Keys to Obtaining Business Loans for Small Businesses

By Peter Zirch

It is a fact. The economy just doesn't look very promising at the moment. The effects on business are being felt everywhere. As a business entrepreneur, what you need to know is how to get a business loan despite the dire circumstances reported daily in the media.

Business owners in this bad economy have the simple desire to simply stay afloat as the economic downturn worsens by doing one thing. Hard work. Sometimes, however, growing a business takes more than just working harder than the guy down the street. It takes getting more money to grow your enterprise through business financing.

Even in this bad economic environment, it is possible to secure personal and business loans for business entrepreneurs in need. With the current economic black cloud hovering over the nation, this is no small feat.

Despite what you might think, the financing opportunities are out there and depending on your business and its financial situation, it can be a lot faster and easier to get than for others. When you choose a business financing consultant, it is important to have knowledgeable consultant who has multiple ways of successfully securing the money that is needed. Be sure to ask for references, check out their Better Business Bureau record, and get to know them. You want to be treated like a valuable client, not just a number in line for a business loan.

About Our Firm: Our business financing consulting service will help you find and secure the right type of small business financing for your cash flow, start-up, or business expansion needs. Our team of professionals will work closely with you to determine your unique financial situation in order to create the perfect solution for you and your business.

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Finding Guaranteed High Risk Personal Loans

By Dave Davis

If you have bad credit, you might think that there aren't any options out there to borrow money. Perhaps you need to fix your car, or pay an unexpected medical expense, but because you have a poor credit history, you think there is no one who would be willing to lend you the money since you are considered a high risk.

There is an option for people in this kind of situation. Guaranteed high risk personal loans are loans that are issued for whatever your personal needs are, but you don't have to have good credit to qualify for one.

These loans are also sometimes referred to as payday loans because they help you get money in advance of your payday. But you probably won't want to borrow more than you can pay back on your next payday since the interest rate will most likely be high. Since you are considered risky to the lender because of your credit history, lenders cover their bases by attaching high interest rates to the loans.

If you're able to repay the loan on time, you will save your self from paying extreme interest. Some people borrow more than they can pay back and with this type of loan, the interest stacks up in a huge hurry. Most loans of this type will carry a term of two to four weeks and if you're able to pay it off in that time frame it won't be as costly. Some lenders of this type report to credit bureaus so the loan can either help or hurt your credit, depending on whether you pay it off on time.

If you plan to apply for a guaranteed high risk personal loan, be sure to look around for the best offer. You may be able to find a company that will give you a really good deal and this could definitely save you some money. Lending sources are always interested in bringing in new business, so particularly if this is the first time taking out this type of loan, you may be able to get a lower interest rate than normal or avoid some fees. The best places to receive the loans are companies that specialize in them. The phone book or internet can help you do your research to find the best arrangement.

About the Author:

Dave teaches people about cheap guaranteed high risk personal loans and many other types of bad credit personal loans. You can take a look at other financial topics that Dave has written by visiting his site.

FAIR CREDIT REPORTING ACT: FOR CONSUMERS

By Rob Kosberg

See www.ftc.gov/s/statutes.feradoc.pdf for the details of the Fair Credit Reporting Act (FRCA). This act is written, not for the credit reporting agencies, but for consumers.

You will learn that you have a right to see the information all credit reporting agencies have about you. All these credit agencies are in the business of making money and need to show a "profit." The FRCA explains what consumers are entitled to see and consumer rights.

Your credit reports will contain alot of information about your financial history. While much of the information is probably accurate, while some may be a surprise to you. In fact, the reports may have completely false or information that should have been removed.

The FTC (Federal Trade Commission) tells us that we do not need to arrange for "magic fix" from a possibly dishonest agency. We can fix our credit ourselves. The FRCA basically says that the only "negative" information that is permitted to remain on your credit report is negative information that can be proved to be true.

Get your credit reports, compare, mark any entries that you believe are false. If it's negative and true, it has to stay. Then you will make your case for why information is false.

You will then put together all your documentation for your claims that information is inaccurate. This data is your proof. Send to the credit bureau(s). They must respond and they must prove that the information is true.

It is possible that you may decide that this project is really not something you can successfully complete on your own. Then you may consider "credit counseling." Do this very cautiously. "Overnight" credit fix is too good to be true and these companies could ask for a lot of money "upfront" and charge a monthly fee. Although it might sound really good, remember that these agencies are also "for profit" and need to make money. Think SCAM.

You can be sure that there are honest companies and people who will provide help. Try finding referrals from others to help find a reputable person who will address your needs.

About the Author:

With never before seen challenges in the credit markets it?s more important than ever to have excellent credit. For more information check out Rob Kosbergs' Detailed FREE Guide on Maintaining and Repairing your Credit Score by going to Bad Credit Repair for your FREE information.

Credit Card Fees And Interest Rates

By Darren Cason

Many American consumers have recently defaulted on their credit cards. Recent hurricanes along with high gas prices have affected consumers. However, having to pay more for gas should not be enough to push you over the edge, if you are using your credit card responsibly.

There are many excellent reasons to use credit cards. They eliminate the need to carry large amounts of cash, and many offer rewards points or cash back options. Discover Card in particular offers a well-known cash back program. Credit cards also come in handy during emergencies, as a convenient way to make unexpected purchases if you do not have cash saved up for such emergencies.

However, the bottom line is that if you can't pay cash for a purchase, then you should not charge it. Credit cards are often used to buy luxuries that you can't really afford. Being able to make the minimum payment is not the same as being able to afford the item.

If you have a balance on your credit card, particularly if you only make the minimum monthly payments, then you need to get control of your finances. First, read the fine print of your credit card agreement. If it has a yearly fee, cancel it. If it has an exorbitant interest rate, call the credit card company. Many will lower your rate just for asking. Next, compare the late fee, especially if you are often charged this fee because you pay late. By shopping around, you may be able to save money on the fees.

Penalty rates can be very high on credit cards. Over three quarters of credit card companies raise rates as a penalty for carrying a monthly balance and paying your bill late. However, there are still some companies who do not do this, so if you often carry a balance or are late paying, you should look for a credit card with lower interest or one which will not raise your rates. Another penalty fee to watch out for is the fee charged for going over the card's credit limit or when you desire for the best card to transfer.

Another factor to consider when choosing a credit card is the minimum payment. Minimum payment amounts are very important when calculating the total amount of interest you'll owe on the amounts you charge. If you're charging items because you can't afford them in full now, why would you want to pay interest on top of that amount? According to one study, paying the minimum payment on a $12,000 balance at 18 percent interest will take more than 60 years to pay off! And you'll end up paying nearly three times your original balance because of all the interest charges. Many people only make the minimum payment each month, but it will take you many years to pay it off if you do that. As a result, new laws require that the minimum payment is at least 1 percent of the balance. If you paid that on the same $12,000 balance, it would cut the payment time to 30 years, and the interest down to less than $6,000.

You must understand how credit card fees if you want to use them responsibly and avoid falling into debt. Think wisely, and avoid using the card if you can.

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Is throwing money at the mortgage market the solution?

By Chris Clare

You may have noticed over the last month many countries have past bills in their governments to inject substantial amounts of cash into their banking system. They have done this on the understanding that all the bad loans also known as toxic debt is weakening the institutions and rendering us unable to borrow money so leaving us all worse off as a result.

So the big question is will injecting this money actually get the banks lending again and if they do, will it have any effect on us, the general public. In answering this question and dealing with the issues here I can only comment on our particular situation here in the United Kingdom. Whilst it may be similar in other parts of the world I cannot comment due to the fact that I am unfamiliar as to how their market works, so what may have an effect here may not be the case anywhere else.

The general public is under the impression that the credit crunch is due to the banks not having enough money to lend. Logic would then dictate that by giving the banks more money the problem is resolved. Unfortunately this is rather far from the truth. The lack of money to lend is only the tip of the iceberg. Banks have been burned by the bad debt accrued over the last few years and are therefore now much more cautious about lending again. Their careless actions in the past will prove much more difficult to rectify in times to come.

The main result and contributory factor to the current financial predicament is that of house prices, and house prices are not only falling but are set to continue to fall for the foreseeable future. Consequently lenders are finding that they have to tighten all their criteria not least in the area of loan to value LTV, that is the amount of money that is lent based on the value of the property. Most lenders during 2007 lent up to 95% LTV some lent 100% LTV and in some cases they went as high as 125%LTV.

While the market is buoyant most annalists will agree this type of lending is OK. Think about it if you lend on a 100,000 house 125% which results in a loan of 125,000 and the house price rises over the next three years at a rate of 10% per annum, which was not unheard of. Then your LTV in three years time would only be 93% this is alright from a lending point of view and what would be considered an acceptable risk.

The problem now is that rather than rising by 10% per annum the housing prices are in fact dropping by that much, and they are set to drop even more. If you consider that drop, if a lender was to give 85,000 on a 100,000 property which continued to drop in value, in 3 years the LTV could rise to 118%, which in these turbulent times is simply not acceptable. This is why lenders are now slow to lend out quantities much over 85%.

So what does this mean to the bailout and the future of the market? Well in my opinion, and I may be right or wrong only time will tell, I think that the bailout will have little effect. Yes the lenders are under a commitment to lend at the levels of 2007 during 2009, but if you understand what has been said in my previous paragraphs they cant lend at the high loan to values. Most of the urgent cases for lending are the people coming out of rates that have been arrange in the last five years, these people are going to be pushing the LTVs due to the current house price falls.

You also need to take into account that a lot of people in the last few years have acquired mortgages on a self certification basis. These sort of mortgages are now considered high risk for lenders and so are mostly unavailable, and even if they are available they will be at greatly reduced LTVs, so what options do these people have to chose from?

In conclusion, although the cash injections can only be welcomed as a step in the right direction, I fear that there will be little knock on effect whilst housing prices continue to plummet and lenders fail to meet the level of lending that was rife before 2008. It seems more likely that the money will be stored up for the future. This will unfortunately create a catch-22 situation where the prices continue to fall because of the low LTVs and the tight lending criteria, in turn making the lenders more nervous about lending. It seems to me that the only way out will be for someone to bite the bullet and take the risks again at lending, even taking into account the possible risks involved.

About the Author:

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Getting To Know Debt Consolidation

By Darren Cason

You're not alone if you have accumulated more debt than you can repay. If you're in this situation, you're probably finding that the debt you have results in more debt from interest charges and penalties. It may seem impossible to pay this debt down, but there are ways to do it.

To break this cycle, many people try debt consolidation. Thousands of people have found their way out of debt using a debt consolidation program, but it isn't for everyone. There are pros and cons to debt consolidation programs, and you should consider these carefully before deciding if it is right for your circumstances.

Debt consolidation is, quite simply, the gathering of multiple sources of debt into one. Then, you'll make a single payment each month towards paying off this debt. While it seems simple on the surface, in fact there are many factors to consider when deciding if debt consolidation is right for you.

Remember that whether you pay $150, $50, and $25 per month in three separate bills, or $225 in one check to one debtor, you are still spending the same amount of money paying down your debt each month. With online bill paying, it doesn't even take any more time to pay three bills than one, so if the monthly payment stays the same, debt consolidation will not get you out of debt quickly.

In order for a debt consolidation program to work, either the monthly payment amount needs to decrease, the net amount of interest has to decrease, or the total amount of debt you owe needs to decrease. While it is possible for a debt consolidation program to accomplish at least one of these, you'll need to understand all the details of the consolidation plan to make sure it will actually help you get out of debt faster.

Most debt consolidation programs do not accomplish all three of these. Most commonly, they lower your monthly payment. This will make it easier to pay the bill each month, so you won't add late charges onto your debt. It can also help if you're struggling to make payments each month, making it easier to make ends meet. However, if the payment is too low, you might over-spend because you consider the difference money to spare. If your goal is to become debt free, you'll have to reduce your spending even if your payments on existing debt are lowered.

Unfortunately, most debt consolidation plans are able to give you are lower monthly payment by extending the term of the loan. Over the long term, you'll end up paying more interest and when worst comes to worst you might as well decrease instead of increase your credit score. However, you may be able to negotiate a lower loan amount, because some companies are willing to settle for less to get you to repay the debts. Then, consistently make your payments on time every month to lower your debt.

About the Author:

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Basic Credit Scoring Tips For A Better Mortgage Rate

By Rob Kosberg

The right time to review your credit scoring is now because the credit score is becoming more important for mortgage prices. You can make the credit system work for you if you have the knowledge of how the system works. For research or review look at myFICO.com

Equifax is one of the primary credit bureaus and is the publisher of my FICO.com. This site provides a wealth of suggestions, tricks and tips that will help you figure out the credit scoring system.

Check out the following basics:

Remember the number 30: Credit card balances should hold steady at no more than 30% of the card limit. The credit bureau believes that you are responsible with use of credit if this is your situation. If you consider consolidating several credit card balances into a single card, be careful of the single card limit because overloading could hurt your score.

30 Is The Magic Number: Holding your credit card balances below 30 percent of their respective limits shows an ability to manage credit responsibly. Before consolidating multiple credit cards onto one credit line, consider that card's credit limit. Overload it and the consolidation could hurt your credit score.

The Trend Is Your Friend: A track record of paying accounts on-time means that you're likely to continue paying on-time. Credit bureaus like on-time payments. If you've been late, catch up immediately. At 35 percent, this is the largest component of your credit score.

Learn From History: Your "credit history" is 10% of your score. So, to hold that history, don't close credit cards that you don 't use.

The web site mentioned can provide more suggestions to help you. Take a proactive approach because this year it is expected that there will be added credit score adjustments to mortgage rates You need to find out what the issues may be with your current credit score and take the appropriate steps to fix your score.

Credit scoring is not always intuitive so if you're not getting the personal information you need from general Web sites, ask your loan officer for an in-depth analysis. The mortgage rate you save may be your own.

About the Author:

With unprecedented challenges in the credit markets it's more important than ever to have excellent credit. For more information check out Rob Kosbergs' Detailed FREE Report on Maintaining and Repairing your Credit Score by going to Bad Credit Repair for your FREE information.

Reverse Mortgage Disclaimer Deed & Consequences thereof

By Ignego Vanrock

Mortgage companies factor the amount of available funds, for a borrower to receive, based upon current interest rates, home value, and age of borrower. Older reverse mortgage borrowers receive more money their younger counterparts.

In the very typical situation in which 2 borrowers will be on the loan, the mortgage company discounts the older borrower and only takes into consideration the younger borrowers age.

This makes sense from a lenders point of view. After all, the mortgage doesnt end until the last surviving spouse either kicks the bucket or sells the house. From a lenders point of view the mortgage cant exceed value or the lender loses money.

With that in mind the lender must give the younger borrowers a lower loan to value ratio than the older ones. The young ones will be in the home longer, and the lender must account for the power of compounding interest working against the security for their investment.

That being said borrowers may realize a dilemma if one spouse is quite a bit older than the other. If the couple needs a sizable sum of money out of the mortgage, the age of the younger borrower can dismantle this plan.

How some people get around this is by disclaiming the younger spouse from the note and deed of trust. They can now cash out at the larger sum.

Bingo! Theyre now in the money.

Of courseit couldnt be that easy, could it? There is something that perhaps our couple didnt think through in this scenario. The older spouse is probably going to die first.

If the older spouse passes away first, the bank will eventually find out and will call the note due. From there the surviving spouse has about 12 months to pay the bank back.

People with tons of money in the bank and investments dont normally get reverse mortgages. With that in mind the spouse will 95 times out of 100 be forced to sell the home to pay the lender.

The important thing to think through is that many people have long emotional ties to their home. My suggestion is to be sure the financial obstacle you wish to overcome with a reverse mortgage, by disclaiming the spouse, is worth the emotional heartache of losing the home too.

Removing the younger borrower from the note should be done only if necessary, and if both parties have full comprehension of future consequences.

About the Author:

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The Price of Free Reverse Mortgage Info

By Revmorti Vanrock

You may have some financial hurdle to overcome. Perhaps you are 62 years old or older and have heard about using a reverse mortgage to help you solve your problem.

What you may have heard is that equity in the home can become spendable money, but the how of it isn't quite clear. So you Google reverse mortgages to see what comes up.

How wonderful to see so much helpful information. There are guides, informational brochures, and all sorts of websites offering general overviews. You are definitely in the right place for getting started.

You quickly find a free guide that can be sent straight to you. Perfect! You enter your contact details and await your information.

What you may not know is these websites are not non-profits. These are lead generating websites designed to capture your information and hopefully make a profit.

Profit is made 1 of 2 ways. The website owner could be an actual lender vying for reverse mortgage clients, and wants to be the one you pick should you continue the process.

Or they are in the lead sales business. This is big business in the reverse industry. Some of the most informational websites are also the most profitable lead generators.

These folks get your information and immediately sell it to a reverse mortgage company for them to contact you.

So, you've entered your info into the website for the free guide, you're waiting, and surprise, surprise, your phone rings. Its a reverse lender, and they let you know they are calling in response to your inquiry on that website.

If you requested a number of booklets from various websites Guess what? You are getting calls from numerous reverse mortgage companies.

And not just that; reverse mortgages companies can be persistent. They all want to earn your business, so count on more than one phone call from each company.

So, as you gather reverse mortgage information online, if you give out your contact info, prepare yourself for phone calls that you were not necessarily expecting.

About the Author:

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