Tuesday, January 15, 2008

How to Get a Same-Day Personal Loan

Introduction

Also known as a "payday loan" or a "payday advance," a same-day personal loan is often used as a short-term fix for times when unanticipated expenses leave you short until your next paycheck. They are generally available through payday loan companies and a wide variety of online lenders.

Instructions

Difficulty: Moderate

Get a Same-Day Personal Loan

Things You'll Need

  • Proof of employment
  • Earnings statement (pay stub, monthly invoice, etc.)

Steps

1

Step One

Find local payday loan companies in your community. Call each of them, asking if they offer same-day loan services. You should also inquire about their interest rates, repayment terms and any other fees or penalties that may apply.
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Step Two

Ask the lender what kind of documentation they need from you in order to process your loan application. Generally, you will need a minimum of photo identification and a paycheck stub or income invoice to prove that you have a regular job and that you are who you say you are.
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Step Three

Request only the bare minimum amount of money you'll need to cover your basic expenses. A same-day personal loan is charged at astronomical annual interest rates, and the more money you borrow, the more money the loan will cost you.
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Step Four

Read the fine print on the application. If you're unsure about any of the terms, ask for clarification. Avoid dealing with any lenders whose terms give them the ability to access your bank account and seize your funds.
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Step Five

Investigate your online options. A same-day personal loan will generally be for a relatively small amount of money, with a maximum of a couple thousand dollars, depending on the lender. Some online lenders who offer same-day loans of modest amounts of money may deposit the funds directly into your bank account after you application has been approved.
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Step Six

Pay the money back as quickly as possible. If you need to get another same-day personal loan in the future, deal with the same lender. You might get a break on terms, or access to a larger loan amount. However, it is recommended that you avoid getting same-day personal loans unless they're absolutely necessary.

How to Get a Reasonable Rate for a Family Loan

Introduction

You want to get a bank loan so that you can take your family on a much-needed vacation, but you want to get a reasonable rate. After all, vacations are expensive enough without being charged an exorbitant interest rate on top of it. Here's how to go about getting a reasonable rate for a family loan.

Instructions

Difficulty: Moderate

Steps

1

Step One

Know your credit score. Finding a reasonable loan rate is a function of your credit score. If you know in advance that your credit score is not good, it is best to do what you can to increase your credit score before applying for a loan.
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Step Two

Use your own bank. If you've established a relationship with your bank, your chances of getting a better rate are better than from a bank you do not have a relationship with. Many banks offer rate discounts if you have more than one account with them.
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Step Three

Offer collateral or security. If you use your home as collateral, you will get a lower interest rate. Your loan will not be as much of a risk for a bank if they have something they can use as collateral.
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Step Four

Shop around. Before you sign on the dotted line, be sure to shop around. Keep in mind, however, that if you are going to shop around, your window of opportunity is limited. You do not want several banks pulling your credit rating over a prolonged period of time. It will only cause your credit score to drop.

How to Get a Personal Student Loan

Introduction

Financing your education can be just as tricky as getting accepted into college. Fortunately, there are scores of lenders out there who have the cash you need to pay for school. If you need to get a personal loan to cover tuition, books and living expenses, you'll need to spend some time considering your many options.

Instructions

Difficulty: Moderate

Get a Personal Student Loan

Things You'll Need

  • Proof of college admission
  • Cosigner (may be needed)

Steps

1

Step One

Draw up a budget. Counting your own personal savings, contributions from your parents and federal and state loans, determine how much you'll need to borrow elsewhere each academic year.
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Step Two

Have your parents approach the financial institution where they bank to see what kind of student loan programs are offered. Unless you're a self-sufficient adult with a good credit history who is returning to school relatively late in life, you'll need a cosigner. Your cosigner is more likely to get good loan terms from a bank he's been dealing with for years.
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Step Three

Check online for loans specifically designed for students. Many lenders who specialize in student loans offer very competitive packages, some of which may not charge much more than a point or two above the prime interest rate.
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Step Four

Do a close comparison of the loan terms. Frequently, student loans do not come due for repayment until you have been out of school for a specified period, usually 6 months. However, just because you don't have to make payments until 6 months after your course of study has ended, interest accrues on your loan from the first year you borrowed money.
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Step Five

Have your school complete any enrollment verifications you need in order to get your loan processed. If this is necessary, it will usually require a trip to your college's office of admissions or to your academic coordinator or supervisor's office.
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Step Six

Plan your academic year's finances around your loan disbursements. Students often receive part of their annual loans at the beginning of the school year and the rest at a later date. Don't get stuck short of cash because you didn't get your loan disbursement dates right.

How to Get a Personal Payday Loan

Introduction

To make ends meet during those times when you're left short until your next payday, you can get a personal loan from one of the many lenders in your city or online. They generally offer small loans--usually $1,000 or less--at relatively high interest, which will come due on your next payday.

Instructions

Difficulty: Moderately Easy

Get a Personal Payday Loan

Things You'll Need

  • Checking or savings account (needed for online loans)
  • Personal identification and proof of address (needed for in-person payday loans)
  • Earnings statement
  • Proof of employment

Steps

1

Step One

Find a lender. Businesses that cash checks without holds and charge a commission for the service usually offer payday loans. Call the various lenders in your city, comparing interest rates, fees and any penalties that apply to defaults or late payments.
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Step Two

Head online to broaden your options. Dozens and dozens of payday loan companies have set up shop on the Internet, featuring fast approval and quick, direct deposits into your regular checking or savings account. However, it's a good practice not to be in a rush when selecting a payday loan company, as you're advised to check them out with the Better Business Bureau or your Attorney General's office before borrowing money from them.
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Step Three

Gather the information you need to apply for the loan. Some online lenders may require you to fax in a copy of your pay stubs or earnings statements, while others may not (and will charge a higher interest rate for the convenience). Virtually any lender you'll deal with in person will want photo identification and proof of address, in addition to a pay stub.
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Step Four

Undergo the requisite credit check when you apply for a payday loan. There might be an additional fee to cover the cost of this check, which will most likely be applied to the total loan amount.
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Step Five

Make sure you understand the repayment terms. Generally, you are expected to repay the full amount of the loan, plus interest, on your next payday. To avoid any penalties as the result of miscommunication or misunderstandings, read the fine print on any loan agreement you sign.
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Step Six

Repay the loan in its entirety when you receive your next paycheck. Should you ever need to get another payday personal loan, it is a good idea to deal with a company where you've already paid one back without incident. You might be able to get a lower interest rate or a higher loan amount the next time.

How to Get a Personal Injury Loan

Introduction

A personal injury loan is a type of cash advance specifically designed for individuals who have suffered significant injury as the result of the negligent actions of another, but cannot afford to pay lawyer fees to initiate legal action.

Instructions

Difficulty: Moderately Challenging

Get a Personal Injury Loan

Things You'll Need

  • Clean criminal background (may be needed)
  • Current personal injury claim, lawsuit or legal action
  • Legal representation
  • Good credit (may be needed)

Steps

1

Step One

File your personal injury claim.
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Step Two

Get a lawyer who will agree to represent you in court. Have him put his willingness to argue your case in writing, as you'll need to present it to the lender.
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Step Three

Find a lender who specializes in providing lawsuit cash advances, particularly for personal injury cases. You may need to do significant research online to find an appropriate lender, as most banks and credit unions do not offer this type of loan.
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Step Four

Search for a lender who won't require you to start paying back the loan until your case is settled. Some lenders, but not all, offer these repayment terms.
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Step Five

Keep in mind that there are personal injury loans available that won't require you to pay back the money if you don't win the court case. Again, not all lenders offer these terms. Seek out those who do.
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Step Six

Contact the lenders you've identified as good candidates. Find out the specifics of what is involved with their application processes. Generally, the minimum you'll need to qualify for a loan application is a clean criminal background and a current personal injury claim.
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Step Seven

Apply for the loan, keeping in mind that the lender may need to contact your attorney for the particulars of your personal injury case. You may need to authorize the sharing of this information. The lender will assess your application based in part on how likely you are to win your lawsuit.
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Step Eight

Expect a credit check to be required as part of the process. A poor credit history may be grounds for the rejection of your application.
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Step Nine

Arrange for the loan money to go directly from the lender to your attorney. You can get ongoing financial assistance with some personal injury loan programs, as lawsuits and court cases frequently stretch out over long periods of time. Work with a lender who will provide ongoing assistance if it becomes needed.