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Category Archives: Finance

Bridging the Gap

Bridging loan as the name suggests, is a loan to bridge the gap between the customer’s resources and the customer’s need. So it doesn’t matter what the customer earns, or what price will his house fetch on being sold. He can take a bridging loan to serve his immediate need.

Through a bridging loan he can have cash to pay for his new purchase, till the old home is sold.

Bridging loan is a short term loan having a repayment period of a week to six months. Once the customer sells off his original property he can settle the bridging loan.

The bridging loan is generally secured on the customer’s house / property. The customer can decide to tie either both new and old home to obligation, or any one home can be kept as collateral.

Once through with the property valuation, wherein the lender undertakes measurement of the worth of the house/ property (the value of a property depends on a number of factors. Prominent among them are the location of the house, home furnishings, the condition of the house, and many more), the lender can advance money to the customer within no time. Generally two- thirds of the property can be taken as a bridging loan. Lenders offer as much as £25000 to some million pounds on a bridging loan.

Whom to approach for a bridging loan- if this is the question lingering in your mind, and then we can help. It is recommended to window shop many lenders. Compare the rates being offered by each of them. It is not that every one charges the same. There might be some, offering the rate just suiting your standards. Look for any hidden cost included in the loan.

Other important criteria for your search for bridging loan would be the speed with which the bridging loan is made available to you. If you can not get instant cash, what is the use of bridging loan? Though most of the lenders make long statements about their swiftness, only a few put them into practice.

Thus bridging loan can help customers to draw instant cash. But bridging loan is not free from its share of disadvantages. Some of the disadvantages have been explained below.

Bridging loan is seen as more precarious by an average lender. Thus he may charge exorbitantly. Since the customer is in dire need, he accepts. A solution to this would be to keep the repayment period short. This way he will have to pay less.

Mystery Of Secured Loans

I know there are so many words – secured loans, personal loans, unsecured loans blah! Blah! We are not financial wizards, for us all words denote the same thing – paying money. However, these words are invented for our understanding and help us to choose a loan that serves our need better. The name that stands out is secured loans. Secured loans are the best option available for any homeowner in UK. It is the most simple and efficient way to secure a loan.

Secured loans are a loan which is backed by collateral. Secured loan is offered against the guarantee of anything substantial be it home or any concrete property. It enables us to get loans according to our needs and also get them good deals for easy repayment. Self employed and unemployed also have a chance to get loans for they have collateral to back their needs. The idea of having collateral to back your claims for loan increases your claim as an applicant for loan. When one applies for a secured loan, he signs an agreement which is called a security agreement. This agreement increases the interest of the lender for he has a security against which he is giving his money. Thus his risk in lending money is considerably reduced, in case of any default.

This security deposit enables you to have a loan of any kind. See how easy it is to get loans for anything like car, education, holiday loans and home improvement or any other loan which secures to fulfil your needs. Car is a necessity for today it allows you to reach your destination in no time and saves a lot of time. Time is constriction, not in terms of hours but the work which can be fulfilled in those hours. Education is indispensable. Education is power and enables us to secure a quality lifestyle. A vacation is not an extravagance. It a way to unwind and relax in the fast paced world of today. They are indispensable.

Many homeowners in UK might be confused that their property may not amount to the total amount that they need for their requirements. But secured loans enable you to deal with such situations for you can obtain amount which is over 125% over the worth of your property. The repayment of your loan is easy and it is extended over a long period of your life. These simple steps are totally uncomplicated and allow you to a trouble free access to loan.

The whole conception of the world in the past few years have changed. It allows us to see and capture things that have not been possible earlier. Borrowing money is no more a taboo and the homeowners in UK can apply for a loan by placing their property as a security.

Loans have become accessible and by applying for a secured loan. Applying for a secured loan will include a no obligation offer being made to you. In a time of two weeks the loan will be adhered to you and during this time period you are free to cancel the loan without any penalties registered against you. One can also insure the payments and thus any unfortunate circumstances will not affect your credibility. Thus secured loans come with the guarantee of an absolute peace of mind. Still thinking! Think no more. The major financial institutions are involved in the arrangement of secured loans. The services provided are of best quality and one cannot doubt its merit. Don’t you already feel good? This is what a secured loan brings with it.

Paying Off Student Loans

First off, and possibly most important, is to remember to NEVER miss a payment! Student loans are one of the few types of debt that you can’t escape or get rid of through bankruptcy. Student loan debt is considered a good debt and can help your credit score when you make your payments on time and for the amount required. On the converse, your FICO score can really take a hit if you don’t make your payments. In fact, the IRS can garnish your wages and take your state/federal tax return money in trying to collect on your student loan balances. You can also be charged collection fees along with attorney and court fees should the government need to pursue you in court in trying to collect on what you owe them. The bottom line: make your payments. If you aren’t in the position to make the payment they are asking for or you are unable to make anything at all, don’t just sit there! Call your lender and let them know your situation so they can work with you. Federal loan holders are really good about understanding your situation and working with you accordingly. Private lenders will most often work with you as well. Chances are you may qualify for loan consolidation or restructuring which brings us to the issue of knowing your repayment options.

You may be one of the millions of people struggling to find gainful employment after college graduation. The government realizes that it’s tough out there right now and has created several programs to help ease the pain of paying off your student loans. Depending on your particular financial situation and your job status, you have options with Income Based Repayments plans, Income Contingent Repayments plans, Graduated Repayment plans, Extended Repayment plans, Forbearance, and Deferment. There are also Student Loan Forgiveness programs for those who qualify. You can go to the Federal Student Aid Loan Consolidation website to find out what programs will work for you as well as how to go about applying. It’s the best way to get a handle on your student loan debt and avoid missing any payments. Make a plan to get your college loans under control!

Credit Report Disaster

You would not believe the nightmare I’ve seen clients go through, when they realized someone else’s bad credit history was showing up on their report, causing them to be declined for the loan the should have easily qualified for. Little did they know that every time someone on the other side of town made a late payment, or decided not to pay at all, it was being added to their credit report.

Believe it or not, I’ve even seen one specific case where “Mistaken Credit Identity” forced someone into bankruptcy! That’s right, a lady came to me wanting to apply for a new home loan. Unfortunately she had recently lost her job and her bills were starting to pile up, and her reserves were running low. Luckily, or though she thought, she had plenty of equity in her home that she could access through a home equity loan, to pad her bank account and give her plenty of breathing room until she landed a new job.

To her shock and dismay, I pulled her credit report and informed her that she did not qualify for the loan. She was in disbelief. “I’ve never had a late payment in my life”! she exclaimed. I told her her credit score and begin listing off the multiple derogatory entries that were listed. She couldn’t believe what she was hearing. How could this happen?

It happened because she had a very common last name, and also shared a very similar first name to another individual who lived not far from her, and even had a very similar social security number. Unfortunately my potential client had not applied for a new loan of any kind for several years and had no idea that these errors had been piling up. As a matter of fact, the errors were so severe that despite literally months of working with her to get the errors corrected, we couldn’t wash them away in time. Her financial situation had sprialed out of control and she was ultimately forced into bankruptcy.

Loans for Doctors

Loans for doctors offer financial support to all specialist in the healthcare field. Therefore, doctors, dentists, veterinarians, podiatrists, chiropractors, optometrists etc – all are eligible for doctor loans.

Owning a home is not an easy task. The increasing cost of home buying has thwarted the loan plans of many a doctors and resident physicians. But with loans for doctors you can realize the plan to buy or build a house. Loans for doctors are committed to making home buying affordable. Doctor loans solve home buying dreams for resident physicians, practicing physicians, 4th year medical students.

Doctor loans enable you to use your equity for the purpose of debt consolidation. Debt consolidation is the ideal solution if you have prior personal and business debts. Debt consolidation through doctor loans would combine these debts into one single low interest loans. Instead of paying different loan lenders you pay to one lender. The monthly payment is then distributed to repay the various loans. The monthly repayment with doctor loans for debt consolidation is lower. This will leave funds free for your personal use. So, that loan repayment becomes not only manageable but also possible.

Doctor loans also provide funds for real estate financing. Real estate financing with doctor loans enable health care professionals to start their private practice. Also, doctors can build surgical centers and other medical care institutions. They can expand their work and the facilities they provide with doctor loans. Loans for doctors can also be used for equipment financing. Doctor loans can offer amounts up to £150,000 for qualified healthcare professionals.

Another provision for doctors is debt restructuring for cash inflow. Debt restructuring will avoid any default on existing debt and take advantage of low interest rates. Restructuring debt will alter the terms and provisions on existing debt. With doctor loans, you can increase borrowing ability for expansion. Doctor loans for the purpose of restructuring will facilitate investment outside your practice.

Doctors can also apply for unsecured loans which enable them to borrow as high as £50,000 without collateral. The amount that you borrow can be used for any purpose like bill consolidation, home improvement, vacation, education, emergency expenses or practically any purpose. Doctor loans are available with 30 year fixed or 5 year adjustable rate options. Interest only options are also available.

Find Grants to Pay Off College Loans

Working at a place like Children’s Hospital of Philadelphia (CHOP) or facilities like CHOP does not come without a cost. Thomas Jefferson University has an amazing nursing program. Having said that, many of the young college students need a sugar daddy to help pay for their student loans. Every student’s first goal is to advance in life and get a successful education. Many never give thought to all of the costs that are associated with life at the university. This is where having a sugar daddy can help. A sugar daddy is someone who is willing to adopt a student, often called a sugar baby. This whole relationship between a sugar baby and her sugar daddy is a special one. This relationship is beneficial for both the sugar daddy and the sugar baby. As the student furthers their education, there are many costs. Things like tuition, housing, entertainment, food and the cost of books goes up every year. As a college student trying to find all of these funds and repaying student loans becomes stressful. A sugar daddy can provide an allowance that will help to pay the bills and keep food on the table while the student does their homework. Everyone knows that student debt can remain for years after graduation.

It’s a shame that so many people work hard to graduate from the university and once they do, they are surrounded with massive debt that will follow them for many years to come. The good news is that many sugar daddy, father figure types are stepping up to the plate and helping payoff student loans.

Think of it like a catalog shopping, scholarship program if you will, with one major difference. The customer service that the sugar baby offers to the sugar daddy, combine with the incentive and customer rewards programs are amazing. Being a sugar daddy has some major perks. First, the relationship between the two people who are seeking arrangements, puts everything on level ground. This is a relationship where the terms can be outlined at the start and followed through. This leaves both parties without expectations because they already understand what their terms are. This takes away all the stress and allows both people to enjoy the relationship.

Just like any relationship, when stress is taken out of the picture, the relationship flourishes. It is like when you take the stress out of any situation, things get better. For example, when the sugar daddy enters the life of the sugar baby and starts to pay off the student loans, the stress goes away and the university student can concentrate on getting good grades.

The cost of living both during your university years and after you find a good paying job are staggering. One of the greatest things you can do to help a college student is to take away some of their financial pain. Being able to help a student with their student loans is a great feeling. As you might know, so many university students struggle with their bills each and every month. Often they have to pay for books and supplies and food goes on the back burner. As a student there are many things being accomplished and the help and support of a sugar daddy is very helpful to the over all well being of the student.

Living in the dorm or near by the college is not always what it is cracked up to be and having an older uncle or daddy figure to spend time with can be a blessing. This relationship is drama free and there is the feeling of no strings being attached because everything is outlined upfront.

The possibilities are endless, just like the imagination of the inner child. The terms of the relationship are open to discussion between the two people who are seeking arrangements. This is one thing that both people seem to enjoy, the freedom to be in control of their own relationship. This is how all adults should live. The relationship established between a sugar daddy and a sugar baby helps the university student to learn many life lessons. Things like time management, being on a budget and more are all part of the relationship. In the modern world, everyone is doing their best to maintain a beneficial relationship that is mutually rewarding.

There are many times when the bond between a sugar daddy and a sugar baby is formed so strong that these two people stay close friends for life, doing things with one another, long after university life is over and the student loans have been paid. Again, this relationship is free from the drama and stress associated with other types of relationships and the two people can work on the relationship itself.

Arrangements of this type are able to offer something for everyone. Together the people who are seeking arrangements, once established, can have fun and make the most of life. As with every relationship, communication is the heart and soul, the very bloodline of this relationship. Together the sugar couple share every aspect if their life or, as many as they are comfortable with. It’s whatever the relationship allows for and in most cases, it’s a lot. Let’s face it, no sugar daddy starts a relationship with a sugar baby just because he wants to pay her bills, however, he doesn’t mind giving her money to pay her student loans and other things she needs. He understands that it feels good to be able to help and there are many benefits to being her sugar daddy.

Business Loans

Obtaining finance is central for starting a new business or making business grow. Financing a business through business loans can be a formidable task. But a good preparation can easily sort out any matter detrimental to getting your business loans approved. Taking a loan for business is an important decision. A business loans borrower must understand that while taking loans can help a business grow, a wrong decision will mean debt and actually damage financial stability of a business. Determine how much loan amount you require as business loans. There are different business loans products to decide from.

A well thought out business plan is the most significant part of getting a business loans approved. The business plan should have projection. Don’t go into details, a concise to the point executive summary which answers all the queries of a business loans, will gain easy acceptance. If you have an established business – financial statement, cash flow for the past three years will be required.

Business Loans application is reviewed, some of the following questions might come up in one version or the other.

  • How much loan do you require?
  • What about business profits, does it have enough cash flow, to service the debt?
  • Is there collateral to cover the loan?
  • Is there a reasonable balance between debt and equity?

Business loans lender would pay much emphasis on your repayment ability. He would like to know if you have invested your own money in the business. He would not be very interested in taking risk in a venture where the business owner has not.

For business loans it is important to know your credit history. The business loans lender will undeniably go through your credit history. Go through your recent credit history and find out faults and recent credit discrepancies. If there are inconsistencies, get them removed. A credit history that is questionable will most likely not get business loans. However, if you attach a letter explaining your credit conduct can evoke a favourable response. The worst mistake will be to hiding your faults. This will most certainly reject an otherwise encouraging business loans application.

Few people realize it but locating a good business loans lender is integral to finding business loans. It is not easy to find business loans lender that abides by your needs. In fact it is an investment in itself. Look for business loans lender who is willing to work with you and for you.

Business loans also depend on your character and your ability to be present yourself, your business details and your confidence. They also count in getting your business loans accepted. In case business loans application is rejected – make sure you know the reason why this happened. This will enable you to rectify mistakes next time you make attempt to get business loans.

Get Quick Cash With a Payday Loan

While this may sound reasonable enough there are some disadvantages. Many of these payday loans are a short two weeks or so. Interest rates usually apply as well so depending on the interest amount, the loan may not be worth it.

The primary people that use payday loans are lower and lower middle class people. This can be a burden to some because of the rates that apply. Many people with bad credit use payday loans because they see that as their only option.

If you get a payday loan, you want to try and keep yourself from becoming trapped. If high interest rates are applied to your loan, you could end up repeating your borrowing of money; being unable to repay in time or even having your check held because you couldn’t pay in time. You want to steer of these risks if possible.

There are many ways to keep from having to use a payday loan. While sometimes you may not have any other options, there are ways to not end up in that situation. A great way to keep this from happening is to build an emergency fund.

Some people may find this unreasonable because they already do not have enough money. If you can set aside at least ten dollars a paycheck, over time you will have money to use for emergencies instead of having to get a payday loan. Open a savings account if you think you might spend it if you can access it easier. Yes this will require discipline on your part but it can be done.

Every household needs a budget. Having a budget can help ensure you will have the funds available for emergencies so you don’t have to rely on payday loans. Or should you happen to get a payday loan, you might be able to repay the loan easier using your emergency fund if needed.

Picking up extra work for extra money or selling something you no longer use of value can also keep you from having to get a payday loan. You might have a problem spending all your money at once because of all your bills. Get credit counseling or meet with a financial advisor that could help you set your budget, etc.

Alternatives to payday loans would be better such as borrowing from a close friend or family member. Put in writing the terms of the loan; what you borrowed, when you will pay it back by, etc. This can save any hard feelings or complications further down the road should something happen.

If you have high credit card balances, etc, consider transferring them to a different card with a lower interest rate. This will help you pay them off faster and have more extra money for those emergencies, further avoiding having to get a payday loan.

Always use common sense when signing something pertaining to money. Did you buy a new car? Did you make sure you got the best deal you could find, etc.? Many people do not think about little things that might happen in the future that their present purchases could have an effect on.

If you have no other option than getting a payday loan, find a place that has the best interest rates and policies. Some companies will take money out of your paycheck to repay your loan if you are unable to pay it back in time. Try to avoid this if possible.

Personal Bankruptcy

The purpose of a bankruptcy is for the debtor to get relief from their creditor(s). An individual files a voluntary petition to initiate the bankruptcy process. The bankruptcy process includes filing for bankruptcy status and eventual discharge of debts. After filing for bankruptcy, there is typically a waiting period for discharge of debts. During this waiting period the court could order an assessment of the financial abilities of the household or entity. Financial education courses may also be required by the court. This may be required to minimize the risk of a future bankruptcy.

The United States Bankruptcy Code includes 2 types of personal bankruptcies. The following is a brief description of each bankruptcy type:

Chapter 7 is the most common type of bankruptcy in the United States. An individual filing for a Chapter 7 bankruptcy must meet the requirements of the “means test for eligibility”. Eligibility for the chapter 7 bankruptcy allows the creditor to repossess any property used as collateral on debt that will be discharged in the bankruptcy. The bankruptcy trustee may also liquidate any non-exempt property and distribute the proceeds to any unsecured creditors. Exempt property typically includes: (1) clothes, and (2) household goods. Other assets such as: (1) social security payments, (2) unemployment compensation, (3) older automobile with little value, (4) tools used for work, and (5) books are also excluded from liquidation (may vary by state). Some debt may not be discharged by the courts. These include: (1) federal debt, (2) tax liens, (3) student loans, and (4) alimony and child support. Each state sets the limit for how much property can be exempted in a bankruptcy. The Chapter 7 bankruptcy can only be used by an individual every 8 years.

The Chapter 13 bankruptcy allows the debtor to keep all their possessions and assets, but they must accept a payment plan (based on their income) to repay their creditors. The repayment amount is based on the debtor’s income, expenses, value of property, and debt being discharged. The repayment plans usually are for 3 to 5 years but can be paid off earlier if the debtor is able. The Chapter 13 bankruptcy requires proof of regular income and has income limitations. Payments under this bankruptcy type are made to a trustee. The trustee is responsible for payments to the creditors. Chapter 13 bankruptcy does not require repayment to unsecured debt and medical bills.

Function of Credit

Good Credit vs. Bad Credit

How important is it to have clean or good credit? It’s very important because the worse off your credit is the harder it will be for you to secure a loan of any sort. It is important to keep on top of your credit finances and make sure that every payment is made on time and always make sure that you pay at least the minimum amount but always try and pay more if you can.

If you currently have bad credit, you shouldn’t worry too much as there are ways to still secure a loan such as having a cosigner. If you choose to go this route, remember that you are both responsible for the loan as it will be taken out in your names. Also, there are many institutions that work with people with bad credit and they will assist you with the repair of your credit file. Here’s a list of a few companies to assist you:

CreditAxis.com, DebtAdvocates.cc, Lexington Law Firm and more. Simply go to your favourite search engine and type in “Credit Repair” and see how many companies show up in your search.
Warning: Be wary of those companies that promise to repair your credit promptly – ie “3 months or less”. Credit repair takes time, so do your homework before you commit to one company to assist you.

Your Credit File

If you have bad credit, the first step to repairing it is to pay off all of your bad debts. This is debt that is overdue and not up to date. You may not know this, but this information may stay on your file for up to 7 years. To assist you in this, I suggest that you get a copy of your credit report from one of the credit reporting agencies such as Equifax. Look it over thoroughly because you may find some mistakes which can be easily corrected with either a simple phone call or with supporting documentation.