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Monthly Archives: December 2017

Commercial Loans Facts

Commercial Loan Approval Can Take Six Months Or More?

This is not necessary true. You may take six months or more to meet the requirements for applying but within less than two weeks, banks or financial institutions can approve commercial loans without further hassles. There is some documentation required that does not vary that much between lenders. Therefore, you should act wisely and find out what you will be asked for prior to actually applying. That way, you will save yourself a lot of time.

Do I Need Business Counseling Before Applying? Is It Costly?

Business counseling is not a prerequisite for a commercial loan approval and even if it were, most lenders provide that service for free. Therefore, you should not worry about this issue. You need to have in hand as much information about your business as possible so when you contact the lenders, they can analyze your situation and come up with a financial solution that suits your commercial needs.

Can I Get Cheaper Rates If My Business Is Small?

There are really no differences or promotions for small businesses as opposed to big ones. Actually, interest rates are negotiable and therefore, chances are that big companies have more negotiating power and skills to get reduced rates. However, since rates are the result of an agreement between the lender and the borrower, other loan terms can be negotiated so as to obtain a lower rate (shorter repayment schedule, co-signing, security, etc. )

Is It Harder To Get Small Amount Commercial Loans?

No. Moreover, the opposite is true: by spreading the overall money lent by a lending institution into many borrowers, the risks are reduced. It is harder for 100 borrowers owing $50,000 to default all at the same time than for a single borrower owing $5,000,000 to default. The overall amount is the same, but the risk is significantly smaller. Therefore, it is a lot easier to get approved for small amount loans because lenders are eager to do business with this kind of commercial loans.

There Are Not Many Commercial Loans Out There. Are They?

Indeed, there are all kinds of commercial loans available like guaranteed loans, loans for veterans, handicapped and all kind of assistance loans for those in need or underprivileged. There are also loans and Lines of Credit for Importing and Exporting, small business loans, constructor loans, etc. There is surely a commercial loan suit for your needs.

Self-certified Loans

By granting the self-employed borrower any amount on a loan, the lender is risking the loan amount and the certainty of it being repaid. The self-certified loan can be granted to a self-employed business owner with no regard as to whether or not he has certified accounts or no proof of income.

Self employed people can not readily produce any documents to support their income totals, so they may not be seen as a favorable recipient of a loan.

Self-certified loans allow or enable you to declare your current or expected level of income without financial documents and they are not combined with any proof of income for the purpose of arranging loans or mortgages. You will just have to make a declaration of your intent to repay the loan on time in a signed statement.

Self-employed borrowers usually have to provide documented proof of their income of two or three years to show that they can repay the loan.

Self-certified loans are specially designed to cater to people who do not have audited income proof because it can be difficult for a self-employed person to provide documented proof. In order to find out if you can afford to borrow the loan, you can receive a free quote before you actually apply for the loan and you can utilize the helpful provision of self-certification of your income to borrow the amount you need.

Self employed borrowers can choose a secured self certified loan as a way to offer more credibility to the lender. The self employed person may have more restrictions on the types of collateral they can use as they are unlikely to be covered for unemployment unless they cease to do business.

A debt consolidation loan can be a useful tool of self employed people to combine their debts together and get rid of their bad debts. A debt consolidation loan can include home improvement loans used to totally redo the home, a new car loan, a get away home or a poor credit loan.

A self certified loan could be available when you are self-employed, and you seem to be having a difficult time proving how much your income is.

You can enjoy the similar benefits in the terms of the loan rate as an employed borrower may, since you can self certify your income. If you have the equity to borrow with a self certified loan, the cash to do whatever you want can be the end result. It may be possible for you to pay off all of your credit card bills and left over utility bills and possibly take a bit of time to take your spouse somewhere special and relax.

The chance to obtain needed cash without providing proof on their income, through the use of the self certified loan is an important option for the self employed business owners.

Wedding Loan

How To Deal With Wedding Expenses

You have at least three possibilities to handle with your wedding expenses. You could use your savings, your credit card, or you could get a weeding loan.

Why To Take A Wedding Loan?

A wedding loan may be the best options to afford your wedding expenses, without leaving your credit card’s limit in red, and without using your whole life’s savings for one day’s purpose. A good idea may be use part of your savings to afford some of the wedding expenses and get a wedding loan to cover the rest of them.

How Much Can I Borrow?

Most of lenders will offer you to borrow up to $25,000. Therefore, this may vary, according to the lender, your credit score and your repayment possibilities.

What Are Wedding Loans Benefits?

Wedding loans are cheaper than other kinds of loans. They are possible to obtain even with bad credit, and you will be able to get terms and repayment conditions according to your needs and possibilities.

Wedding loans can be used to finance almost every wedding expense. Starting with the flowers, passing through the reception, and of course, the wedding dress.

How Are Wedding Loans Offered?

Wedding loans are offered in both, secured and unsecured ways. Taking a secured loan you will be required to place a collateral such as a home, a car or any other item that can cover the loan in case you fail in doing the repayment, as a benefit, these kind of loans will be cheaper. Unsecured wedding loans will not require a collateral, but they can have slightly higher rates.

How Are Wedding Loans Interest Rates?

Wedding loans’ interest rates are offered in two ways, variable or fixed. Fixed interest rates will lock your loan payments, and you will e paying the same amount during the entire repayment period. Variable rates, in the other hand will change within the repayment period, this means that you can start paying a lower amount than you will be paying with fixed rates at the beginning and, after a few months start paying a higher amount until you have fully repaid the loan.

Interest rates on wedding loans are calculated over the chosen loan’s terms, the credit score and incomes of the borrower.

Things You Should and Shouldn’t Do with Loan Modification

First, tell your significant other. Yes, it’s a big blow to your self-esteem, but it will work against you in the long run because you and your spouse are required to negotiate for the modification. It’s better to work together in solving the crisis and learn from your mistakes.

Second, get organized. This means you get out of your chair and start being systematic. Pull out your utility bills, two to three months of pay stubs and bank statements, monthly expenses, current mortgage statement, and etc. These will help your lawyer and advisor in building your case. The quicker you do it, the faster the negotiations begin.

Third, seek professional representation. The truth is, you can do away with it and negotiate with a lender directly. However, a lawyer or loan modification expert can help you represent the case to your lender in such a way that your modified loans become realistic and payable. There are many cases where homeowners who speak for themselves overestimate what they can afford. Consequently, they couldn’t afford to pay their modified loans.

Fourth, have a back up plan. Not everyone can be qualified for a loan modification. Talk to your lawyer for other options.

Fifth, don’t hide. This is the worst thing you can do right now. You should inform your lender or lawyer that you know about your delinquent payments and are taking steps to solve the problem.

Sixth, don’t feel ashamed. You’re not the only one experiencing this — millions do. The way to change this is to take action so things don’t become worse.

Seventh, don’t wait too long. It’s never safe to procrastinate. When you get a notice of foreclosure, it’s a signal for you to stop wallowing in self-pity and call a loan modification adviser or lawyer. Remember: The longer you wait, the more difficult it would be for you to get out of that hole.

And by the way, don’t think it’s too late to take some action. As long as you are living in your house, you still have the chance to save your home.