With today's Internet resources, you have an advantage when looking for the best student loan consolidation rates online. Take time to get educated on the process of getting the best student consolidation loan rates, and you can save yourself thousands of dollars on the student consolidation loan rates available, with just a few clicks of the mouse.
The idea is to combine all your current debts that you owe into one large debt with the lowest interest rate possible. Instead of making monthly payments on several high interest loans ranging from 12% to 28%, you can make one payment each month to one company.
Today's career minded students can get help with the burden of having several student loans. You can focus on your career, instead of losing sleep over paying several monthly loan payments. Student loan consolidation can be the solution with many advantages. With today's Internet technology, you can get a student loan consolidation quickly and easily.
Monday, July 6, 2009
An Overview of Student Loan Debt Consolidation
A student loan debt consolidation loan allows you to combine your federal student loans into a single loan with one monthly payment. The repayments of a student loan debt consolidation loan can be significantly lower than the payment required under the standard 10-year repayment option. Under the Federal Family Education Loan (FFEL) Program, banks, secondary markets, credit unions, and other lenders provide the student loan debt consolidation loan. Under the William D. Ford Federal Direct Loan (Direct Loan) Program, the federal government provides the student loan debt consolidation loan.
Most federal education loans are eligible for inclusion in a student loan debt consolidation loan, including subsidized and unsubsidized Direct and FFEL Stafford Loans, SLS, Federal Perkins Loans, Federal Nursing Loans, and Health Education Assistance Loans. However, private education loans are not eligible for inclusion in a student loan debt consolidation loan.
To find out which loans can be included in a student loan debt consolidation loan contact the Direct Loan Origination Center's Consolidation Department if you're applying for a direct student loan debt consolidation loan. Contact a participating FFEL lender if you're applying for a FFEL student loan debt consolidation loan.
It is worth noting that you are still eligible for a student loan debt consolidation loan after you graduate, leave school, or drop below half-time enrollment. You can also get a student loan debt consolidation loan while you're in school. You must, however, be attending at least half time and have at least one Direct Loan or FFEL in an 'in-school period' which generally means that you have been continuously enrolled at least half time since the loan was disbursed. There are a number of conditions that need to be met for you to qualify for a student loan debt consolidation loan, especially if you are delinquent or in default and your loan holder will be able to give you all the necessary information.
If the same holder holds all the FFEL loans you want to consolidate, you must obtain the student loan debt consolidation loan from that holder, unless you haven't been able to get a loan with income-sensitive repayment terms that are acceptable to you. To be eligible for a William D. Ford direct student loan debt consolidation loan, you must have either a direct Stafford subsidized or unsubsidized loan that will be included in the student loan debt consolidation loan or have at least one Federal Family Education Loan (FFEL) program Stafford subsidized or unsubsidized loan.
Most federal education loans are eligible for inclusion in a student loan debt consolidation loan, including subsidized and unsubsidized Direct and FFEL Stafford Loans, SLS, Federal Perkins Loans, Federal Nursing Loans, and Health Education Assistance Loans. However, private education loans are not eligible for inclusion in a student loan debt consolidation loan.
To find out which loans can be included in a student loan debt consolidation loan contact the Direct Loan Origination Center's Consolidation Department if you're applying for a direct student loan debt consolidation loan. Contact a participating FFEL lender if you're applying for a FFEL student loan debt consolidation loan.
It is worth noting that you are still eligible for a student loan debt consolidation loan after you graduate, leave school, or drop below half-time enrollment. You can also get a student loan debt consolidation loan while you're in school. You must, however, be attending at least half time and have at least one Direct Loan or FFEL in an 'in-school period' which generally means that you have been continuously enrolled at least half time since the loan was disbursed. There are a number of conditions that need to be met for you to qualify for a student loan debt consolidation loan, especially if you are delinquent or in default and your loan holder will be able to give you all the necessary information.
If the same holder holds all the FFEL loans you want to consolidate, you must obtain the student loan debt consolidation loan from that holder, unless you haven't been able to get a loan with income-sensitive repayment terms that are acceptable to you. To be eligible for a William D. Ford direct student loan debt consolidation loan, you must have either a direct Stafford subsidized or unsubsidized loan that will be included in the student loan debt consolidation loan or have at least one Federal Family Education Loan (FFEL) program Stafford subsidized or unsubsidized loan.
Home Equity Loans Make Financial Sense
The optimum word in "home equity loan" is equity. Start with the fair market value of a home, subtract the mortgages (first and second) and any liens against the property, and what you have left is the equity. This equity can be used as collateral to secure cash in the form of a loan or mortgage.
The amount borrowed is based on a percentage of the appraised value of the home. The percentage rate can vary from 75% to 125%. The length of the financing will also vary. The two main types of home equity loans are fixed rate loans and adjustable rate loans.
Fixed rate loan - provides a fixed amount of money at a fixed rate of interest, repayable in equal payments over the life of the loan. Fixed rate financing costs more in set-up fees and comes at higher interest than adjustable rate loans. But if homeowners stay put and interest rates go up, they will save money over a comparable adjustable rate loan.
Adjustable rate loan - the interest rate goes up or down according to the index upon which it is based. Adjustable rate loans will have a cap on how high the interest rate can go. Usually called ARMs (Adjustable Rate Mortgages), this type of loan has lower up-front costs and starts at a lower interest rate than fixed rate financing. This means lower initial monthly payments.
Putting home equity to good use
According to the Consumer Banker Association, the top ten reasons for getting a home equity loan are:
10. Vacation
9. Medical expenses
8. Business expenses
7. Household expenditures
6. Investment
5. Major purchase
4. Education expenses
3. Automobile purchase
2. Home improvement
1. Debt consolidation
Debt consolidation, the most popular reason people cash out their home equity, is a smart form of financing because of the money it can save. For example, say you owe $15,000 on a credit card that charges 17% interest. If you get a debt consolidation loan at 9% interest and pay it off in five years, you'll save you over $30,000!
If you're paying more than 15% interest on anything, you should seriously consider a debt consolidation loan. The right terms could drop your monthly payments by 35% - 50%, depending on interest rates, origination costs and tax consequences.
Even for people who have bad credit or who have filed for bankruptcy, a home equity loan is not out of reach. It can be a good way to make a fresh start. Websites like www.easyhomeequitymortgages.com help borrowers with bad credit get the home equity loan that best fits their unique situation.
The amount borrowed is based on a percentage of the appraised value of the home. The percentage rate can vary from 75% to 125%. The length of the financing will also vary. The two main types of home equity loans are fixed rate loans and adjustable rate loans.
Fixed rate loan - provides a fixed amount of money at a fixed rate of interest, repayable in equal payments over the life of the loan. Fixed rate financing costs more in set-up fees and comes at higher interest than adjustable rate loans. But if homeowners stay put and interest rates go up, they will save money over a comparable adjustable rate loan.
Adjustable rate loan - the interest rate goes up or down according to the index upon which it is based. Adjustable rate loans will have a cap on how high the interest rate can go. Usually called ARMs (Adjustable Rate Mortgages), this type of loan has lower up-front costs and starts at a lower interest rate than fixed rate financing. This means lower initial monthly payments.
Putting home equity to good use
According to the Consumer Banker Association, the top ten reasons for getting a home equity loan are:
10. Vacation
9. Medical expenses
8. Business expenses
7. Household expenditures
6. Investment
5. Major purchase
4. Education expenses
3. Automobile purchase
2. Home improvement
1. Debt consolidation
Debt consolidation, the most popular reason people cash out their home equity, is a smart form of financing because of the money it can save. For example, say you owe $15,000 on a credit card that charges 17% interest. If you get a debt consolidation loan at 9% interest and pay it off in five years, you'll save you over $30,000!
If you're paying more than 15% interest on anything, you should seriously consider a debt consolidation loan. The right terms could drop your monthly payments by 35% - 50%, depending on interest rates, origination costs and tax consequences.
Even for people who have bad credit or who have filed for bankruptcy, a home equity loan is not out of reach. It can be a good way to make a fresh start. Websites like www.easyhomeequitymortgages.com help borrowers with bad credit get the home equity loan that best fits their unique situation.
Logbook loans - Money Against Vehicle Logbook
Logbook in simple terms means a vehicle registration certificate issued by Driving and Vehicle Licensing Agency (DVLA) in the UK. I hope you are aware of the fact that registration document V5 popularly known as logbook has become invalid from July 2005 and is replaced by a new style vehicle registration certificate (V5C). A logbook is valid up to 5 years and contains entries regarding owner of the vehicle, registered keeper of logbook, chassis number, current registration mark, engine number, model and color of the car. You know various means of borrowing. But, do you know you can borrow a loan by using a logbook. Yes, it is true, now you can borrow a logbook loan.
A logbook loan is a kind of personal loan secured against a car. A UK resident who has a logbook registered in their name is eligible for logbook loans. Lenders in exchange keep the logbook of the borrowers with them against the loan. Borrowers can enjoy the complete freedom to drive their car without any restrictions from the lender.
Amount that a borrower can borrow with a logbook loan ranges from £500 to £50,000. The loan amount is determined on the basis of value of the car minus any outstanding payments due to be made on the car.
Following criteria are to be met to become eligible for a logbook loan:
Credit score is considered to be an important element by lenders in UK while lending money to the borrowers. The best thing about logbook loans is that it does not involve credit check. So, whatever may be your credit rating you need not worry, you are eligible for a logbook loan if you meet the above criteria. Problem cases such as people who have faced CCJs, bankruptcy can also apply for this loan.
Logbook loans can be borrowed from banks or financial institutions. But, if you are looking to get a fast and best logbook loan, you can apply for it from online lenders. Online loans offer the convenience of applying for the loan and saves time and money. A borrower can access infinite number of online lenders by using the internet from home or office.
The process of applying for an online loan is swift. Lending websites usually offer an online application form on their websites, which a borrower is required to fill. A borrower just needs to fill up this form with some personal details such as borrower's name, loan amount required and many other details. These details help a lender to find the most appropriate loan for the borrowers.
When you will search for the logbook loans online, you will find a number of lenders who will be ready to offer you the loan. But, don't get fascinated by the offers you get. Do a bit of search and you will definitely find a better option. Collect loan quotes from several lenders which are available free of cost or for nominal charges and compare them to find the best and cheap logbook loan.
It is amazing to find that besides enjoying a long drive in your car, you can also get a loan against your car. Thanks to logbook loans, now it has become pretty easier to turn your car into cash by keeping your car logbook as a security.
A logbook loan is a kind of personal loan secured against a car. A UK resident who has a logbook registered in their name is eligible for logbook loans. Lenders in exchange keep the logbook of the borrowers with them against the loan. Borrowers can enjoy the complete freedom to drive their car without any restrictions from the lender.
Amount that a borrower can borrow with a logbook loan ranges from £500 to £50,000. The loan amount is determined on the basis of value of the car minus any outstanding payments due to be made on the car.
Following criteria are to be met to become eligible for a logbook loan:
- To be eligible for a logbook loan, the logbook should be in the name of the borrower.
- The vehicle against which logbook loans are taken should be less than 8 years old.
- A borrower of the loan should be in full time employment. He or she should have some regular source of income; you have to give proof of your income.
- Vehicle should be clear of any finance. There should not be any due payments on the vehicle.
- Vehicle should must be insured and taxed. Vehicle against which the loan is taken should be insured as the lender wants to be on the safer side.
Credit score is considered to be an important element by lenders in UK while lending money to the borrowers. The best thing about logbook loans is that it does not involve credit check. So, whatever may be your credit rating you need not worry, you are eligible for a logbook loan if you meet the above criteria. Problem cases such as people who have faced CCJs, bankruptcy can also apply for this loan.
Logbook loans can be borrowed from banks or financial institutions. But, if you are looking to get a fast and best logbook loan, you can apply for it from online lenders. Online loans offer the convenience of applying for the loan and saves time and money. A borrower can access infinite number of online lenders by using the internet from home or office.
The process of applying for an online loan is swift. Lending websites usually offer an online application form on their websites, which a borrower is required to fill. A borrower just needs to fill up this form with some personal details such as borrower's name, loan amount required and many other details. These details help a lender to find the most appropriate loan for the borrowers.
When you will search for the logbook loans online, you will find a number of lenders who will be ready to offer you the loan. But, don't get fascinated by the offers you get. Do a bit of search and you will definitely find a better option. Collect loan quotes from several lenders which are available free of cost or for nominal charges and compare them to find the best and cheap logbook loan.
It is amazing to find that besides enjoying a long drive in your car, you can also get a loan against your car. Thanks to logbook loans, now it has become pretty easier to turn your car into cash by keeping your car logbook as a security.
Benefits of Secured Loans - Comes as Freebie for the Borrowers
It is often seen that as years pass, newer alternatives of older things crop up while the older things fall into oblivion. Secured loans however have withstood competition from a whole range of financial products such as unsecured loans. Unsecured loan lenders tried to deflect borrowers from secured loans by showing them that there home was at increased risk if they took the loan. But, the borrowers who were loyal to secured loans and who knew that secured loan was not as being presented by some others, didn't move a bit from their choice. Accordingly, secured loans continue to maintain their turf even after years.
Do you know the reason behind borrowers' insistence to use secured loans? Secured loans help borrowers enjoy a large number of benefits. And borrowers are not ready to give up these benefits by not taking secured loans.
Before going towards the benefits of secured loans, it will be relevant if we discussed about secured loans first. A secured loan is one where amount is lent to the borrower with a pledge that he will repay the loan after a specified period. To give more teeth to the lender, the borrower will have to present certain collateral.
The list of benefits of secured loans to borrowers is endless. Apart from the standard benefits, there are several benefits that will depend on the case particulars. However, we will only talk of the standard benefits of secured loans in this article.
The very first benefit of secured loans is the cheap rate of interest. After mortgage, secured loans charge the lowest rates of interest in the personal finance category. Typical APR on secured loan ranges from 6-25%. Almost all other financial products charge a greater percentage as interest. Many borrowers question the differences between the rates advertised and the actual rates that they have to pay. There may be several reasons for these differences. The rates of interest or APR advertised is the standard rate of interest. However, depending on the value of collateral, borrower's credit status and several other factors, borrower may not be offered the standard rate. The differences in interest rate may also result because of the delay in accepting the offer. Until borrower accepts offer of loan, interest rate in the entire market changes. The borrower cannot then demand interest on the rate earlier offered.
Another important advantage of secured loans is that borrowers can draw as much of cash as they want. Compare the situation with unsecured loans and you find loan providers cautious in approving loans of higher values. There is always the fear for the non payment of the lent amount. In the case of secured loans, the loan provider is free of any such fears. Thus, borrowers have to just name the figure and the loan is ready.
The discussion about the benefits of secured loans will be incomplete without taking up the issue of easy availability. All financial products are not as easily available as secured loans. It is because of the relative safety that secured loan deals promise to the lender, that no lender will deny these loans to borrowers. Go to any loan provider and you will find secured loan deals.
Secured loans are to be used for a diverse range of personal needs. The benefit of secured loan is that it can be fine-tuned to any use. Whether it is debt consolidation or undertaking improvements in ones home, secured loans work as smoothly as ones own cash. The borrower receives the loan proceeds and it is up to him how he uses them. There is a flexibility of use in secured loans. Lenders do not interrupt in the manner of use of the secured loan.
The benefits of secured loans can be best enjoyed when the borrower has adequately prepared for its amortisation. Would one be able to appreciate the low rates of interest when the asset pledged as collateral is being repossessed by lender? No! Therefore, preparations for the repayment of the secured loan from the first day itself. Either make a monthly payment to the loan provider or discuss an alternative arrangement with the lender. Choose the method of repayment that best suits you and then clear the burden as soon as possible.
Do you know the reason behind borrowers' insistence to use secured loans? Secured loans help borrowers enjoy a large number of benefits. And borrowers are not ready to give up these benefits by not taking secured loans.
Before going towards the benefits of secured loans, it will be relevant if we discussed about secured loans first. A secured loan is one where amount is lent to the borrower with a pledge that he will repay the loan after a specified period. To give more teeth to the lender, the borrower will have to present certain collateral.
The list of benefits of secured loans to borrowers is endless. Apart from the standard benefits, there are several benefits that will depend on the case particulars. However, we will only talk of the standard benefits of secured loans in this article.
The very first benefit of secured loans is the cheap rate of interest. After mortgage, secured loans charge the lowest rates of interest in the personal finance category. Typical APR on secured loan ranges from 6-25%. Almost all other financial products charge a greater percentage as interest. Many borrowers question the differences between the rates advertised and the actual rates that they have to pay. There may be several reasons for these differences. The rates of interest or APR advertised is the standard rate of interest. However, depending on the value of collateral, borrower's credit status and several other factors, borrower may not be offered the standard rate. The differences in interest rate may also result because of the delay in accepting the offer. Until borrower accepts offer of loan, interest rate in the entire market changes. The borrower cannot then demand interest on the rate earlier offered.
Another important advantage of secured loans is that borrowers can draw as much of cash as they want. Compare the situation with unsecured loans and you find loan providers cautious in approving loans of higher values. There is always the fear for the non payment of the lent amount. In the case of secured loans, the loan provider is free of any such fears. Thus, borrowers have to just name the figure and the loan is ready.
The discussion about the benefits of secured loans will be incomplete without taking up the issue of easy availability. All financial products are not as easily available as secured loans. It is because of the relative safety that secured loan deals promise to the lender, that no lender will deny these loans to borrowers. Go to any loan provider and you will find secured loan deals.
Secured loans are to be used for a diverse range of personal needs. The benefit of secured loan is that it can be fine-tuned to any use. Whether it is debt consolidation or undertaking improvements in ones home, secured loans work as smoothly as ones own cash. The borrower receives the loan proceeds and it is up to him how he uses them. There is a flexibility of use in secured loans. Lenders do not interrupt in the manner of use of the secured loan.
The benefits of secured loans can be best enjoyed when the borrower has adequately prepared for its amortisation. Would one be able to appreciate the low rates of interest when the asset pledged as collateral is being repossessed by lender? No! Therefore, preparations for the repayment of the secured loan from the first day itself. Either make a monthly payment to the loan provider or discuss an alternative arrangement with the lender. Choose the method of repayment that best suits you and then clear the burden as soon as possible.
Self Employed Loans - by Lenders Who Do Not See Self Employment in Poor Light
There are many instances of people who gave up their cosy and paying job for the want of starting their own operations. Being self employed gives them the thrill of being able to work on a project from start to finish. It also helps them in making full utilisation of their skills. Lenders however do not consider the self employed worthy enough to qualify for their loans. Regular loans require a systematic payment from the borrower's side. Self employed people, with an unsteady incidence of income are deemed incapable of making regular payments.
The reason behind lenders refusal to self employed people is in no way motivated by the concern for safety of the amount lent. Lenders are well aware of the high paying potential that self employed people can offer. It is for this reason that a large number of loan providers have come up with special loan deals for the self employed people. These loans are known as self employed loans and are built in a form as to incorporate the features of the self employed people.
Trying to find a way by which self employed borrowers can make payments towards the self employed loans and also not be tied to fixed obligations, loan providers hit upon the flexible method of payment. Under a flexible method of payment, the loan provider does not tie borrowers to a watertight payment structure. The borrower has the option to pay as much as he wants against the loan taken. The months when profits see a high, payment too can be made of a higher amount. The higher payment will provide for the times when profit from operations is not as high. These are the times when underpayment on account of self employed loan can be made. The payment is left for the borrower to decide. He can decide the payment according to his state of financial affairs.
Payment holidays form another important feature of self employed loans. A payment holiday is when borrowers take complete off from making payments. This is when borrowers' finances see a bad turn or when the borrower has other important expenses to make. Borrower must discuss his financial situation and the reasons behind the payment holiday with the loan provider before payment holiday is approved.
Would lenders have accepted to mould the repayment structure in this manner in a regular loan? No! Most loan providers expressly prohibit overpayments or underpayments stating that such moulding of the repayment structure of a regular loan would increase the number of calculations that they have to make. Thus the borrowers of regular personal loans have to make fixed payments whatever be their financial status.
Self employed loans are also beneficial for borrowers who have experienced bad credit history in the near future. Through self employed loans, such entrepreneurs can raise the necessary finance easily. Any regular loan lender would have fussed a lot on the bad credit history and would have raised the interest rate largely.
Self employed loans help borrowers make up for an important discrepancy. The self employed people are not able to prove their income. In fact, they cover up their income to evade taxes. Lenders, who need income records to check viability of borrower for loans, feel unsafe to deal with persons who only claim to have a certain income. Self employed loans can in such cases work as a self certified loan where borrowers have to themselves certify their income.
For the convenience and flexibility that is offered on self employed loans, the self employed people will have to make an extra payment in terms of interest. Self employed loans carry a higher percentage of interest. Still borrowers will not feel the pinch because interest rates now are at an all time low level. The typical interest rates or APR start from 7%. At any other time, borrowers would have to pay expensively for the self employed loans.
Self employed loans present an important method whereby borrowers can convert the excess of equity in their home. The terms on which self employed loans is lent is further going to improve if the borrower has pledged certain collateral to the loan provider. The loan proceeds can be conveniently used for any of the personal as well as business purposes that the borrower desires. Lenders, in a bid to make the self employed loans more flexible, wouldn't interrupt in the borrowers' decision of usage.
The reason behind lenders refusal to self employed people is in no way motivated by the concern for safety of the amount lent. Lenders are well aware of the high paying potential that self employed people can offer. It is for this reason that a large number of loan providers have come up with special loan deals for the self employed people. These loans are known as self employed loans and are built in a form as to incorporate the features of the self employed people.
Trying to find a way by which self employed borrowers can make payments towards the self employed loans and also not be tied to fixed obligations, loan providers hit upon the flexible method of payment. Under a flexible method of payment, the loan provider does not tie borrowers to a watertight payment structure. The borrower has the option to pay as much as he wants against the loan taken. The months when profits see a high, payment too can be made of a higher amount. The higher payment will provide for the times when profit from operations is not as high. These are the times when underpayment on account of self employed loan can be made. The payment is left for the borrower to decide. He can decide the payment according to his state of financial affairs.
Payment holidays form another important feature of self employed loans. A payment holiday is when borrowers take complete off from making payments. This is when borrowers' finances see a bad turn or when the borrower has other important expenses to make. Borrower must discuss his financial situation and the reasons behind the payment holiday with the loan provider before payment holiday is approved.
Would lenders have accepted to mould the repayment structure in this manner in a regular loan? No! Most loan providers expressly prohibit overpayments or underpayments stating that such moulding of the repayment structure of a regular loan would increase the number of calculations that they have to make. Thus the borrowers of regular personal loans have to make fixed payments whatever be their financial status.
Self employed loans are also beneficial for borrowers who have experienced bad credit history in the near future. Through self employed loans, such entrepreneurs can raise the necessary finance easily. Any regular loan lender would have fussed a lot on the bad credit history and would have raised the interest rate largely.
Self employed loans help borrowers make up for an important discrepancy. The self employed people are not able to prove their income. In fact, they cover up their income to evade taxes. Lenders, who need income records to check viability of borrower for loans, feel unsafe to deal with persons who only claim to have a certain income. Self employed loans can in such cases work as a self certified loan where borrowers have to themselves certify their income.
For the convenience and flexibility that is offered on self employed loans, the self employed people will have to make an extra payment in terms of interest. Self employed loans carry a higher percentage of interest. Still borrowers will not feel the pinch because interest rates now are at an all time low level. The typical interest rates or APR start from 7%. At any other time, borrowers would have to pay expensively for the self employed loans.
Self employed loans present an important method whereby borrowers can convert the excess of equity in their home. The terms on which self employed loans is lent is further going to improve if the borrower has pledged certain collateral to the loan provider. The loan proceeds can be conveniently used for any of the personal as well as business purposes that the borrower desires. Lenders, in a bid to make the self employed loans more flexible, wouldn't interrupt in the borrowers' decision of usage.
Consolidation Loan Student Programs: Bringing Your Debt under Control
If you are like many students and recent graduates, you very well have amassed a great deal of student loan debt. In this regard, you may be looking for ways in which you can bring your outstanding student loan balance under control. You might want to consider the various consolidation loan student availabilities that you can take advantaged of in this day and age. Through consolidation loan student opportunities, you can take an affirmative step towards brining your outstanding student loan debt under control.
There are a number of benefits to availing yourself of what is available in the way of consolidation loan student availabilities. The primary benefit that you can obtain through utilizing and taking advantage of consolidation loan student opportunities is a savings in the amount of interest you have been paying on multiple student loans. As a general rule, consolidation loan student programs offer interest rates at a level under what you normally have been paying on your multiple outstanding student loans.
One of the other significant benefits of a consolidation loan student program is found in the fact that you will be able to relieve yourself of recurring late fees and related delinquent charges that you may be encountering in regard to outstanding student loans. If you are like many people who have racked up student loans, you very well may be facing ever increasing late fees and the like over time. Again, through consolidation loan student programs, you can rid yourself of the burdens of late fees and other charges.
An added benefit of taking advantage of a consolidation loan student program is found in the simple fact of convenience. If you have acquired a number of different student loans, you find yourself juggling multiple payments each and every month. This can be time consuming and even confusing in some instances. With the implementation of a consolidation loan student plan or scheme, you will only have to make one monthly payment, easing the burden of keeping track of a multitude of payments each and every month.
There are a number of different financial institutions that now offer consolidation loan student programs. There are companies that specialize specifically in offering people consolidation loan student opportunities. In addition to the companies that specialize in consolidation loan student programs, many traditional lenders (such as banks and savings and loans) now have implemented special consolidation loan student programs for students and graduates. Therefore, you have a variety of sources for a consolidation loan student program to choose from in this day and age.
By taking the time to shop around and consider different consolidation loan student availabilities you will be able to find a consolidation loan student program that best meets your needs and obligations. Through research and a bit of proverbial homework you will be well on your way to brining your student loan debt well under control, to bringing your financial house into order now and well into the future. Rather than continually paying for your education, you will make your education pay for you.
There are a number of benefits to availing yourself of what is available in the way of consolidation loan student availabilities. The primary benefit that you can obtain through utilizing and taking advantage of consolidation loan student opportunities is a savings in the amount of interest you have been paying on multiple student loans. As a general rule, consolidation loan student programs offer interest rates at a level under what you normally have been paying on your multiple outstanding student loans.
One of the other significant benefits of a consolidation loan student program is found in the fact that you will be able to relieve yourself of recurring late fees and related delinquent charges that you may be encountering in regard to outstanding student loans. If you are like many people who have racked up student loans, you very well may be facing ever increasing late fees and the like over time. Again, through consolidation loan student programs, you can rid yourself of the burdens of late fees and other charges.
An added benefit of taking advantage of a consolidation loan student program is found in the simple fact of convenience. If you have acquired a number of different student loans, you find yourself juggling multiple payments each and every month. This can be time consuming and even confusing in some instances. With the implementation of a consolidation loan student plan or scheme, you will only have to make one monthly payment, easing the burden of keeping track of a multitude of payments each and every month.
There are a number of different financial institutions that now offer consolidation loan student programs. There are companies that specialize specifically in offering people consolidation loan student opportunities. In addition to the companies that specialize in consolidation loan student programs, many traditional lenders (such as banks and savings and loans) now have implemented special consolidation loan student programs for students and graduates. Therefore, you have a variety of sources for a consolidation loan student program to choose from in this day and age.
By taking the time to shop around and consider different consolidation loan student availabilities you will be able to find a consolidation loan student program that best meets your needs and obligations. Through research and a bit of proverbial homework you will be well on your way to brining your student loan debt well under control, to bringing your financial house into order now and well into the future. Rather than continually paying for your education, you will make your education pay for you.
Unsecured Business Loans - Fuel your business with a low cost finance
Every business has a vision and a mission to follow. But, to achieve these, entrepreneurs need to have leadership expertise and adequate capital to finance the business. You may have the vision to reach the new heights in the world of business, but lack of funds may be stopping you from using your skills. You need not feel disheartened, unsecured business loans can provide you with the funds you need for making a mark for yourself as a "business tycoon".
Businesses vary on the basis of size. A business could be of small, medium and big size depending on the capital invested and the scale on which business operate. Businesses are also categorized on the basis of ownership or on the way they are managed such as sole proprietorship, partnership and corporations. An individual requires capital to start up or expand the business irrespective of the size of the business. Unsecured business loans can work as a great help in such cases.
Unsecured business loans are designed specifically for UK businesspersons to finance their need for capital to start up or expand a business. Unsecured business loan offers flexibility to a borrower; he can use the loan for any purpose. Purpose of borrowing an unsecured business loan may vary from person to person. The amount borrowed with an unsecured business loan can be used for the commencement of business, expansion purpose, to finance the asset or equipment purchase and refinance or to restructure finances. Some entrepreneurs use the loan proceeds as a working capital. It allows a borrower to preserve his cash and working capital.
The best thing about an unsecured business loan is that it does not require a borrower to put a security against the loan. Thus, the borrower's property is not under any risk of repossession.
Unsecured business loans are available for amounts ranging form £15,000 to £ 250,000. The repayment period of the loan vary from 1 to 20 years depending on the amount of loan a borrower wants and his or her credit history. This loan is best suited for short term and small cash needs.
A borrower by applying for an unsecured business loan gets the following benefits:
Each loan requires a borrower to pay interest on the amount borrowed. Unsecured business loan are usually provided at higher rate of interest as no collateral is put against the loan. You can either choose to pay a fixed interest rate or variable interest rate on the amount borrowed. In a fixed rate business loan, the interest rate applied to the outstanding principal remains constant for an agreed period that may be the loan term. Variable interest rate imply that rate of interest on the loan is not constant and fluctuates to common standard rate.
You need to understand the fact that the lender is entitled only to the interest on its loan. You are not liable to pay any percentage of the profits or a share in the company that an investor would expect.
A good credit history is always useful while applying for a loan. In case of an unsecured business loan, absence of collateral makes it necessary for a lender to recognize or identify the credit worthiness of the borrower to avoid any default by the borrower in the future. Higher the credit score, higher is the possibility of getting a cheap and fast loan, so work on your credit score and you will see it doing wonders for you.
Though, there are various lenders in the finance market. Online lenders can help you overcome all the shortcomings that you must have faced while borrowing from the traditional lenders. Apply for an online unsecured business loan that will save your time and money. You just need to fill up a small application form online which hardly takes few minutes and the lender will get back to you with the appropriate loan option. If you are looking for the best loan, then don't relax. Collect loan quotes from various lenders and compare them, I assure you will definitely end up with the best deal.
Profit maximization is the main objective behind every business. But, to accomplish it, requires a lot of hard work and dedication on the part of the entrepreneur matched with adequate capital investment. Unsecured business loan can provide with the funds for your business, follow your intuition and work with dedication. And one day you will be known among the top businessman of the world.
Businesses vary on the basis of size. A business could be of small, medium and big size depending on the capital invested and the scale on which business operate. Businesses are also categorized on the basis of ownership or on the way they are managed such as sole proprietorship, partnership and corporations. An individual requires capital to start up or expand the business irrespective of the size of the business. Unsecured business loans can work as a great help in such cases.
Unsecured business loans are designed specifically for UK businesspersons to finance their need for capital to start up or expand a business. Unsecured business loan offers flexibility to a borrower; he can use the loan for any purpose. Purpose of borrowing an unsecured business loan may vary from person to person. The amount borrowed with an unsecured business loan can be used for the commencement of business, expansion purpose, to finance the asset or equipment purchase and refinance or to restructure finances. Some entrepreneurs use the loan proceeds as a working capital. It allows a borrower to preserve his cash and working capital.
The best thing about an unsecured business loan is that it does not require a borrower to put a security against the loan. Thus, the borrower's property is not under any risk of repossession.
Unsecured business loans are available for amounts ranging form £15,000 to £ 250,000. The repayment period of the loan vary from 1 to 20 years depending on the amount of loan a borrower wants and his or her credit history. This loan is best suited for short term and small cash needs.
A borrower by applying for an unsecured business loan gets the following benefits:
- Retention of the Ownership - An entrepreneur can retain the current ownership in his company instead of raising funds by selling interest in his company to an outsider.
- Cash Flow management- Unsecured business loan provides borrower an access to capital with minimal up-front payments and the flexibility to design a loan repayment schedule suitable to your finances.
- Tax Advantage- Interest on the loan is tax deductible. Thus, can help in saving hard earned money of the borrower.
Each loan requires a borrower to pay interest on the amount borrowed. Unsecured business loan are usually provided at higher rate of interest as no collateral is put against the loan. You can either choose to pay a fixed interest rate or variable interest rate on the amount borrowed. In a fixed rate business loan, the interest rate applied to the outstanding principal remains constant for an agreed period that may be the loan term. Variable interest rate imply that rate of interest on the loan is not constant and fluctuates to common standard rate.
You need to understand the fact that the lender is entitled only to the interest on its loan. You are not liable to pay any percentage of the profits or a share in the company that an investor would expect.
A good credit history is always useful while applying for a loan. In case of an unsecured business loan, absence of collateral makes it necessary for a lender to recognize or identify the credit worthiness of the borrower to avoid any default by the borrower in the future. Higher the credit score, higher is the possibility of getting a cheap and fast loan, so work on your credit score and you will see it doing wonders for you.
Though, there are various lenders in the finance market. Online lenders can help you overcome all the shortcomings that you must have faced while borrowing from the traditional lenders. Apply for an online unsecured business loan that will save your time and money. You just need to fill up a small application form online which hardly takes few minutes and the lender will get back to you with the appropriate loan option. If you are looking for the best loan, then don't relax. Collect loan quotes from various lenders and compare them, I assure you will definitely end up with the best deal.
Profit maximization is the main objective behind every business. But, to accomplish it, requires a lot of hard work and dedication on the part of the entrepreneur matched with adequate capital investment. Unsecured business loan can provide with the funds for your business, follow your intuition and work with dedication. And one day you will be known among the top businessman of the world.
Avoiding Common Business Loan Mistakes
Surveys show that 94.7% of small business owners feel their only lending resources are local banks or personal credit cards. This common sense advice will help you avoid these common business loan mistakes, regardless of your personal credit history... and avoid pledging your personal property as collateral.
First of all, getting approved for a commercial loan is definitely easier than getting personal loans... regardless of your personal credit scores. Additionally, getting the right types of corporate credit is absolutely critical: if you want to protect your personal assets, minimize the risk of a personal lawsuit affecting your business, and to your ability to weather the economic changes that happen overnight.
All business owners must be much more proactive about developing relationships with the right types of lending institutions. You usually want to start your application process with out-of-state, national lenders... not your local or regional banking institutions. National lenders typically won't require a personal guarantee or your social security number.
Follow this simple roadmap to obtain a small business startup loan, a business debt consolidation loan, a bad credit business loan, or a government business loan... although I strongly recommend that you find a commercial loan expert who can help you through the process of building a strong corporate credit rating.
Finding a competent business loan expert will give you a head start on your competition & also let you focus on running your day-to-day activities... instead of dealing with the hassles of establishing a strong business credit rating. An excellent business credit score can help your company's image, overnight. And, finding a small business loan expert isn't that difficult. You just need to know where to look.
Now... let's get started... before you start applying for any business loans!
1. How is your business structured? Is it a sole proprietorship, C-corporation, S-Corporation, Limited-Liability Corporation (LLC), Partnership, or Trust?
2. How long has your business been recognized by your State & Local government?
3. Has your company ever had derogatory information reported against it to either of the two (2) most popular business credit reporting agencies, Dun & Bradstreet or Experian?
4. Are your commercial permits, licenses and registrations current?
5. Does your business have a physical address, or are you trying to use a U.S. Post Office Box instead?
6. Is your business telephone number recognized by directory assistance?
7. Are your incoming telephone calls professionally answered in your business name?
8. Have you established a business checking account?
9. Have you registered & asked for an Employer Identification Number (also known as an EIN) from the IRS?
If your answer to the first question was a sole proprietorship, partnership or trust; I urge you to re-establish your company as a corporation or LLC. I'm not going to provide you with legal advice, but many CPAs and attorneys highly recommend
LLCs (Limited Liability Corporations) as a way of protecting your personal assets & estate... in the event of any lawsuits being filed against your company.
As a sole proprietor, your personal assets are at direct risk of seizure or forfeiture when faced with most types of legal action. Additionally, if you are applying for business loans in a corporation's name... most lending institutions will not require you to provide any personal guarantee!
A corporation can still face difficulties applying for business credit, if it has been in business less than two (2) years or had previous credit problems reported against it. Here are some ways to fix these problems.
- Purchasing a "shelf corporation" or "aged corporation" that's been in good standing with your State government (for longer than 2 years) can drastically improve your chances for small business loan approval.
- You can attempt to repair your business credit rating by writing dispute letters to Experian or Dun & Bradstreet, which isn't always possible.
- Some corporate credit experts will help you find, select & purchase an established "shelf" or "aged" corporation, some of which already have strong credit ratings established... saving you alot of hassles!
I cannot stress this enough... you MUST have a physical address (not a PO Box) if you want to establish a solid business credit rating. The same thing is said for telephone numbers & the way incoming phone calls are handled. Would you lend
money to a company that does not appear to have a physical address or documented telephone number?
And, don't forget to always keep your commercial permits, licenses & registrations current... and always keep copies of these documents in case a potential lender asks for this information.
Business checking accounts are a must. Again, this proves stability to your potential lenders. Here are a couple of tips for you, in case you've had any checking accounts closed by a financial institution. Pay off the outstanding balance (if any) that's being reported by the bank, or open a checking account at a bank or credit union that doesn't use the ChexSystems credit reporting system. Most credit unions don't use ChexSystems, and you can always find a list of banking institutions in your area that don't use ChexSystems... by simply doing a search on Google, Yahoo or MSN.
Small business credit ratings are tracked using your business name, business address and employer identification number (EIN). You can apply for & receive an EIN at the IRS's website (irs.gov). You can also call the IRS, but be prepared for long waits.
Then you'll want to obtain a D-U-N-S number from Dun & Bradstreet, the largest business credit reporting agency. You can apply for this without any fees at Dun & Bradstreet's website (dnb.com), and you'll usually receive this number within
thirty (30) days. Do not apply for this number until you've prepared your self thoroughly, because any information you give to them... goes into your credit file... permanently.
After you've obtained your D-U-N-S number, you're probably ready to start establishing some vendor credit. Vendor credit is where many business owners start establishing business credit ratings. Simply go to staples.com, officemax.com or officedepot.com to get started. Then, you'll also need to fax your business telephone bill & the credit application to them... on your business letterhead (which you can create using your favorite word processing software if you don't have expensive stationery). They usually don't require any personal guarantees (if you've followed the outline above), and you'll usually receive a starting credit line of $750.
This is critical & I repeat... critical! Always pay your invoices before the grace periods begin... especially on unsecured credit cards or vendor credit lines. Dun & Bradstreet will lower your credit score for every day a creditor reports your bill as unpaid while you're within your grace period. Whereas, personal credit scores are not lowered unless you are 30+ days past your due date.
Dun & Bradstreet reports what's known as a Paydex score (your corporate credit score), and a score of 80 is very good... with 100 being the highest score you can achieve. Your Paydex score is issued once you've established a known
vendor/credit relationship with at least five (5) creditors.
There are shortcuts that will help you get much more than $750 alot faster. When using a business credit expert, most small business owners (even startups) can be approved for vendor credit lines of $25,000-$50,000 and open credit lines of
$50,000, $250,000, $500,000 or more... in as little as 45-60 days... by using their knowledge of the application process & "shelf" corporations.
Now, it's your choice. Are you going to go against the grain & try to establish business credit on your own (which could prove costly to your business health, growth & survival)? Or, will you choose to utilize a corporate credit expert... allowing you to remain focused on your daily business needs?
Most business owners make the mistake of trying to do this on their own... usually trying to find grants, investor "angel" money, or falling back onto the "personal credit card sword". Don't be a casualty like the rest. Learn more about how you can use the same tools that informed, educated millionaires have been using for decades.
First of all, getting approved for a commercial loan is definitely easier than getting personal loans... regardless of your personal credit scores. Additionally, getting the right types of corporate credit is absolutely critical: if you want to protect your personal assets, minimize the risk of a personal lawsuit affecting your business, and to your ability to weather the economic changes that happen overnight.
All business owners must be much more proactive about developing relationships with the right types of lending institutions. You usually want to start your application process with out-of-state, national lenders... not your local or regional banking institutions. National lenders typically won't require a personal guarantee or your social security number.
Follow this simple roadmap to obtain a small business startup loan, a business debt consolidation loan, a bad credit business loan, or a government business loan... although I strongly recommend that you find a commercial loan expert who can help you through the process of building a strong corporate credit rating.
Finding a competent business loan expert will give you a head start on your competition & also let you focus on running your day-to-day activities... instead of dealing with the hassles of establishing a strong business credit rating. An excellent business credit score can help your company's image, overnight. And, finding a small business loan expert isn't that difficult. You just need to know where to look.
Now... let's get started... before you start applying for any business loans!
1. How is your business structured? Is it a sole proprietorship, C-corporation, S-Corporation, Limited-Liability Corporation (LLC), Partnership, or Trust?
2. How long has your business been recognized by your State & Local government?
3. Has your company ever had derogatory information reported against it to either of the two (2) most popular business credit reporting agencies, Dun & Bradstreet or Experian?
4. Are your commercial permits, licenses and registrations current?
5. Does your business have a physical address, or are you trying to use a U.S. Post Office Box instead?
6. Is your business telephone number recognized by directory assistance?
7. Are your incoming telephone calls professionally answered in your business name?
8. Have you established a business checking account?
9. Have you registered & asked for an Employer Identification Number (also known as an EIN) from the IRS?
If your answer to the first question was a sole proprietorship, partnership or trust; I urge you to re-establish your company as a corporation or LLC. I'm not going to provide you with legal advice, but many CPAs and attorneys highly recommend
LLCs (Limited Liability Corporations) as a way of protecting your personal assets & estate... in the event of any lawsuits being filed against your company.
As a sole proprietor, your personal assets are at direct risk of seizure or forfeiture when faced with most types of legal action. Additionally, if you are applying for business loans in a corporation's name... most lending institutions will not require you to provide any personal guarantee!
A corporation can still face difficulties applying for business credit, if it has been in business less than two (2) years or had previous credit problems reported against it. Here are some ways to fix these problems.
- Purchasing a "shelf corporation" or "aged corporation" that's been in good standing with your State government (for longer than 2 years) can drastically improve your chances for small business loan approval.
- You can attempt to repair your business credit rating by writing dispute letters to Experian or Dun & Bradstreet, which isn't always possible.
- Some corporate credit experts will help you find, select & purchase an established "shelf" or "aged" corporation, some of which already have strong credit ratings established... saving you alot of hassles!
I cannot stress this enough... you MUST have a physical address (not a PO Box) if you want to establish a solid business credit rating. The same thing is said for telephone numbers & the way incoming phone calls are handled. Would you lend
money to a company that does not appear to have a physical address or documented telephone number?
And, don't forget to always keep your commercial permits, licenses & registrations current... and always keep copies of these documents in case a potential lender asks for this information.
Business checking accounts are a must. Again, this proves stability to your potential lenders. Here are a couple of tips for you, in case you've had any checking accounts closed by a financial institution. Pay off the outstanding balance (if any) that's being reported by the bank, or open a checking account at a bank or credit union that doesn't use the ChexSystems credit reporting system. Most credit unions don't use ChexSystems, and you can always find a list of banking institutions in your area that don't use ChexSystems... by simply doing a search on Google, Yahoo or MSN.
Small business credit ratings are tracked using your business name, business address and employer identification number (EIN). You can apply for & receive an EIN at the IRS's website (irs.gov). You can also call the IRS, but be prepared for long waits.
Then you'll want to obtain a D-U-N-S number from Dun & Bradstreet, the largest business credit reporting agency. You can apply for this without any fees at Dun & Bradstreet's website (dnb.com), and you'll usually receive this number within
thirty (30) days. Do not apply for this number until you've prepared your self thoroughly, because any information you give to them... goes into your credit file... permanently.
After you've obtained your D-U-N-S number, you're probably ready to start establishing some vendor credit. Vendor credit is where many business owners start establishing business credit ratings. Simply go to staples.com, officemax.com or officedepot.com to get started. Then, you'll also need to fax your business telephone bill & the credit application to them... on your business letterhead (which you can create using your favorite word processing software if you don't have expensive stationery). They usually don't require any personal guarantees (if you've followed the outline above), and you'll usually receive a starting credit line of $750.
This is critical & I repeat... critical! Always pay your invoices before the grace periods begin... especially on unsecured credit cards or vendor credit lines. Dun & Bradstreet will lower your credit score for every day a creditor reports your bill as unpaid while you're within your grace period. Whereas, personal credit scores are not lowered unless you are 30+ days past your due date.
Dun & Bradstreet reports what's known as a Paydex score (your corporate credit score), and a score of 80 is very good... with 100 being the highest score you can achieve. Your Paydex score is issued once you've established a known
vendor/credit relationship with at least five (5) creditors.
There are shortcuts that will help you get much more than $750 alot faster. When using a business credit expert, most small business owners (even startups) can be approved for vendor credit lines of $25,000-$50,000 and open credit lines of
$50,000, $250,000, $500,000 or more... in as little as 45-60 days... by using their knowledge of the application process & "shelf" corporations.
Now, it's your choice. Are you going to go against the grain & try to establish business credit on your own (which could prove costly to your business health, growth & survival)? Or, will you choose to utilize a corporate credit expert... allowing you to remain focused on your daily business needs?
Most business owners make the mistake of trying to do this on their own... usually trying to find grants, investor "angel" money, or falling back onto the "personal credit card sword". Don't be a casualty like the rest. Learn more about how you can use the same tools that informed, educated millionaires have been using for decades.
Subscribe to:
Posts (Atom)