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Credit Repair, Personal Loans, Debt Reduction Education

October 15, 2011 | Credit Repair | Debt | Education | Personal Loans | No Comments

A new “Education” section has been added to Money-Cake.com to help people looking for information about Credit Repair, Personal Loans and Debt Reduction.  Each Section includes:

   
Credit Repair Education 

 

1 – Introduction to Credit

 

2 – Repairing Your Credit

 

3 – Protecting Your Credit

 

4 – Consumer Credit Laws

 

5 – Resources Extra Resources

 

   
Personal Loans Education  

 

1 – Home Loans

 

2 – Student Loans

 

3 – Personal Loans

4 – Other Loans

 

5 – Resources

 

   
  Debt Reduction Education   

 

1 – Your Debt

 

2 – Your Budget

 

3 – Reducing Your Debt

 

4 – Debt Consolidation

 

5 – Federal Student Loans

 

6 – Avoiding Debt

 

7 – Resources

Personal Loans for the Person with No Collateral

February 6, 2011 | Personal Loans | No Comments

Getting emergency cash can be difficult for almost anyone in a down economy. But the hopes for finding online loans for anyone without collateral to offer might seem positively dim.

After all, most people without collateral to offer may well not have a very good credit rating. But there is a form of short-term financing available to individuals who have jobs. This is a personal loan in the form of a paycheque advance. More recently the arrival of online sources of quick quid have made such loans much easier to get and more popular in recent years.

How can a working person get online loans? And how fast can the cash arrive?

The process is relatively simple and takes very little time. With most lenders of quick quid, it happens in three steps:

1. Find a lender online. Review the terms of their online loans to compare between paycheque advance companies.

2. Complete the online application. Lenders generally look to see if you have a job, how much you earn in a pay period, and if you have a bank account. What is not necessary is a very good credit rating. Also, there are no collateral requirements with online paycheque fast cash loans.

3. Check with your bank. The online loans are deposited directly into your account, and can be accessed in as little as one hour (or overnight, depending on the time of day that you submit your application).

The use of an online paycheque advance loan is unrestricted. For many, it can be used to cover household expenses or emergencies, such as an unplanned trip. In some cases, borrowers were travelling abroad and needed the cash on their trip. With access to a foreign ATM it is possible to get money simply through the use of a smart phone.

Online loans against a paycheque are like all others in that they need to be repaid. The earlier a borrower finishes the repayment, the lower the costs of the loan overall.

Need a Loan? Get a Low Interest Loan from Lending Club

July 21, 2009 | Personal Loans | 4 Comments

If you are looking to borrow money and have good credit, you may want to consider using Lending Club.  Lending Club is a social lending network where, if you have good credit, you can borrow money at a low interest rate compared to conventional sources.  Lending Club isn’t a bank, it’s network of individuals meeting to lend and borrow money, hence the term “social lending.”

Lending Club makes it easy for borrowers to secure funds at the low fixed rate by automating the repayment process.  Borrowers must have a bank account linked to their Lending Club account to transfer funds back and forth.   Loan repayments are made automatically by deducting the amount from your bank that is linked to your Lending Club account.

Lending Club allows you to borrow from $1,000 to $25,000 as an unsecured loan that can be used for any purpose such as debt consolidation loans, housing and home improvement loans, auto loans, home and small business loans, student loans, etc.

Lending Club operates entirely online at low operating costs to help borrowers and lenders connect. As a result Lending Club passes the savings onto their customers (borrowers and lenders) in the form of better interest rates for everyone.  Without expensive overhead that banks and credit card companies have; such as maintaining buildings, staff and ATMs, Lending Club is sustained by simply charging small origination or processing fees per transaction.

Below is a chart of what Lending Club interest rates start at compared to U.S. Bank NA, Wells Fargo Bank and Chase Bank:

lending-club

Lenders and Borrowers apply online with an approval process that takes a few minutes.  Borrowers choose how much money they want to borrow and will instantly learn how much interest rate they qualify for.  They then confirm the amount or choose a different amount at a different rate.  This is done all in real time, online and with no hidden costs or charges.

Lending Club is only available to United States residents.  To qualify borrowers need a FICO score of at least 660 with a debt-to-income ratio (excluding mortgage) below 25%.  Additionally, credit history must prove that you are a responsible borrower:

  • At least 1 year of credit history, showing no current delinquencies, recent bankruptcies (7 years), open tax liens, charge-offs or non-medical collections account in the past 12 months,
  • No more than 10 inquiries on your credit report in the last 6 months,
  • A revolving credit utilization of less than 100%, and
  • More than 3 accounts in your credit report, of which more than 2 are currently open.

 

Normally borrowers get fully funded within 2 weeks, but can take just a few days.  If after 2 weeks a borrower isn’t funded they have 2 choices; either accept partial funding or pass on the loan without any penalty.

Visit LendingClub.com now to get your low interest loan.

Related Article: Social Lending Networks are Booming

How You Can Benefit From a Debt Consolidation Loan

July 21, 2009 | Credit Repair | Guest Post | Personal Loans | No Comments

Below is a guest post by Robin Williams.

A debt consolidation loan can combine your multiple debts into one loan, help you save money and handle your finances better.

It is quite easy to fall into a debt trap but it is always difficult to dig yourself out of it. If you have piled up a huge amount of high-interest debts and you’re finding it difficult to keep up with your monthly debt payments, one solution to lower them and get out of debt is a debt consolidation loan.

Why A Debt Consolidation Loan Is Beneficial for You

The idea behind a debt consolidation loan is simple. You are acquiring a new loan at a reduced rate than your present debts that frequently carry higher rates charged by retailers and credit card companies. Subsequently, you utilize the money to repay your existing debts. This leaves you with just one monthly payment rather than multiple payments. As the new loan is available at a reduced rate, you would also enjoy a reduced payment and it would be less than the aggregate of your earlier payments. This indicates that you can get out of debt faster.

An instance of how a debt consolidation loan works:

  • You are obliged to repay $4,000 for a store credit card that has an interest rate of 17.5% and monthly payment for this is $80.
  • Your bank credit card has an outstanding balance of $5,000 at an interest rate of 18.9% and monthly payment for this is $100.
  • You have a car loan of $15,000 of which $11,632 is outstanding at an interest rate of 6.97% and monthly payment for this is $359.
  • Your overall debt amount (not considering your mortgage) is $20,632 and your overall monthly debt payment is $539.
  • At this payment level, you’re not paying down your debts rapidly. To make things simpler, you obtain a 60-month home equity loan for the same amount ($20,632) at an interest rate of 7%. Your new monthly payment becomes $409.    
  • You can utilize this loan to repay your other creditors. With the considerably reduced interest rate, your new monthly payment amount is lower than your previous one by $130. Furthermore, your debt would be repaid in five years and the overall amount of interest payable by you is $3,880. This is less by $5,541 than what you would have paid for your original loans.

 

Utilizing A Line Of Credit Or Home Equity Loan

One popular form of debt consolidation loan is a line of credit or home equity loan. As the loan is guaranteed by your home equity, the lender can offer you a cheaper interest rate. The loan amount you can avail is dependent on the amount of equity you have. Usually, lenders would offer you an amount which is equivalent to 80% of your home equity.

The interest payable for a home equity loan might be tax deductible and this successfully lowers the loan costs. You can discuss about this with a tax consultant. Nevertheless, keep in mind that home equity loans require your home as collateral and in case of a default, you have the risk of losing your home.

Utilizing A Personal Loan

For consolidating your debts, lenders also provide personal loans. For this type of financing, it is hard to obtain an interest rate that is sufficient to better your condition, particularly if your credit score is less than adequate. If it is an unsecured personal loan, the interest rate would be more than a home equity loan. One technique to obtain improved terms and conditions is to have a friend or family member as a co-signer, assuring repayment.

Compare Loan Offers

Be cautious prior to signing the dotted line. For effectively lowering your debt, a debt consolidation loan must have an interest rate that is substantially lower than your existing rates. You should also know that your payments might be reduced by extending the repayment term but at the same time, this can result in increased interest cost. Verify if there are any commissions or additional charges along with needless costs like credit insurance.               

Rectify Your Spending Habits

It is essential to keep in mind that a debt consolidation loan would only be useful if you prevent accumulating new debt or else, you would land up in similar types of problems that you had in the past. A debt consolidation loan can help you get back on track. However, it would work if you select the correct loan and rectify your spending habits to stop piling up new debt.

Social Lending Networks are Booming

March 15, 2009 | Personal Loans | Videos | No Comments
lenders-borrowers

Social lending networks are booming!  Internet based services such as Virgin Money, Prosper Investing / Prosper Borrowing, and Lending Club use online collaboration with credit analysis tools to match lenders with borrowers.  This creates a win-win scenario for both the lender and borrower.  Lenders get an above market rate from their investment, while borrowers get easier access to credit at a decent interest rate.

Social lending networks allows borrowers with good credit access to personal loans at interest rates more attractive than those available from conventional funding sources such as banks and credit cards.  Social lending networks use an auction style process connecting borrowers with lenders offering the best terms.

Lenders are now pumping $250,000 in capital per day into Lending Club with about 95% of loans over the past month being fully funded.  In 2008,  Lending Club generated over 2,500 loans totaling $21 million (approximately $9,000 per loan).
 
Lenders at Lending Club fund specific borrowers with an interest rate of 6.69% to 19.37%, minus a service charge of 1%. Borrowers must complete a loan request online and can instantly view the interest rate they qualify for.  It’s free to check interest rate, however there are strict credit-standards that must me met, such as a minimum FICO score of 660.  So if you have bad credit you are out of luck. The interest rate is fixed for the full three-year duration of the loan. As part of the loan application, a borrower must provide a social security number and other identifying information. 

Below are 2 videos;  the first is about getting a loan at Lending Club and the second is of the CEO of Virgin Money being interviewed on CNN about the benefits of social lending.

 

Video: Getting a Loan at Lending Club

 

Video: What Works – Social Lending

 

For more information visit LendingClub.com, VirginMoneyUS.com and Prosper Investing / Prosper Borrowing.

Related Article: Get a Personal Loan via the Internet

Pioneer Services Military Lends Exclusively to Military Members

February 19, 2009 | Personal Loans | No Comments

If you currently in the military or a former military service member and looking to get a personal loan then you should consider Pioneer Services Military Lending; who works exclusively with the military community.

The company offers loans at interest rates lower than most credit cards and they are competitive with banks and credit unions. You can apply online and if approved, borrow from $500 to $10,000. You can money fast, without the fees and costs associated with many lenders. The company has many years of experience serving military service members and Department of Defense employees.
Pioneer Service features the following:

  • Products for all ranks and branches plus DOD employees. No matter where you serve, they can help you.
  • Get the money you need fast, and the funds can be deposited directly into your bank account.
  • Helps you avoid the trap of military payday loan companies. Don’t pay outrageous fees and charges that military payday loan companies are known for – you deserve better.
  • For nearly two decades they have been providing military service members with solutions that are fair, secure and geared towards helping get the money you need without excessive charges.


For more information visit PioneerMilitaryLoans.com.

Services

How to Borrow and Save Money for College

September 2, 2008 | Personal Loans | Save Money | Student Loans | 2 Comments

Let’s face it; going to college is very expensive and can become stressful trying to figure out how to pay for it.  If borrowing for college leaves you feeling lost, be assured that you are not alone.

With so many lenders offering so many versions of basic loan types, it can be hard to find the loan that’s best for you. Having options is great. But you need a guide to set you on the right path. To accomplish this, consider SimpleTuition.

SimpleTuition is designed to help find your ideal college loan, and to help you take action. SimpleTuition allows you to compare and apply for student loans from more than 20 lenders to make the best college funding choice for you and your family.

SimpleTuition also offers an objective, sortable, online comparison solution that will make your college borrowing choices a whole lot clearer. Behind their simple, straightforward navigation, a complex engine crunches real numbers to give you real results. SimpleTuition stand behind the accuracy of our results, because they know the importance of this decision for students and families.

Another company to consider is Upromise. Whether you’re preparing for a child to someday enter college, looking to offset the costs for a child currently working toward a degree, or wanting a faster way to repay existing college loans, Upromise will guide you.

Upromise allows you to earn college savings through eligible everyday spending. You can start a college savings plan which allows you to save money on your taxes.  With Upromise you can learn about ways to pay for college and they also offers special discounts, bonuses and money-saving offers.