Sunday, September 15, 2013
What Happens If You Don’t Pay A Payday Loan – Consequences Of Defaulting On A Payday Loan
Payday Loans are very short term loans intended to give you a quick cash injection in an emergency. They are literally a loan that you have to pay back on your next payday. For that reason, they are always for relatively small amounts of cash and for very short periods of time.
The cost of a payday loan is normally a fixed fee, which looks fairly reasonable on the face of it, but if you do not pay the loan back on time as agreed, additional charges can soon mount up and you can find yourself owing more in interest than you originally borrowed. Payday Loans are designed for very short term needs, and if there is any chance that may need the money for longer, you should consider alternative means of borrowing.
The charges may not be large amounts of money, but as a proportion of the amount being borrowed they are substantial. If you look at the charges in interest rate terms they are extremely high, often over 1,000%. In the US the charges are sometimes governed by local state laws, so cannot be above a certain amount.
Failure to pay back a payday loan on time can lead to hefty penalty charges, which for some people can mean getting into a cycle of increasing debt that is hard to break out of. What will typically happen is that if you take out a payday loan and then find that can’t pay it off on the due date, you must inform the loan company in advance and arrange new repayment terms. This is known as refinancing or extending the loan and will lead to a new repayment plan which will include additional fees.
Different payday loan companies will have different arrangements and charges for extending loans, so it is worth checking all this out before you take out a loan. Some companies have truly extortionate fees, so you do need to be clear about what all the charges are before agreeing to a loan. If you do find that you are not going to be able to keep to the agreed repayment date, the main thing is to be sure to let the loan company know at least a full day before your loan due date, and preferably longer.
If you fail to notify the loan company in advance that you are not going to be able to meet the payment, your loan will be in default, which means the loan is immediately due for repayment and the consequences and penalty charges can be much more serious.
Payday loans can be useful in the right circumstances, but the key is not to use them to deal with serious debt, and not to use them regularly. They should be for unexpected emergencies only, and even then only if you are sure you can pay them off in full when you get paid.
If you do have serious debt problems, you will be better off trying to tackle the whole problem by negotiating new repayment arrangements with all of your creditors. Free advice is available online on how to do this.
Look To Click N Cash For Exclusive Online Payday Loan Services.
In our both daily and professional life the worth of money is indispensable. Even to fulfill our small needs we usually borrow small amount from here and there, which could in most cases lead to embarrassment.
It is undeniable that you are borrowing a small sum but still it is not justifiable that you can demand for the same from your friend or relative. These days, if you have a secured job then a large number of financial institutes may be willing to provide you short term advances.
If you have the capability to pay the small amount borrowed by your next payday then the option of a payday loan can be advisable for you. If according to your needs you believe in fast transaction of money to your bank account then you can seek some of the recognized credit sites available on the internet.
But frankly speaking, there are not many sites available which can prove to be a perfect option for the customer. The present conditions are not highly motivating. According to the prevailing market condition most of the customers get dissatisfied with the policies opted by various sites offering online payday loans.
When it is the matter of money; then it is significant that you should trust only a proven name so that you shouldn’t face any sort of trouble or disappointment later on.
However there are a fair number of sites available which can offer you a payday loan in a convenient fashion but there is only one site which can prove to be really decisive for you. Can you guess the name? Yes, here we are talking about the undisputed leader in the online payday loan market Click n Cash!
Below are some of the reasons you can give priority to Click n Cash for all kinds of needs regarding payday loans.
1) Ever-lasting commitment: Click n Cash is a site which always believes in offering something better to its customers. It has proven to be a symbol of trust and reliability for its customers for a long time. It is continue to prove its commitment by investing in technology, training and business practices.
2) Refund policies: the refund policies opted by Click n Cash are highly friendly to the customer. You can understand the refund policy before going for the online payday loan offered by this site. All the conditions for refund could be acknowledged after visiting the site.
3) Support: in any kind of situation, you will find the dedicated support staff of Click n Cash always with you. The support offered to the customer is of excellent standard. It doesn’t matter whether your query is related with payday loans, policies, or any other issue, you will be responded in no time. You can contact with the support staff via email or toll free number any of the time.
4) An ideal deal: last but not the least, you can anticipate complete professionalism with this site. Click n Cash is a site which believes in working together with its customers. All the important aspects including terms and conditions, refund policy, payment options, and privacy policy will be offered to the customer in advance before going forward with their online payday loan.
Uk Payday Loan Market Is The wild West'
The UK payday loan market is a free for-all as lenders are able to charge extortionate rates without harsher industry regulations.
A damning debt management report from the Business, Innovation and Skills Committee (BISC) raised concerns over the wild west' playing field for payday loan lenders.
The controversial loans have left millions in a debt hell' as many struggle to make the high interest repayments and are at risk of spiraling further into debt.
For the worst hit victims of payday loans, their huge debt problems have seen their homes repossessed.
The MP's report revealed the shocking ways in which payday loans have affected people's lives. The manager of one debt solution firm reported that he had seen cases where people had an excess of 20 payday loans.
The loans are typically designed to offer consumers a financial crutch until their next payday; however, consumers are left crippled by the sky-high interest rates of up to 16,000%.
One personal finance expert, Martin Lewis from Moneysavingexpert, told BISC that the payday loan market in the UK was "A crock of gold at the end of the rainbow." This is because such payday lenders "have been shut down all over the world."
He claimed that the problem is "only going to get worse unless there is some form of radical and quick intervention."
Recently, the Office of Fair Trading revoked the license of one payday firm, Yes Loans, for poor practices.
Sarah Brooks, Director of Financial Services at Consumer Focus, commented: We must not tolerate companies who use misleading sales practices to leech more money from cash-strapped consumers. The OFT has sent a very welcome message - that firms have to treat their customers fairly from the start."
Whilst the OFT and the government are taking action against payday lenders, a number of cash-strapped Brits are still turning to them for quick fixes to their debt problems.
Free Payday Loan: A Boon Or Detriment?
The best things in life come in free package and this is certainly germane to people who have been experiencing critical monetary situation. You might have seen all the banner advertisements on television and internet regarding payday loans yet, some people have not encounter the existence of free payday loan. Yes, there are free cash advances that you can acquire only that this is not applicable for the rest of your loans in the future. Although, this is meant for beginner loaners and those with bad credit standing, it still is something that people can turn to in times of need.
Free payday loan is only free for your first loaned amount that is no more than $500 dollars. Once you’ve already acquired your very first loan, the next one will definitely be charged. As you see, this type of loan will only provide you with no hassles on your first credit regardless of your credit standing. This might pose a great advantage to those people who have been weary and anxious of a continuous declination of loans applied. This also becomes a bigger advantage for loan financiers as people will be enticed to acquire more than two loans and the process of debt and loaning continues in succession. Through this, the company will be able to profit on finance charges and interest fees should there be cases of delayed payments.
With this chain of circumstances, it only entails that both parties can gain more than less with the entire process. For lending investors, this serves as a marketing strategy in luring possible clienteles with a selling point of providing free loans. On the other hand, clients will be more than willing to get another loan after the first one thus, immediately become loyal debtors of the company. Now this truly served the purpose and a lot of companies have been formulating this free payday loan for the reason of getting more application in a day therefore, more revenues for the company.
Applying for this loan only necessitates someone of legal age with more than three months of tenure in his recent company. You also need to have an active account in the bank as this will be a way for you to get your instant cash. Lending investors would generally deposit your loaned amount through your savings or checking account so you better have one.
Furthermore, availing free payday loan also comes with higher interest rates. Your first one might be free yet, your succeeding loans can amount of as much as 30% of interest charges. Therefore, you need to mull over if this kind of loan is what you really need. With an interest rate of close to what you can avail, this set as one of the major setbacks of free cash advances. However, if the situation really calls for an immediate solution then free loans might definitely pose a good option.
As a final point, keep in mind that these loans are just minutes away to be completed yet, the entire repayment terms would take you not minutes but months to repay, so you better be a wise debtor.
Advantages And Disadvantages Of Payday Loans
Very often there are times when we need payday loans; well, they aren’t all that bad. But, just like everything else these loans have both positives and negatives as well. You don’t need to worry about payday loans a lot as they’re really simple to get as long as you’ve got no bad record in the past.
You would need to find a good lender
Now that you’ve decided that you need a payday loan, it would be advisable that you go through all your options and make sure that you find a lender that would offer you a loan based on your personal situation.
However, if you do happen to go to a heartless lender the entire scenario would change. A late instalment by even a day or two would bring out the worst in them. Therefore, you need to make sure that you’re getting a loan from a trustable and considerate lender.
They’re only a last option
Well, payday loans shouldn’t be something that you take up often. Make sure that you only apply for them when you really need them. The cash that you get here would have to be returned almost immediately, that is the next time you get your salary and hence it wouldn’t be wise to consider them as long term loans as the interest that you would have to pay in such cases would far exceed loans from banks.
You need to give out information
No one likes to give out personal information to a complete stranger right? However, when you apply for a payday loan this is what you would definitely have to do. First and foremost you’re going to need to give away your address, phone number as well as the number of your office i.e. your employer.
In some cases the lender would also need you to provide references other than your employer and hence a few of your closest friends or family details would have to be given away too.
Payday loans – direct deposit
Well, all isn’t bad when it comes to payday loans. You would be able to receive the cash directly into your account via a wire transfer usually within a day. When you do this the risk of losing cash is reduced and hence it’s the safest way to get the money delivered to you.
Therefore, we’ve seen that payday loans are a huge help; however, you may need to compromise a few personal details in order to get them. Hence, there are both pros and cons when it comes to these services. But, you’d have to decide if you want one or not based on your personal situation.
Payday Loan Consolidation Companies
Since the starting of payday lenders there has been really a few payday loan consolidation providers jumping on the bandwagon. But not all consolidation businesses operate exactly the same way.
Payday loan consolidation works in essence by taking your total debt owed and coming up with an affordable month-to-month or bi weekly repayment schedule and will pay off your debt in that time frame agreed upon. Depending on my research some firms treat payday loan consolidation like a debt settlement model. This suggests when you make your month-to-month or bi weekly payments the company may well hold onto these payments for a period of 2 or 3 months then try and method the payday lender to negotiate a pay off. This type of model is bad for two good reasons:
These payday lenders are extremely aggressive in their collection efforts and if they don't hear from you (the client) inside a reasonable time frame they are going to call your cell, household, your perform as well as your references regularly.
Also this puts the payday lender in a defensive posture and is going to be much less prepared to operate along with your consolidation organization to create a re-payment structure.
Some companies will take your payments for the very first number of months and all that dollars you pay goes towards their fees very first, then the lenders begin to determine the funds. Also for those who have storefront loans and they loaned you a certain sum of revenue why would they be willing to accept much less from you? That does not make beneficial company sense.
Once you have many payday lenders it's vital to keep them from regularly calling and harassing you if you are component of a program that is going to help you out of this type of debt. Individuals are coping with so much anxiety as it is and if it may be kept to a low level or eliminated absolutely that may be the most effective.
Solid and professional payday loan organizations are pro active and aggressive in their approach with the lenders. This signifies once the clients begin to produce their payments the firm may have already negotiated a re-payment schedule together with the payday lenders based upon the quantity they're going to be receiving from the client. This will likely clearly make the lenders a lot more probably perform together with the payday loan consolidation businesses.
It's crucial that you just perform thorough homework when speaking to payday loan consolidation companies this way you understand you might be finding the most beneficial worth for the cash.
f you're in want of extra cash until pay day, you could possibly need to look at applying for a pay day or examine loan online. A pay day loan could be obtained on-line and with no credit verify. Poor credit won't disqualify you from qualifying for a pay day loan. You could use the income for what ever objective vital plus the funds can generally be deposited into your checking account the extremely exact same day you apply. All you will need is usually a checking account, and a steady supply of income and also you can get up to 1000 dollars or a lot more deposited straight into your checking account.
A pay day loan is developed to fulfill your short-term economic desires and shouldn't be utilised as a regular lending supply. The fees charged for pay day loans is often higher than a regular loan from your bank and ought to only be utilised to resolve temporary or emergency economic crises. Repeatedly getting pay day loans can cost you a great deal of income if you extended your pay off date numerous occasions or for those who continually borrow against your next pay examine. If a short term pay day loan would be the ideal alternative for you personally, you may be approved and have as much as 1000 dollars or far more deposited into your checking account from time to time as soon as the quite identical day you apply.
Pay day loan rates of interest differ from corporation to firm. Some lenders offer discount rates for new or returning buyers. Following supplying the pay day loan business together with the necessary information, commonly your name, address, employment and banking data, you could be approved in as little as a single hour along with the funds can typically be inside your checking account the very exact same day. Occasionally you could be required to fax your last pay verify stub and bank statement prior to approval, but the funds can nevertheless be deposited into your checking account very promptly.
Negative credit shouldn't cease you from applying for a pay day loan. There are going to be no credit examine, only the verification of the info you supply. Pay day loan businesses usually do not verify your credit report or speak to your employer, except as essential to verify employment. Applying and obtaining approved is speedy and hassle-free. On the web lenders can approve you application quickly and you will have the cash you need as soon because the incredibly day you happen to be approved.
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Sunday, June 30, 2013
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Wednesday, June 12, 2013
How Should You Arrange a Perfect Home Improvement Project?
Spending money for home improvement project is not only a matter of buying materials, drawing the design and then hiring a contractor to make everything runs perfectly. You should understand that there is something more essential than such thing. Improving your home will let you to play with your creativity and explore your idea, thus you can make the home as a representation of style, preference and personality.
Definitely, budget is another important thing to think about. Spending money to bring the best design will make you see that your expense is a really worthy investment. In fact, people determine budget by using two methods. First, they make a list about the areas they want to improve and finally calculate the amount of money they should have spent. The second alternative is to determine the amount of money they have and make a list about the things they can do with such amount of money. Which one do you like best? Doing the project should be done carefully, thus you should make sure that you would have arranged the best preparation.
If you want to have the great home improvement project but only have limited budget, try to get the loan. It is always important to learn more about terms and policies before deciding the best creditor you would work with. Some requirements will be asked by the creditor and you should fulfill them to get the approval for your loan proposal. If you are not really sure about your decision, it is great to ask your friends or family members who have ever taken the loan to support their project.
The new design is the center point of the project. You should not sacrifice the health and environmental aspects. The design should be well-considered. What should you think properly? The electrical system, ventilation and the temperature inside your house are the essential matters. Try to give the great concern toward the basic aspects as the priority, and then you can talk about secondary things such as the style, color and some other things.
If you hire someone to do the entire project, make sure to tell him or her about the project you wish to do. You can also consult with them about the best design which is suitable with your home condition. He or she will calculate everything and let you know about it. The great combination of your idea and the right calculation on everything will bring the great final result for your project.
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Small Business Interview - Patriot Express Loans to Veteran-Owned Businesses - Are They Working?
Editor's note. This is an excerpt from an interview with an SBA small business loan provider, relating to the program known as U.S. Patriot Express. This program is for business loans available to veteran-owned ventures (active duty service members, veterans, and their widows and spouses), whether start-ups or existing businesses. The purpose of this interview is to get a real, in the trenches, view of how the program works from someone who does it every day. Does it is really benefit our veterans?
Excerpts of Interview
US Patriot Express Loan Program
Q. Greetings, and thank you for giving me the opportunity to speak with you.
A. My pleasure.
Q. I would like to begin by focusing on the U.S. Patriot Express Initiative Loan Program. Fancy title, but what is it exactly?
A. It's a long winded way of saying the Bush Administration came up with a vet loan program for business owners. These are loans for veteran-own business owners. The funding comes from private lenders and banks that are licensed with the SBA. As an incentive for the lenders to make the loan, they are guaranteed for default, namely are reimbursed 85% of the value of loan. I have to tell you, this makes a big difference because it really motivates the lenders. It gets them off the dime and makes them more willing to open up their coffers.
Q. So the money doesn't come directly from the VA or the Small Business Administration?
A. Right. The VA isn't involved in loaning the money. However, they are huge supporters of the program. The SBA directly loans taxpayers monies only under its disaster program. In this program the SBA approves the lenders and guarantees the defaults. Private banks and lenders actually loan the veterans the money.
Q. But it is called a SBA guaranteed loan program. Doesn't that mean the approvals would be guaranteed if you're a veteran?
A. I wish that was the case. It's not the approvals that are guaranteed. If you make a small business loan and don't make your payments and it goes into default, the bank has to alert the Federal government and after taking various steps and attempting to collect, the bank will eventually get paid 85% of the loan value. The SBA guarantee acts like an insurance policy to the lender; they guarantee the 85% to the lender who makes the loan.
Q. So the veteran doesn't get any special consideration in the approval loan process?
A. By law, the lender has to use their usual, customary, and prudent credit review practices that are used for both conventional and SBA business loans. But let me cut right through all of this. It depends a lot on the lender. We are pro "veteran small businesses" and will try everything to make the loan. Way before this program became politically popular in June of 2007; we were making lots of loans to veterans and trying everything in our power to say "yes." They just have to meet us half way, with more positive than negative on personal credit.
Q. OK, so far so good. Because of 85% guarantee, doesn't that mean the vet applicant only has to put up 15% collateral because the rest is secured by the guarantee?
A. Unfortunately, it does not work that way. First, most of my small business loans are unsecured and so we don't even ask about collateral. You're not describing your equity in your house, the value of your trade fixtures, or anything else. There are simply no liens on property. For larger loans collateral will be required and in today's market, it will usually be real estate.
Q. Do they check the personal or business credit of the applicant? I notice that there are a lot of online businesses that claim you can get business credit without using your personal social security number. Will that work in this case?
A. Unfortunately, the lenders in most cases only check your personal credit report through Experian, TransUnion, or Equifax. There are companies out there that promise to get you a business credit card or unsecured small business loan only using your taxpayer ID number and not your social security number. Be careful. Although there are people who have been successful, there just as many who have failed doing so. And it takes a lot of time, because you have to create credit in the business name first and then make the bank application.
Q. I'm an adult and you can tell me like it is. What is the minimum credit score required?
A. These military loans are not like applying for a credit card. They rarely base the decision solely on your credit score. They look at the overall credit report. As to that report, they look at: 1) your credit paying history back seven to ten years, 2) the current status of your accounts, 3) the number of accounts, 4) the quality of the accounts . . .there's a big difference between a Capital One credit card and platinum American Express, 5) how long you have had the accounts, 6) matters of public record such as judgments and tax liens, 7) enquiries, and how 8) how high your credit card balances are.
Q. Who can qualify for these loans?
A. The good news is it applies to a lot of individuals. You can be a veteran, current active duty service personnel in the TAP program , service disabled vet, in the reserve component's or National Guard, or the spouse or widow of any of the above. And if you are the spouse of a veteran, you can apply in your own name. You do not have to be a combat veteran. All you need is your honorable discharge papers which are in the form of a DD 214.
Q. Can any small business qualify? I mean, can it be everything from raising chickens to developing software for weapons control systems?
A. It's funny you should say that, because I have done both of those. There are very few categories that make you ineligible, including multi-marketing, speculative real estate, gambling activities, your own private investments or self-owned real estate, to name some of the bigger exceptions.
Q. All right, we have some of the basics under our belt. How much can you apply for?
A. They go anywhere from $5,000 to $500,000. I specialize in the smaller Patriot Express ones from $5,000 to $50,000, which do not require any collateral. Above that will require security. In the good ol' days about a year ago, the bank's considered using your trade fixtures or business personal property. Then when the economy got worse, they started requiring some form of real estate equity. Now most of them are requiring 100% real estate equity, which is getting tougher in these times because the value of people's homes is falling.
Q. Well that's easy. Since I am a vet, I want the full $50,000.
A. I am with you, but remember you have to qualify for that amount, which is why you get to select how much money you would like to borrow and then all of the key components of our credit matrix system is matched to your request. We always try to loan you for the highest amount, but you must qualify for it.
Q. What is this going to cost me? What are the monthly payments and interest rate?
A. Although it is a tough time for credit, it is a great time for low payments. Currently a smaller Patriot Express loan is at a four year interest low of 7.75%, which equates to $60 per $5,000 borrowed. These are ten year fully amortized, principal and interest loans. Because there is no prepayment penalty, you can pay them off early and stop the interest.
Q. So the payments can go up?
A. The smaller unsecured loans are variable and not fixed. But because the payments are spread out over such a long period of time, as interest goes up, there is not a precipitous increase in the monthly payment. Historically, they started out six years ago at $89 per $5,000 borrowed and are now down to $60.00.
Q. Under your Patriot Express Initiative loan program, do I have to put up the equity in my house or have liens on my business assets?
A. Not at all. They are 100% unsecured small business loans. As a matter of fact, they don't even ask you to list or describe your assets.
Q. I'm in the process of finishing my business plan. Can I submit the application without one?
A. You can. It is not required. On the other hand, it helps. So I tell people if they are a couple of hours away from finishing their business plan, by all means do so. It is beneficial to have even if you do not apply for the loan. But if it is going to take you two or three weeks, don't sweat it, and simply send in the application. We can always work on the business plan later.
Q. How long will this take, from start to finish?
A. The larger loans take longer because there's more paperwork and more review required by the lenders. But the small ones I do are extremely quick. You can usually get answers within 24 hours and is wired into your business account within approximately ten days with the completed paperwork. We have special software that allows us to expedite the process. And, the program mandates a quick issuance of an SBA loan number from the central processing center -- so once everything is finished, you can usually get an SBA loan number within one or two days and then the money is wired.
Q. Do most banks do these types of loans?
A. Any bank that is already approved by the SBA is able to do these loans. But the sad fact is that most banks do not do them. I've even run into lenders who have never even heard of the program. They will simply run you through their application process without concentrating on the fact that you're a veteran. We are veteran friendly and encourage these applications.
Q. Before this interview, I didn't really know what a patriot loan was. How come it has taken this long to hear about this loan?
A. The plain fact is it is I run into veterans all the time that have never even heard of the program. What a shame. It is here for our military - and we need everyone to help get the word out.
Q. If my credit is not very good, can I use a co-signer?
A. Unfortunately no. On the other hand, anyone with a 20% or more interest in the business will fill out the application and have their credit checked. But bear in mind you have to have at least a 51% or more interest from veterans to qualify.
Q. What happens if I have gone through bankruptcy? Have I shot myself in the foot?
A. We have applicants all the time that have worked hard after bankruptcy and have their credit score in the high 600's. Some banks won't touch you but we will. We require that you conclude the bankruptcy, wait approximately 6 to 8 months after that to re-establish credit, and show that you're paying your bills absolutely on time after that. This means you can't go on an "all cash" basis because you must establish credit first and it has to show you are meeting your obligations on time. We give you one chance to make a mistake but after that you need to show you learned from the mistake.
Q. Assume I pay my bills religiously on time, but I have high credit card payments. Will this hurt my chances?
A. This has become a very big problem. We have lots of people who pay their bills absolutely on time, but have high credit limits. This is now a factor seriously considered by lenders. The more you have and the higher your limits, the more negatively it is considered. The only problem is that many businesses stay afloat only with their credit cards, and had no other options because the banks are not lending.
Q. What about business financial statements and tax returns?
A. This is definitely required on the larger loans, but not on the small ones. The paperwork is meant to be short and simple so they can be processed quickly.
Q. Do you have to incorporate or form an LLC?
A. Not all. You can be a sole proprietorship. The nature of the business is not one of the factors in making the credit decision.
Q. I have a good credit score and do not want any more enquiries which bring down my score. Is there anything I can do?
A. That is a definite problem. We have to pull your personal credit report it is mandatory. On the other hand, my staff can give you a general idea of your chances if we know your credit score. That way you'll not be disappointed.
Q. Do you find that the vets you deal with like the program?
A. They absolutely love it. For good reason, they have put their lives on the line and they feel entitled to a fair shake in starting or expanding their business. They are grateful there is a program out there for them.
Q. You have any inside suggestions as to how person can increase their chances?
A. Sure: The following really helps: 1) a business plan with financials. Financials are the most important part. But I also tell people that you're not trying to get an "A" on a term paper. Just do a good basic job and trying for a "C+". 2) Tell them exactly what you're going to be spending and on. Just saying that you needed it for cash flow doesn't quite make it. I had a case once where someone had a restaurant and were expanding their kitchen. They had spent weeks shopping around and gave a detailed list of the exact equipment, model numbers, and the pricing. This was very impressive and really helped them obtain a loan. 3) A well written letter accompanying the application that positively describes the market and your future plans. Please proof read it; a poorly written letter could back fire. Recently, we received one with fourteen typos in one sentence, that one is the winner!
Q. Are some businesses considered more risky?
A. Yes, but we are still able to fund them. For example restaurants and dry cleaners are considered more risky as a result of Federal studies.
Q. Are you finding more people are inclined to go into business themselves as opposed to working for someone else?
A. No question on that one. The days are gone when our adults are employed in factories, large corporations, and government offices, sometimes working for only one employer their whole career. There has been a massive unleashing of such persons because of our lack of jobs, and many of them are out in the private sector trying to start their own businesses. It's both sad and exciting at the same time. For this reason, the SBA must provide more loans to the 27 million small businesses that can fuel our economy.
Q. Now let us talk real practicality. We are in a credit crunch like never before. How has this affected your success rate?
A. You hit the nail on the head. We are definitely in a credit crunch, and I am seeing the lenders requiring better credit reports. Fortunately, we are not involved in the toxic sub-prime mortgage fiasco and have funds to loan. But remember they are supervised by the SBA and the big problem is the secondary market has shut down. Although this makes it more difficult, but we are still very veteran friendly and give special consideration to them. We continue to loan to veterans, several a day, and plan to do so in the future
Q. Overall, how would you rate the program?
A. It's a great and well-deserved program. If I were to improve it, I would increase the outreach so more veterans knew about it.
Q. Thank you for your time.
A. My pleasure.
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Learn How To Buy Commercial Properties The Easy Way - Become A Commercial Mortgage Broker!
What is the easiest way to learn how to buy commercial properties? By becoming a Commercial Mortgage Broker! Most people ask me what should I do, so that I can buy my first commercial property? It seems so simple to me...learn the rules of the game!
So you ask, what benefit do I gain by becoming a commercial mortgage broker?
Benefit #1 - Develop Relationships With Lenders
Unless you have a ton of money, you will have to borrow money in order to buy commercial properties. Well what if you have a good working relationship with a lender? Do you think you will have a better chance of getting your loan approved? Yes! And not because you're breaking some rule or getting special treatment. It is because you would have worked with that lender. You will know exactly what property types they will lend on and at what terms. You will know what criteria they are looking for and what will "kill a deal". Because your clients will have different needs, you will need to know different programs. For instance, I have a lender that specializes in loans for apartments. I know that this lender has a program that will loan 90% LTV for borrowers with good credit on loan amounts less than $1,000,000. This same program allows unlimited cash out apartment refinances. Now I learned about this program to help a client obtain a Dallas apartment building. But do you think I could use this same program for my personal acquisitions? Do you think I have a good idea of the time involved in closing a loan with this particular lender?
Also, as a result of working with borrowers, you will learn what properties you DON'T want to own! You are learning through the school of hard knocks but you aren't the one getting knocked!
Benefit #2 - Develop Relationships With Other Professionals
Just imagine if you have contacts in the commercial appraisal industry, contacts with commercial realtors and contacts with commercial property managers. Do you think this will help or hurt you when acquiring your own portfolio? If you don't know the answer, then let me tell you, that it will help you tremendously. It helps you learn how to judge the good ones from the bad ones. And these relationships are not restricted to your home town! You will develop a network across the country. The real "players" in the game of commercial property ownership (think Donald Trump) own properties across the U.S. Why? Because you go where the income property is...not waiting for the property to come to your home town.
Benefit #3 - Earn The Money To Buy Commercial Properties
Of course, nobody works for free. If you're providing a valuable service to clients by getting the best financing for their projects, then you deserve a fee. Commercial Mortgage Brokers can earn anywhere from 0.5 points to 3 points. Your fee is based on the complexity of the loan and the level of services you are providing. As an example, let's say you are helping a client obtain a loan for $1,000,000 for a 20 unit Atlanta apartment building. With your help, your client is able to get 90% financing. Your fee for this service is 2 points. At closing, you will be paid $20,000. Not bad. Now let's raise the bar. You have a client that wants to purchase a Phoenix shopping center for $10,000,000. He has poor credit but you're able to overcome this with your lender. Your fee for your services is 2 points. At closing, you will be paid $200,000! That is a nice payday! Now you're able to build your own portfolio of commercial properties with your earnings!
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Chase Loan Modification Application Process
Confused about how to begin the Chase loan modification application process? Time is not on your side, so stop worrying and get started. $75 billion dollars is waiting for qualified homeowners, make sure you get your share of the stimulus package. Don't feel overwhelmed, follow these easy steps to get started and apply to get the lower mortgage payment you need.
The Chase loan modification process is getting easier. The lender has opened centers across the country that are staffed with personnel to help borrowers apply for a loan workout. The federal programs are being offered to homeowners who qualify, however, learning about what is required before completing your paperwork is the key to success. This is not the time to just "take a shot" at your application, you need to invest a couple hours of your time to learn and prepare before contacting the bank.
You will be asked to complete a Chase loan modification application. You can use a generic form or you can get the bank's form on their website. These forms include your basic information like name, social security number, employment information, etc. You will also have to complete a budget or financial statement that details your income and expenses. Remember, the bank will review all the information you give them and they will make their decision based on what they see. Make sure you show them the right information, in the right format so that you have the best chance of qualifying.
A Chase loss mitigation counselor will go over your application on the telephone with you. Make sure you have kept copies of all of your forms, and have them and your income documentation at your fingertips when you talk to them. This is not the time to be hesitating or blurting out the wrong thing-you need to be confident and prepared so you don't make any mistakes.
When your family's home is on the line it just makes sense to be prepared and informed. Why wouldn't you invest a couple of hours of your time if it can make the difference between keeping your home or losing it? You can learn the basics and greatly increase your chances of getting the Chase loan modification you need and deserve.
You can get the help you need to apply and qualify for a Chase loan modification. by ordering and downloading the best selling handbook for homeowners, The Complete Loan Modification Guide. This is a low cost, easy to read home edition loan mod kit that will provide you with everything you need to prepare a professional and acceptable loan modification application. You are provided with all of the necessary forms and given detailed directions on how to complete them properly. The Complete Loan Modification Guide will take you step by step through calculating your debt ratio, completing the financial statements, writing your hardship letter and then putting it all together to submit to your lender. Learn how to apply and qualify for the Obama federal program too. Get started today on the path to secure home ownership, order and download The Complete Loan Modification Guide.
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