Loans, Loans, Loans! They’re Like Poppies Growing In An Open Field!
What type of loan are you looking for? There are plenty of choices from which to choose; the list seems endless since new ones are entering the loan business arena every day; the latest being Lone Me! Bad credit loans, good credit loans, private lender loans, bridge loans, bank loans, installment loans, fast cash personal loans, loans after a bankruptcy and even online personal loans that are secure and discreet- yikes!
With many of these lenders in some cases, your FICO score or not-so-good credit history will not matter. So, let’s open the loan book of knowledge, folks, and see what we find. One thing for sure, all loans are not the same; some to the point of shocking you with the interest rate while others actually believe that here in America, people are so dumb about financial matters, they are unable to calculate anything that has to do with math like their own credit ratings within a margin of 50 points. Some online personal loan companies are also quite clever and unique. You know things like fast cash personal loans are easy and an efficient method of getting those additional funds you need for unexpected emergencies. Or comments like “there is no need to panic, become stressed or embarrassed. Bad credit can still be your friend”…..and so on – Ouch! Oh, almost forgot. If you borrow money using one of your valuable assets like real estate property, you’ll be pledging security, which in turn, should lower your interest rate. An unsecured loan will always carry a higher rate of interest along with other disturbing terms you may not like.
Solving Your Debt Conundrum Is The KEY!
The target for most individuals in America is establishing a good credit history, and paying bills on time which ultimately leads to an easier lifestyle for yourself or your family. It’s an important part of personal finance that everybody in this country must face at one time or another along with the inevitable question: “how do you manage your debt?” Of course in an ideal world, none of us would have any debt, but that’s not reality. However, would you accept the fact that without decent credit and having to turn to high-interest rate lenders to buy a major appliance, home, car or even help with your kids education, would be desirable? Hopefully your answer is no. Yes, managing personal debt is not easy by any stretch. Debt makes everything cost more. You’ve seen the advertising signs touting: “SALE!” Everything 40 percent off which is a tempting ploy that many people take advantage of. Then there is the 0% interest game. The fact is there is no such thing as 0% interest.
Debt is not really a bad thing if you use it wisely. To use it wisely, you need to understand it. It simply means paying for things with other peoples money. When you take steps to manage personal debt with no professional assistance, you need to know that personal debt wears many hats. A mortgage loan on your home or other real estate property may take up to 30 years to repay. Intermediate-term loans such as a home equity loan or auto loan could drag-on for five years. Then there is the dreaded short term loans like credit cards or personal loans that, for the most part, are repaid in three years or less. So, in order to understand personal debt you need to understand that the longer the term of any loan, the lower the interest rate will be. However, the sneaky part of this scenario is that the longer it takes to pay off the loan, the more money you will end up paying for the initial loan in the first place.
All this means that a lower rate doesn’t necessarily translate to costing you less. Also, if you have an unpaid credit card where you only pay the minimum amount required each month, it could take decades to get the balance to zero, which is even more insidious.
In the final analysis since the invention of the computer, common sense suggests that you should always know where the parachute patch is located, just in case. You can do that online, but if you’re not good with numbers, it’s always wise to use one of those parachutes and seek the advice of professional help. You’ll be amazed at how much legal and excellent information these wizards have stored away in their brain cells. It won’t hurt to check with several personal managing companies about having them help you get back on the right track of solvency.