Selasa, 17 Maret 2009

Internet Banking - Easy and Fast Mode of Making Transactions

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By Simon Crerar

Banking had always been a profitable mode of savings for people. Unlike the earlier days, when most people used to hoard money at their home or hide them, banking has opened up a wider scope for people. Infact, it has also become highly profitable because of the fact that, other than providing a scope for saving, it also provides enough returns in the form of interests. But, anyone who wishes to withdraw or deposit cash, has to wait for long hours which turns out to be monotonous as well as tiring. Keeping this in mind, various banks have come up with online facilities, that have made transactions easier and faster.

Having a current account in any of the online banks is very convenient for banking transactions. It is not only safe but is also easy to process and assists in faster processing. In fact, in order to avail the advantages of such transactions, it is necessary to have a valid account. It assists in performing all types of transactions like money transfer from one account to the other, wire transfer, paying necessary bills as well as applying for bills. It is no longer required to visit banks to open a savings account or apply for loan. All these transactions can be easily done directly from the internet, by just logging into the website of famous banks. What is most convenient is the fact that, it can be directly done from the desk. All you need to do is, fill in your requirements along with necessary informations. Through internet banking, clients are exposed to a large number of banks, which give them the choice as well as exposure to choose and compare which bank is best suited for them.

Other than opening current accounts or saving account, various other transactions can also be done through the internet. In fact, various banks have come up with alert procedures. It keeps you informed about your current account balance. You are also sent regular e-mail alerts to help you control your money transactions. What is more advantageous is, it does not require any paper work or other complex formalities. It also provides quicker access to your statements. Next, is the self service capabilities. With this facility, the client can stop payment requests, request check cards and can also change his/her login Id and password.

Online banking is considered to be a safer mode of transaction for any client. This is because every account holder has their own password and log in Id's that can be only accessed by him or her. Even, it is unlawful on the banks part to give away personal information to anyone, even after you withdraw your services from the bank. Other than this, comprehensive measures are taken to protect customer data. Such transactions also assists in online loan applications. The borrower can get detailed information about loan rates as well as compare them with others, in order, to avail cheapest interest rates. In India, a number of banks have come up with online facilities. For example, HDFC, Standard Chartered, ICICI Fixed deposits, SBI term Deposit and many more.

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Applying For a Credit Card is Easy!

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By Roger Stein

As of today, there are hundreds of different credit cards. Cards are an excellent way to help an individual build a sturdy line of credit history. A credit card is a card that provides an individual with a set amount for a spending limit. The individual can use it to pay for whichever items they see necessary, wherever it is accepted. Once the individual has charged items to their line, they are required to pay back money to the line each month. They are handy to pay bills, make purchases, shop online, or shop over the phone. Some cards provide an option to let the owner receive a cash advance. If you are interested in obtaining one, there are numerous options and providers you can choose from.

To obtain a card, you need to find a provider or issuer. Once you have decided which provider or issuer you would like to apply with, you can begin the application process. Providers allow interested parties to manually fill out a traditional application. However, most also provide interested parties with the option to receive instant approval notification by logging on to their website and going through the application process over the internet. It is important to be aware of the fact that if you manually complete an application it is likely that you will not receive a notification about your approval status for ten business days or longer. Online application processes provide you with an approval status in just a few moments after completion.

The application process only takes a few minutes to complete online. In most cases, the application process requires you to input personal information such as your full name, social security number, address, place of employment, monthly income, yearly income, phone numbers, among other information. Once you enter all of your personal information that the credit card website prompts you to input, you are ready to submit your application.

Once you complete the application, you can click submit to receive your approval status. The approval status will take a few moments to appear. You will then receive an answer of approval status. If you are approved to receive a credit card, it will take seven to ten business days before you receive your credit card in the mail.

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By Carney Alden
A car is no more a dream for you. Anybody can afford it and finance is not a problem for that. Of late, low rate car loans are available in the market. You can finance any car with that; new as well as used. So, stop dreaming and become an owner of a four wheeler that you always dreamt of.

Low rate car loans are made available for all. So, it is meaningless whether you have a home or not. Available in both secured and unsecured loans, these loans are helping all. If you are ready to use a security against the lending amount, secured option is the best choice for you. Otherwise you can always enjoy the unsecured option.

Low rate car loans help people to get 90% finance. These loans are available for 2-7 years; though the lending amount always matters to decide it. When it comes to the down payment option, it can be said that down payment always enables borrowers to lower the rate of interest.

Do you have a bad credit score? Are you suffering from the problems like CCJ, IVA, arrear, default or bankruptcy? Do not worry! You can always avail low rate car loans despite your credit difficulties. Make some research and try to opt for the secured option and see how your car loans do wonder with low rate option.

You can find a number of websites offering lucrative deals on low rate car loans. Go through those sites, collect their quotes, and compare them. Ultimately, you will be able to get a better deal that will be absolutely your pocket soothing. Furthermore, with the online option, you can enjoy all-time application facility and for that neither you need to spend nor you need to face the hassle of extra paperwork. So, be the owner of your dream car with low rate car loans.

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Kamis, 12 Maret 2009

Loan Modification Basics

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By Sonny Collova

Most homeowners will qualify for a loan modification or workout plan. President Obama's office estimates that up to nine million homeowners could benefit from a loan modification or workout plan. Modifications are just as good for the mortgage lenders and banks as they are for homeowners. Lenders are able to turn bad defaulted loans into good performing loans.

A loan modification is a change or modification of any of the original terms found on your note. If you have an adjustable rate note you could get it modified to a fixed rate. If you have a fifteen year note you could modify it to a thirty year term cutting the payments by up to thirty percent or more. These are just a couple of common examples. The possibilities are endless as to what new terms can be negotiated with your lender.

How do I find out if I qualify for a loan modification? If you are struggling with your payments, have an adjustable rate mortgage or you will be struggling with payments within the next six months and you can afford to make reasonable ongoing reduced payments to your lender them you most likely qualify for a loan modification. The only way to be sure is to ask your lender in writing for a loan modification or loan workout plan.

Mortgage loans are not the only types of loans that can be modified. Credit card lenders have always modified terms in order to collect on an account. Car lenders also routinely modify their borrowers loans temporarily. Any loan can be modified.

A loan modification must make sense and benefit both the lender and the borrower. The main benefit to the borrower is a payment and or interest reduction so they can afford to keep the home and will not be forced to sell, short sell or foreclose. The lender benefits by being able to collect monthly payments from a borrower who was not previously paying or was at risk of not being able to pay.

You can do your own loan workout or hire a reputable company to represent you and process your request. The success ratio for homeowner workouts is about 30% and about 70% when using a professional.

The modification application package will include the same documents you would use to apply for a new loan. It will also include your story or hardship letter explaining why you cannot afford the present terms on your loan and what type of repayment plan you could afford.

The basic steps are about the same both for professionals and borrowers.

The first step is to contact your lender. It is best to do this in writing via certified mail. You should say why you cannot afford your payments and request a loan modification or loan workout.

If you are current on payments then send a letter to your lender's correspondence address

If you are in default then send it to the loss mitigation or collections department

If you are in bankruptcy then you need to send it to the bankruptcy department

Step two is to make sure you get a response letter from your lender acknowledging your request and send the information they request via certified mail. If you do not get a response then call and send letters until you do. If you are current you could wait till you default and then resend your request this will defiantly trigger a response.

Step three is to review the lenders proposed modification and make sure you can afford what is being proposed. If you cannot afford then do not accept. Contact the lender and continue to negotiate until you get a payment you can live with.

The final step is to sign in front of a notary all of the documents and return to the lender for recording.

You should not expect payments on a mortgage modification to be below the cost of the lenders money. So if you have an adjustable rate based on the six month LIBOR index look it up and determine what rate the index is at now. Then add 2.5% to 3.5% to that rate. This is what you should expect from your loan modification. For fixed rates you could use the Fannie Mae sixty day rate found on efanniemae.com or just use the LIBOR plus 2.5%. In conjunction with a lower rate a longer term can also be used to lower the payment if lowering the rate is not enough.

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Secured Loans - Cream For the Borrowers

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By Johny Elson

The money market is flooded with a variety of personal loans. Now which one suits you the best, depends upon your conditions and requirements. The most familiar one is the secured loan which the lenders have been offering for a couple of last decades. These are the personal loans which can be approached either in person or online by the borrowers.

Benefits of the secured loans

Secured loans entertain the borrowers with a series of benefits. These are:

1. You will have to pay very low interest rates. 
2. A loan amount of £5000 to as high as £75000 can be raised easily. 
3. Loan can be accessed for a long time period which generally ranges between 10 to 15 years. 
4. The repayment options for the secured loans are as per your ease. 
5. You can go for a bunch of personal expenses out of these loans.

Therefore, the secured loans have become the first choice among most of the borrowers in UK. Side by side, the lenders also feel safe to issue such loans as they are having any personal asset of the borrower with them as a collateral security. In case, the borrower commits any fraud, that asset can be sold off and the loan amount can be generated back. This makes the lenders feel free to sanction such loans for as long period as the borrower wants depending upon the value of the security. Even the credit worthiness of the borrower is also ignored by many of the lenders.

Furthermore, the borrowers can also go for a payment protection plan which is simply an insurance of the payments you make to the lenders as installments of loan and interest. The advantage comes to you when, unfortunately in future you fail to pay back your amount of secured loans due to any mis-happening. So, you are fully secured by these loans.
John Elson master in Business Administration. He has been worked over 10 years

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Find Your Loan Even With Bad Credit

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By Bryan Burbank

It can be a difficult time for you to find a loan because many of the banks are not lending much money.  Even if you have bad credit is possible that you can find a lender that will give you a loan, so don't worry.  One of the best ways to get a low rate on your loan is too of course have good credit but if this is not an option for you then make sure you check around to get the lowest rate possible.  You may want to consider trying to raise your credit score before you apply for a loan and the best way you can do this is to try to pay off your credit card balances.

During these bad economic times, many of us have taken a hit on our credit score and this creates an issue when we go to get a loan for a car or a house.  Thankfully, there are many options available to you so that you can still get a loan even if you have bad credit.  If you want to get a really low interest rate on your loan than your best option is to weigh and work on lowering your credit score before you apply for a loan.

Remember that there are many options when it comes to getting a loan, and even if you have bad credit there are possibilities out there for you.  You will of course pay a higher interest rate when getting a bad credit loan, but at least you will be able to get the money you need to purchase a car or a house.  If you want a lower interest rate then you should work on getting your credit score lowered before you apply for a loan.

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Business Finance Misinformation and Confusion

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By Stephen Bush
Confusion about commercial loans and working capital financing seems to be increasing despite efforts by the federal government and commercial lenders to suggest that there is ample business loan funding. As a result, the actual availability of business financing for commercial finance programs such as commercial mortgages and business cash advances is unclear to most business owners.

It seems apparent that there have been many reports suggesting that normal commercial finance channels are either frozen or extremely sluggish. In reality there are probably more opportunities for commercial loan needs than suggested by such reports. However, increasing uncertainties in financial and credit markets have produced conflicting and misleading information about the availability of commercial financing. For most business owners, it is probably not clear if business finance funding is realistically available to them or not.

In spite of some admittedly bad news, there continue to be to reliable funding sources for commercial real estate loans, working capital loans and especially for business cash advances. At the same time, the current negative economic conditions will prove to be difficult for most businesses. Commercial borrowers should expect that extra efforts will be required to successfully arrange commercial financing. An especially harsh reality for business financing is that many banks have discontinued all or most of their business lending activities, often with very little advance notice.

One common example of commercial finance misinformation distorting what is actually feasible is that some kinds of commercial financing have been more disrupted than others by recent events. Commercial borrowers might be unnecessarily confused by reports that do not refer to all commercial loan situations but rather primarily apply to a very specialized form of business financing. For example, by most accounts commercial construction loans are in short supply currently. Such specialized business loans are not as easily available as they were just a few months ago, and a more accurate accounting would reflect that the number of commercial lenders currently active in construction financing has shrunk dramatically. At the same time, most commercial real estate loans without new construction have not been as severely impacted as funding requests which do involve construction financing.

Several publications have reported that most new business financing requests are on hold or have simply been rejected due to recent financial market uncertainties, and this is another example of how business finance funding reports might confuse small business owners. While the sources for this information might have been honestly told by one or more lending institutions that they are in fact deferring new commercial loan funding, this does not mean that is the case for the entire country. If the discussion involved automobile sales, it would be comparable to concluding that nobody is selling cars anywhere after learning that several major dealers and two manufacturers announced that they were going out of business due to lack of adequate sales. Just because one or more banks fail or stop making business loans, it does not mean that there are not commercial loans available from other sources.

Commercial borrowers would be wise to maintain a cautious perspective in determining how to refinance or obtain small business loans simply because the banking industry has been involved in financial disruptions of an epic proportion. Many banks are sounding and acting like they have been through the equivalent of a train wreck. In such a natural disaster, it might not be prudent for business owners to seek the advice of banks which effectively caused the train to derail in the first place.

Despite reports about limited availability of business financing, some commercial lending activities such as business cash advance programs are actually as active as they have ever been. In the current commercial funding crisis, small business owners should seek a commercial loans expert for a realistic assessment and candid discussion about working capital loans and business finance programs.

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