What is a Payday loan?Written by John Mussi
A Payday loan is a small, short-term, high-rate loan. It is also referred to as: cash advance loan, cheque advance loan, post-dated cheque loan, deferred deposit cheque loan or cash loan. Payday Loans are arranged for people in employment who find themselves in a situation where they are short of immediate funds. A Payday Loan can assist you in this situation with a low amount short term loan. Loans are repayable on your next payday, although it is possible to renew your loan until subsequent paydays. To apply for a loan you must be in employment and have a bank account with a cheque book. A poor credit rating or debt history is initially not a problem. Usually, a borrower writes a personal cheque payable to lender for amount he or she wishes to borrow plus a fee. The company gives borrower amount of cheque minus fee. Fees charged for payday loans are usually a percentage of face value of cheque or a fee charged per amount borrowed.
| | How To Get the Best Home Equity LoanWritten by John Mussi
Are you wondering how to get best Home Equity loan? Do not be afraid to shop around. If you decide that timing's right for a home equity loan, ask your friends or family for recommendations of lenders. Comparing home equity loan plans will help you get a better deal. Contact several lenders, not just ones that send you mail, call you, or knock on your door. Talk with banks, mortgage companies and mortgage brokers. Ask all lenders you interview to explain Home Equity Loan plans they have for you. If you don't understand any loan terms and conditions, ask them to explain. That is what they are there for! Would you feel more foolish by asking questions or by having to pay a higher cost than was necessary? Knowing just amount of monthly payment or interest rate is not enough. Pay close attention to fees, including: application or loan processing fee, origination or underwriting fee, lender or funding fee, appraisal fee, document preparation and recording fees, and broker fees
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