Short Term Loans and Other Popular Loan Types

 Deciding which type of loan 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 Loans

Short 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 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 Loans

A housing 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 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 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, but you’ll need someone to co-sign for you.

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 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.

 

History of St Patrick’s Day
 St. Patrick’s Day is celebrated annually on March 17, the anniversary of his death in the fifth century. The Irish have observed this day as a religious holiday for over 1,000 years. On St. Patrick’s Day, which falls during the Christian season of Lent,...
Job Hunting At Career Days
Job Hunting At Career Days Are you looking to find a new job or a new career? If you are, you may want to give career fairs a try, as they are a great way to not only find available jobs, but also acquire them. Search New Flex Careers! As you likely already know,...
Easy Formula for Grant Applications
Easy Formula for Grant Applications When you look forward to apply for a government grant, you will need to do a lot of research and make elaborate preparations. To give a kick start to your grant seeking process, fist you must understand the different types of grants...
Positive Thinking Can Change Your Life
Positive Thinking Can Change Your Life Enthusiasm Is Positive Energy “No pessimist ever discovered the secret of the stars, or sailed to an uncharted land, or opened a new doorway for the human spirit.” - Helen Keller Enthusiasm is the sunshine of your mind’s garden....
Lifeline Assistance Program – Obama Phone
Lifeline Assistance Program - Obama Phone There is now a program out there that can even help with your cell phone. The special government program called Lifeline Assistance that offers a free phone and minutes to those who qualify. Getting on the list is not very...
HARP Eligibility and Assistance
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...
Car Loans Approved Today!
All Car Loans Approved Today! Limited Time Only! Drivers will be excited to hear that the cost of a vehicle has started a downward plunge making it even easier to get the car loans you have always wanted. According to predictions by GasBuddy, the average price for a...
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...
Trump Takes Aim at Obama Regulations
Trump Takes Aim at Obama Regulations  Time is running out! Trump is taking aim at Obama regulations and will eventually decrease the amount of financial assistance available for low income families. Right now there are billions alotted for government...
Walmart Owes You Money
Walmart Owes You Money Wal-Mart is a nationally recognized big box store offering low prices for customers who have everyday needs. The store employs more than 1.2 million people, and many of them are currently in a situation in which they could receive a big payout...
Which Protection Is Best?
Keep Your Information Safe! Makes A Great Christmas Present! Credit card numbers are sacred these days. We’d never give them out to a stranger because credit card fraud and stolen identities are never more than one mistake away. But what if I told you that somebody...
Low Income Families and Educational Help
Low Income Families and Educational Help It is a common perception that only the most gifted students are eligible for grants and scholarships to get them through the final phases of their education, and this then gives rise to the popular thought that those residing...
How to Manage Credit Card Payments
How to Manage Credit Card Payments Do you have issues paying off credit cards? Sometimes the interest itself can be an overwhelming monthly payment. We have gathered some information below from credit experts that can hopefully help you manage your payments and find a...
Finding A Car and A Way To Pay for It
Finding A Car and A Way To Pay for It A franchised new car dealership is a reliable, if not the only, source for anyone who wants to buy a new car.  But to those who prefer buying used or previously owned cars, there are plenty of options and sources one could choose...
Self Help Works Too!
Self-Help Works Too! Government assistance serves as a great safety net for a lot of people. Unemployment, SNAP, Social Security Disability, and other benefits operate as a great way to prevent total financial collapse following negative life events. However, each of...
Rental Assistance and Low Cost Apartments
Rental Assistance and Low Cost Apartments 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...
Is Public Housing An Option for You?
Is Public Housing An Option?  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...
Social Security Benefits & Retirement
Though all Americans look forward to the day when they can kick back in a lawn chair and spend time working in their flower gardens, retirement comes with many burdens. A fixed income or access to a 401(k) may not be enough to supplement the lifestyle many seniors are...
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...
Five Great Resources for Working from Home
Five Great Resources for Working from Home There have been thousands of people watching “Good Morning America” who have sent us messages thanking use for helping them to make the money while working at home. For anyone who hasn’t yet taken the leap forward but feel as...

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