Loans for people on benefits: Helping the needy ones

There are people in the UK who are living on DSS benefits and allowances that are offered by the government. People who are mentally retarded or physically disabled are listed as people on benefits. With the benefits offered by the government, these people can meet their day to day needs. In case, if they face any emergency and need cash then they can opt for loans for people on benefits.

This loan scheme is designed to help the borrowers to meet their various personal needs or desires. Just like other personal loans, these loans are classified as secured or unsecured. In the secured option, the amount availed is depended on the equity value of asset that is considered as against the amount.The repayment tenure is flexible and interest rate offered is feasible enough. So, the borrowers can meet their needs without feeling the burden of monthly loan installment. On other hand, unsecured option is designed for those borrowers who cannot afford to place or arrange the collateral against the loan amount. In this category, the interest rate is comparatively higher than secured loans as no collateral is pledged to cover the risk.

For meeting the instant needs, the people on benefit can opt for cash instant loans. These loans are helpful when you acquire the money faster by skipping several formalities which are associated with other loan procedures. This is because neither credit check nor collateral placement formalities are involved. These loans are used by the people on benefit to meet their temporary or short term financial crises.

The DSS benefit people who are tagged with bad credit score such as CCJs, IVAs, arrears, defaults, missed payments etc can avail the loan but at slightly higher rate of interest.



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Student Car Loans Save Your Precious Time and Money

As a common truth, students are known as the most mobile community. As a reason that they are young, full of enthusiasm and are on the doorstep of starting their adulthood. You may find them getting back from movies at late night or in the early morning you would find them in classroom present, through all the assignments completed. However, you can think the amount of money and time you spend over traveling; you can save the time and money if you were having your own vehicle that is your personal car. Car loans for college student has been very much trend, though you save your precious time and money. Therefore, lending companies have work out such loans mainly for students to help them to buy a car of their own. Both students of schools and colleges can borrow this loan.Student car loan is unique, as the security for the loan against the loan is taken. Getting these loans, credit ratings are not much important, as many of the student doesn’t have or else having bad credit ratings. While giving this loan the lender considers the parent’s income and the academic record of the students. Students should avoid expensive cars and should go for cheaper cars with lower rate of interest. Many of the student car loans have 5 to 7 years of repayment period.

College student auto loans are provided in secured and unsecured alternatives. Around 90%-100% of the cost of the car could be taken as loan. The rate of interest would be around 9% -15% APR as per the credit ratings and repayment plans. The repayment terms are 2-5 years. Online student auto loans are easily available in the market. It’s necessary to evaluate and estimate the rate of interest offered by the dealer. You can use the online calculators to estimate your finance before applying.


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Student auto loans - How can college students can secure an car loan online

If you are a college student then its perfect time to get dream car because being a student u can get car loan easily with some of the reliable lenders. If you have started a new job you must get a car loan; even if you are a student it is possible. The positive things about getting a student car loan are that you will be able to build up your Car Loan with Bad Credit. Also you will be able to have a ride and not have to worry about who is picking you up and worrying about how you will get to school and then to work.

You may be wondering how you are going to get approved for a car loan because you have little or no credit and you are young and still in school.The truth is that most lenders will approve you for a car loan because the loan is secured by the vehicle so they figure if you do not pay they will repo the car.If you have got bad credit and are trying to get a Car Loans for Student do not need worry because you can get approved as well. You may have to pay a higher rate of interest with bad credit but in the long run if you make your payments on time then your credit will improve.

Remember that when you are searching for a student car loan that there are many options out there for you and it is important to find a loan that fits your budget. In today tough economist buying a car loan has never been easier for the American peoples. In this great population students are not much behind and can apply online for quick auto loans anytime through student car financing programs. Chances are more for college students to get car because of having a low credit rating or a bad credit rating due misses in payback in past loans.

There are several auto and car financing lender like AutoLoanFinance.net and CarMoneyFast.com that are willing to offer student car loans at reasonable and convenient terms. This help student to get a car easily by making monthly regular payments, through this his / her bad credit rating can also be improved. The loans provided are importance mentioning for their characteristic features. Being a student you can get the benefits of good amount of fund along with adjustable repossession period.


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Bad Credit Borrowers and Car Title Loans

A car title loan may be a quick way to raise some needed cash but it could have devastating consequences if the loan cannot be repaid.

May the consumer beware

At Auto Credit Express we feel that an informed consumer is our best customer. When visiting our web site, you’ll find information that describes the bad credit car loan process as well as such valuable tools as an auto loan calculator. We hope that by providing our customers with this information it will help them make an informed decision. There are other types of loan products, however, that aren’t mentioned and one of these is the car title loan

The car title loan

Given the current economy, it’s safe to assume that many consumers, frantic for cash, will likely consider taking out a car title loan. But what, exactly, is a title loan?

Car title loans are short term personal loans that are secured by the title to your vehicle. They are designed to appeal to consumers who need cash quickly and have no other source for funds. In order to qualify for this type of loan, the vehicle must have a clear title (one that is paid off and is not being financed). Typical loan amounts are based upon the value of the car (usually with a maximum amount based on 50% to 55% of the vehicle’s book value), while the duration of the loan is usually 30 days. Interest rates, although regulated by the states, average about 25% (according to a 2005 study done by The Consumer Federation of America). In addition, the loan company usually charges an origination fee. Many of the storefront locations these companies operate out of also offer check cashing services and, in some cases, pawn loans.

Loan scenario

As an example, let’s look at a $1500 car title loan. Once you furnish the loan company with your free and clear car title as well as an extra set of (if you default on the loan, the car is theirs – regardless of how much it’s worth), you’re given the loan amount less the $15 origination fee. You sign the loan agreement that states you’ll pay them $375 in interest (25%) plus the $1500 in principal in 30 days. If you don’t have the entire amount in 30 days (the entire amount is due and partial payments aren’t accepted), the loan company will allow you to roll over the loan for another 30 days, provided you pay them the interest amount. Most states will allow this type of rollover to occur at least three times.

The true cost

Taking a look at the loan, if you ended up rolling over the loan twice, for a total of 3 months, it would look like this:

1.    $15.00 origination fee
2.    $1125.00 interest charges

The total comes to $1140.00 in interest and fees to borrow $1500.00. This equates to an annual rate of 75%. And while this may seem bad enough, the consequences of not paying the loan are even worse – losing your ability to commute to work and earn an income.

The Bottom Line

At Auto Credit Express, we believe that before you consider a car title loan, you should do your research and determine if you can afford the risk involved. This type of lending is generally considered to be predatory and should be avoided by most consumers – especially those who purchased their car with a bad credit car loan and are just now getting back on their feet. Think carefully about signing any document that could cost you a very high interest rate as well as the possibility of the loss of your only means of transportation.


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Bad Credit Car Loans and Gap Insurance

Additional products

You’ve just made a deal for a new car and, chances are, you’ll be spending a lot of your hard-earned money every month paying off the loan. Once you’ve made the decision about which vehicle you want, the finance manager then presents you with a number of products you can purchase and “roll” into the price of the new car. About this time, you’re probably asking yourself, “Why should I increase my car payment by $10 or more a month for any of these things?

Bad credit car loans

Here at Auto Credit Express, we know what you’re going through. Every day, we hear from customers that are confused about the subprime car loan process. But we’re here to tell you that there are a number of things to think about when you buy a car and you have bad credit.

First, here’s the good news. There are a number of products out there that are totally unnecessary. Window etching, paint protection and rust proofing are three things that you can ignore. The first two, if you really must have them, can be done for a fraction of the cost by visiting an auto parts store and buying the do-it-yourself kits. In the case of rust proofing, new car designs combined with galvanized steel and 100,000 mile rust perforation warranties from the factory have virtually eliminated the need for this product.

There is, however, at least one product that you should seriously consider – especially if your down payment was low, your loan term is long (over 36 months) and the type of vehicle you’re driving has a tendency to depreciate more quickly than the average car.

Gap insurance

Until you make your last payment, your car really belongs to the first secured party listed on the title. If you are financing your vehicle with a bad credit car loan, this means your car belongs to the bank or loan company you make your payments to.

If you get into an accident before your vehicle is paid off – beginning the day you drive your car off the lot, your “full coverage” car insurance will pay for the damage, less your deductible. But if you are involved in an accident severe enough that your car is declared a total loss, the insurance company will settle for the retail value of your car less the deductible.

The second scenario may not seem like a big deal, but it could be. Here’s why:

Let’s say you buy a car for $17,000 before taxes. You put 10% down and begin monthly payments of $350 dollars. Three months later you get into an accident and the car is a total loss. The insurance company does some calculations and issues a check for $13,500 (the current retail value of your car – considering that it is used and it currently has 4,000 miles on the odometer). Unfortunately, you still owe the bank almost $16,000. In order to satisfy the requirements of the loan, you need to continue to make payments until the loan is paid off.

Admittedly, this is a worst case scenario. But it could happen, to a greater or lesser degree, to a fairly high percentage of car loans, whether they’re bad credit car loans or not.

Remember, most vehicles lose between 10% and 20% of their value as soon as you drive them off the lot. But there is hope and here is where gap insurance comes into play. If you have gap insurance, the gap insurance company will pay the difference between what your car insurance company paid and the balance of your car loan (less your deductible – although if you weren’t at fault, there are many states in which your insurance company will waive the deductible altogether in this kind of situation)

One more reason

There are many who would argue that Gap insurance is just a waste of money and, in many cases, they’re right. If you have a short-term loan (36 months or less) you will be in an equity situation with your car in a very short time. Also, if your down payment was 20% or more, chances are very good that you will also be in an equity position for all or most of the loan – especially if it is for 60 months or less.

But for everyone else, gap protection can really make sense. It makes so much sense, in fact, that most captive leasing companies (those lending companies owned by the auto manufacturers) include gap insurance as part of the lease agreement – in large part to protect themselves against losses (remember, leases are based on the assumption that a vehicle’s depreciation will only catch up with what is owed on the contract at the very end of the lease).

The Bottom Line

So you can see that, in many cases, with just a small increase in your monthly payment, you can avoid paying thousands of dollars to the bank for a vehicle you no longer have. You can also avoid the possibility of defaulting on your loan if this kind of situation would result in an inability to pay the remaining balance that you owe.


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4 ways to fight minimum payment increases

In the past month, thousands of credit card customers have been surprised by news that their minimum payments will more than double -- in some cases, creating a credit card payment as big as a mortgage.

Irate consumers gathered on online credit card forums to compare situations after the largest credit card issuer in the country, JP Morgan Chase, notified certain cardholders that their minimum payments will increase from 2 percent of the total balance to 5 percent starting in August. Chase cited new federal credit card legislation passed in May that will force card issuers to change some practices. The law sharply restricts the card issuers' ability to raise rates without cause, but does not bar increases in minimum payments.

"Along with the pressures of the economy, issuers have to figure out how to comply with the new rules, and they're doing some experimenting," says Peter Garuccio, spokesman for the American Bankers Association. "People have gotten very used to the convenience of having credit cards in their wallets, and it's easy to forget that these are loans -- unsecured loans."

On some forums, Chase customers complained of monthly payments set to increase from $300 to $750 or more. "This is a great way to raise people's interest rates by killing them on the monthly payment," wrote one forum participant.

The difference 3 percent makes
Use the calculator below to see the difference between a 2 percent and 5 percent minimum payment with varying APRs and balances.


To see how your specific balance and payments would be affected by a change in minimum payments, use our Minimum payment calculator
Consumer advocates expressed mixed opinions about the move. The increase will help some cardholders pay off their balances more quickly, consumer advocates say, but the size and timing of the increase will cause problems for consumers who are already struggling. "If you can't make the payment, you're either late or in default," says Linda Sherry, director of national priorities for the nonprofit advocacy group Consumer Action.

Chase would not provide many specifics or reveal how the company decided which customers would face the increase. "When making a decision to change terms, we look at the history of the whole account," Chase spokeswoman Stephanie Jacobson stated in an e-mail. "This may include usage on the account, balances and the APRs available on the account, and payment frequency or size. The way customers use and maintain an account helps us determine what changes to make in order to protect our customers and our company."

However, reports from consumers and discussions on online credit forums indicate that many affected customers had, in the past, taken advantage of a Chase offer for a balance transfer with a low interest rate -- typically less than 5 percent -- for the life of the transfer. Many reported that they had been paying on the balance for more than two years and had not made additional purchases that would be subject to higher interest rates.

That was the case for Sande Donahue, a retired paper company manager from Chicago, who manages her finances meticulously and believes Chase wants to renege on the deal it gave her about three years ago for 2.99 percent interest for the life of a balance transfer. Her minimum payment on the card will jump to $488 a month. Donahue has two more cards with Chase, including another low-interest balance transfer, and she's waiting for a second notice. "They're the ones who made this deal, and they should stick to it," Donahue says. "There are a lot of people who wouldn't be able to afford this."


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The Pros And Cons Of Debt Consolidation

When you take a loan to reimburse your all other loans then it is effectively called debt consolidation. Mostly, it is simple each time to pay one single loan with a fixed or low interest rate rather than paying many loans with different charges. Many people have debts like mortgage, credit card debt even at times they have a second mortgage to refund. It becomes very difficult for a person to handle three different loans and its payments with various rates of interests. It is much more easier to pay only one single loan.

You can make a plan and take a secured debt and refund your all other unsecured debts. For a secured debt, they generally ask for the house but you may also get it in favor of any of your assets. When you are taking loan against an asset it will offer you a low rate of interest in contrast to an unsecured debt. So many people take loans in favor of their assets to recover their financial condition as well as they can trim down the net sum that they have to give to the creditors. The total amount, which they have to give to the creditors, will decrease if the rate of interest is lesser.

You can also avail the online debt consolidation. The site of debt consolidation in the Internet has been largely accepted because here one can keep the monetary facts secured as well as secret. You can have several debt and loan calculators online who are there for helping out people in the process of loan consolidation.

While you are applying online, they will need certain things like age proof, address proof, and valid income proof. In the Internet, the debt collectors will give you much more information in comparison to other debt collectors.

Though debt consolidation is undoubtedly a better option but sometimes there are limitations. If you are sure enough that you will be able to refund the particular loan each month in time, then only you can opt for debt consolidation. If you are taking a secured loan and you fail to pay the money then you may have to lose your house, the lender often locks the asset and you may lose a substantial possession. Therefore, it is better that until you are very sure to be able to make payments of the secured loan, don?t go for debt consolidation.

You can take the help of a tax consultant or a debt consolidation group if you have any doubts about anything. They can assist you to make a decision that will be ideal for your economic status. Even the lenders can tell you about a professional who will be able to guide you in the whole procedure. In such cases, the lenders are also very supportive and so they settle down the debt and the rate of interest.

Probably this should be the last option and one must not do it regularly. One can restrict debts just like credit cards by spending cautiously. You will very rare need a debt consolidation if you can evade debts instantly.


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Benefits of a Secured Lend Calculator

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Top Tips To Save Money Using A Simple Loan Calculator

The best course of action to take sometimes isn’t clear until you’ve listed and considered your alternatives. The following paragraphs should help clue you in to what the experts think is significant.
A good loan calculator should provide current leading UK unsecured loan deals for loans from 1,000 to 25,000 based on a repayment term from 1 to 10 years. If you wish to borrow more than 25k and you are a homeowner with a mortgage use our secured loan service. The interest rate estimation at personal loan calculator gives you just an idea. Interest rate is also dependent on credit history, payment method and general circumstances. Some loan calculators that appear on lender websites only allow you to enter the term and amount because the interest rate is already determined by the lender.
The most important calculators a real estate business will use are mortgage loan calculators. There are many different mortgage calculators available on the web, and you’ll want to know which ones you should use when calculating mortgage payments and interest for your clients. Because we experienced high loads on our website we are temporally removed home loan calculator. However for your convenience you can use this loan calculator. To calculate your personal loan, use our loan calculator.
Even if users are not in the market for a new loan, Loan Calculator 4U will help them manage their current loans more effectively. Users can enter the interest rate, balance and payment amount for an existing loan and be able to see how much interest they are currently paying.
How can you put a limit on learning more? The next section may contain that one little bit of wisdom that changes everything.
We have put together an example of a simple loan calculator using Impromptu with states. It also makes use of form fields, submit functions and demonstrates how to validate and show errors, so it’s a little more detailed example of using a form. You can use a refinance auto loan calculator to help you make that decision. Surprisingly some banks offer bad credit.
APR or annual percentage rate is another necessary amount you need to provide for the motorcycle loan calculator. This refers to the yearly rate of interest and other fees or the costs paid in order to acquire the loan. A better loan calculator can fulfil all your demands, where you can compare benefits and losses for all the available loans.
Car loan calculators can also be used to allow you to know how much your car will be valued at after a specified time, and can help you in making a decision on selling your car. You are able to choose a time that will offer a good balance between the worth of the car and the value of payments that you have already paid off.


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The Truth About Mortgage Refinancing Revealed By Florida Mortgage Expert

Florida based Mortgage Broker Pete Kici reveals mortgage refinancing secrets at a new web site that is full of free reports, a home buying guide and free mortgage calculators. The site is designed to give Florida residents all the facts about mortgage refinancing so they can make an educated decision when obtaining a mortgage.
Winter Springs, FL -- (SBWIRE) -- 06/25/2009 -- It seems like everyone in Florida is jumping on the mortgage refinancing bandwagon. Maybe you're thinking about it yourself? After all, with rates as low as they are, the promise of lowering your monthly payments, sometimes significantly, is a great attraction for many homeowners.

But before you sign on the dotted line, there are a few things you should know about the way refinancing works so you don’t make a mistake that could wind up costing you big time.

"With refinancing as popular as it is right now, Florida residents have to be even more careful about shopping for the best loan," says Pete Kici, a Winter Springs, Florida based mortgage consultant. "Even the most attractive offer can wind up being a disaster once you realize how much the loan is really costing you."

Kici offers these tips when considering refinancing:

* You should get a significantly lower rate for refinancing to make sense. Don't rush to refinance unless it's truly worth your while. If you're working with a mortgage broker rather than going it alone, you can be assured that they're bringing you the best offers out there. If you're going it alone, you'll have to do the legwork for yourself.

* Consolidating unsecured debt with a refinance loan can be a dangerous idea. You may not be in financial trouble now, but if in a few years things change, instead of simply missing a credit card payment or two, you'll now be in danger of losing your home as well.

* Your credit score counts... big time. If you've had credit problems in the past like a bankruptcy, it might make sense to wait a while for your credit score to recover before trying to refinance. Most lenders make it hard for people with less than perfect credit to get the best deals. But, again, if you choose to let an expert like a mortgage broker get involved in the process, they can often find loan options that most homeowners didn’t even know existed - which can save you thousands over the long haul.

Florida - based mortgage expert Pete Kici specializes in providing mortgage information to Florida residents that allows them to make informed decisions about their mortgage financing options and learn the insider secrets that can save them thousands of dollars over the life of their loan.

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