The Most Popular Loans for Americans

by

 Deciding which type of loan (good or bad credit) works best for you and your family can be a confusing and tedious process. Especially if you don’t fully understand the differences between the types of loans available. It’s important to understand the prerequisites and common terms (length). It’s also helpful to get an understanding of the application process, the pros and cons, as well as the important things to look for and be aware of before signing on the dotted line. Take your time and choose the right loan for you and your family. Below are a list of short term loans, housing options, payday loans, car loans, and education loans. Let’s get started!

 

Short Term | Popular Loans

popular loansShort term loans can be a great option if you’re in need of cash on a short term basis. Typically, a short term loan should be used to acquire funds that you’ll need for a period of about 4 to 6 weeks, though some short term loans have longer maturing periods.

Find Short Term Lenders. No Credit or Bad Credit Accepted!

Although requirements vary between lenders, there are some general and basic prerequisites. You have to be at least 18 years of age and also have a reliable source of income from a job or other source, such as disability or retirement. Many short term loans also require that you have an active checking account, in order to process transactions.

Short term loans usually have a simple application process, and come in handy if you find that you really need money right away. The downside is payments on short term loans are sometimes higher than other kinds of loans, due to an abnormally high interest rate. Payments are also typically deducted from your bank account automatically (not all), and the amount of money you can borrow is usually 500 to 1500 dollars.

 

 

Today, it’s easier than ever to apply and obtain short term loans. They are now and ever more frequently available from reputable institutions online. When applying online for a short term loan, you’ll typically need to fill out a short application and provide your bank account number. You will also have to agree to a set payment plan. The application process is relatively straightforward, and more often than not, you’ll have an answer within a few minutes of applying.

Before you sign the loan contract, you need to pay special attention to the interest rate listed, and calculate the amount of interest you will be paying. The average rate of interest for a short term loan is 6 percent, so you want to ensure that you are not paying much more than that, even if you have bad credit.

Once you’ve made sure the interest rate is fair, take a good look at the payment schedule and ensure that you are able to make the payments on the loan comfortably. An easy solution for scheduling is lining up your payments with your employment payday.

 

Payday | Popular Loans

A payday loan is usually a small amount of money lent to the borrower at a very high interest rate, typically with the promise that the loan will be repaid on the following payday. Applying for a payday loan is very simple and usually only requires that you are over the age of 18, can provide proof of income (usually with a pay stub) and have proof of an active checking account.

It’s important to note that almost all payday loans require that the entire amount loaned be paid back the following payday. For this reason, it’s a good idea to plan ahead before you decide on applying for one. You also need to consider the interest rate tied to the loan you’re applying for. Payday loans have some of the highest interest rates of all, and depending on the lender, you could end up paying 15-30 percent interest on a small loan. Here are some great payday loan companies!

  1. Cash Advance
  2. Net Loan Express
  3. Next Payday Advance
  4. Snappy Loans

Payday loans are usually between 100 and 500 dollars, and are extremely helpful if you find yourself suddenly short on cash and in great need. Payday loans can be a lifesaver, but they should not be relied upon as a means of regular income.

 

Housing | Popular Loans

A housing loan (try an FHA Loan) is much like a car loan, in that it is a long term loan that’s based off of your credit score. The lender will check your total monthly income against the required loan payments, and you’ll have to be able to provide proof of some form of regular income. The lender will also want to know about all of your debt, and compare it to the total amount of income you generate.

Have you thought about renting to own? Check listings here!

Know that in order to qualify for a home loan, your credit will be checked thoroughly, and must be in good standing. This means that ideally, no bankruptcy, no unpaid or overdue loans and no repossessions should appear on your credit report.

The average interest rate for a home loan is typically about 4 percent. Before you sign the loan deal, you need to look closely at the total cost of borrowing, the interest rate, loan term, and prepayment penalty. If you’re uncomfortable with any of these points, try to negotiate with your bank for better options. Most banks are willing to help you find solutions, especially if you have a good credit score.

A FHA home loan allows you to buy a home instead of renting, meaning you and your family can put down roots. One of the great things about home loans is that because they’re so popular, you’re likely to have a lot of different options. Additionally, because the house itself is collateral, you don’t have to pay a huge amount down. However, the quality of your home loan is very much tied to your credit score. As long as you go in understanding your options, the terms of your loan, and budget carefully, you’ll be able to secure the home of your dreams.

 

Car | Popular Loans

Car loans are a very specific type of loan, and are used to facilitate the purchase of a car. The car itself is often used as collateral to secure the loan. Fast and Easy Car Loan. 98% Approval Rate!

Car loans usually require that you make a physical appearance at a bank or other lender, and you’ll need proof of income, proof of an active bank account, as well as proof of your identity. You’ll need to complete forms providing the bank additional information, and you’re likely to be asked about the sum total of the rest of your monthly bills to ensure that you can afford the loan. If you have bad credit, or no credit, don’t despair, you can still get a car loan!

The primary benefit of getting a car loan is that even if you don’t have the money required to purchase a car outright, you can still buy one, making monthly payments to the lender instead. One important point to note about getting a car loan is that the interest rate will almost always depend entirely on your credit score.

As with all loans, pay special attention to the interest rate attached to your loan, as well as the amount listed on the last payment date. Sometimes, the last payment on a car loan will be considerably higher than the monthly payments, which could lead to confusion and the repossession of the vehicle.

 

 

Education | Popular Loans

An education loan is a loan used to pay for school and education-related expenses. They don’t require any form of collateral, but the application process can be time consuming.

Lowest Rate Student Loans. Click Here!

In order to get an education loan, you will need to provide a number of relevant documents, including proof of residency, proof of income, proof of identification, and a bank statement. You will also need an admission letter from your school, documents detailing your fees, mark sheets such as grades, and a breakdown of the courses you’re pursuing.

It’s important to note that most education loans will not cover the full cost of your tuition and fees, and that you’ll need to reapply for the loan each year. The great thing about education loans is that you can use them to invest in yourself. The career you end up pursuing thanks to your education can help pay for the loan itself.

Education loans are also fixed rate loans, and these rates are usually lower than other types of loans. In addition, because it’s long term, the loan doesn’t need to be repaid until well after you graduate.

 

 

Public Assistance Study
 According to a new public assistance study conducted by the University of Illinois and the University of California-Berkeley, a overwhelming majority of fast food worker's families are enrolled in one or more public assistance programs. These programs...
Are Discount Stores Really A Bargain?
It seems like dollar stores and other various discount stores are becoming a common retailer in most areas. Can these discount stores really offer you a bargain or do they just sell poor quality items? In my opinion, there are plenty of great bargains to be found in...
Is Rent to Own Housing An Option?
Rent to own housing is a popular term that should be carefully considered. It can be an agreement between owner and seller to rent or lease a property until it is paid in full. The plan can work several different ways, some have zero deposits and no...
Government Assistance for Unemployment
Government Assistance for Unemployment Sometimes, life does not go as smoothly as planned. Fluctuations in the economy lead to periodic lay-offs. Sometimes, a company fails and workers find themselves out of work. Often, an employee and employer simply part ways after...
SNAP (Supplemental Nutrition Assistance Program)
The first nutrition assistance program was started in 1939. These types of programs were developed to help people during strenuous times and financial hardships. The program we know today (SNAP) was first introduced in 1961 as the Food Stamp Act that was...
Who Qualifies for VA Home Loans
For many veterans and their families, buying a home can be a difficult experience. Many veterans have little patience for the drawn out process of finding a loan, and others have not always had the best luck with credit. Fortunately, Veterans Affairs (VA) can help....
Health Insurance Coverage Changes | ACHA
Healthcare reform tends to be tricky and complex as it attempts to find a common ground that is beneficial for all people. Burdened by the political firestorms that surround it, the new healthcare bill approved by the House of Representatives will...
Examine Failures and Find Inspiration
How to Examine Failures and Use it as Inspiration Sometimes, when we fail, it can feel like the end of the world. None of us like to be told that we are doing something wrong. None of us like to experience setbacks in our plans. It can make us question our self-worth,...
The Greatness of Good Friday
 What a supreme paradox. We now call the day Jesus was crucified, Good.Many believe this name simply evolved—as language does. They point to the earlier designation, "God's Friday," as its root. (This seems a reasonable conjecture, given that "goodbye"...
How The New Budget will Impact SNAP
How The New Budget will Impact SNAP  The Supplemental Nutrition Assistance Program (SNAP) assists lower-income families to purchase food in order to prevent hunger. The program also provides economic benefits to communities. The proposed budget for 2018...
Teach Safety First
There is no denying the fact that the dangers out there are very real and your child is susceptible to them all. Luckily you can teach safety to help protect your little ones and keep them safe at any age as long as you are willing to take the necessary...
Finding Employment with Job Searches
Finding Employment with Job Searches Sometimes, life hits Americans hard. With ups and downs in the economy, it may be difficult to maintain consistent employment over a long period of time. Fortunately, there are options to help find a new job or career. In the...
Best Credit Cards for Questionable Credit
Life does not always work out as planned. Sometimes, a gap in employment leads to a few missed payments, and eviction, or a repossessed vehicle. These things happen to most people. In order build credit back up, a credit card may help. Making regular...
5 Ways to Keep Your House During A Market Crash
Anyone paying attention to the housing market in the Los Angeles area knows that home prices have been at record highs. National Mortgage News suggests that this could be a housing bubble about to burst, and a decline in home prices and an increase in mortgage...
Step By Step Guide To Debt Repair & Rebuilding Credit
Step By Step Guide To Debt Repair & Rebuilding Credit A severe debt situation is a huge financial misfortune that can ruin your ideal credit scores. If you are bothered by this excruciating condition, never worry. You are not alone in this regard. During the...
Feeling Lost? Free (Or Cheap) Career Assessment Tools
In today's world, more people are struggling to pay/find for housing, medical bills, education, and other aspects of life. As a result, embarking on a new career is becoming a popular option to better themselves and their families. However, when choosing a new career,...
Rent Assistance and Low Cost Housing
With todays economy fluctuating , many individuals and families are struggling to pay bills in a timely fashion, including their rent. The good news is that there are a variety of options available to anyone who is facing late fees, court dates or even...
Searching for Online and Freelance Employment
Searching for Online & Freelance Employment Many career fields and skills do not fall under traditional frameworks for employment. Writers, photographers, marketers, teachers and artists may be able to find work as online freelancers to continue improving their...
Run A Background Check When Applying for Jobs!
 Social media is everywhere in the air around us today. Hence it is natural for you to assume you can handpick and choose what you want your employees to see. Most people therefore imagine that once they clean up their Facebook wall and delete those...
Increasing Literacy in Children
Increasing Literacy in Children Literacy is important. This is a fact that cannot be stressed enough. Often, arts and literature are tossed to the side to make way for additional funding in other areas, but learning to read lays the foundation for further education...

Subscribe

Family Picnic

Enter Your Email for Best Results

Due to the overwhelming response, please enter your name and email to ensure the proper search results.

You Are On Your Way!

Family Picnic

Enter Your Email for Best Results

Due to the overwhelming response, please enter your name and email to ensure the proper search results.

You Are On Your Way!

Family Picnic

Enter Your Email for Best Results

Due to the overwhelming response, please enter your name and email to ensure the proper search results.

You Are On Your Way!

Pin It on Pinterest

Share This