Home Loans – Required Documentation

After deciding to take a home loan for the purchase of your dream home, the first thing to that needs to be consider is the required documentation for getting home loans. If any of the important documents are not submitted then approval of the home loan can get delayed and there can also be chances of application being forwarded.

The procedure for getting a loan starts off with the application form filling, before which you should go through bank's website to know about the required documents. Most commonly the documents asked from an applicable are; PAN card, Passport, Voter ID card, Ration card etc. Additionally, banks have different documentation requirements depending upon:

  1. Purpose of loan
  2. Applicants category
  3. Loan amount
  4. Term of loan

Documentation for Salaried People

  • Last 3 months salary slips
  • Updated salary certificate
  • 2 years job continuity
  • Appointment letter
  • 2 years Form 16
  • 6 months bank statement
  • For private limited company employees, company profile

Documentation for Self Employed People

  • Business profile on company letterhead
  • Last 3 years IT returns
  • Chartered accountant certified income computation
  • Last 3 years balance sheet & P / L account
  • Last 1 year bank statement for personal & business account
  • For professionals, professional certificate copy

Documentation for Property

  • Khata certificate
  • Last 13 years EC
  • Latest paid receipt for property tax
  • Last 13 years parent documents & rest link documents
  • Already made payment receipts
  • For old house purchase; seller's title documents & sale agreement
  • For flat that is newly constructed; construction or sale agreement & on builder's letterhead break up of total cost

The other important point to keep note of are that banks always make sure that repayments to be made by borrower on home loans do not exceed 40% of his net salary & lend about 90% of loan amount. If your repayment record has been poor or had defaults for previous loans then it could be very difficult to get approved for a home loan.



Source by Ravijain Kumar Singh

Qualifying For a Home Equity Loan

Owning a house does not imply that it is just a place where you stay in and relax. Most homes nowadays have an entirely different purpose depending on every home owner’s needs. Residential real estate can now provide assistance to owners who wish to borrow money in order to fund for their other personal needs. Do you know that a home equity loan can help you with your finances? Qualifying for one is not as complicated as it seems as long as you follow the steps required.

A home equity loan is a loan that directs to a home owner’s financial issues. It is a type of loan wherein the equity of the house is made as collateral to support the borrowed money. Lenders or mortgage companies supply this kind of help in order to assist individuals with their major fiscal expenses. These loans may serve helpful for cases like – payment of medical bills, university education, home advancements and repairs, fund payments for expensive items purchased or even for consolidating debts. To qualify for such loan means that you put your house at stake in order to ensure the lender that you will pay under the agreed time, otherwise, failure to pay will automatically eject you the rights as a home owner.

What are the prerequisites for obtaining a home equity loan?

Just like any other business, a home equity loan needs back-up just in case borrowers fail to pay on time or are no longer interested in paying back the mortgage they made. Lenders want a secure transaction. That is why, getting a home equity loan is a step by step process to which every home owner must meet its given standards and rules.

To qualify for a home equity loan, you must:

A Stable Income

·Lenders always want to see to it that home owners are capable of repaying them even if they already have a home equity. Borrowers can personally do a debt to income ratio assessment to determine first hand whether they can qualify for a home loan. Calculate how much percentage of your salary goes to payments of your debts (utility bills, credit card debts, mortgages, etc.). Individuals must only have 20-30% of total debts.

Have a Secure Credit Score

·Most home equity loans need home owners to have at least an average credit score; having an excellent rating is also more advisable since it speeds up the acceptance of your application.

·To compare, an owner that has a good credit rating will likely get approved easily as well as have more possibilities of obtaining the best home equity loan available with a fixed to moderate interest rate as opposed to a borrower with a poor credit status since application may or may not be approved. If accepted, the borrower has bigger chances of availing an equity loan that has very high interest rates.

·Before you submit an application for such loan, take time to evaluate your credit report. If you find out that you have a low rating then restore your credit score to its previous state or even increase it to a much higher standing. Normally, you can do this by taking on small credits since this will remove the glitches. It only takes about 6 months to improve your score if you are persistent.

Loan to Value Ratio

·Loan to value is known by calculating the market value of your residence to the total amount of existing credit you are still in debt of. Your home’s value is gauged once again when applying for an equity loan. If your residence’s home value is $100,000 and your credit is $20,000, the loan to value ratio is 20%.

Period of Approval

When applying for a home equity loan, you need not pay a single cent since this type of housing assistance is free of charge. The period of your loan to be approved depends from one home owner to the other. Submitting online is the fastest way to get accepted as long as you submit all correct and required details since the evaluation and checking process takes less time once all the information’s given are precise.

Qualifying for a home equity loan is possible whether a home owner has a good or bad credit rating given that some variations apply. These mortgages are truly essential during times of crisis. You get a helping hand and a chance to make your finances better.



Source by Andrew Webber

Race Cars, Cheetahs, and Fix and Flip Loans: The Need for Speed

Speed matters. It can be the difference between winning the Indy 500, catching tonight’s dinner, or making a profit on a real estate fix and flip project. Many real estate investors turn to hard money loans to finance the purchase and renovation of rehab properties, and the need for speed is one of the chief reasons why.

How can you “win the race” in the real estate renovation world?

Renovation projects are extremely time-sensitive, and require funding sources that can respond quickly. Here’s why:

· Quickest Money Gets the Deal: In a high-density area like Washington DC, the competition for suitable fix and flip properties is intense. When foreclosed, abandoned or dilapidated housing stock comes onto the market, it’s often the developer with the quickest access to funding that snaps up the property. If you can’t arrange funding within a couple of days, you might miss a great deal.

TIP: The U.S Department of Housing and Urban Development’s website has a portal that lists all foreclosed properties in the country. Check it out to see what’s available near you.

· Timing your Sale: In most areas, the optimum time to sell a fixer-upper is constrained to a several-month buying season, usually starting in early spring. This means you ideally time your purchase and the completion of rehab to coincide with the selling season. A speedy private loan, available as soon as you need it, is the key to proper timing of your rehab project. A recent Zillow study puts the magic window to sell between mid-March and mid-April, depending on variables such as location and weather. Homes sold during this window sold 15 percent faster and for 2% more. That’s real money in your pocket.

· Flexibility: Fix and flip or construction loans are often structured with a draw schedule, so that funding is released each time you reach a given benchmark (permitting, framing, etc). This ensures a steady flow of funds throughout the project. However, cost overruns and construction delays can occur, and developers often increase the project scope or timeline after initial funding. Whatever your reason for needing additional funds for your project, waiting for a new loan can slow the project down. Hard-money loans can be structured to include several phases, drawing on phase two or three only if needed, and money can be disbursed as quickly as the same day, so that there need not be any interruption to your project.



Source by Bobby Montagne

Home Improvement Loan or Personal Loan

Personal Loan or Home Improvement Loan? That is the question.

We love decorating our houses.

And there are phases in our lives when maybe we’ve spent too much time watching Food Food or TLC and thus have built castles in the air of visions of turning our kitchen into a chef’s paradise. Or perhaps our master bath is just one shower away from a disaster. For we really do love Italian tiles on our bathrooms.

And if so, then cheers, you’re not alone. Recently, the Joint Center of Housing Studies for Harvard University has investigated and reported that the home improvement industry should continue post record-level spending in 2016. For many people, this means borrowing money to pay for the well planned home improvements and home decorating schemes.

Now, one is ought to face a tough and difficult and perhaps hypothetical question.

So, which home improvement loan is right for you?

Many homeowners and homemakers look to tap the equity in their homes. But home equity loans or home equity lines of credit may not be possible or very practical for some borrowers. In that case, one should consider using a personal loan.

While it is known that one can use a personal loan for a variety of reasons, there are a few reasons why a personal loan can have advantages over home equity loans when it comes to a renovation loan, to be specific.

The application process for a personal loan is usually quite simple and quite straightforward. Your own financial situation-for example, your credit history and earning power; this is often the main deciding factor for whether or not you will be able to get a loan, for how much, and if so, at what interest rate. Some personal loans even boast of having no origination fees.

However, home equity loans or home improvement loans on the other hand, are akin to applying for a mortgage (in fact, home equity loans are sometimes called second mortgages). How much you can borrow depends on several factors, including the value of your home. Because you can only borrow against the equity you already have (i.e. the difference between your home’s value and your mortgage), you may have to arrange – and pay for – a home appraisal.

Let’s now see this case in the case of a home improvement loan. With a home equity loan or a home improvement loan, you can only borrow against the equity you have – which, as a new homeowner, is probably not much. You maybe have not had enough time to chip away at your mortgage and the market has not yet elevated your home’s price. A personal loan lets you start home improvements regardless of how much equity you have. So, that is one benefit of availing a Home Improvement Loan.

With a home equity loan, you use your home as collateral, which means an inability to repay could result in your home going into foreclosure. While failing to pay your personal loan carries its own risks (like ruining your credit and credit score), it is not tied directly to the roof over your head,like a gun on your head. Therefore, it is better and safer to avail of a personal loan.

So, if we were to decide, which one is better and safer and more suitable?

Personal loans may not be right for every borrower looking for a home improvement loan. For example, if you have significant equity in your home and are looking to borrow a large amount, you might be able to save money with lower interest rates on a home equity loan. Also, interest payments on home equity loans and lines of credit can be tax deductible under certain circumstances; but that is clearly not the case with personal loans.

On the other hand, personal loans can make sense for these types of customers:-

• Recent home purchasers.

• Smaller home improvement loans (e.g., bathroom or kitchen as opposed to full remodel)

• Borrowers in lower home value markets (if your home value has barely budged since you moved in, you may not have much equity to draw on for a home equity loan).

• For those who value ease and speed.

• Borrowers with great credit and cash flow.

While home equity loans and lines of credit are a good source of home improvement money if you have already built up equity in your home, a personal loan may be a better alternative if you are, say, a new homeowner and need to take care of a few updates to make your new home, just right and perfect.

Concluding, we conclude that a personal loan is a better option than a home improvement loan,anytime.



Source by Vishal Verma

HCFP Mortgage Loans Program Information

Not everyone has heard about the Housing and Community Facilities Programs (HCFP) because they provide funding for many types of loans other than the conventional home loan in the city or suburb of a city. The loans they provide begin with loans for rural individuals for housing. They also provide funding for rural community facilities, apartments for low-income persons and the elderly. They provide funding for so many different types of loans including housing for farm laborers, childcare centers, nursing homes, and schools. Also, included are fire and police stations, hospitals and libraries. The HCFP is funded by the United States Department of Agriculture (USDA). The HCFP has a Loan Guarantee Program that is similar to FHA or VA loans where they are not actually doing the funding of the money. With this type of program a borrower may borrow as much as 100 percent of the appraised value of the home they want to purchase. Borrowers that qualify for this type of loan may have 115 percent of the median income for the area they live in.

The Housing and Community Facilities Programs for Individuals is for the following:

1) single family rural housing;

2) renovations and repair of a home;

3) programs that supply assistance for the disabled, low-income rural residents of multi-family housing, and the elderly.

Then there is the HCFP Direct Loan Program which makes it possible for individuals or families to qualify for a home loan at a reasonable interest rate. There are limits for the loans made under this program and they are different depending on which area you live in. Also, the borrowers using this program must be in the low income range which falls below eighty percent of the median income for their community.

There are many programs that fall under HCFP and another one is the HCFP Mutual Self-Help Housing Program. This program is to help certain people construct their own homes. These borrowers must be in the very low-income range of approximately fifty percent of the median of the area they live in. The borrowers actually perform at least sixth-five percent of the construction on not only their home but on the homes of other borrowers in the same category. Of course, there are professional builders that supervise this construction.

There are also HCFP loan for refurbishment of very low-income borrowers. These grants or loans can be repaid in a period up to two years and the interest rate is only one percent. Also, there is a program for Rural Development Real Estate for Sale which includes real estate owned by the government and fall under the category of possible foreclosures.

The HCFP and the USDA makes it possible for those people in this nation that live in the rural areas of this country to be able to provide housing for their families. Most of the citizens living in the rural areas fall within the very low-income category and they are given the opportunity to help themselves by participating in building their own homes with the help of HCFP. The HCFP even helps the poor families that have to live in multi-family dwellings that are overcrowded and in areas where they actually have to live off the land and grow their own food, etc. If they were not assisted by the HCFP they would not even be able to do that.



Source by Addison Holmes

Home Mortgage Loans

Buying a home will be, for most people, the biggest financial investment of one’s life. Being that 99% of us cannot afford to buy a home outright, we will need to take out a home mortgage loan from a bank or other financial lending institution. There are many mortgage options out there and an inexperienced home buyer can feel quickly overwhelmed when looking at hundreds of thousands of dollars and decades-long commitments. This article should serve as a simplified guide to the different types of home mortgage loans in order to educate the home buyer.

Some of the various kinds of mortgages include Fixed Rate Mortgages, Adjustable Rate Mortgages, Government-Insured Loans, Conventional Mortgage Loans.

Fixed Rate Mortgages carry the exact same interest rate for the entire lifespan of the loan. This means that your monthly payment to the bank will be the exact same every month, year after year. These types of loans are often packaged as 15 year or 30-year loans. A 15-year package will naturally have higher monthly payments than a 30-year package because it must be paid off in less time.

Adjustable Rate Mortgages, or ARM’s, are loans whose interest rate is in flux according to the market. Some ARM’s remained fixed for a certain number of years and then switch to an adjustable rate, while some ARM’s carry an adjustable rate for the initial years and then remain fixed. These are Hybrid ARM’s. An example of a Hybrid would be a 5/1 ARM loan where there is a fixed rate for the first five years, after which that rate will adjust every year to the market.

A conventional loan just means that it is not backed by the government. A Government-Insured loan is a loan that is backed by the government, ensuring the lender from borrower default. There are a few different kinds of Government-Insured Loans; VA loans, FHA loans, USDA/RHS loans.

A VA loan is a loan that is offered by the U.S. Department of Veterans Affairs. A Va loan is offered to former or current military service members and their families. A great advantage of this type of loan is that a borrower can receive 100% of the loan upfront, meaning no down payment.

An FHA loan is a loan given by the Federal Housing Administration and managed by the Department of Housing and Urban Development (HUD). This type of loan allows you to pay a very low down payment, as low as 3.5% of the total loan, unfortunately, this means you have to pay more in monthly payments.

A USDA/RHS loan is a loan from the United States Department of Agriculture, this program is overseen by the Rural Housing Service (RHS). This loan is designed for borrowers with low income that live in rural areas that have trouble getting financial assistance from traditional lenders.



Source by Scott Thompson

Home Loans and Home Refinance Options

Many different mortgage products make for a diversity of home loan and home refinance options. For you as a consumer faced with making this important life decision, it helps to know what the basic options are so that you can evaluate which product suits your needs most closely.

Options In Home Loans

The available home loan products are basically the same as the options in refinance home loans. Whether for a first mortgage or third refinancing, the interest rates and terms that are offered stay the same. The factors that determine your offer are the same, too, including

o Loan to home value (in the case of refinance mortgage rates and terms, the equity available in your home)

o Credit score and history

o Debt to income ratios

o Income

Based on these factors, you will be offered different mortgage products with varying rates and terms. These are outlined following.

Fixed Rate Home Loans And Refinance Home Loans

Fixed rate home loans and refinance home loans have one interest rate that stays the same and never changes for the life of the loan; that is, until the loan is either repaid or refinanced into a different loan. Fixed rate mortgage rates and refinance mortgage rates are generally a little higher than the introductory rate on an adjustable rate loan, but are far more stable and predictable, and still reasonably based on current rates. Fixed rate loans are the most common and secure types of loans, and are usually recommended for people who plan to be in their home for some time.

The major difference in fixed rate refinance and home loans is the term; the loan will usually be either 15 or 30 years, although there are also some 10 and 20 year options and some newer 40 year fixed rate mortgage terms coming on the market.

Adjustable Rate Loans And Home Refinance Options

An adjustable rate loan is another of the home mortgage and home refinance options. This type of loan has a fixed rate for just a limited amount of time-normally one, three, or five years. After that fixed rate expires, the rate adjusts according to the schedule set forth in the original mortgage (for example, every six or twelve months). The new rate is determined by the current mortgage rate market; it could be higher or lower.

Adjustable rate refinance mortgage rates are less appealing because they are less stable. When corrections are made, the mortgage payment may increase significantly. The mortgage payment is only predictable during the fixed-rate term.

Although less secure than fixed rate mortgages, there are good reasons to use an adjustable rate mortgage, or ARM. ARM’s are cheaper during the adjustable period, and so can be more affordable if you do not plan to stay in your home for a long period of time. ARM’s also give you time to enjoy a low payment while you build your credit rating to qualify for a better fixed rate mortgage.

Evaluating Your Mortgage And Home Refinancing Value

The only real way to evaluate your mortgage and home refinancing value is to talk to reputable lenders, get quotes, and compare them against your budget and future plans. There is no right or wrong mortgage product, as all situations are different. Find a trustworthy lender and she will help you determine what the loan and home refinancing value really is for you given the options that are open to you.

Nationwide Home Loan Options

One thing you should know before you choose that lender is that you have a whole nation of products and options at your disposal. With modern technology, you can just as easily take advantage of the great rates a Colorado refinance loan offers as any other. If you do your research and find that that Colorado refinance loan is most beneficial, and that you feel most secure with that lender, then by all means that is the lender and product you should choose. Location is no indication of where the best mortgage and refinance mortgage rates will be.



Source by James Alton

Questions to Ask When Refinancing Your Mortgage

As interest rates get lower and homeowners look for a way to save money, mortgage refinancing becomes a real possibility. However, different financial situations and goals will dictate which direction a homeowner should take when getting a home loan refinance, or if they should get one at all. Here are some questions a homeowner should ask when getting a home mortgage refinancing.

  1. What is your financial situation and what are your goals?

    Has your credit gotten worse since you bought your home? Did the value of your home actually decrease due to a bad housing market? Do you make more income than you initially got your home loan? Are you interested in lowering the monthly payments, or trying to pay off the mortgage sooner? These are some of the questions that homeowners need to ask themselves before they do anything. The answers to these questions will help narrow down the options and help ensure that the homeowner makes the best decision possible.

  2. Would you have to purchase private mortgage insurance?

    Homeowners who want to get cash out of the refinancing from their homes equity, or people who have seen their home lose value, may need to purchase PMI (Private Mortgage Insurance). Typically this is needed when a homes loan to value ratio is 80% or more and will add to the costs of home loan refinancing.

  3. What are the terms of the new loan?

    Are the interest rates available now better than the rates you have now? While there is more home loan refinancing than interest rates alone, they are a major factor in deciding if it is the right decision to make. Also, be sure to understand the terms of the loan. How long will it take to pay off? Is there a balloon payment? Is it an adjusted rate mortgage (ARM) or a fixed rate mortgage?

  4. What are the costs and fees?

    Whenever you refinance a mortgage, their will be costs. The places that claim to be low or no cost make the difference up in points on the home loan or the overall interest rates. Lawyer fees, document fees, and other closing costs can cost up to 2% of the loans total value. While these fees can typically be overcome by a proper refinancing, they may make it not worth it for some people.

While these are not all the questions that may need to be asked, it is a very good start for any homeowner who is looking into getting a mortgage refinancing. With home loan interest rates as low as they are now, many people can save a lot of money if they take advantage and properly refinance. It may not be a good decision for all, and it might not cure someones financial problems, it is a good start to save money on the most expensive monthly bill that most people have.



Source by Michael Petrone

Tips For Obtaining FHA Financing For a Home Loan

FHA financing is a great option for buyers that do not have at least 10% as a down payment and/or do not have FICO scores of at least 720. And, there are some important things to know about FHA financing so that when a FHA buyer goes through the process, the stress and frustration is at a minimum, since the buyer is already prepared for the FHA process.

First of all, the main qualifying factors for a FHA loan is that the LTV (loan to value) can not be more than 96.5% of the purchase price, meaning that the buyer needs a minimum of 3.5% as a down payment. That down payment can be the buyer’s own money or be gift funds (funds that are given by friends, family members, employers, etc that do not have to be paid back). Under FHA guidelines, the seller can pay up to 6% of the buyers closing costs, but none of this money can go towards the buyer’s down payment. There is also an Up-Front Mortgage Insurance Premium (UPMIP) of 1.75% of the loan amount. This fee can be added to the loan amount. And, there is also Monthly Mortgage Insurance (MMI) of 0.55% of the loan divided by 12. Once you obtain 20% equity in the home, you can get rid of the MMI.

So, as you will see, FHA loans are not cheap loans to obtain, but when a buyer does not have at least 10% as a down payment and/or FICO scores of less than 720, it is a great option to get a buyer’s foot in the door to home ownership and the benefits definitely outweigh the negatives on a number of levels.

What is REALLY important to know when going through the FHA process and obtaining FHA financing is that this type of loan is absolutely a full document loan, meaning, the lender wants to see anything and everything about the buyer’s financial history, credit, bank information, tax history, income, debt, and anything else they can know about the buyer. The buyer needs to give the lender A LOT of documentation and information and this gathering of information can sometimes obtained by the lender throughout the entire transaction, depending on how complete the file was in the first place, when the package was delivered to the FHA underwriter for the initial preapproval.

The underwriters pick apart the information with a fine tooth comb and the information has to be extremely accurate and complete, or the underwriter will ask for additional supporting documentation. It can consist of explanation letters, more documented information, etc. For example, if the buyer had a nick name that is on some information, the buyer will have to explain it. If there is a lapse in employment, alimony, child support, etc, the buyer will have to explain it. If there is a ding on the credit, the buyer will have to explain it.

As a buyer for a FHA loan, you can basically be prepared to explain every detail of your life for the last 2 years. If you want the process to go smooth and faster, the best thing you can possibly do is to get with the lender and give as complete of a package as possible upfront. So, if you have a name change, issue with credit, etc, explain it in a letter upfront. Do not try to hide anything or leave anything out of this package, or else it WILL come back to haunt you and the underwriter WILL catch it and then the process will be delayed.

And, when you are in contract to buy a home, and the package is not fully complete, and the underwriter is asking for all kinds of information that you must gather, it can be very stressful, since now that you are in contract, there are deadlines to meet with the contractual obligations to the seller and deadlines to close the deal on time. Being thorough upfront is the key to success. And, choosing a good lender who is thorough and can help you through the process and gather all the information and screen it well BEFORE it goes to the underwriter is really key to a smooth transaction.

Also, FHA is very swamped with loans right now, so it is a good idea to ask for a 45 day closing for any transaction that is dealing with FHA. 30 days escrows are possible, but it is pushing the envelope and can be stressful to close in that amount of time. Also, asking for a long loan contingency period also takes off some pressure. I am working with a lot of buyers that are obtaining FHA financing and these are the types of things I am running into with these transactions. And, to avoid stress and frustration once a buyer actually finds a home, having the initial preapproval package as complete as possible, will really help a lot. And, making sure to choose a thorough lender definitely helps to make the process smoother.

And, of course, to really make the process run efficiently, the buyer would call me as their Santa Clara and Alameda County realtor who will stay on top of the process throughout the whole transaction and make sure everyone is doing what they need to do to get the deal closed, as well as stay in communication with the buyer consistently so that the buyer always knows exactly what is going on throughout the transaction.



Source by Karen List

Payday Loans: No Credit Check No Fuss Loans

Payday loans are the fastest and most convenient option for getting a cash advance for emergencies before your next payday. However getting payday loans and their repayments involve certain important aspects. Herein we are attempting to answer all your general queries related to Payday loans and we hope it will serve as a tool to open up any mystery surrounding payday loans or cash advance.

What Is A Payday Loan Or Cash Advance Loan?

We daily come across many loan types like housing loan, personal loan, and education loan. However, the payday loans are a new buzz in the market, and it is very popular. This loan is known by many names like “Cash Advance”, “Paycheck loan”, “Check loans”, and “Payday advance loans”. Let us understand what is a payday loan or cash advance loan and how and when it should be used for your maximum advantage. Payday loans are unsecured loans, which can be used for meeting your emergency financial needs and is paid back out of your next paycheck on your payday. Thus, payday loans are the shortest tenure loans among the other loans available in the market.

Are there any limitations on payday loan or cash advance loan usage?

Many a times we face a situation when we need money badly but feel like our hands are tied as our payday is still several days away. In such a scenario, we either have to shelve or defer our plan of purchasing something or go for a heavy interest credit card loan to meet the obligation. The requirement could be to pay up unexpected medical bills, your kid’s school fee, to avoid bouncing of your issued checks or any other financial obligation. In such trying times, payday loans or a cash advance comes in handy. Thus, you can use this cash advance for whatever purpose. There is no restriction on the usage of payday loans.

Am I eligible to receive a payday loan or cash advance loan?

The best thing about payday loans is that they can be had even if your credit rating is not very good. The second best thing about payday loans is that taking a cash advance does not affect your credit rating. All you need to be eligible to receive the payday loans is to have a running checking account and a regular job.

How should I apply for a payday loan?

To apply for the payday loans, we would say it is easier to do than to say. You can apply for payday loans online using Internet. You may be required to supply some basic information such as your Name, Address, and your employer details. Some companies offering payday loans may ask for your Bank Statement or pay stub over fax. The documents required by these companies for payday loans are minimum in comparison to other types of loans.

What is the fee charged for payday loans?

Before applying for payday loans, we suggest that you scan 5-6 companies for the fees they are charging. Some companies offer payday loans without any fee for the first week.

How much cash can I get with a payday loan?

The amount of payday loans ranges from $100 to $1000 depending upon the repaying capacity of the borrower.

What is the length of payday loans?

Normally a cash advance is supposed to be paid back on or before your coming payday. Therefore, the maximum length of payday loan could be up to 30 days. However, some companies are flexible with respect to the loan duration as well. Payday loans can be extended until the next payday. This extension of payday loans however comes at a price.

How long does it take to get a payday loan?

Payday loans are much easier to get and in less time than other loans. After applying for a payday loan online, you will get a telephone call from the payday lender. After completing the small formalities, the cash advance will be credited to your checking account the next business day.

Does this mean I can enjoy my pay without waiting for my payday?

Before you jump for a payday loan, please note that the rate of interest charged for these loans are higher than other loans. Extending the duration of payment will only increase the fees charged. The payday loans or cash advance loan should be used very prudently and only for meeting financial exigencies that cannot be avoided. Please remember that getting a payday loan or cash advance loan too frequently could upset your monthly budget and you may find it difficult to get out.



Source by Steve Cope