to consolidate other loans - there is a loan for just about any occasion out there.
The question is how much are you going to pay for your loan? And the answer to that depends in most cases on your credit history.
Your Credit History: Weather or not you get the loan, and how much it will cost you.
It is never too early to start establishing credit, and the best way to do this is with a credit card. If you are finding it difficult to obtain a credit card because you have no history, you can always buy your history by applying for a secured credit card or line of credit. Put down $500 or $1,000 and borrow against it. Make sure the institution you are applying to reports to the major credit bureaus, use the line of credit and pay your bills on time, and voila - you have a credit history! There is nothing wrong with carrying a balance over, just pay the minimum or a bit more, and pay it on time! Creditors like to think they will be making some money off of you.
What Lenders are Looking For
While different institutions have different criteria, there are some generalizations one can make about how they determine the creditworthiness of an applicant. Make no mistake about it; creditors are in the business of making money. If your credit is less than perfect, it doesn’t necessarily mean you won’t get the loan, but you will be paying more for it!
After receiving your application, a lender will then acquire a credit report from one of the three major credit bureaus, Equifax, Trans Union, or Experian. This is your credit history. Taking into account such factors as your income, the balances in your checking and savings accounts, the assets you own, the length of time you have been at your current job and place of residence, the amount you owe other creditors, and how promptly you pay your bills, the potential lender will then make a determination on if you will get the loan, and how much they will charge you for it.
Frequent late payments, bankruptcy, repossessions, legal judgment liens, or accounts being turned over to collection agencies do not bode well for obtaining a loan. That being said, most creditors realize that life happens, and such legitimate circumstances like an unexpected illness, injury, or the loss of your job do not necessarily reflect negatively on your creditworthiness.
When Things Take a Turn for the Worse
If you are in the process of paying on a loan or loans and one of these unforeseen circumstances befall you, talk to your loan officer. Most loan institutions find it in their best interest to work with the lendee, and will often make the necessary arrangements to make it easier for you to make your payments. Just remember, they want their money, and the last thing they want is for you to default on your loan, or heaven forbid, declare bankruptcy!
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