30 Nov
2009

Pawn Shops, Payday Loans, Installment Loans

Finding Alternative Credit when even borrowers with good credit cannot get funds!

Recently, I had a conversation with a friend of mine. He was looking to buy a house in Scottsdale,AZ where we both live. He found a home for 500,000 with 4 bedrooms in a subdivision he really liked. He put some earnest money down, and talked to the bank. My friend is a doctor and has good credit and makes over 100,000 a year. HE DID NOT QUALIFY for the loan he wanted, He was required to put 25% down or $125,000 !!!

This outlines the type of financial climate that we live in, it is VERY hard to get credit of any kind right now. It is difficult for borrowers with good credit to get funding, and bad credit borrowers have it much much worse.

In these times of financial crisis it is incredible that borrowers can get money at all!!
Thank goodness for Pawn Shops, Payday Loans, title loans, and bank over draft protection.

These products can help hard working middle class get though short term financial issues. It is amazing consumers can still access these products even with horrible credit.

For the money normally pawn shops have the lowest rates when borrowing money. And if you do not have anything to pawn then the next step would be a payday loan, the rates are normally a step up from Pawnshops. The last place to get money should be from over draft protection at your bank, NSF fees can result in incredibly high APR on the money sometimes over 1000%

30 Nov
2009

If you need cash, you may need to apply for personal loans. Personal loans are cash loans which can be either secured with collateral (such as your home) or not secured. You can use cash loans for any purpose – to purchase property, to invest, to buy medical care, or to pay for any expenses you have.

Many places offer personal loans. Banks and financial institutions offer them, as do hard money (or private) lenders and payday loan companies. Where you decide to get your personal loan is very important, since each type of institution has a different approach to loan applications. Banks, for example, often require proof of income, collateral, a credit check, and a long period for the application process. Many private lenders also require a perfect credit score, collateral, and several days of application process. Payday companies specialize in quick, simple applications and almost instant decisions. You do not need collateral or a perfect credit score to qualify and in many cases, you can get your cash almost at once.

30 Nov
2009

Generally speaking, there are two types of loans: Unsecured loans and secured loans. Secured loans are loans which are given using assets as collateral. For example, home loans are secured loans. You enjoy a low rate on your mortgage because your home is used as a guarantee to the lender that you will pay your debt. If you cannot pay your secured loan, your asset may be repossessed so that the lender can ensure that the money borrowed is not lost.

Unsecured loans do not require you to use any assets as collateral. If you do not have a home or car to use as collateral, you may still qualify for unsecured loans. If you do have assets, your property cannot be taken from you to help pay for outstanding unsecured loans. You never risk your assets. The lender simply takes more risk with the unsecured loan, so you do not have to.

30 Nov
2009

All of us need cash loans from time to time. Emergencies happen to almost all of us, and sometimes we need more money than we have in order to deal with them. From a sudden illness to an unexpected medical expense to a sudden needed trip to deal with a family emergency, all of us at one time wish that pay day would come a little bit sooner.

Unfortunately, many banks and traditional financial lenders are not designed to help you deal with such emergencies. While your bank may take banking fees from you each month, in many cases the bank is unable to give you instant cash advances or cash loans in an emergency. Many banks today have very strict rules about loans. You may need a perfect credit score or collateral in order to get approved for a cash loan. Even then, you may have to wait days or even weeks to be approved. For all these reasons, a payday cash loan or personal cash loan may be a better option for you in a true emergency.

29 Nov
2009

Why does the mainstream media blast Payday Loans?

There are many reasons why commercial media blasts payday loans; We will list a few of the main reasons here – the most important one: Payday Lenders typically do not advertise with mainstream media.

Follow the money, and you will find the truth.

Have you ever noticed that very harmful credit products like credit cards, fixed rate home mortgages, and super high banking and late fees are almost never attacked in the media?

It may have something to do with the billions of dollars the providers of these products spend each year marketing though traditional mainstream media.

The truth is taking out almost any consumer financial product is like going to Las Vegas. THE HOUSE ALWAYS WINS IN THE END.

The financial system makes a huge profits on the backs of middle class consumers paying usury rates every month to credit card companies, Mortgage Lenders, Banks, finance companies and payday loan providers.

We always advise consumers to borrow with care. If you need a payday loan to handle some emergencies or a mortgage loan to buy a house, great. But, think about saving a little bit of money, or increasing your income if you can. Maybe go back to school and get some new training. Increasing your income is always better than borrowing more money.

The Mainstream media loves to attack payday loans because they need somebody to go after. They cannot attack: fast food companies, Wal-Mart, Credit Cards, Fixed Rate Mortgages, or other producers of harmful products and systems because THEY SPEND WAY TOO MUCH MONEY !!!

In a capitalist system – there needs to be a profit motive to motivate  companies to provide services to the public. The same is true for payday loans.

At Money Now, we were once a payday loan lender. Though this experience we found that nearly 60 of our borrowers DEFAULTED on their loans. In fact we shut our lending services off because we lost money EVEN AT 500% APR !!

So if you are a member of the mainstream media, please think twice about attacking a loan product that half of it’s consumers never pay back!

What would happen if only half the people in the US made their mortgage payments each month?

You guessed it, the rates would have to be much higher then the 225% APR first year at 7.5%

29 Nov
2009

29 Nov
2009

Searching for $5,000 Personal Loans

By Chris K. Kay For Money Now! USA

Recently we had a call to our MoneyNowUSA.com offices from a customer on the east coast who had taken out Five $1,000 payday loans to get her desired loan amount of $5,000. I told her I always advise against taking out more than $1,500 in payday loans at any one time one time. Payday loans should be used short term, and only a few times a year. Payday loans are a great product if used correctly, but this was not the best idea.

The customer asked me where the $5,000 personal loans where located on our site, I told her that when she applies for a loan at MoneyNowUSA.com we automatically seek out the highest loan amount – including personal loans and installment loans to $5,000.If she was directed to the installment loan or payday loan page, she simply did not qualify for a premium loan.

Currently there are not many lenders who offer loans above 2,500 and just a couple that offer $5,000 unsecured. The funding rate ( meaning the percentage of loans that get funded compared with total loan applications ) is currently around 2% . Unless your credit is pretty darn good, and everything else is prefect – the likelihood of getting a 3 year unsecured loan with a low interest rate is only around 2%. This is why most likely you will not qualify for a loan to $5,000.00

You do have a good chance at getting 4,000 – We do have a pretty high accept rate for installment loans ( 9-12 months to pay Up to $5,000 ) and many borrowers have received $1,500 payday loans and 2,500 installment loans for $4,000….

Remember – If you cannot get money from an advance on your credit card, then this may be the next best thing. We know that over the last 5 years our borrowers have Bad Credit 96.5% of the time…

A few years ago lenders were funding loans up to $15,000 with bad credit – but not anymore…These are tough times in deed.

Recently a company in San Diego that did Excellent credit personal loans “First Again” also stopped funding unsecured loans. This company funded loans  for borrowers with perfect credit and incomes above 100,000 a year.

Right now – It’s very simple: banks want security. After the financial crash 13 months ago, all risky loans have been removed from the market.

If you have any questions about how to free yourself from debt, or taking control of your finances please email me directly at Chris@MoneyNowUSA.com

27 Nov
2009

Greetings! NSE here. Please join me on my page. Newscorchedearth is is a place for hard core conservatives,tree hugging hacky sack enthusiasts , bible thumpers,anarchists,people who drive slow in the fast lane, People that wear bluetooth headsets, nihilist chain smokers and corporate drones.

Lets make some friends and some enemies as well.

NSE.

25 Nov
2009

MEMO:  $5,000 Personal Loans MoneyNowUSA.com

We still have one lender that offers $5,000 and two more $2,500 lenders coming online next week. The funding rates are still low for the $5,000 loans, but our system starting Monday will also seek out 2 other sources that lend up to  $2,500 Unsecured. Apply  and see how much you will be approved for.

25 Nov
2009

Hi Guys I am posting this for La Toya…Wait !! Am I the only one working today?

The Importance of Having an Emergency Fund

by LaToya Irby for Money Now! USA

No one has to tell you that emergencies come. You’ve probably experienced a few of them yourself. What you might not have known is that you should always have some money set aside to cover the expense of an emergency. This type of savings accounts is called an emergency fund. It’s a stash of money that you use, well, for emergencies. You don’t buy birthday gifts with it. You don’t use it to make renovations to your home. You only touch it in true emergencies.

“But I have a credit card that I can use for emergencies,” you might say. Putting emergencies on a credit card can get expensive, especially if you have a high interest rate on the credit card and you only make minimum payments on the balance. Not only is credit card debt expensive, it could affect your credit score since your debt level is 30% of your score calculation.

What do you do if you don’t have a credit card you could use to fund the emergency?

Why Have an Emergency Fund

An emergency fund is the best, and least expensive, option to protect your financial health from unexpected disasters.

If you lose your job, you can rely on your emergency fund to help meet your living expenses until you get a new job. Severance packages and even government unemployment benefits aren’t always enough to pay your rent/mortgage, utilities, car note, and other monthly expenses. They’re not guaranteed either. Having some money stashed away in a savings account will be your umbrella on a rainy day.

How Much Should You Save

While most experts agree that you should have an emergency fund, they don’t agree on the amount. Some say $1,000. Others say up to a year’s worth of a salary. The truth is the amount is different for people in different situations. Generally, three to six months worth of living expenses would be a great emergency fund.

How to Build an Emergency Fund

The simplest way to build an emergency fund is to open up a separate savings account and start putting money in it every month. An online savings account is a good idea since you can’t directly access the money, but can transfer it when you need it. Get an account that earns interest so the money isn’t just sitting there. Don’t store your emergency fund in an account that penalizes you for withdrawals, e.g. a certificate of deposit (CD) or 401(K).

Before you start making deposits to your emergency fund, make sure the money you’re stashing away isn’t money you should be sending to the electric company. Review your monthly budget to see how much you can actually afford contribute to an emergency fund each month. Then, once you’ve come up with an amount, adjust your budget to reflect the decrease in spending money, and open up your savings account.  If your company allows it, have part of your paycheck direct deposited into your emergency fund. That way you never “see” the money and won’t feel like you’re parting with it.

Once you’ve built your emergency fund to a level you feel good about, you can start putting the money you were saving toward something else, like paying off a credit card bill. If you spend from your emergency fund, be sure to put the money back so you’ll have enough for a future emergency.