Personal Loans Questions

Man wonders which loan to pay
Apr, 17, 2013
If you’re struggling under multiple kinds of debt, the best strategy is to assess your financial situation and develop a plan to pay off each loan. Individuals with serious debt problems should focus on four kinds of financial obligations: basic necessities, secured debt, unsecured debt, and savings. Basic necessities
Man Empty Pockets
Apr, 5, 2013
Borrowers can get a personal loan while unemployed, but it highly depends on the lender’s discretion. When lenders decide if a borrower is a suitable applicant, the likelihood of repayment is paramount. Lenders scrutinize a borrower’s income, and a job is part of that stable income history.
Dollar bill and reports
Mar, 14, 2013
Personal loans can be refinanced, but that option is only accessible to those with positive borrowing history. Consumers are likely to refinance a personal loan to reduce monthly payments, to access additional cash, or to extend their loan’s final due date. If a borrower has a personal loan for an extended period of time, and is making routine payments on it, it is possible that their credit score has improved. If this is the case, refinancing a loan could offer the borrower a lower interest rate.
man shouting into phone
Feb, 4, 2013
There are a number of ways you can stop debt collectors from calling you at home or work. First, remember that most everyone has some form of debt, so relax and keep in mind you are just one of many. People commonly borrow money for a variety of reasons, but due to job loss or unexpected expenses, some fall behind on payments for their debts. Most lenders send delinquent debts over a certain dollar amount to collections agencies. However, this isn’t a quick process nor is it guaranteed to happen with every type of lender.
Blurry people on street
Jan, 2, 2013
The Consumer Financial Protection Bureau (CFPB) is a federal agency that works to improve consumer financial decisions by making effective rules, enforcing laws, and empowering consumers to take control of their finances. The CFPB started operation on July 21, 2011 and was created as a response to the economic recession as a part of the Dodd-Frank Wall Street Reform and Consumer Protections Act of 2010. It is funded by the United States Federal Reserve and is affiliated with the U.S. Treasury Department.
Computer mouse on money
Dec, 17, 2012
Fraud occurs in just about every facet of finance. The Federal Trade Commission (FTC) has laws which protect consumers from financial scams, but with an ever-increasing online market, it is impossible to stop all scammers. However, there are ways to avoid a personal loan scam from occurring. Researching lending companies, avoiding advance-fee deals, and thoroughly critiquing lending documents will ensure that a personal loan benefits both parties alike. Research Company First
Headstone at grave
Dec, 14, 2012
When a borrower dies, a personal loan remains open and still needs to be paid. Although the loan is no longer tied to the credit of the deceased borrower, further actions such as property repossession or charging the person’s estate can occur. Personal loans are used for short-term purchases or for unexpected personal expenses. The loans can be made from a financial institution, or they can be made between family members or friends.
Cash in mousetrap
Nov, 26, 2012
Secured personal loans pose several risks to borrowers including collateral repossession and lowered credit scores. A secured personal loan is protected by a form of collateral, which often includes real estate, cars, boats, equipment or, in some cases, jewelry and other valuable items. In the event that a borrower fails to make payments on a secured personal loan, the items are repossessed by the lender to accommodate for the defaulted loan's cost. The repossessed item will be resold, usually at a lower price than it is worth, to pay for the defaulted loan. Collateral Repossession
five percent decreasing through cracked ground
Nov, 20, 2012
There are several ways that prospective borrowers can get low-interest personal loans. A personal loan is a type of financing that usually amounts to several thousand dollars. They are either secured or unsecured, both of which carry their own pros and cons. Secured personal loans are backed by collateral, such as a home or car, which lessens the risk that lenders face in giving out money. Unsecured personal loans, on the other hand, do not require collateral, but, as a result, they're harder to qualify for.
contract being signed
Oct, 29, 2012
Signature loans are a type of unsecured financing that does not require any collateral. Collateral, such as homes and cars, is sometimes used in lending to secure money by offering something of value which can be seized by the lender if a borrower stops repaying a loan. Prospective borrowers looking for signature loans have no such worries since collateral is not involved.