Everyone might need a helping hand in the form of a loan at some point in their lives. If you have solid employment and good credit scores; securing a loan can be done quickly. Your bank might even extend a line of credit to you. You can then simply access the available line of credit when needed.
If your credit rating is not as good, as is the case is for many of us during these difficult economic times; then you might have to shop around to find a banker willing to extend you a loan. There are many banks that offer some creative financing options for people looking for loans.
You can choose either a line of credit with overdraft from your checking account, or you can choose an unsecured personal loan from your bank. Many banks offer the option of choosing from a Premier Line of Credit or a Reserve Line of Credit or an unsecured personal loan to their existing customers. However, there are some credit rating requirements (FICO Score of 650 or above) and a good debt to income ratio in order to get this type of loan.
If you have any other assets like real estate, jewelry or a vehicle, you can secure a loan against them. Bank loans may not be as easy as payday loans to obtain, but they are definitely preferable, as you will not be fleeced if you find yourself unable to repay and default. Yes, you might pay a higher price with your FICO score taking a hit, but it is preferable in the long run to any other loan from second rate lenders.
Loans and Online Casinos - Not A Good Mix
In these troubled times, many people are looking for something to relax them. For some it might be a couple of drinks in a bar, or a game on the TV. But for others, it might be a few slots at a casino bar. With the advent of online casinos, people can indulge in their addiction to gambling, anytime and anywhere. Site like onlineslotsreview.net make it easy to find reputable online casinos and slot machines with the best graphics ever seen! The danger here is that, people might keep on playing when they know they should stop. There is no one to physically eject them when they run out of money in an online casino.
The other alarming fact about online gaming and casinos is that many banks take a dim view of such activities. If you have any hopes of securing a mortgage or a loan, then forget about any online gaming. Online gambling has caught on and people find it very convenient to indulge in their addiction from their homes, offices or mobile phones.
However, there is a flipside; they are getting into serious debt without even realizing it. They get too involved in the game and donít think twice about using their credit card, let alone ready cash. So, now banks have realized that there is the possibility that people with an online gambling habit might not be viable candidates for mortgages and other loans.
In the wake of the recession, banks have started paying more attention to peopleís financial statements. Regular online casino visits are being treated as a red flag. Be warned, if you are thinking of applying for a loan, keep online gambling to a minimum or just donít do it.
Payday loans, though not usually advisable, may be the only loan available to someone with bad credit. There are many myths about payday loans going around, but if you need cash urgently, and there is no other way, then you might be forced to opt for a payday loan. Be sure of your repayment capacity when your payday comes around, before you choose a payday loan. If you donít repay the loan on time, then the exorbitant interest rates will just pull you deeper into the mire of debt.
It is a short term, unsecured loan and is best for emergencies, which you should be able to repay when your next pay check arrives. Though many payday lenders charge exorbitant interests, not many borrowers worry about the annual percentage rate (APR) which might be as high as 400%. This is because, there is a high risk of default, and they are unsecured loans. There are restrictions placed in some states about the number of roll-overs allowed in case of default, though many other states have very few legislative measures to check the payday lenderís rates.
As long as you are working and a recent pay stub or bank statement, you can get a payday loan instantly. The lender takes a post-dated check and might pay out the loan without even a credit check. These days, even online payday loans are available. You just fill out the forms and apply electronically, and the cash appears in your bank by direct deposit.
This is a quick fix when you are in a tight spot, but ensure that you can repay the loan before you decide to borrow.