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The Best benefits of Cash Advance Loans
Often times when people hit financial snags, they simply need the fastest and easiest solution to help them work through the problem. Sometimes one of the solutions that can be most helpful is for that person to get a payday loan. Luckily there are a number of lenders, both locally in most metropolitan areas and online, that offer payday loan or cash advance services.

Cash advance loans can be a good option for a number of reasons. First, they are fast. Since they are usually small loans ($500 to $2000) and are only loaned for a short period of time, most lenders have pretty loose requirements in terms of what it takes to qualify for such a loan. That also makes them easy to get, even for people with damaged credit or other issues that might make them unable to get a loan from a traditional lender. Also, a traditional lender will probably want to make a loan for an extended period of time, not just to help the borrower make it till their next paycheck as a result of an unexpected financial emergency.

As previously mentioned, these types of loans are typically short term loans. Potential borrowers should be well aware of this fact beforehand and not use these types of loans for long term financial issues. For long term cash flow problems, you should definitely seek out something other than a payday loan or cash advance loan.

One of the reasons why this is the case is that the effective interest rate charged on these types of loans is much higher than a typical loan. However, since the loan is usually paid back in a short period of time (2 to 4 weeks), most borrowers don't feel the impact of this high interest rate. But, if you're unable to pay back the loan in the agreed upon time, late fees will likely be added to the amount you owe which effectively increases the interest rate you'll ultimately be paying as you pay back the loan.

Another reason to avoid cash advance loans as a long term solution is that if you are constantly finding yourself playing catch-up with your finances, it might be an indication of a bigger problem. By continually relying on payday loans to help you get by, it's really only making matters worse. Therefore, if you find yourself in a situation like this, it's probably best to seek out the advice of a qualified financial advisor rather than putting yourself behind the 8-ball with one loan after another.

That being said, all of us have probably had unexpected situations come up where we needed some fast cash and we knew we were "good for it" within a few weeks or so. For instance, your car breaks down, you need to get something fixed in your house, perhaps an unexpected medical payment. In situations like these, a cash advance can be a real life saver, especially when your other options are limited.

STOP: Before you apply for a payday loan, be sure to get more information on how to save money on your loan and learn about your 3 best options for payday loans by visiting the payday loan guide at

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posted by Joby @ 3:08 PM   0 comments
Why Pesonal is most Important?
We all have our very own personal financial needs that just spring up out of nowhere. And how many of us hoard money for such needs? Public and private sector banks offer an impressive range of personal loans to meet your exclusive financial needs. “A personal loan is a cash loan given to a customer. Actualy its an unsecured loan – that is - it comes without any collateral security or asset backing. A personal loan is given based purely on the financials of the individual. Well, here’s what this loan option is all about:

A personal loan can be used for any purpose. The lender does not need the borrower to give a reason for taking this loan. A spokesperson for the State Bank of India says, “A personal loan can be taken for any kind of personal expenses such as marriage, family functions, medical emergencies, educational expenses and travel expenses.”

Personal loans are given to salaried individuals, self-employed professionals (CAs, doctors, MBAs, etc.) and business owners. The broad criteria usually include minimum and maximum age and income. The loan applicant must be between 25 to 60 years of age or the retirement age, whichever is earlier, and up to 65 years in case of a self-employed person. The loan applicant’s eligibility is directly proportional to his/her net income—a salary in case of a salaried person and business income in case of a self-employed person. For a self-employed person the minimum business income requirement is usually Rs 60,000 per year.

Personal loans are very flexible. They do not require any collateral security or asset backing. They are disbursed based purely on the financials of the loan applicant. “Additionally, your spouse's income can be considered in calculating the loan amount provided he/she guarantees the loan or the loan is taken jointly.”

Personal loans are repaid in the form of Equated Monthly Instalments (EMIs). EMIs are calculated based on the loan amount, the rate of interest and the tenure of the loan. “Banks calculate interest using the reducing balance method. The actual interest is calculated on a daily reducing balance".

If your lender is charging a high rate on your loan and you are able to find another bank willing to lend at a lower rate, you can transfer your loan to the new bank and thereby reduce the cost of your loan.
posted by Joby @ 2:27 PM   0 comments
Why home improvement loan is better than a personal loan ??
You need much more than good taste to do up your home – you need a stockpile of moolah. Quite often, the only thing that stops people from revamping their homes is lack of funds. Even when you are convinced that your house badly needs a face-lift, the financial enormity of a renovation makes you stop in your tracks and retrace your steps. Home improvement loans enable you to complete this journey that you have started. “Home improvement loans can be used for any purpose related to enhancing the life or beautification of a house –excluding furnishings.” More specifically, a home improvement loan can be used for external repairs, tiling and flooring, internal and external painting, plumbing and electrical work, waterproofing and roofing, laying grills and aluminium windows, waterproofing a terrace, constructing an underground/overhead water tank, paving a compound wall and/or installing a bore well.

Just like home loans for a new house, home improvement loans also come with a fixed and a floating/variable interest rate option. Several housing finance companies offer home improvement loans at the same interest rate as home loans, while some may charge a premium of 0.50 per cent to 1 per cent. In some cases, you may also have to pay a processing fee of 1 per cent to 2 per cent.

In Brief
Home improvement loans are intended for all purposes related to enhancing the life of or beautifying a home, excluding furnishings.
1. A home improvement loan is better than a personal loan because it offers a lower rate of interest and is available for a longer tenure.
2. Home improvement loans also offer tax benefits while personal loans do not.
3. The property that is being renovated is mortgaged to the lender.
4. Many banks and housing finance companies provide the option of borrowing as a group, which would at times attract a lower interest rate.
posted by Joby @ 2:09 PM   0 comments
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