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Tips for Getting the Best Deal From a Payday Loan

If you need some quick cash or your credit score would not be sufficient to get a loan from your bank or credit union, a payday loan is an ideal way to meet your short-term financial needs. However, it is easy to fall into a pattern of borrowing, given that the fees can be significant. Therefore, it is important to know the following advice, so that you can be sure that you are getting the best possible deal from your payday loan.

#1-Make Sure That You Set the Maximum Amount That You are Borrowing…Not the Lender

If you have been turned down for credit or loans recently, it is easy to become overwhelmed when a payday lender tells you that you are approved for a larger amount of money than what you actually need. However, as with any debt, you will be paying it back, and since payday loans are known for meeting short-term needs, you will be paying it back quickly. As a result, you should be sure to only borrow the amount of money that you need, so it is easier to pay off your debt on your next payday.

#2-Be Aware of All The Fees and Charges…and How They Might Impact You

It is also important to note that a payday loan will often carry fees, other than the interest rate that you probably expect, that are easy to miss. Common examples include origination fees, verification fees and collection costs. In addition, you will often be allowed to renew part or all of your loan on your next payday if you cannot pay it off in full at that time, but renewal fees may apply at that time.

#3-Contact More Than One Payday Loan Company

One mistake that is easy to make relates to the belief that the fees a payday loan accrues are somehow “industry standard.” The truth is that each lender has the right to determine what charges and fees they offer. Although you may find that working with a well-known lender offers some benefits, like extended hours or the ability to apply for your loan online, it is a good idea to be aware of the different options for lenders. By doing so, you can often minimize the total cost of your loan, which will also make it easier to pay your loan off.         

In conclusion, a payday loan is an easy and quick way to access money without a credit check. However, it is important to be sure that you are getting the best possible deal on your loan, so remembering the above information will help you immensely. If you have any questions about payday loans, consider contacting local services, such as EZ Money, to discuss your concerns.

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Four Tips For Applying For A Bad Credit Mortgage

If you are considering the purchase of a home, but your credit score is poor, then you may consider applying for a bad credit mortgage loan. This allows you to receive a loan, typically with a higher interest rate even with your bad credit. Here are four tips for doing this:  

  1. Only Make it a Temporary Solution: When you apply for a bad credit mortgage, make a commitment to improve your credit over the next two years so that you can refinance by this time. Don’t pay the same interest that you are paying with a bad mortgage home loan for more than two years. This just means that you will continue paying much more than what the home is actually worth because of the high-interest rate. If you are able to repair your credit enough, you can potential cut the interest rate in half. 
  2. Choose an Adjustable Rate Mortgage: An adjustable rate mortgage means that you will be paying high interest, much higher than a mortgage that does not have an adjustable rate, but you will be able to make reasonable mortgage payments each month. With lower mortgage payments, this can be more manageable for you and ensure that you don’t make the mistake of missing any payments, which will just lower your credit even more. 
  3. Don’t Choose a Prepayment Penalty: Always be sure that your bad credit mortgage does not come with a prepayment penalty. If you are able to pay off your loan quickly, then the penalty will ask that you pay up to 6 months of interest after paying off the total amount of the loan. This just means that you are making an additional 6 payments for no real reason, but simply to give the lender more money. If you pay off the loan early, you want to be sure that no additional interest is added on to the loan as a penalty fee. 
  4. Consider a Co-Signer: Before you even consider signing up for a bad credit mortgage, consider asking a relative if they will consider being a co-signer for you on an FHA home loan. This would allow you to avoid a bad credit mortgage and receive an FHA loan, which will have a much lower interest rate for you. 

By following these four tips, you can be sure that you choose the best home loan for you and that you are able to move into a home that you can afford each month, even with bad credit. 

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3 Ways To Prepare To Buy A Home

Before applying for a home loan, it is important that you take steps to make yourself more desirable to lenders. Not only are you more likely to get a loan by prepping for the experience, but you can possibly score a better interest rate. To help ensure that you are ready to buy a home, here are some things you need to do now.

Limit the Movement of Your Finances

When reviewing your application for a home loan, the lender will thoroughly investigate your finances. As part of the process, you could be required to explain the details of money movements you make. Unfortunately, moving your money around too much prior to applying for a loan can make it difficult to show the movements of your money. As a result, lenders could be worried about whether or not you have sufficient enough cash flow to pay off the loan you are seeking.

To avoid this issue, try to limit financial transactions, such as cashing in stocks or investing in CDs. Once your loan is approved, you can make those moves, if desired.

Give Yourself Time

Preparing to buy a home can take time, and some homebuyers become anxious and try to rush the process. Unfortunately, not being prepared could result in further setback. To avoid this, create a plan to work on your credit score and to save money. Tasks, such as getting errors removed from your credit report, can take months. Be patient and wait to apply for a loan when you are absolutely ready.

Get Pre-Approved

Unless you have purchased a home in the past, you might not be aware that it is possible to get pre-approved to buy a home. Pre-approval is possible, and it could put you in good standing to get the home of your dreams. To get pre-approval, you have to undergo scrutiny by a lender. Your finances and credit history will be fully evaluated and a determination of how much you can borrow will be made.

Once the process is complete, you will receive a letter from the lender detailing just how much you can borrow towards the purchase of a new home. You can use the letter to prove to a homeowner that you are serious about purchasing a particular home.

There are many other things you can do to prepare to buy a home. Work with a mortgage broker, such as those at McKinley Mortgage, to not only prepare, but to find a lender who fits your needs.

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Eight Things You Need to Know about VA Home Loans

If you are a veteran of the United States Armed Forces, or if your deceased spouse was a veteran, you may be eligible for a home loan through the US Veterans Administration. This program offers many benefits for veterans, but the amount of information about VA home loans can be overwhelming. Here are eight top things you need to know about VA home loans.

1. VA home loans are not just for active duty soldiers.

While VA home loans used to be exclusively for active duty soldiers, they are not any longer. Since the Veterans Home Loan Program Amendments of 1992, National Guard members and reservists who have served for at least six years and don’t qualify in any other way are also eligible for the loan. 

2. The government is not the lender in these mortgages.

Although the loan is called a “VA home loan,” the US government is not the actual mortgage lender. The government does, however, guarantee the loan, making it easier for veterans to obtain loans with traditional lenders. Borrowers do need to meet minimum credit requirements with those lenders. Another advantage of having the government guarantee the loan is that no private mortgage insurance (PMI) is required

3. VA home loans offer financial protection for those who are actively serving.

Because active duty military personnel might not be able to pay their mortgages otherwise, VA home loans have been traditionally frozen at a reasonable interest rate, and soldiers may not lose their homes due to hardships faced by being in active service. This is the result of the Servicemembers’ Civil Relief Act. 

4. The loan percentage is generous. 

Veterans can borrow up to the full amount of the home’s value. There is an additional loan fee that can be assessed at the time the mortgage is taken out. The loan fee can be financed as part of the loan, and sometimes this fee is waived in cases of disability. Closing costs cannot be included in the loan, but they may be paid by the seller of the home. 

5. There are some caps on how much you can borrow.

The VA caps their home loans by county. In general, the loan was designed to help soldiers in rural and small city areas. There are some counties that the VA recognizes as extra high cost, though, and these areas receive a higher loan cap. 

Your loan amount is also based on a multiple of your military entitlement. You should check your benefits portal to determine that amount. 

Additonally, the maximum amount you can borrow is based on your income. You will need pay stubs and tax documents to qualify for a VA home loan. 

6. To qualify, you need to fill out a Certificate of Eligibility (COE). 

The first step in initiating a VA home loan is completing a Certificate of Eligibility (COE). You can do this on the VA portal or through some lenders. Ideally, you want to choose a lender that is familiar with VA loans, as this will make your loan process much easier. 

You will need to meet a minimum number of days of service, among other criteria as mentioned above. Surviving spouses of deceased military may also qualify. In this case, you need to provide a marriage certificate and death certificate for your spouse and cannot have remarried since your spouse’s passing. 

7. You can use the VA home loan to refinance your home with a cash-out option.

A helpful aspect of the VA home loan program is that loans can also be used for cash-out refinancing of an existing home. You can use the equity in your home to help pay bills, go back to school, or do renovations on your home, for example. 

You can also convert a non-VA loan to a VA loan using the cash-out refinance program. Because of all the advantages listed above and below, if you have a non-VA loan, you may want to give this serious consideration. 

8. The loan has many appealing features. 

In addition to the benefits already mentioned, VA home loans have many other attractive features:

  • No down payment is required.
  • The VA sets a limit on how much you can be charged in closing costs.
  • There is no pre-payment fee if you pay the loan off ahead of schedule. 
  • You can reuse this benefit multiple times.
  • Your mortgage loan can be assumed by any other party who qualifies. 

Whether you’re a first-time home buyer or a “veteran” at real estate transactions, the VA home loan program may have many elements to offer you. For further information, contact the Veterans Administration or a lender who is linked with the VA home loan refinance system and knows the application process. 

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Get Out Of A Financial Pickle: Requirements For An Online Payday Advance Loan

Are you short on cash and unable to pay an emergency medical bill or unexpected car repair? Do you have a big event coming up that you need to pay for now, but you don’t have the cash to cover it in the bank? Whatever the reason is why you need cash now, an online payday loan may be the solution to your problem – especially when you’ll have the cash, but you won’t have it until your next payday.

An online payday advance loan is a loan is exactly what it sounds like: It’s a loan that issued online that essentially provides you with the funds from your paycheck before payday. These loans are like getting an advance on your paycheck.

Of course, as with all loans, you do have to meet certain requirements in order to be approved for an online payday loan. Wondering what those requirements are and if you meet them? You’ve come to the right place! Here’s a look at the standard necessities that will get you an advance on your paycheck with an online payday loan.

Documented Employment

In order to receive a payday loan, not only do you need to be employed, but you need to be able to show proof of your employment. If you can’t certify that you have a source of recurring income, then you won’t be able to secure a loan. The following are examples of verifiable proof of income:

  • Copies of your most recent pay stubs that show your year-to-date earnings.
  • A copy of a quarterly year-to-date profit statement.
  • A copy of a benefits statement from social security, disability benefits, pension or unemployment.
  • Copies of recent bank statements that illustrate recent payments you have received.

A Steady Bank Account

You need to have either a checking or a savings account in order to receive a payday loan, and that account must open for at least one month prior to applying for a loan. This will allow the lender to see that you have a reliable way to receive income and to distribute payments to repay the loan.

Proof of Age

You need to be a minimum of 18 years old in order to qualify for an online payday loan. You must be able to show documented proof of your age, such as a driver’s license, a state issued identification or a copy of your birth certificate.

Proof of Residency

Even though you are applying for this loan online, you do need to be a resident of the state that you are applying for the loan in. A recent utility bill, a copy of your mortgage or a lease agreement that illustrates your state of residency are all acceptable ways to prove where you reside.

Kiss your financial bind goodbye! If you fulfill these requirements, you will be able to apply for and likely receive an online payday advance loan. For for information, contact a company like USA Cash Services.

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Should You Choose A Structured Settlement Or Lump-Sum Payment After A Personal Injury Case?

If you are involved in a personal injury lawsuit, you may be faced with choosing between a structured settlement and a lump sum to receive your compensation. A structured settlement involves annuities and an insurance company. You will receive specific payments over a period of time.

If you choose a lump sum, you will be given the whole of the settlement at once. There are benefits to both, and you must decide which is better for you and your family:

Structured Settlement

Here are the benefits of choosing a structured payment to receive your compensation:

  • When you choose a structured settlement, you have the ability to set up how you will be paid. Choose how much, how often and for how long your payments will be. You may also decide if there should be periodic increases in the amount you receive.
  • You cannot spend all the money at once. It can be very tempting to go on a spending spree when you receive a large settlement lump sum. With a structured settlement, you can be sure of your financial security for the rest of your life.
  • While the principle of your compensation is not taxable, the interest you earn on it is. When you are only receiving a portion of the settlement annually, your tax debt is not as large as if you took the whole thing all at once.

Lump Sum Payment

If you prefer to have these benefits, choose a lump sum and receive all the money at once.

  • You are in charge of all your money. There is no need to wait to use it. If an emergency arises, the funds are there and not tied up in a structured settlement.
  • You can pay off all your debts at once, often taking advantage of discounts for doing so.
  • If you have dreams of starting a business or owning a home that you have not been able to achieve due to financial problems, you can do so now.

Something to consider when deciding between a lump sum and structured settlement is the total amount you will receive. If the settlement is going to be very large, the payments on a structured settlement can be enough to provide for you and your family for many years. However, if the amount is not large enough for that, taking a lump sum can take care of any financial issues you may have and buy you a home. This will allow you to live comfortably even with a modest income. You decide which suites your needs better.

To learn more, contact a company such as with any questions or concerns you have.

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What You Need To Know About Portfolio Loans

Since the housing crash of 2007, many people wonder what they can do to get a home loan. The restrictions have become very strict so that there are many individuals who are unable to qualify for a home loan even though they can afford it. A great option is a portfolio loan. This is a specific kind of loan that is an option with some banks or credit unions. Here are some things you need to know about portfolio loans.

What Is A Portfolio Loan and How Is It Different From A Conventional Loan?

Generally, a conventional loan is a loan that is bought by a large lender. Because these lenders have very strict qualifications, the credit unions and banks are forced to comply if they want to sell their loans to these lenders. This means that you can only get a loan if you meet specific criteria. A portfolio loan is different. Instead of having to meet certain requirements that the national lenders put in place, your loan is held in house. This means that the bank or the credit union can decide the terms at which you will be approved.

For example, this means that the bank or credit union will take into account your income, your education, your credit score, your history of paying rent and so forth. Then they will decide if you are a good risk. If they determine that you are worth the risk, they will approve you based on your portfolio and they will loan you the money.

Why Choose A Portfolio Loan?

There are certain demographics of people who prefer a portfolio loan. If you are self-employed you might need to get a portfolio loan. This is because the only income verification that the national lenders will take is tax returns. However, most self-employed individuals write off a lot of their income so their taxes don’t necessarily reflect how much they truly make.

Another group that might prefer a portfolio loan are those who have recently declared bankruptcy or had a short sale. There are generally waiting periods for these types of loans, so if you chose a portfolio loan, it might allow you to get into a home quicker.

Not all lenders offer these types of loans. In addition, they may not be advertised. This is why you should call around and see what lenders in your area offer this option if this is something you would like to pursue. (For more information on home loans, contact MCS Bank or another company)

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