Personal Loan Blog

- Annie Mary Adams, with beads of sweat on her brow and dirt-caked gardening gloves on her hands, takes a deep breath and points past her meticulously groomed Kennedy Heights yard and frowns.Its running down our neighborhood, she said.

The vacant, two-story white house at Zinsle and Coleridge avenues doors from her home is one of about 200 foreclosed properties that are subjects of a civil lawsuit the city of Cincinnati is pressing against two banks.

Q: As a college student with some bad credit history, who is unable to secure a private student loan, and unable to find a cosigner for a student loan, are there any guaranteed student loans without cosigner to apply for?

A: “Guaranteed student loans without cosigner” do not exist in the private student loan sector. Private student loans are based upon the credit history and credit standing of the borrower, the borrowers cosigner, and/or a combination of both. It is standard practice for private student loan lenders to use a borrowers credit as a way to determine risk, and therefore there is not a lender who would be willing to offer “guaranteed student loans without cosigner” to every individual that applied. This is not to say that it is impossible to find a private student loan lender willing to lend to a borrower with bad credit, however this scenario would be rare (without the help of a creditworthy cosigner), and the loan would likely come with extremely high interest rates.

The only guaranteed student loans without cosigners are federal student loans. Most federal student loans are not based on credit, but rather on an individual financial need. With federal student loans there is no guarantee that the borrower will get the full amount of money they need to cover the costs of college, however it is likely that the borrower will qualify for some federal student loans, and will not need the help of a cosigner to do so regardless of their credit history. Federal student loans are free to apply for and can be applied for by completing a FAFSA.

- MORTGAGE troubles won’t necessarily shut you out of the housing market forever.As the economy and real estate market continue to struggle, millions of Americans have lost their homes through foreclosure, short sale or a deed in lieu of foreclosure .

Even if you think you never want to own a home again, clean credit is important. Bad credit can make it more expensive to rent. In some fields, especially financial services, it can make it difficult to find or keep a job.

How much is your 5-year-old’s auto loan?

Identity thieves are increasingly targeting young children, reported the Baltimore Sun on May 29. Thieves are using minors’ stolen details, including Social Security numbers, to open accounts for credit cards, mortgages and auto loans.

Things have gotten so bad that the Federal Trade Commission (FTC) and the Department of Justice are planning to host a forum on child identity theft next month. The FTC says that 8 percent of all identity thefts reported last year concerned people aged 19 and under, but the Sun quoted one of the FTC’s attorneys who suggested that “may be just the tip of the iceberg.”

So how can you help your daughter or son’s identity from being used for thousands in auto loans and other debts? Guard your kids’ personal details, and especially their Social Security numbers. Don’t give them out to everyone who asks without querying whether they really need to know.

Auto loans delinquencies hit new low

The day after last week’s auto loans news blog on subprime auto loans was posted, TransUnion published a press release that supported the general thrust of the story. The rate of delinquencies for auto loans (people falling 60 days or more behind with their payments) was, during the first quarter of 2011, at its lowest for 12 years–ever since TransUnion first began tracking this measure back in 1999.

This news should be encouraging to investors. If investors pile into the auto loans market, lenders may find it easier to extend the availability of car credit to borrowers with excellent or fair credit histories.

Auto loans constantly evolving

The speed with which the auto loans environment has evolved over the last few years has been evident and bewildering. But the changes have mostly concerned availability and interest rates. The loans themselves have remained pretty much the same.

However, it seems that things used to be very different. as evidenced by this ad in the Tuscaloosa News of June 25, 1939–more than 70 years ago. The advertiser was the National Credit Company, and the copy read: “Auto Loans. Reasonable Rates. 10 to 12 Months to Repay.”

Ten to 12 months? Wow. Imagine how few replies such an advertisement would receive today. Surely cars were, in real terms, more expensive back then, weren’t they? How could anybody (and, yes, many fewer owned cars back then, but even so) afford such short-term loans? Your blogger is at a loss, but if you have any ideas, please do leave a comment below.

Quotes for auto loans

Luckily, financing a car today today is much more affordable, with longer terms. If you’re in the market for one, use this site to find competitive quotes for auto loans.

Why do debt consolidation services become so popular? Although shopping has become much easier with the help of plastic money and it is much easier to travel, as you just bring money on your person, but it also made the burden of keeping track of each transaction on credit card more difficult. Not every person can pay the due amounts and other severe penalties that are imposed with interest to cover the cost of unsecured debt for a longer period. In addition, companies create an entire float in your life calling you again and again. Taking a debt consolidation program can bring you peace once in your life and eliminate debt forever.

You should be curious about any program of debt consolidation you want to join to avoid falling into the wrong hands. Always inquire about the cost of debt consolidation program you are interested in ensuring that you can handle it. Be sure to find the length of time you have to repay the loan before registering so that you will not take on something you can not manage. The wrong choice can make the situation much worse.

The process of applying for debt consolidation is fast and easy. You can first fill out a free application form for debt consolidation program when you want to apply for debt consolidation. Once the lawyer of a debt relief agency has contacted you, know that you are on your way to get a loan!

There are also people who used to think they will never get out of debt, but now they enjoy complete financial freedom. The goal of debt consolidation agency is to provide expert advice, relevant information, and financial resources to help you reduce your overall debt and stabilize your financial life. While there are many options to solve your debt problems these solutions must be valid for the situation you have.

When choosing a college or school, understanding and evaluating the school’s financial aid information is highly important. In addition to evaluating the schools quality of education, prospective students (and/or their parents) should always review a schools financial aid policies and procedures, and make certain to have all of their financial aid questions answered before making a commitment to a particular school. Below are some financial aid questions students should have answered by all prospective schools:

Is the school accredited? The U.S. Department of Education requires that schools be accredited to participate in federal student aid programs.

What is the school’s loan default rate? Students may not be able to get financial aid from some federal financial aid programs at a school that has a high default rate.

What financial aid assistance is available for students attending this school (including federal, state, local, private, and institutional financial aid programs)?

What are the schools deadlines and/or procedures for submitting applications to each available financial aid program the school offers or participates in?

What is the schools criteria for selecting financial aid recipients, and what is the process for determining financial need, as well as the type and amount of financial aid assistance in your financial aid package?

What is the schools process and timeline for dispersing financial aid awards to their students?

What is the schools satisfactory academic progress policy? Students who fail to meet this may not be eligible to receive financial aid from some federal financial aid programs.

What is the schools tuition refund policy and return-of-aid policy?

Where is the schools financial aid office, what are the office hours, and what are the procedures for scheduling meetings and/or counseling?

Here are five simple steps that could help you get a better deal on your auto loans.

1. Find out what your credit report says

The interest rates that are offered on auto loans are closely linked to borrowers’ credit reports and credit scores. The worse your report, and the lower your score, the more you’re likely to have to pay.

Before you think of applying for auto loans, get hold of a copy of your report. According to the Federal Trade Commission, you’re entitled to one free annual credit report, and the only authorized source for that is the website, AnnualCreditReport.com. Other websites may offer free reports, but they’re likely to be promotional incentives to sign up for a continuing (and paid-for) credit monitoring service. Of course, there’s nothing wrong with these in principle, if that’s what you require.

2. Fix your credit report

Companies that say they can fix your credit report are generally lying. However, there are often things you can do yourself that may remove blemishes and bump up your score.

To begin with check for errors. According to IndexCreditCards.com up to 70 percent of all credit reports in America contain one or more mistakes, and it’s important to fix these. That link (along with this one from the same site) provide advice for how to go about doing so.

If you have blemishes on your report that aren’t errors, then cherry-pick any that are possible to fix before you begin applying for auto loans. Last month, Fox Business suggested settling any small debts that have been passed to collection agencies, and bringing any delinquent credit cards up to date. Of course, you can only do what you can, but proving to prospective lenders that you’re taking your situation seriously, and have turned a corner, can improve your chances of approval, and sometimes shave the interest rate you have to pay.

3. Make the lender love you

Fox Business also recommended trying to scrape together as big a down payment as you can manage. Anything over 20 percent is likely to make the lender see you in a more positive light. At the same time, prove that you’re taking the borrowing process seriously by having ready the necessary paperwork. Have to hand a current utilities bill, your driving licence, a recent pay stub, and anything else that might support your application.

4. Don’t rely on your dealership

Of course, there are plenty of honest and principled dealers out there, but there are also plenty of scam artists (see Auto loans and beyond: five common car dealer scams). And you can’t tell which is which, just by looking. To be safe, arm yourself with quotes for auto loans before you set foot on the dealer’s lot. If the salesperson can really beat what you already have, then fair enough. Otherwise, go with another lender.

5. Shop around

Not all lenders have the same policies and criteria, and you might be surprised by just how different the rates you’re offered may be. So shop around. You can begin by obtaining quotes for auto loans on this site.