You must have heard of the payday loans. These are the buzz word among people these days. Earlier if you required money, you approached your friend who could or could not have helped you. These days, with the moneylenders operating from the internet itself, you need not ask anyone for the money. You can simply count on the online payday companies.
The payday loan companies boast of less than 1 per cent loan application rejection rates. This means almost every loan application is approved. The eligibility criteria of almost all the moneylenders are the same. You need to be above the legal age for entering into transactions. Other than that, you need to have a regular income. Also, you should have a checking account from where your moneylender will withdraw his money as repayment.
The payday loans are very small tenure loans ranging from 5 days to 4 weeks. There is nominal interest on the loans. It does not matter if your credit score is good or bad. You can always apply for the payday loan. Just remember to keep enough money in the checking account for the day when the moneylender will withdraw his loan with interest.
One of the latest features that the online moneylenders are offering is the online FREE loan calculator. This gadget allows you to calculate the monthly installment on different loan amounts and on different repayment tenures. Based on this, you can decide how much can you set aside per month for the car, and thereby determine the loan amount.
Speaking of auto loans, these loans can be secured or unsecured. You can also get the loan if you hold a poor credit. Auto loans are available for both new and used cars. Once you buy the car through the moneylender, you can use it as you want. But the ownership of the car is under the moneylender until you repay the entire loan.
Once you repay it, you are the owner. But this does not mean that you have limited rights on the car. You can do anything except resell the car without paying off the car. Most moneylenders do not charge anything on the transfer of the car papers to you.
Do you have a poor credit? You do not have any property to place as collateral? And you need a car? How will you arrange cash to buy the car? Owing to the tough competition among these moneylenders, they are offering several schemes. One such scheme is poor credit auto loans.
As evident from the name itself, this scheme is meant for people who do not have a good credit ranking. If your credit ranking is bad or if it is the first time, you are availing a loan, chances are that no local banker will approve your loan application, even if you offer to place collateral.
You can make good use of the schemes available with the internet-based moneylenders. The poor credit auto loans are available especially for people who have a poor credit. And you need not place any collateral. You can visit the websites of these moneylenders and ask them quotations. Once the quotations are in your hand, you can select the best loan for your car. If you repay the loan properly without missing any installment, your credit score too improves.
As mentioned in the earlier articles in this series, there is a fierce competition among the online moneylenders and you can make good use of this competition to your favor. One of the schemes they offer is the unsecured student loans. These loans are very useful for students who are willing to pursue higher studies. They can avail these loans for their educational needs.
Many moneylenders also give these students a grace period so that you can get a part time job and then start paying the monthly installment. Some even go to the extent of waiting until your study is completed. You can pay after you get a job.
The amount of money that you can get as an educational loan is dependent on a number of factors, such as, the student’s academic record, his parent or guardian’s income, assets that the student holds. If you are doing any kind of part time job, the moneylenders also consider it. If you are willing to get your studies financed, you should check all the terms as well as the repayment methods and rates.
Online moneylenders are now offering unsecured loans too. This means you need not place any kind of collateral to avail a loan. If you have any asset, you can easily get a loan from the local bankers. Even then, the traditional method of applying and verification, assessment takes too long. The moneylenders operating through the internet make it very easy for people who need fast money.
Even if you do not have any valuable asset to place as collateral, you can apply for the loan. Loans without any collateral are called unsecured loans. The amount of loan you can avail under the scheme of unsecured loans is dependent on your total monthly income. You can take a short-term loan or a long term loan based on your needs.
The unsecured online loans are especially useful for people who do not have any kind of assets to place as collateral. They can also be availed by people who have assets but who are not willing to risk the property.