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4 Tips to Get Lowest Interest Rate Personal Loans-Payday Loans-Car Loans-Home Loans


Before we start discussing how to get lower personal loan interest rates, it is important to understand what they are. Below are their 5 main characteristics:

(1) they are unsecured, which means you do not need to have a collateral to get the loan;

(2) because of the lack of collateral, they usually attract higher interest rates;

(3) lenders give you this loan only on 'faith' that you would pay the money back in full and with interest;

(4) you need to have an excellent credit score to even be considered for them;

(5) because of all above points, it is very difficult to get approved for personal loans if you do not have an excellent credit rating. Even when you have an excellent credit score, it is very difficult to get approved at really low interest rate.

Having said all that you can still be able to borrow money from lenders. So let's now look at how to get lower rates for personal loans using these 4 practical tips.

1. Raise Your Credit Score.

The best way of lowering interest on these types of loans you obtain from banks and other financial institutions is to improve your credit score. This puts you as a good risk in the eyes of lenders, your excellent credit score tells them that you would pay back the money. So how do you raise your credit score? Make your payments on time, do not open new accounts and pay as much of your debts as possible.

2. Ask Lenders to Lower Interest Rates.

If you have been able to raise your credit score, consider asking your lenders to lower your rates. It is difficult for this to happen but it is possible. The banks may lower rates on your existing loans. This may not be much but over the life of the loan you will save a lot of money.

3. Consider Refinancing Existing Loans.

Again if you have improved your score, apply for a new loan with lower interest rates. Check the current national interest rate for loans. If it is lower compared to the rate at which your current loan is at, then refinancing may be a wise choice. Use the excess money to pay off the old loan.

4. Consider a Getting a Secured Loan.

This could be possible if you have a home and there is equity in the house. Another way of getting a secured loan is to use your car title to get a car title secured loan. You can also secure the loan based on any assets you have which banks would accept, for example jewelry. If you already have an existing personal loan that have high rates, getting a secured loan at the lower rate will help you pay off the old loan.








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Friday 27 June 2014

No Credit Check Home Loans-Bad Credit Home Finance With No Credit Check

No Credit Check Home Loans-Bad Credit Home Finance With No Credit Check




In the aggressively competitive loan industry, financial institutions, independent brokers, government lenders and banks are finding ways to tap all possible customer groups. The newly added group is the one with a poor credit history. In this context they are devising financial aids that are tailored to the customer requirements of such background. Auto loans, home loans and student loans are prominent examples of loans that are tailored according to the needs of borrowers. Federal Housing Finance Agency, which is a government agency, and Fannie Mae and Freddie Mac, which are government-backed corporations, play a very important role in the creation of tailored home loans (such that they do not require a credit check), home loans for single mothers, housing loans for people with bad credit or for first-time buyers. The first step towards availing a no credit check home loan is to evaluate your credit score or rating.
How to Do a Personal Credit Check
Credit rating is a well-discussed topic worldwide. In simple words, it is a numerical score used by a creditor to measure your credit worthiness. This score is given after evaluating your credit file which includes all your past loans and other financial commitments with your current earnings. Keeping this in mind you should diligently maintain an up-to-date credit file.
There are three main systems used to evaluate your credit rating; namely, Beacon, Empirica, and FICO (Fair Isaac Credit Organization) Score. Each of these imply as to who is issuing the score and who is going to use it. The FICO score is used by most lenders from across Canada and the United States to assess lending risk. This is the most readily available system provided by Equifax for an individual to check ratings for themselves.
Although such home loans are easily available, it is always advisable to check your credit worthiness to ensure the need. These loans have higher payments and short time span with the element of risk always there. Also, if you are a new borrower it will be more difficult for you to avail it. So, always be sure of the need and urgency.
In the wake of the recent economic recession which peaked in the year 2009, creation of home loans has become an extremely difficult business, with several lenders virtually refusing many loan applications. In 2011, American economist Robert Shiller declared "Home Price Double Dip Confirmed". With this, the uncertainty in the market has increased, the lenders of home loans have realized the need for formation of newer and different type of loans. This home loan works in the same manner as the other home loans, but has one slight modification as there is no credit check for these loans.
There are many agencies (online) providing options to avail such a loan, but do not hurry into a deal. Go through several agencies and their terms and conditions, ask for free quotations and compare among the agencies. Finally, determine which agency offers maximum advantage with the lowest cost and no verification.
The process of sanctioning a home loan starts with the application by the borrower to a lender. There are no specific requirements for which the person must qualify for before applying. In some cases, the lender will demand a particular domicile of a particular state.
As there is no credit check required for the loan, the lender will conduct a background check.
The background check involves the conformation of the applicant's domicile, employment status, and his family background.
Some lenders also take further measures such as getting into contact with the applicant's bank or the applicant's employer.
The lender is also bound to take into consideration the number of people who are dependent on the applicant's income.
It must be noted that the applicant's credit history is reviewed, to certain whether the applicant has filed for bankruptcy in the past or not.











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