Short-term Loan Options

Although many people see loans as a long-term financing option, there are some short-term loan options available as well. These short-term options range from a year to just a few weeks. If you are in need of money fast in the short-term, then you should look at the short-term loan options available to you. Here is some information about those options and help they can help your finances.

Why short-term loans?

Although there are other forms of borrowing that might be more appropriate for the short-term, loans are also an option for short-term borrowing. If you have had unexpected money problems and need some money fast but don’t want to be paying the amount back for years, then a short-term loan might be a good options.

Short-term unsecured loans

One of the short-term loan options available if you want to borrow a fairly large sum of money is to get a regular unsecured loan over a short period. You can borrow a few thousand pounds and pay it back over a year. Although a year isn’t a very short time, it might be cheaper than using a credit card and be quicker to pay off. If you require a larger sum of money, then this is one of the best short-term options available to you. Although you have longer to pay back the loan, the interest will be lower than other shorter-term loans.

Payday loans

Perhaps the most short-term loan available on the market these days is the payday loans. Payday loans or cash advance loans are given to people who need a little extra cash until their next payday. Loan terms are very short, and range from 1 week to a month or two. These loans can be got hold of very quickly, and you can usually borrow up to £500 depending on your circumstances. Of course, this convenience is at a price, and the interest rates are very high. You usually pay around 10% of the loan amount to get hold of the loan, and pay this amount again every time you cannot pay. These loans are great if you need a little cash injection until you get paid, but if you do not pay the loan back then you could find yourself paying as much in fees as the loan cost in just a few weeks. However, for very short-term lending these loans are the best option.

Alternatives

Of course, the major alternative to short-term loans is the credit card. Credit cards have fairly high interest rates, but they are convenient and if you already have one then you can use the money straight away. For short-term borrowing, they are one of the best options around. However, because there is no real time limit on paying the money back, they can drag you into debt quickly. If you need small amounts of money over the short-term, then you should consider loans as an option, because you have to pay them back in a definite period. Some have lower rates than credit cards, and can help you to stay free of debt.

A Guide to Unsecured Loan Options

If you’re in the market for a loan but aren’t looking to use valuable property as collateral to secure the loan, then you might be surprised to find that there are a number of unsecured loan options that may be available to you.

By taking your time to consider different lenders and weighing the unsecured loan options that each one offers, you’ll likely find that you can receive an unsecured loan even if you have less-than-perfect credit. If you’d like to find out more about exploring your unsecured loan options in order to find the best loan offer that you can get, then consider the information below as your starting point.

Loans and Collateral

One of the first things that you should consider when trying to weigh your unsecured loan options is the fact that the loan you take out won’t be guaranteed by any form of property or collateral.

In general, loans secured by collateral feature lower interest rates and more flexible loan terms than those which aren’t, but that doesn’t mean that they’re better loans. One of the big advantages that unsecured loans have is the fact that you don’t run the risk of losing your collateral if you are unable to meet your payment deadlines; an advantage that many believe is well worth a little additional interest.

Potential Lenders

The best way for you to explore your unsecured loan options is to take the time to consider a number of different lenders for your loan. Remember that banks aren’t the only loan provider who can offer you the money that you need, and that finance companies and other loan offices may be able to offer you deals that you would otherwise miss. Make sure that you do a little bit of research so as to find all of the potential lenders in your area and you will greatly increase your chances of getting a good deal on your loan.

Online Options

While you’re searching for lenders and seeing what unsecured loan options are available to you, don’t forget that there are a number of lenders who operate on the internet who would like your business as well. Search for online loan providers using your favorite internet search engine, and then contact the results that look the most promising in order to make sure that they will be able to meet your needs.

Shop and Compare

Once you’ve located a number of different lenders who may be able to offer you the unsecured loan options that you’re looking for, it’s time to request loan quotes from each of them so that you can see which offer best fits your financial situation. Look for low interest rates, flexible loan terms, and make sure that you take note of any lender who charges additional fees or that has charges that seem odd to you.

By performing such an in-depth search and comparing the offerings of a number of different lenders, you should be able to narrow down your unsecured loan options and find the best loan for you.

100% Mortgage Loans – All Your Loan Options

Basics There are many loan types available at 100% financing, including:

  • 30 year fixed
  • 30 year fixed, interest only
  • 40 year loans
  • 50 year loans
  • Interest only loans
  • Minimum payment loans

30 Year Fixed Loan This is the classic loan that has been available for many years. Although the interest rate on this loan tends to be higher than other loans (and the monthly payment higher), many borrowers choose this loan to keep a predictable interest rate and monthly payment. 30 Year Fixed Loan, Interest Only This is the classic 30 year fixed loan with the ability to make interest only payments for the entire 30 years of the loan. It offers the borrower the stability of a 30 year fixed loan with the lower payments of an interest only loan.

40 Year Mortgage Loan This is a relatively new loan. The longer loan term of a 40 year loan makes for a smaller monthly payment.

In a generally rising interest rate environment this is one option to get a lower payment.

50 Year Mortgage Loan This is an ever newer loan option. The longer payback term means a borrower gets a much lower payment than a 30 year payment. Use a free online mortgage calculator to calculate your payment.

Interest Only Mortgage Loan This is a mortgage loan that offers a borrower the ability to make an interest only payment. This is a lower payment than a regular mortgage payment because no principal was being paid off.

A loan can have an interest only option for several years. It can be interest only for 5 years, 10 years, or another term.

Minimum Payment Option Mortgage Loan This is type of loan offers a borrower the opportunity to pay less than an interest only payment.

This type of loan is among the lowest possible payments a borrower can make.

These loans offer a minimum payment rate, which can be at 1%, 2%, or some other defined level.

The minimum payments are usually for a set period, such as 3 years or 5 years.

A minimum payment adds to the principal balance on your loan. Any difference between the interest only payment level and the minimum payment is added onto the principal. For many borrowers this is acceptable.

The Best Loan Options For Students

Students often find themselves groping for loan of one kind or another but they are hardly aware of what exactly are the choices available to them to get financial assistance. So, following are a couple of most beneficial student loan choices for meeting your educational expenses.

Stafford Loan:

Well, these loans are basically federally sponsored student loans. Normally with these types of loans you are saved of paying interest charges since that is done by the government on your behalf as long as you have not completed your studies. These loans are often the first preference of the students.

Parent PLUS Loan:

The Parent loan for undergraduate students is the loan that enables your parents to get loan via the federal loan scheme in order to bear the financial expenses of the ward. Now as the name implies, these loans are provided to the parents under their name.

Private Student Loans:

These loans as the name clearly suggests are not one of those subsidized by the government and often are best for those of you who somehow do not get hold of the federal loans or grants. They can be availed to meet a wide range of your different educational expenses. However, you are often required to have a good credit history to get them or need a co-signer. Plus the interest rates are also normally higher than other types of loans.

Perkins Loans:

Perkin loans are also Federal loans and are meant for usually the students with low financial background. Normally the number of the loans is restricted so you need to rush to avail them. Well other than these, you have an option of credit cards as well. A lot of students employ this method to pay off their college bills. No wonder, it is not that perfect an option yet you can search a little to find suitable student credit cards providing many facilities.

After you are done with your studies, you can always go for loan consolidation option as it can help you decrease the payments every month. However, the only negative side of this option is that it can make you pay big sum of interest because of extending the time span.