Tag Archive | "Personal Loan"

How to Get a Fast Personal Loan

Fast Personal Loan

Fast Personal Loan

When you are in the middle of a financial crisis and you need immediate money payday loan is the best option you have at hand. Life is full of big surprises. Very often you have to deal with accidents, heart attacks, breakdown of your automobile breakdown, a sudden educational opportunity for your child to name a few. You are not prepared financially to deal with these sudden exigencies. In situations like this you have to take a personal loan.  Payday loan is the fastest method of getting loan without a bank statement. It is like a financial weapon which transfers money into your account in less than an hour.

Loan without bank details

Payday loan do not require your bank statement and financial status. You can search the internet to find out several lenders who are ready to make cash advances without any complicated process. One such lender is DirectPaydayLenders.org. To find the details you must visit their website. DirectPaydayLenders.org offers a loan for 30 days. You can apply for a loan between 100$ to 1000$. The only consideration is the company wants the loan to be paid back with interest within 30 days.

To avail the services of Payday Loans you have to just fill up an application form. The form is absolutely straight forward and hassle free. In fact it takes less than 3 minutes to fill up the form. Once submitted the processing takes very fast. You come to know almost instantly whether the form is accepted or not. Once approved the money is transferred to your bank.

Eligibility criteria

If you are in a financial crisis and you do not have any other source of support then a personal loan will be of help to you. Read through the term and conditions of your payday loan lender Fill up the online application form. You might have to give a few details about yourself. You must be over 18 years; your monthly salary must be at least 1000$; you must have bank account which is active for the last 6 month; you must have to furnish your residential details; you must have a stable job. Your next salary date would be the day when the lending company would deduct the amount and the interest from your bank.

Things you should know

There are certain details which you should know. DirectPaydayLenders.org is not a lender itself. It doesn’t broker loan. If offers assistance to people in search of payday loan. It is not necessary that you will qualify for the loan once you have filled up the form. Once the application is filled up, it forwards the details to one or more lending companies. The lending companies have their own rules and regulations. They have their own parameters for approval and rejection. DirectPaydayLenders.org is not responsible for any outcome. It doesn’t guarantees the amount to be available as loan. Transfer time of money may vary from lender to lender. You have to do it fast to get a fast approval. Payday loans are not available in all states of USA.

How to Get a Fast Personal Loan

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Pros and Cons of an Unsecured Personal Loan

Unsecured Personal Loan

Unsecured Personal Loan

An unsecured personal loan is a loan that you take out with a credit provider that requires no collateral to back up the loan.

Secured loans, like auto loans or home loans are considered secured because the lender can repossess the property you borrowed against, thus removing risk if you default on the loan.

There are different pros and cons involved when taking out an unsecured personal loan.


Pros of an Unsecured Loan

You are Not Risking Any Property

Unsecured loans are given out based on your credit score, employment and other information that determines your creditworthiness. When you apply for an unsecured loan the lender determines whether or not you will get the loan based on the chances of you paying that loan back compared to the potential profit they will make back in interest. If you default on the loan the lender has no property they can seize without court proceedings. If you default on a secured loan they can seize the property you bought with the loan, such a house or property you used to guarantee the loan, whether that be a business or other asset.

It is Easier to Get an Unsecured Loan

Unsecured loans have much less paperwork and bureaucracy compared to secured loans. Many lenders offer near or short term unsecured loans over the internet or by phone. The process for secured loans is much more rigorous and can take weeks, months, or years to get approved along with lots of extra costs like assessors fees or brokers fees.

Cons of an Unsecured Loan

Unsecured Loans Tend To Be Smaller

Since unsecured loans are riskier than secured loans lenders generally do not give out as much money as they would on a secured loan. The lender has to manage risk versus reward and often times lending too great a sum with an unsecured loan is not worth the risk.

Unsecured Loans Often Have Higher Interest Rates

Another side effect of the riskiness of unsecured loans is the fact that lenders have to charge more interest to hedge risk. This leads to higher monthly payments for the borrower and adds to the long term cost of borrowing.

Unsecured Loans Have Shorter Payback Periods

Yet another effect of the riskiness of unsecured loans for lenders is the fact that they typically ask for a shorter repayment plan. While many home loans can be as long as 30 years most unsecured loans are for much shorter periods, payday loans accrue interest daily or weekly, while credit cards may be paid back monthly or yearly. Other unsecured loans have longer repayment cycles, but they do not tend to exceed 5 years.

Getting an unsecured loan at a good rate is generally a good move. It is much easier and faster to get an unsecured loan and the borrower has less risk if the loan is not repaid. Many people use unsecured credit regularly for this reason. You can secure a good interest rate along with a decent sized loan as long as your credit is decent and you have a guaranteed source of income.

Written by Peter Coppola, a personal finance and insurance researcher. He enjoys writing for various personal finance blogs. Visit EasyFinance.com to learn more about short term finance options.



Pros and Cons of an Unsecured Personal Loan




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Should You Take Out A Personal Loan to Start Your Own Business?

Personal Loan to Start Your Own Business

Do you have the entrepreneurial spirit? If so, you are like many other Americans who are starting part-time businesses or full time enterprises in pursuit of the American Dream and an income source. With an economy where layoff news is daily and cutbacks on hours are a way of life, more and more workers are merging their acquired skills with an entrepreneurial vision to start a new business.

Make no mistake about it, starting a new business is a risk. Staring a new business without enough capital is a monumental challenge that can doom the business before it begins.

Every new business should have a comprehensive business plan. As part of the business plan, the entrepreneur should identify startup costs and ongoing expenses. That financial data will serve as a basis for identifying the amount of money to start and sustain a new operation.

Whether the business has an earth shattering product or service or if the business is an online startup, startup money is needed. Work-at-home enterprises need the latest technology. New manufacturing enterprises have significant equipment startup capital as well as enough funding to deal with negative cash flow.

To the typical entrepreneur, raising capital is an ongoing challenge. There are several options available. According to Lendio, there are several conventional ways to borrow money personally to start a new business.

Secured Loans – The most common way to obtain personal startup money is through a secured loan whereby an asset serves as collateral for a loan. In many cases, entrepreneurs access the equity in their home to procure startup funds. That presumes the residence or collateralized property has enough equity to fund the business.

Unsecured Loans – Unsecured loans can come from a variety of sources; family, friends or external investors. In return for loaning the money, the borrower agrees to pay an attractive interest rate. The borrower may require a personal guarantee but that is the only security they will have. The more financial credibility the borrower has, the more money the lender may be willing to loan.

Peer-to-Peer Loans – According the Wall Street Journal, “After years of hype and occasional blowups, the ‘peer-to-peer’ lending market, which connects borrowers with mom-and-pop lenders, is starting to attract professional investors.” This type loan is a possible personal loan for the entrepreneur. The loan requires a sound business model and favorable yields for the lender. Peer-to-peer lending will rise to $5 billion in 2013, a 66 percent increase over 2011.

Venture Capital – Venture capitalists are risk takers. They loan money to entrepreneurs based on how they evaluate the business model and vision. Venture capitalists bring experience to the table, but before they advance any funds venture capitalists they have already identified their exit strategy.

Lendio presented some interesting data about how funds from personal loans are used.

  • 49% of personal loans are for debt consolidation.
  • 16% for business use
  • 10% for home improvement
  • 5% for education
  • 4% for auto/vehicle
  • 16% for other uses

In Summary
Using a personal loan to raise capital comes at a price and at a risk. You will pay more interest on a personal loan but if the business can afford it and there is no other way to capitalize the business, you may have to pay the interest and take the risk.

While it might be preferable to hold your secured assets in reserve in case you need more operating funds than projected. The biggest mistake entrepreneurs make is to start without enough capital and credit. These are two challenges that should be addressed as soon as the business model is clear. You may well find the pursuit of capital an ongoing challenge regardless of the size of the business.

Author Bio:
James McDonnel is a passionate full time finance blogger and loves writing on popular blogs. You can find short term loans by Swiftmoney if you are in need for money by visiting their site or you can check following Google+ profile.


Should You Take Out A Personal Loan to Start Your Own Business?


Posted in BusinessComments Off on Should You Take Out A Personal Loan to Start Your Own Business?

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