How Fast Cash Personal Loans Are the Solution to Financial Problems

The great advantage of fast cash personal loans is that financial emergencies can be dealt with as expediently as possible. Of course, as with all loans, it is necessary to qualify for approval before being able to access them, but they can alleviate the financial pressures of life.

The attraction from borrowers is understandably strong, but it is worth keeping in mind that there are serious aspects to. So, while there is fast approval, there is also fast repayment required. It is a matter of working out whether this kind of loan is the right one for the particular situation.

Fast Cash Means A Fast Solution

There is no doubt that the existence of fast cash personal loans means that millions of people have a chance to improve their financial status. And the harsh realities have it that access to a source of relief funds is considerable.

There are plenty of types of financial emergencies, like a family member being hospitalized, prompting huge medical bills. So, when it is possible to get a fast approval, an avenue opens up that those who are in a tight spot are only too happy to get onto.

Also known as payday loans, these loans offer cash advances on paychecks, thus provide funds at the time that they are most needed. The loan is then repaid when the next paycheck is deposited into the bank account of the borrower, with the necessary sum usually automatically withdrawn.

Limited Loans Available

While there is an obvious attraction to fast cash personal loans, there are some points that need to be taken to mind before the true benefit can be assessed. For example, those who are in need of large sums of money - perhaps as much as $50,000 - would not be able to benefit. The fact is that loans of this type are for smaller sums, with lenders usually setting a maximum of $1,500.

The reality is that fast approvals will only be given on applications that have only a small risk associated with it. The smaller the sum, the smaller the risk, as far as a lender is concerned. And as regards the perceived level of risk, the fact that the loan is set to repaid in full within a matter of weeks of the transaction, there was a genuine confidence that the borrower will not default.

The fact that these are payday loans mean that repayment is made as soon as the next paycheck is received. For this reason, the principal criteria for lenders is income and not credit history.

Where to Find a Lender

When it comes to finding a lender who is willing to approve a fast cash personal loan, there are a number of places to look. Many independent loan companies specialize in this type of loan, but they are rarely found alongside the traditional lending institutions. They are more easily found online.

Online lending firms have developed a highly competitive loan products, that allow them to compete with the larger banks. Part of their advantage is that they ignore credit ratings, and as such they are also able to offer fast approvals. With lower overheads, they are also able to charge lower interest rates.

The great advantage of online lenders is that the best options can be quickly identified, thanks mainly to the comparison sites that exist. Once the right loan is identified, and the key criteria of gainful employment and working bank account are provided, approval is almost certain.

Donna Hammond is the author of this article. For more information about Bad Credit Unsecured Loan and Mortgages for Bad Credit please visit her website at QuickBadCreditLoans.com

Article Source: http://EzineArticles.com/expert/Donna_N_Hammond/1178781

How to Get Unsecured Personal Loans Quickly and Safely

In the current economic climate, a lot of people look to unsecured personal loans as a means to help them during unexpected financial emergencies. These types of loans are sometimes the only option for those with bad credit since they don't need a collateral. However, they're also the most difficult loans to get from banks and other lending houses, so those with not so stellar credit ratings have to go to private lenders.

There are two types of lenders that people can go to for personal loans, those they have a personal relationship with or online loan companies. Most of the time, a loan from someone you have a relationship with, like relatives or friends, might be the best option. Lenders will require a credit check whereas relatives or friends will forgo this, which is the reason why most look to their peers for help. But there are some things that have to be considered when asking for a personal loan. First, your friend or relative should have the kind of money that you need. Next, you have to be in a good and stable relationship with that particular person and lastly, you have to be aware that being remiss in repaying the loan might permanently damage the relationship. In the event that friends or families can't help, online lending companies would be another option to consider. There are online lending companies that specialize in giving bad credit loans. The process for applying for a loan online is the same as with any bank or lending houses. That means you have to get in touch with different lenders to get quotes and you'll also have to give them your personal information in order for them to determine your eligibility.

As with any loan, there are advantages and disadvantages to unsecured personal loans. A major advantage to obtaining unsecured personal loans is that one won't lose any property or valuable assets in the event that the loan can't be paid back since the lending criteria is not as strict. Unsecured loans can also be more affordable as opposed to using the cash advance feature of a credit card, which often has ridiculously high interest rates. However, a disadvantage of unsecured loans that most lenders don't usually notice is the fact that they're in danger of paying twice or thrice the amount of the original loan. Most online lending companies specializing in bad credit charge higher finance rates, but they also give the lender the option to extend the loan when the due date comes by allowing only the interest to be paid. So by paying only the interest due during renewal, it will take one a long time to fully pay back the loan.

In the end, the best solution is to try and be prepared for any emergencies by having some savings set aside. Plus, loans from good friends and relatives might also be safer. But if there's a real need to take out unsecured personal loans for bad credit, then do your homework and look for a lending company with fair loan terms and interest rates and reasonable repayment conditions.

Article Source: http://EzineArticles.com/expert/Rachy_A_Marifosque/1331781

Finding Danger In A Payday Loan

It is often said that payday loans turn into a cycle of debt. As it is true in many instances, it does not need to be when a person who needs some fast cash refrains from making rash decisions.

What exactly does that mean? Let's take a look at where some people go wrong with payday loan lenders.

Not all payday loan lenders have the same interest rates attached to their loans, nor do they request the same qualification standards. Did you know that there might be some lenders who deny approval followed up from one who approves it? It is true. Responsible direct payday loans lenders will take a close look at an individual's application and inspect the information as well as demand a certain income level before approval. There are lenders who will only loan a small amount of your paycheck, while others will are willing to loan up to half. If you are desperate for money, which lender would you go with?

There are also interest differentiations. Some will only charge a certain amount for the course of the loan, not including an additional charge for insufficient fees; but others will have a set rate, then charge an additional amount if the loan goes beyond the initial payoff period. The payoff time is definitely something to consider when taking out a payday loan. If a lender is willing to loan you half your next paycheck, is it financially advisable to do so? These are some tough questions which need to be asked of oneself.

*Using a lender from overseas or a Native American based lender. Neither one of these payday lenders need to follow state regulations set for the lending industry.

*Not shopping around for the lender with the lowest interest because you are being pressured into signing with the company you are speaking to.

*Using a lender who does not disclose fees and policies.

*Using these short-term loans for needs since no one asks what the money is for.

*Borrowing from an online company who does not have a working telephone number or someone to answer the line.

*Doing business with a company who contacted you when you have never or not recently applied for a loan.

*Applying for a loan amount you cannot afford to pay back will surely get you into the "cycle of debt" trap which payday advance lenders are so often ridiculed for.

It takes a responsible payday loans lenders to approve money to a responsible borrower to ensure a good success rate for payday loans. When the money is needed in a hurry, it's OK to take an extra hour and surf the web to find a few lenders to compare costs with. Even better take the time to evaluate what you need to the money for. Using a quick cash loan for nonessentials can trap you into struggling to pay towards necessary bills. Be smart about your money and try to find a less expensive way to take care of your money emergency. If you do decide that payday loans are your best options, then play it safe and go with a company you can trust.

Spotya! Online Payday Loans understands the short-term financial needs of our customers but also advocates for responsible borrowing while looking at each payday loan as a unique financial need. Visit http://www.spotya.com for more information on payday loans.

Article Source: http://EzineArticles.com/expert/Holly_Petherbridge/1351286

How To Get A Loan - 5 Great Ways

Generally, most people would agree that debt consolidation just simply sucks. But despite this fact, they still remain very tempting for people struggling to transfer their so called debts to a better arrangement. But as how they would say it, with will comes a lot of ways. Do some research, try to swerve a bit, connive with some, be cunning, or you can blag if you want to and you'll surely find yourself in a better deal.

Research

Spend time with your computer or laptop and do some research online for loan terms offered with low interest rates, but always do it as soon as possible, as rates that go below 7% will vanish quickly unnoticed. If you are just persistent enough, you will find a decent loan option out there.

Connive

When looking at a deal, you'll see the APR (annual percentage rate), and probably the safe-looking word 'typical' attached to it. This means that the good rates are given to around two-thirds of approved applicants and the bad rates are offered one-third of the remainder applicants. This also means they have the option of choosing the clients that they want. Out of ten, there is a possibility that seven will be rejected so that the "typical" rate will be given to two of the three remaining applicants.

Therefore, if you happen to have a bad credit history, or you simply don't fit the lender's required profile, you could be rejected with the offer or given a worse one. If you have a feeling that you won't be one of the favored applicants, it might be best to try to look for lenders offering a balanced rate for all approved applicants.

Blag

If you give loan providers a call, they will be more likely to give you a quote given the details you provided with your finances. If they turn you down, then at least it happened without another search mark on your credit record, which can give a negative effect on your ratings by the way.

Swerve

Let's see the facts that really matter. You'll have more chance of getting that typical rate when you apply for payment protection insurance (PPI), and you'll really have a better chance of getting your loan approved. Sad But true indeed.

The best advisable way is to get a quote, and highly mention that you're planning on getting a payment protection insurance. Then - here's the trick - instantly change your mind: ask them to remove the cost they gave for PPI and simply re-quote. If getting a quote only is not possible, then just take out the policy that includes a PPI. Be advised that you will be given an ample amount of time and the right to cancel the policy within 2 weeks (some providers allow 30). They should inform you on how to this process can be done, and a written letter will do the trick, so take the loan and remove the PPI.

Always remember though, if you fail or simply forget to cancel out on the PPI, it will cost you. Never forget to cancel it!

Be cunning

When shopping for a loan, make sure to be resilient and check everywhere. Ask some friends, check every alternative, but keep in mind that whatever you intend to do, never go to your bank as much as possible, as they tend to be a very expensive option. So what other alternatives are there? Here are some extra tips:

• Don't actually get a PPI!

• And if offered, don't get a variable-rate loan, the rates seem to be rising as time goes by.

• Stay away from secured loans.

• Never rely on the APR, as this can edited or manipulated. Instead, seek the actual monthly cost and the total amount repayable (the TAR).

Cooper is both a writer, a freelance wedding photographer, and an occasional loan consultant. Now currently working as a blogger for several sites related to cash advance and payday loans online.

Article Source: http://EzineArticles.com/expert/Cooper_N_Ferrel/1340355

What You Need To Know When Securing Personal Loans

Money is scarce resource in today's world, given the struggling economy. And even though you have the means to get it, there still isn't that much security to bank on. The reality is there's a limited amount of money in circulation. And aggravated by an uneven distribution process, some folks end up still having less than what is necessary, in spite of working three jobs. This is a sad fact. But there is no use feeling defeated. Life goes on. And there are personal loan options you can take advantage of to keep you and your family afloat in those dire times.

Many financial institutions understand how difficult it is to earn these days, which is why most of them are open-minded about handing out payday loans and other short-term financing aids. And some don't necessarily put a heavy weight on credit rating. But there are other conditions and requirements that you have to be mindful of so you get a better chance at receiving personal loans. In light of this, here are some of the things you should take note of while considering the option.

Just because you've heard of a lender that provides loans at reasonable interest rates, doesn't mean they are reliable. So make sure to do your homework first. Take a look at each of your prospective creditor's APRs (annual percentage rate) and determine which provides the least costs. And don't just stick to banks. There are credit unions, financial institutions and private investors you can lean on for the same intents. You can even turn to your company for advances.

Once you've narrowed down your options, you should then check the fine print for the personal loan you are taking. There is a big difference between secured and unsecured loans as well as short-term and long-term ones. You may be borrowing the same amount of money, but if you were agreeing to a secured, short-term transactions, you might have to put up collateral and find a way to pay the debt in three months to three years.

Now, never forget to look at the bigger picture. It's easy to get excited about the details of the loan like small interest payments, a manageable payment period and a high loan ceiling. But if you were to obsess over those minute things, you may miss out on the important ones like the lender being unregistered or having bad reviews. You need to be mindful of everything and not just the information you'd like to read. This is especially important when it comes to the contract.

And finally, don't take on multiple personal loans at one time. That would just put you at risk of not being able to pay your debt. The last thing you want to do in your situation is add more financial burden by paying penalties or losing the collateral you put in. So manage the money you borrow well and keep your expenses controlled. Take on financial counseling while at it so that you'd know how to finally be free of fear.

Personal Loans With Bad Credit: Getting Your Rescue Cash - Fast!

If traditional lenders are anything to go by, taking on a personal loan with bad credit will prove to be an expensive drain on limited financial resources. But the fact is that bad credit has a very limited role in the approval process, and with a well-constructed application and all the criteria met, it is possible to convince lenders to lend the cash needed.

The reality is that lenders are happy to grant a loan if they can feel sure they will get their money back, and the borrower will not default. What decides the success of an application are not credit scores but other factors. And if these are in order, then fast loan approval can be assured.

Still, this does not mean that lenders with throw cash in the direction of everyone. But a personal loan is much more likely to be secured if a few key factors are in order.

Understand The Credit Score

It can prove invaluable to know your credit score and to take some time to improve it. Since seeking a personal loan with bad credit largely depends on affordability - not necessarily income - a key factor is how much the monthly repayment is. Credit scores do have a limited influence in this regard, setting the interest rate to be charged, and thereby contributing to the size of the repayments.

But improving the credit score does two valuable things: firstly, a higher score means a lower interest rate charged; and secondly, paying off debts improves the scores, and with fewer debts, there are extra funds to cover loan repayments. When the application is this strong, fast loan approval is very possible.

A series of small personal loans is arguably the best way to improve the scores. These loans (usually payday loans) can be used to deal with specific debts one at a time, improving the score gradually.

Advantages of a Cosigner

If a lender wants to feel confident of getting their money back, then the best way to do so is guarantee the repayments will never be missed. By getting a cosigner, even applicants seeking personal loans with bad credit can safely make that promise.

By definition, a cosigner lends his or her name to the loan agreement, promising to make the loan repayments if the borrower fails to. Lenders are happy to see a cosigner added to the deal, and even grant fast loan approval, as it effectively removes the element of risk in the loan agreement.

For a cosigner to be deemed acceptable, they must have a good credit history, have a large income from a reliable source and a debt-to-income ratio that allows for the payments to be made with ease. Then approval on the personal loan is practically certain.

Research Deals and Lenders

The range of personal loans with bad credit that are available is quite vast, so it is a good idea to spend some time searching the best deals on the Internet. Comparison sites, allowing people to easily see and compare the deals, can even identify offers of fast loan approvals.

Online lenders are well known for offering great deals, since traditional lenders charge higher interest rates. The key problem with the Internet, however, is security, so it is very important to check the reputation of lenders on the Better Business Bureau website.

Also, put together a shortlist of 2 or 3 likely lenders before applying. It is never a good idea to apply everywhere because rejections go into your credit record too. It is going to look bad if a number of rejections for personal loans occur in quick succession.

Sarah Dinkins is a financial advisor who writes about Guaranteed Unsecured Credit Cards and 100% Guaranteed Bad Credit Loans

Article Source: http://EzineArticles.com/expert/Sarah_Dinkins/51657

4 Questions to Ask Yourself Before Borrowing Personal Loans

For many people, personal loans seem to be more attractive options than any other forms of credit. Because, these are offered without providing any security and are easily available if you have decent income flow. As these loans are called as all-purpose loans, they can help you do many things - buy a car, house renovation, holiday vacation or pay for essential household items.

So, if you are one among them thinking to borrow personal loans for any of your personal needs, ask yourself these questions before you rush to take debt.

1. For what am I borrowing money? 

This is the first question you need to ask yourself. Think whether you are borrowing money to meet your needs or meet your wants. Need is something you must have (it's a compulsion) and want is something you wish to have. Here are few examples that help you understand the difference between need and want.

Some of the expenses that come under need are: 

• Medical emergencies 

• Child's admission fee 

• Wedding expenses

Some of the expenses that come under want are: 

• Purchasing consumer durables 

• Financing a holiday vacation 

• Purchasing a house, luxury car, etc.

After understanding for what you are borrowing money, ask yourself the next question.

2. Is borrowing a best option? 

There are many ways to get what you want without borrowing money. If it is a 'want', you can save and buy later. It is always better to purchase things you wish only after accumulating or saving the required amount.

In case if it is a 'need', there is nothing bad to borrow a personal loan. However, you need to make sure that you will repay it on time. Now, if you have decided to borrow money, then you should ask yourself the third question.

3. Can I afford repayments? 

Here comes the crucial part of your decision making about borrowing money. The high interest rates, fees, charges can make your personal loan more expensive, especially, if you borrow more than what you can afford.

So, you need to understand whether you can afford repayments or not. Check with your budget, whether you can keep aside some amount of money for paying EMIs or not. See where can you cut costs and generate surplus for repayments. Now, the last question is based on the challenges you need to face after taking personal loan.

4. Is this the right time to borrow money?

 

After making sure that you can pay the repayments, think about any changes that might affect your savings or investment plans. Also, keep view of your job security, health issues & other financial obligations. In case you are borrowing to purchase things on debt, check whether you have enough savings for emergencies before you borrow. But if you think that taking loan now can risk your other obligations, then it is better to save now and borrow later.

It is best advised to take personal loans only for emergencies. This is because, compared to other types of loans, personal loans usually have high interest rates and it would be foolish on your part to take this extra financial burden for less important and superfluous things.

Money Chutney provides insightful articles on saving, investing, budgeting and financial planning. These articles are intended to provide knowledge and make people aware of methods and techniques on personal finance, so they can use it to better their financial situation. These personal finance strategies are targeted towards educated middle class people in India, who typically look for information on how to save money.

Article Source: http://EzineArticles.com/expert/Rahul_M_Satis

5 Tips on How to Use a Car Title As Collateral for a Personal Loan

You can use your car title as collateral for a personal loan if there are no other options of raising cash in emergency situations, and you do not want to sell the car. Many people are not comfortable with this and arrangement but it is the best option if you do not want to sell your car and you need cash.

Essentially, there are two types of car title loans. The first option is quite similar to a payday loan. There are no credit score checks or any debt-to-income ratio tests. As long as you have a car, you can apply for this loan.

The other option is when you use the owership car as a collateral to get the loan. This is a secured personal loan you can get from a bank, credit union you are a member of or any other finance company which your a comfortable working with.

Here are 5 tips to use when you want to use your car title as collateral for such loans.

1. Go to your local bank and ask if they will give a secured loan using your car title as collateral. Using your car title as collateral does not mean you cannot drive the car anymore. However, it does mean that for a temporal period you do not own the title of the car anymore and that if you default on repaying the loan the lender will take possession of the car.

2. If the local bank or credit union gives such loans, then apply for the loan. The application process would usually require your full name, address, employment records, prove of income in the form of bank statements and references.

3. If the loan is approved, go ahead and sign the paperwork. Mail the signed papers to the lender as well as the title of the car. If it is a local bank or credit union, you want go to the branch and hand in the papers and title yourself. The loan will be given to you in a check or transferred electronically to your bank account. You will receive your title back after you have completed repaying the loan.

4. What if your loan application is refused by the bank or credit union? The next option if this happens, with my experience, is to go to American General company that specializes in bad credit financing. A rep will contact you to arrange the signing of the necessary paperwork, picking up the car title from you and giving you your check.

5. What if any of these do not work out? If any of these fail, search the Internet for auto title loan websites. When you find one you are comfortable with, make your application. You can also visit your local payday loan lender or an auto title lender and make your application to see if you can use your car title as collateral for a personal loan.

Other Considerations

When using an Internet lender, it is important to take basic Internet security precautions to protect your identity from being stolen. On the lender's website, ensure you are filing out application forms from a secure website. Check to confirm that site is secure by looking at the address bar. The website address should be preceded by "https://". Also look on other parts of the site for a security badge or certificate sign, especially from the pages where you fill out forms.

If you find this article helpful to you, then we now want you to visit our website for more tips and steps to getting any kind of loan approved. Go to Lending and Credit website now.

Why Getting $30,000 Personal Loans With Bad Credit Is No Lie

It is no surprise that the majority of people would consider the chances of securing a $30,000 personal loan with bad credit next to impossible. The sum is high and the perceived risk is too. So, what lender would agree to the deal? Well, the truth is that, with the right application, even this loan is attainable.

It is easy to look at the loan application at face value and reckon lenders would reject it. When it comes to traditional lenders, the likelihood is actually very strong, but the growth of online lending has opened up many niche markets - such as bad credit lending. Online lenders are willing to grant approval despite poor credit scores.

Their willingness is not rooted in foolishness, however. They are bad credit lending experts, offering a route to vital funds to those unable to secure affordable deals from traditional lenders. Lending a large personal loan to applicants eager to improve their credit ratings is not as risky as it seems.

Two Kinds to Consider

There are two types of personal loans available on the market: secured and unsecured. The core difference between them is the presence of collateral with secured loan, but the type chosen can have a big influence on the chances of getting a $30,000 personal loan with bad credit.

Basically, getting approval with a secured loan is much easier because it is backed up by collateral that can be used as compensation should the borrower default on the loan. With no collateral provided, income is the key hope to securing approval despite poor credit scores.

But there are problems with large personal loans, namely getting collateral that matches the value of the loan. It is no great problem when $1,000 loan is being applied for, but a $30,000 loan is a different matter. But if collateral can be found, the interest rate lowers and repayment scheme becomes more flexible.

How Cosigners Solve the Problem

There is a security option open to applicants that cannot find collateral when seeking a $30,000 personal loan with bad credit. A cosigner is not technically security, as he or she is not required to get involved unless the borrower becomes unable to make repayments.

A cosigner is effectively a guarantor, providing an assurance to the lender than the monthly repayments will be made. This is the best possible addition to a loan application since lenders only ever want to be sure of receiving the repayments on time. So, with a cosigner the chances of securing approval despite poor credit scores is extremely high.

However, there are conditions to the deal. A cosigner has to have an excellent credit history and have a large enough income to meet the loan repayments should that become necessary. But once the right candidate is found, securing the large personal loan becomes a probability rather than a possibility.

Your Credit Scores

A final issue to consider is your own credit score, and whether they can be improved ahead of submitting the application for a $30,000 personal loan with bad credit. The score, remember, influences the interest rate that is charged on the loan, which in turn influences the monthly repayment and its affordability.

Improving your score can see the interest rate lowered, thus helping to make the loan more affordable and the likelihood of approval despite poor credit scores improved. The only way to improve the score is to clear at least some of the existing debt.

Taking out a consolidation loan can accomplish this, with the right terms not only clearing the debt, but ensuring extra cash is freed up with which to pay the large personal loan.

Donna Hammond is the author of this article. For more information about Bad Credit Unsecured Loan and Mortgages for Bad Credit please visit her website at QuickBadCreditLoans.com

Article Source: http://EzineArticles.com/7471922

What Happens If I Can't Make My Auto Title Loan Payment?

"Auto title loan" has become a common household term for many Americans finding themselves in dire financial straits. With simplicity and ease, consumers can go online or find a storefront auto title loan lender to give them up to $5000 overnight based on the value and equity of their car or truck. While the lender holds the title or "pink slip" to the vehicle, the borrower is able to continue to drive their automobile during the duration of their loan.

This type of loan is attractive to many borrowers because lenders typically don't run a credit check and don't ask a whole lot of questions. With steady employment, a bank statement showing direct deposit and minimum income requirements, and a few references, borrowers can apply, be approved and get funded directly into their bank account within 24 hours. This quick acquisition of funds, albeit convenient and timely, can be a hasty decision for many people causing some to completely ignore the reality of their finances and ability to pay back the loan.

For those who can afford to take out one of these high-interest loans, this can be used for its intended purpose; to provide the borrower with quick cash that can be paid back within 30 days. Unfortunately, there is a high price to pay in interest as these loans are considered "high-risk" for the lender. While the borrower's automobile is considered collateral for the loan, the lender is still taking a huge risk in not being paid back.

So what happens when the borrower can't make the payment on their auto title loan? This is where it gets complicated! Sure, there are lenders that will work with the borrower to come up with a reasonable payment plan but there are those out there who take drastic measures the moment the borrower doesn't make good on his payment.

Such is the case with an Arizona woman who took out a loan for $1500. According to the women, her payment was supposed to have been automatically withdrawn from her bank account. After several mysteriously failed attempts, the women went to the lender's office to make good on her payment. She was informed that she now owed $123.00 in late fees. In the process of trying to resolve the situation with the company's corporate office, the payments were posted but the lender threatened to send her to collections for the late fees.

Two days later, while awaiting a phone call from the corporate office in hopes of straightening things out, she woke up to find her car missing from her driveway. She was now faced with paying thousands of dollars in fees, towing and storage in an effort to retrieve her car. Sadly, she didn't have the money and lost her car for good.

This is not an isolated situation and is, sadly, the ugly part of title lending. Although there are many good auto title loan lenders out there, not all are the same. When looking to take out one of these loans, it is essential that consumers do their research. The Internet has made it easy to compare lenders, look up rates, and understand the terms and conditions of auto title loans. Reading reviews and stories of those who have prior experience with these types of loans is also a great way to find a trusted lender.

Understanding the consequences of not repaying the loan can save the borrower from unwanted financial problems as well as the prospect of losing a car all together. Asking "What happens if I can't make my auto title loan payment?" may save you from going through what one woman says is the hardest lesson learned.

Texas Auto Title Loan is a great option for those who need fast money. TATL is state regulated following all rules and regulations. Visit http://www.texasautotitleloan.com to find out more on title loans.

Article Source: http://ezinearticles.com/expert/Laura_J_Solomon/1474944

5 Simple Tips for Long-Term Wealth Management

We all desire the comfort of a stable income, a beautiful home, and a nice car. These are within reach of most budgets, as long as you consider your wealth management strategy. Simply put, personal wealth management is the organization and improvement of one's financial situation. There are many different ways that you can do this, and a little planning and wisdom are all you need to start living comfortably within your own means. Here are five tips that will help you on your way.

Expenditures

First, do a little research and make sure you are getting paid what you are worth. Being underpaid, even by a few hundred dollars, can be extremely detrimental to your financial position. Next, chalk out your monthly pay and expenditures. This includes what you make on a monthly basis from your job and any additional incomes that you may have. Spend a month watching where your money is going. Are you spending extra on little things like a cup of coffee at a shop instead of making your coffee at home? Remember that the little things can add up, and cutting those unnecessary purchases can go a long way.

Savings

Having income properties and investments is, of course, important. However, for you to be truly content, cash savings is a must. It is highly suggested that you save a minimum of 20% of your income. The easiest way to do this is to have it directly deposited from your check into an interest-bearing savings account. This ensures that you won't forget to set the cash aside yourself, and it prevents you from being tempted to spend the money while you have it. Having that extra cash in your back pocket will put you at ease in case any emergency situations arise.

Credit

It is essential to know how and when to use your credit wisely. This includes credit cards, mortgages, and loans. Do not overextend yourself when using credit by making impulsive purchase decisions or by taking out loans that you cannot afford. Paying any types of loan debts on time is the key to a good credit score, which will help build a positive impression for a future lender.

Goals

Take your investments slowly by first concentrating on small, achievable goals. If it is your desire to purchase that dream home or car, know your allowance and what you can realistically save. These purchases usually involve a large sum of cash, so they may take you longer to afford them, but patience goes a long way!

Plans

Don't get caught up in the risky get-rich-quick schemes. As an investor, have a long-term strategy in multiple markets. Consider your interests, and invest in rental properties and stocks. These may not pay off huge dividends in the beginning, but think about your retirement: in 30 to 40 years, your properties will likely be paid off, and the rent you generate from these homes is cash in your pocket. If you have invested well, your stocks will gradually grow and grow.

A little organization can go a long way when it comes to your wealth management. Knowing your budget, having cash savings, using credit wisely, establishing realistic goals, and investing in long-term strategies are five simple ways you can live your life in financial comfort.

When looking for additional help with wealth management, Dallas residents can learn more by visiting https://www.benchmarkbank.com/personal_banking/content/wealth_management.

Article Source: http://EzineArticles.com/?expert=Andrew_Stratton

Getting Personal Loans For Bad Credit: A Simple Guide to Approval

Procuring a loan is usually quite difficult for bad credit borrowers, but it is not impossible. Traditional lenders need to feel confident that they will get the money they grant to applicants back. So, personal loans for bad credit borrowers are available - with some extra conditions - so long as income is sufficient and existing debts are not too many.

Of course, this is good news for anyone who has fallen on hard times in recent years, and unfortunately that category of person numbers quite a few thanks to the economic crises over the past 5 years. But some lenders have chosen to accommodate that niche, and grant approval with poor credit scores.

However, it must be noted that in getting these personal loans, it is necessary to accept some compromises. The terms are not going to be ideal, and the repayments are likely to be higher than would be preferred. But getting approval is the priority.

What Bad Credit Is Not A Problem

Traditionally, a low credit rating is considered a very negative thing. Obviously, it's not a good thing, but it is far from the disaster some people seem to think it is. For a start, the fact that personal loans for bad credit borrowers exist shows that loan options are still out there.

The fact is that bad credit scores are not the accurate indication they were designed to be. Originally, they helped to identify those applicants who were high risk, and protect lenders against defaults. However, with so many honest borrowers falling on hard time, a low score no longer means the borrower is likely not to repay the loan.

Lenders who acknowledge this fact is willing to grant approval with poor credit scores, though they still protect themselves with more expensive terms. Therefore, applicants need to find the best personal loan terms for them.

Typical Terms To Expect

As already mentioned, the loan terms expected with personal loans for bad credit borrowers are not perfect. While a credit score is not detrimental to a loan application, it does have an effect on the interest rate charged.

Basically, the lower the score, the higher the interest, which in turn has an influence on the affordability of the loan. Higher interest means a larger monthly repayment sum, which can push the cost of the loan outside the debt-to-income ratio. So, approval with poor credit scores is no guarantee.

The debt-to-income ratio is the key to approval. It stipulates that no more than 40% of income be dedicated to repaying debts. If repayments on a new personal loan push the share over 40%, then the application will be rejected - without exception.

Finding The Right Loan Deal

So, how and where can the best personal loans for bad credit borrowers be found? The best place to search for them is on the Internet, where online lenders are known to offer the lowest interest rates and the most flexible repayment schedules.

Online lenders are recognized experts in bad credit lending, so the loan products they have are specifically designed for bad credit borrowers. And since that niche is their target market, the chances of getting loan approval with poor credit scores are very high.

Using comparison sites online can help to speed up the process, with clear comparison tables ensuring the details of specific loan offers are made obvious. So, when it comes to getting a personal loan, borrowers can feel sure they have found the right one for them.

Hilary Bowman is a Financial Expert who specializes in Loans for People with No Credit and Bad Credit Loans

Article Source: http://EzineArticles.com/?expert=Hilary_Bowman

Post Bankruptcy Personal Loans: Fast Approval Despite Bad Credit Histories

There is a school of thought that bankruptcy is effectively the end of any kind of credit deal. Traditional lenders certainly are reluctant to lend money to anyone who has been declared bankrupt at least 2 years prior to an application. But it is possible to get post bankruptcy personal loans.

The logical behind the thinking is fair, with lenders entitled to be cautious about approving applicants seeking approval with poor credit histories, but it is worth noting that bankruptcy does not mean an end to income and financial responsibility.

What this means is that receiving personal loan repayments is still possible, especially when the specific hardship which prompted bankruptcy proceedings has been overcome. And if this is the case, the lenders can still feel confident in granting loan approval.

The Truth of Your Situation

But how can someone that has been declared bankrupt not find themselves avoided by a lender, whether they are traditional lenders or online lenders? Knowing the truth of the bankruptcy situation is the key. Once this is understood, the route to a post bankruptcy personal loan is clearer.

The lending world has a vast variety of lenders in it, and there are some lending firms that specialize in post bankruptcy loans. In fact, given that such applicants have no existing debt to figure into the equation the chances of default are extremely low. For that reason, approval with poor credit histories is plausible.

Also, lenders are willing to accept that bankruptcy was likely the only way out of an impossible financial situation.

Recent years have seen the number seeking bankruptcy increase, so it no longer reflects terribly on a personal loan applicant.

The Significance of the Debt-To-Income Ratio

So, what is the fuss about not having existing debts anymore? That question might seem strange, but the explanation is pretty straightforward. Like any other loan, a post bankruptcy personal loan needs to fit within the debt-to-income ratio set by the lending industry.

The ratio states that a maximum 40% of available income can be used to repay debts. But since there is no existing debt, that means the repayment sum each month can be quite high. This automatically means that, even with a large loan, getting approval with poor credit histories is easier.

For example, if an applicant earns $4,000 per month, then the maximum to commit to repaying loans is $1,000. With no other debts, it means the repayment on the personal loan can be $1,000, thereby making a 3-year loan of around $30,000 affordable.

How To Qualify

It is worth noting that post bankruptcy personal loans are staggered according to the period of time that has elapsed since the ruling was made. So, it is extremely difficult to get a loan 3 months after being declared bankruptcy, but not so difficult after 2 years.

However, loans of perhaps no more than $3,000 are available for the first 12 months, and after that $5,000 up to $10,000 can be secured. Of course, getting approval with poor credit histories is never guaranteed, but collateral can make a huge difference.

However, it is advisable to take out small personal loans as soon as possible because repaying them allows the borrower to begin to rebuild their credit rating.

Also, getting approval is easier when a clean break is made. So, close your bank account and open another, switch credit card companies and do not forget to look closely at what your mistakes were in the past to avoid committing them again.

Joycelyn Crawford is an expert in Easy Loans for Bad Credit and Easy Home Loans. Visit her site at EasyLoanForYou.com

High Risk Loans: 3 Options That Offer Greater Approval Chances

There is no doubt that, from the point of view of lenders, applicants with low credit scores are considered high risk borrowers. So it stands to reason that their financing opportunities are fairly thin on the ground. But high risk loans are available if the search is in the right direction.

In many cases, getting approval with poor credit scores is not dependent on credit scores at all, but on the lender that is applied to. And sometimes the best option is outside the lending industry, to someone known on a personal level, lessening greatly the risk of rejection.

Of course, affordability is always the key factor when applying for a loan, especially a personal loan with bad credit. This may be confirmed through lower interest charged, or lower monthly repayment sums, but the loan type is telling too. Here are 3 loan options worth considering.

Option 1: The Payday Loan

There are clear advantages and disadvantages to selecting a payday loan. The most obvious advantage is that, despite its status as a high risk loan, it is the most likely to get approval on. This is because the loan is granted against an upcoming paycheck.

Securing approval with poor credit scores is almost certain because the approval process does not include a credit check. But there are some negatives to this option, not least the fact that a payday loan is one of the most expensive loan options available.

The likelihood of approval despite the high risk involved means that interest can be as high as 35%, and with repayment terms as short as 30 days, there can be acute pressure to clear the debt. Also, as a personal loan with bad credit, it is limited to just $1,500, which may fall short of the required amount.

Option 2: Secured Personal Loans

The problem with high risk loans is that lenders are not fully convinced they will get their money back. But when security is provided there is at least a way to be compensated. This is why a secured personal loan is a surer way of getting necessary funds.

Also, with the limits placed on payday loans, it is the most practical way to secure loans more than $1,500 - all that is needed is collateral worth the value of the loan required. And because collateral overrides any issue of bad credit, securing approval with poor credit scores is a formality.

If an item cannot be found to match a higher loan value, for example $25,000, then a cosigner can be used. He or she guarantees the loan repayments will be made even if the borrower is unable to. With this level of assurance, lenders are happy to grant the personal loan with bad credit.

Option 3: Private Loans

One of the most cost-effective options is a private loan, also known as a family loan. Basically, a member of the family or a friend lends the money needed. Though considered a high risk loan, the relationship between lender and borrower is strong enough to overlook the credit status.

The advantage for borrowers is that the interest rates are usually non-existent. This is because family members usually do not try to profit from the transaction. Also, approval with poor credit scores is guaranteed, and restructuring is easy in the future.

However, be sure to agree terms, write them down and sign them to avoid confusion. And remember that repaying the debt will not affect your credit score. So, when approaching banks, seeking personal loans with bad credit will remain the case.

Hilary Bowman is a Financial Expert who specializes in Loans for People with No Credit and Bad Credit Loans

High Risk Personal Loans: How To Get Vital Cash Fast

It may seem over dramatic but a growing number of people are now considered high risk borrowers due to their very low credit scores. It might seem that such a status would rule them out of any chance of getting loans, but in fact there are high risk personal loans available.

The reason for such opportunities really lies in the open-mindedness that some lenders have, knowing as they do that low credit scores do not necessarily mean untrustworthy borrowers. That it is possible to get approval with low credit scores means vital funds are always within reach.

But there are conditions to be wary of. High risk also means high interest, but the extra expense of these personal loans can be worth it when a financial emergency is dealt with as a result.

What Is High Risk Loan?

The very term high risk might come as a surprise. After all, even bad credit borrowers will not see themselves as a source of financial danger. But when a credit score is very low - such as less than 580 - lenders feel their applications are for high risk personal loans.

These loans are typically for small sums of money, normally little more than $1,000 but on occasion growing to as much as $5,000. And since approval with poor credit scores is not such a strange thing anymore, there is every chance of getting $3,000 with terrible credit scores.

Of course, applicants really only seek this personal loan option when the need for cash is acute, and the time to find it is very short. So these kinds of loans are ideal for dealing with financial emergencies.

Qualifying for a High Risk Loan

With so many people affected by financial emergencies, the need for fast access loans is pretty acute. Arguably the best known option is the payday loan, but a high risk personal loan is worth considering too.

There is a difference between the two, with a limit of $1,500 on the payday loan. However, the high risk option can be for a higher sum and can be approved as quickly as in a few hours. The chances of getting approval with poor credit scores may be normal for both, but when a sum of $3,000 is needed, then high risk loan is ideal.

Qualifying for a personal loan like this really only comes down to providing proof of income, and an ability to repay directly from your next paycheck. Once that is confirms, approval is almost guaranteed and credit scores are ignored completely.

Starting The Application Process

It is not difficult to begin the application process for a high risk personal loan. It is a simple matter of guaranteeing repayments that leads to an approval. And there are two ways of accomplishing this. First, provide post-dated checks so the lender is free to take the payment on a certain date each month.

Alternatively, the repayments can be transferred automatically from the bank account on a given day. This means the lender needs to be supplied with the ABA routing number, and permission for the lender to withdraw the money on the date indicated in your lending agreement.

Once approval with poor credit scores is received, keep on top of the due repayment dates. Then, as the date approaches, each post dated check is redeemed. The whole system is simple, leaving those who may qualify for this type of personal loan with a clear route to vital funds.

Mark Venite is the author of this article and a successful financial advisor with 20 years of experience. He helps people to get approved for Bad Credit Personal Loan and Student Loans with Bad Credit. For more information about his services please visit him at AccessMyLoan.com

Personal Loans For Bad Credit: Why Securing Approval Is Easier Than You Think

There was a time when seeking a loan with very poor credit ratings was considered to be practically impossible. But there are lenders around who are willing to grant approval when the purpose of the loan is worthwhile. When seeking personal loans for bad credit management, they are very much open for business.

There are many ways in which a bad credit score can be accumulated, with the most common being late repayments and loan defaults. But these can all be signs of a difficult financial situation, for which a large injection of funds can make a major difference. For this reason, getting approval with low credit scores is a valuable option.

But is getting a new personal loan really the answer to financial problems? How can they benefit a bad credit borrower? And how can approval be secured if the applicant has a poor credit history in the first place?

Advantages Of Getting A Loan

The good news is that getting another loan in the face of a poor credit situation is not a bad move at all. The key is to let the lender know that the purpose of the loan is to make the situation better. For this reason, applying for a personal loan for bad credit management is more likely to end successfully than anything else.

When a single lump sum is secured it can make a major impact on the overall credit situation. For example, existing credit card balances can be cleared, as can student or auto loans. However, getting approval with low credit scores is easier when the sum is modest, say $5,000.

The advantage is that with every debt cleared, the credit score is improved. This means that the interest rate charged on any future personal loan can be secured on much better terms, making it more affordable.

Qualifying And Terms

Practically anyone can qualify for personal loans for bad credit management purposes. However, individual lenders may offer specific loan deals to bad credit borrowers with specific conditions. For example, some lenders will not lend to applicants with credit scores of less than 620.

Subprime lenders usually accept lower scores, as well as online lenders. However, while getting approval with low credit scores means getting a vital injection of funds, these loans will all come at higher interest rates than usual.

The lower the credit score is, the higher the interest rate that is charged on the personal loan. Still, the advantages of getting the funds can outweigh the extra cost greatly if some careful calculation is done in advance.

Advantages Of An Online Loan

This is where the advantage of seeking an online loan comes into play. The task of securing a personal loan, for bad credit borrowers especially, is made a lot easier. This is because online lenders are recognized experts in bad credit lending, with terms and conditions ideally suited to the needs of that niche of borrower.

When seeking a modest sum, like $5,000, the task is easier, with repayment terms as long as 7 years rather than the usual limit of 5 years. This can mean the monthly repayment sum is lower, and since that means it is more affordable, getting approval with low credit scores is more likely.

When seeking larger personal loans, of perhaps $25,000 or so, then the challenge of getting approval is greater. But it is possible if a longer term is secured (10 years), and it is proved the repayment sum is comfortably affordable.

Getting Personal Loans Without Collateral: Some Aspects Worth Knowing

The economic climate has not changed much in the last 4 years, so there are still millions of Americans struggling to find a solution to their financial problems. The majority of people today are considered bad credit borrowers, many having fallen victim to recent economic crises. For them, securing extra funds by seeking personal loans without collateral is something of a challenge.

Collateral is a valuable commodity in the lending world, and in most cases loan approval is practically assured when collateral is offered as part of the application. But when an applicant has no assets worth enough to match the required sum, they are forced to seek unsecured loan approval.

The fact is that an unsecured loan is always harder to get approval on because the lender carries all of the risk involved in the deal. The good news is that there are ways for an applicant to overcome the situation, and strengthen their chances of getting the much-needed funds.

The Problem With Unsecured Loans

So, why should it be more difficult to get a personal loan without collateral than a normal loan? And what is the real difference in terms of loan terms? The task is more difficult because the lender is at risk of losing out should the borrower default. For this reason, approvals are not as forthcoming and applicants have to make the effort to convince lenders they can be trusted.

Secured loans, or those with collateral, basically provide a form of compensation that lenders can take to cover their losses. It stands to reason that unsecured loan approval should be more difficult to get.

The key difference to the loan terms is the lower interest rate that is charged. This can be as much as 2%, depending on the lender and the loan sum involved. However, when seeking a large unsecured loan, it is possible to have a longer repayment term and lower interest rate, making the deal more affordable.

General Criteria For Unsecured Loans

Every loan has set qualifying criteria that all applicants must satisfy before a lender will begin to consider them for approval. When it comes to getting a personal loan without collateral, these criteria can be quite strict.

The basic elements are the same, with applicants needing to be over 18 and be legally entitled to reside in the US. They must also have a reliable source of income and be in full-time employment. And with many lenders, applicants must also have a working bank account. This is especially so for applicants seeking unsecured loan approval from online lenders.

The reason a bank account is so important is that it facilities fast and simple funds transfers. This works in the favor of the borrower when receiving the unsecured loan, and in the favor of the lender when it comes to making repayments as the installment is taken directly from the account every month.

Choosing The Right Loan Deal

Finding the most suitable loan package can be tricky, and it usually takes some time searching before the right loan is finally found. The cost of a personal loan without collateral is greater because of the higher interest rate, but that does not mean competitive rates cannot be found.

Online private lenders are generally the best source for loans for bad credit borrowers. They are experts in bad credit lending, and typically charge lower interest and offer flexible repayment schedules to ensure the most affordable unsecured loan deal possible.

However, even when a good loan deal is found, it is important to check out the small print in the contract. It is there that details of any hidden charges will be revealed, proving whether unsecured loan approval would be worthwhile or not.

Sarah Dinkins is a financial advisor who writes about Guaranteed Unsecured Credit Cards and 100% Guaranteed Bad Credit Loans

Personal Loans After Bankruptcy: Why Approval Is Not Impossible

While it is true that lenders are reluctant to lend money to those applicants who have been declared bankrupt in the recent past, it would be a mistake to think that approval is out of the question. Getting a personal loan after bankruptcy is really down to approaching the right lender and finding the right terms to suit the reality of your situation.

Of course, there is no denying that bankruptcy is a serious matter, and it is impossible to get excellent loan terms until credit status is recovered fully. But it is possible to secure approval despite low credit scores from lenders who are willing to accept the extra risk in the knowledge that the borrower benefits more from maintaining repayments than abandoning them.

But what can an applicant expect from a personal loan application process when they are beginning their recovery from bankruptcy? What is needed to convince the lender that their investment is safe?

Satisfying Qualification Requirements

The first step in submitting an application for a personal loan after bankruptcy that has any chance of success is to ensure all of the qualifying criteria are fully satisfied. This means that proof of a reliable source of income is necessary.

In most cases, lenders will only consider applicants that have a full-time job, and have held it for a minimum of 6 months prior to submitting their application. Admittedly, this is normal when seeking approval despite bad credit scores, but it is essential in this case because lenders need to know that repayments are possible.

Proving affordability is also essential, so it is a good idea to apply for only small personal loans. Even if $10,000 could be handled comfortably, only seek $5,000 to ensure the lender sees no issue at all with affordability.

The Terms To Look For

Obviously, the loan terms affect your chances of approval on a personal loan after bankruptcy. With that in mind, it is important to center attention on matters like interest rates and repayment periods. These can be crucial in establishing affordability.

For example, even if the interest rate is not great, a longer repayment period means that the size of the monthly repayments is smaller. This means the pressure to meet repayments is lower, and so getting approval despite low credit scores is much more likely.

Remember, however, that as an applicant seeking a first loan since bankruptcy, it is necessary to accept compromises that may seem expensive. But by repaying these personal loans without a hitch, the road to financial recovery is assured, so the extra expense is worth it.

Unsecured or Secured Loans

There are some other considerations too, not least whether to seek an unsecured or a secure loan. Without doubt, it is much harder to get an unsecured personal loan after bankruptcy, with the lack of assurance making more lenders reluctant to even consider approving the loan.

It is possible to get a small unsecured loan, but the terms may be too expensive to accept. A secured loan is much more likely to be approved because the lender is protected from any losses. It may be an idea to find a cosigner too, to offer a guarantee repayments will be made. This makes approval despite low credit scores almost certain.

Finally, there are ways to improve your credit reputation before seeking a personal loan. For example, get a secured credit card and made the necessary repayments on time. After just 6 months of regular repayments, lender will have a track record that indicates reliability.

Mark Venite is the author of this article and a successful financial advisor with 20 years of experience. He helps people to get approved for Bad Credit Personal Loan and Student Loans with Bad Credit. For more information about his services please visit him at AccessMyLoan.com

Personal Loans With Bad Credit: Even The Self-Employed Can Get Approval

It is already widely accepted that the chances of securing a personal loan with bad credit are less than when applying with an excellent credit score. It is also well known that self-employed applicants have a hurdle or two more to clear before lenders are convinced to grant approval. But what about self-employed applicants with bad credit scores?

Happily, it would be untrue to state that self-employed applicants have no chance of securing a loan when they also have a poor credit history. In fact, just as employees can prove an ability to make repayments, so too can those who are their own bosses. Therefore, the task of securing loan approval for the self-employed is not impossible at all.

So, what is needed to convince lenders that their investment is safe when granting a personal loan to a self-employed bad credit borrower? Well, there are a few aspects to the application that need to be paid careful attention to.

Criteria For The Self-Employed

The key issue for the self-employed is being able to prove a reliable source of income. Normally, proof of full-time employment is enough to assure lenders that an income is reliable. But, when it comes to a self-employed applicant seeking a personal loan with bad credit, the assurance required is not the same.

This is why there are extra criteria that self-employed applicants need to satisfy. Simply stating your current income is not enough, since a sudden downturn in the economy can have an immediate impact on that figure. So, before granting approval for the self-employed, lenders want to know how secure the business is.

As a result, it is necessary to provide tax returns and bank statements to confirm a regular income large enough to meet the personal loan repayments. However, even when these are shown to be in order, it may be necessary to provide security too.

Provide Collateral or Cosigner

There are two forms of security that lenders are happy to accept. Collateral is the traditional one, where an item of value is offered against the loan sum. However, a self-employed applicant seeking a personal loan with bad credit may not have an item valuable enough to meet the size of the require loan.

For example, in order to get a $10,000 loan, it is necessary to provide collateral worth $10,000. This means a family heirloom, jewelry or even a car may need to be offered up. These items can be lost if a repayment is defaulted on. If the required sum is $20,000, it may not be possible to get collateral.

Another option that can see a lender grant approval for the self-employed applicant is a cosigner. This is much more manageable because no item of value needs to be offered. Instead, a person promises to cover the personal loan repayments in the event the borrower is unable to make them.

Loan Size Matters

As with all loans, the size of the sum being applied for has an impact on the chances of success. For the most part, a few thousand dollars is not going to cause too much trouble, and providing proof of income is usually enough to secure a personal loan with bad credit.

When the sum required is larger, even a letter from the CPA confirming your status as self-employed will not be sufficient. This is where offering some kind of security is very useful, effectively assuring approval for the self-employed.

Still, there needs to be assurance that a means of repaying the personal loan exists. So, be prepared to provide all the documentation that is required. Unfortunately, fast approval - especially for larger loans - is very unlikely.

Joycelyn Crawford is an expert in Easy Loans for Bad Credit and Easy Home Loans. Visit her site at EasyLoanForYou.com

Do You Know Personal Loan Interest Rates Depend On Your Profile?

Are you working with Infosys or TCS? Then, you are an employee of a company that is in the set of Priority for the banks. One of the cryptic facts is that banks have some companies in this set of Preference, which they term as Listed Companies. According to a recent report, the leading banks like HDFC have around 33,000 companies listed with them, under some categories like Super A, Cat A, Cat B, Cat C and Cat D. IT Giants like Infosys, TCS, Wipro, L&T, Cognizant, HCL, CapGemini etc. fall under the Super A Category.

The most efficient feature of falling in this group is that there is always a special offer running for these customers by the banks and the NBFCs. The Interest Rates are relaxed or deviated for the employees of these companies. Also, the Loan Amount Eligibility is more than the ordinary customer. These customers get an interest rate on their loan amount starting from 11.99% to 15% according to his profile. There are some 1100 Companies listed with HDFC, which are considered as Super A and Cat A.

Other companies that are called as Cat B, Cat C or Cat D also enjoy a good reputation with the lenders, as these employees also get some deviation according to their profile. Their Rate of Interest lies in the bracket of 16% to 23%.

But if you are not so lucky to work in a listed company, then also there are many doors open for you. The NBFCs, such as Bajaj Finance or Fullerton India lend money according to the repayment capability of the customer. If you are working with a non-listed company, say Gaurav Enterprises and you have a salary of Rs. 80,000 per month and you need a loan amount of 10 Lacs; then you will not be eligible from the bank. The banks will consider you eligible for a loan amount of 80,000 as your company is not listed with them but NBFC like Fullerton India, will provide you a loan amount up to 12 Lacs according to your profile and Repayment ability. Also, the Personal Loan Interest Rates can be as low as 17.25% with other features such as part-payment facility or reduction in processing fees.

In a nutshell, it is necessary to know your Company Category before applying for any loan as your Rate of Interest and your Loan Amount Eligibility will depend on your profile.