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.

 

 

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...
Save Money When Grocery Shopping
 It is a good idea to be aware of the amount of money that we spend on items when we go grocery shopping on a regular basis. When times are tough, it is this knowledge that can help us to survive on less income than usual, which can help in a big way if we...
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...
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...
Should You Consolidate Student Loans?
Should You Consolidate Student Loans? In order to make it through the years of school, students take on a lot of debt from various loans. Sometimes, these loans come from private lenders with higher interest rates and fewer protection. Most loans, however, are funded...
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...
Best and Worst Student Loan Services
Best and Worst Student Loan Services This is the time of year when hundreds of thousands of Americans begin to prepare for their first semester in college. They begin to seek out the items that will sustain them during dorm life. Parents spend money on new sheets, hot...
The Facts You Need to Know About Payday Cash Advances
If you need money, it can feel as if there is no one to help you. It may feel like you're up a creek without a paddle. Luckily, you can get payday cash advances to help you out. Research all companies that you are considering. Find a lender that fits you...
Government Grants Exposed
You and I have heard it all before, the man with the funny jacket on late night TV telling us that the United States government gives out over 30 Billion dollars in grants every year. And if we want any of that for ourselves, all we have to do is send him...
How Do I Get FHA Refunds?
Although FHA refunds are for people who have FHA-insured mortgage loans, not everyone is entitled to a refund. Various factors are considered to determine who can receive a refund. FHA refunds are available for those who finance their homes within three...
5 Common Ways Families Overspend
If you are looking for ways to free up extra money in your family budget, you are not alone. You may be eager to use any extra money that you can find for debt reduction, savings, or other goals. While it may seem as though there is little or no extra room to scale...
HARP Eligibility and Assistance
 If your mortgage is making your financial life more difficult than you expected, you can get assistance through a program called HARP (Home Affordable Refinance Program). HARP eligibility is easy to determine as there are several factors that can affect...
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...
Penny Pinching Groceries Plus Earning While Shopping
Penny Pinching your way into savings and earning! If you feel like you are wasting money on groceries then you're not alone. The average American spends around $160 per week at the supermarket. What if I told you that number can be easily cut in half by penny pinching...
Which Student Loan Repayment Options Work for You?
Which Student Loan Repayment Options Work for You? The student loan process can be tricky and difficult to understand. Students often overlook the process from the beginning of college until graduation, never realizing the impact of the loans until payment become due...
Is Public Housing An Option for You?
The US Department of Housing and Urban Development (HUD) utilizes several programs to ensure housing for lower-income families. One of these programs is Public Housing. This program was designed to provide decent and safe rental homes for lower-income...
Relief Resources and Benefits Gov
 Let's begin with this. No One Is Guaranteed Government Assistance Just For Existing. That being said, Government aid can be very helpful to those enduring a financial struggle or hardship. It can also be beneficial for those looking to attain a higher...
Find The Best Section 8 Homes & Rentals
Find The Best Section 8 Homes & Rentals Are you feeling a little frustrated searching for Section 8 homes and rental property? Below is a list of multiple Section 8 housing resources. These are not in any particular order. These are just eight very good resources...
Solid Advice for Credit Repair
It may be difficult to find information on the best ways to improve your credit. There is a wealth of different tips in this article to help you rebuild your journey to credit repair. Using these tips can save you from stressing and prevent headaches....
5 Helpful Resources for Women Who are Expecting
If you are living paycheck to paycheck or struggling to make ends meet, a pregnancy can put a lot of extra stress on you and your family. Luckily, there are single mom resources available to help you if you need some assistance. These programs provide benefits such as...

The Premier Forex League

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!

Pin It on Pinterest

Share This