Archive for January, 2013

Refinance vs. loan modification

Friday, January 18th, 2013

loan modification, refinanceBoth refinancing and loan modification are genuine and legal financial procedures which are availed by people who have been unable to manage their loan repayments. These financial proceedings are available with lawyers or companies. Though both bring some amount of relief from their existing loan accounts and repayments, they are different from each other on some basic grounds. Refinance is another loan which replaces the existing loan with new rates and favorable terms and conditions.

On the other hand, loan modification is not another loan. It modifies the terms and conditions of the existing loans so as to make it easier for the debtors to repay the loan amount easily and in a timely manner. Loan modification is done by a third party, preferably a lawyer, who mediates the issues between the lending agencies and the debtors. In spite of being different, both these financial services are capable of making the debtors feel comfortable.

Tips to get cheap personal loans

Saturday, January 12th, 2013

personal loans, loansSeveral banks provide loans with low interest facility so as to attract more loan seekers and this is applicable for all types of loans including personal loans. You might require huge investment so as to acquire an important asset or for some very important event and there are some procedures which has to be followed before getting personal loan. Make sure your credit-worthiness is excellent and your name is included in any bank’s Checklist. Compare the interest rates of different banks and also look for additional benefits if that bank is offering in case you are seeking personal loan.

In case you already have an account in a bank and you are seeking for a personal loan then it will be easier for you to get personal loan since banks can more easily rely on you. Your financial records and creditworthiness statement plays vital role in getting personal loans and you should try to avoid late payments or late interest payments.

High risk personal loans: are they worth it?

Sunday, January 6th, 2013

High risk personal loans, loansWhat are high risk personal loans? Well, high risk personal loans are those advances that are given without any credit check to the debtors. As these loans are granted without credit checking it becomes risky on part of the lender and hence the loans are termed as high credit loans.

The main advantage of high risk personal loans is that the loans are available even when you are on bad credit which is not possible with the traditional lending processes. Besides, the no credit checking procedure also helps in reducing the time of loan approval enabling the debtors to secure the loan quickly which is never viable with the conventional lending process as these involve the lengthy process of loan approval only after credit checking.

Thus, the high risk personal loans seem to be useful for many debtors. However, the high risk personal loans carry great interest rates than the traditional loan packages which if not repaid in time could amount to an elevated interest creating problems for debtors.