http://www.loan.com/loans/ Loans involve borrowing money for eventual repayment with a cost involved beyond the original principal. The price of borrowing is generally defined by the amount of interest charged on a loan, but may also include transaction and processing fees. Loans can be taken out for a number of reasons. Some of the most common motivators for borrowing money include such things as purchasing a home or car, funding business activities or paying for college. The sources for loan financing might involve banks, commercial lending institutions and credit unions. http://www.loan.com/loans/what-are-the-tax-penalties-of-getting-a-401k-loan.html A 401k loan is a tool that was developed to give people access to their retirement before they turn 59 1/2. It is designed to give you access as a loan that will be repaid on specific terms. It is similar to obtaining a loan from the bank except you will just repay your retirement instead of a lender. It should not be done frivolously and without a very good reason. Many people worry about the tax penalties and implications associated with a 401k loan. Consider these factors before taking money out of your retirement plan. Are There Penalties? There are... Tue, 03 Nov 2009 15:02:00 -0800 http://www.loan.com/loans/401k-loans-explained.html If you need extra money in a financial emergency, and have a 401(k) plan through your employer, you may be able to use a 401(k) loan rather than applying for a traditional loan. A 401(k) loan simply means you borrow money from your own 401(k) plan. If you pay your loan back promptly, a 401(k) loan can be better than a traditional loan – but if you do not, the penalties can severely impact your retirement savings.  How 401(k) Loans Work If you take out a loan against your 401(k) plan, you will not have to write checks to... Tue, 03 Nov 2009 15:01:00 -0800 http://www.loan.com/loans/how-to-qualify-for-a-mobile-home-loan.html Qualifying for a mobile home loan is not all together different than qualifying for any other type of large loan. You will need to have a loan application that shows you are an attractive borrower based on your performance on past loans, your income and your debt to asset ratio. When you are seeking a mobile home loan, your strategy will be different if it will be your primary residence than if you are using the home as a second residence. If You Have a Mortgage Some people use a mobile home as a second residence. If you already... Mon, 02 Nov 2009 15:12:00 -0800 http://www.loan.com/loans/4-requirements-to-get-a-mobile-home-loan.html Mobile home loans finance the purchase of a mobile home similar to how mortgage loans finance the purchase of a permanent facility. Any time you seek a loan, you will be evaluated on some basic criteria to determine your potential to repay the loan on time. By assuring you meet these requirements, you can guarantee you will find a good loan at a low rate. Good Personal Credit Your FICO score will be the first criteria evaluated for any loan. This is a metric on how you have performed on your past loans, including: making monthly payments, paying off... Mon, 02 Nov 2009 15:11:00 -0800 http://www.loan.com/loans/risks-of-mobile-home-loans.html Mobile home loans can help you purchase your mobile home similarly to how a mortgage assists people in purchasing permanent homes. Mobile home loans are generally smaller than mortgages, making them more affordable for most borrowers. It is even possible to take a mobile home loan to purchase the home and a separate loan to rent or purchase the land where a mobile home will be placed. Also similar to mortgages, mobile home loans come with a unique set of risks due to the importance of having a residency. Minimum Credit Requirements Getting a mobile home loan is not... Mon, 02 Nov 2009 15:10:00 -0800 http://www.loan.com/loans/benefits-of-mobile-home-loans.html Mobile home loans are not value assessed based on their location, since the location can change. Because mobile homes are similar to car loans, they will have many of the same benefits to this type of asset-based loan. Secured Loans are Cheaper Mobile home loans are typically asset-based loans, which mean they are secured against collateral. Similar to a car loan, the collateral that is used is often the mobile home itself. This means the lender will hold the title to the mobile home until the loan is paid off. When a lender can use collateral like this, the... Mon, 02 Nov 2009 15:09:00 -0800 http://www.loan.com/loans/applying-for-a-federal-land-construction-loan.html If you are looking to build your home rather than purchase a constructed home, you may look to a Federal Housing Administration (FHA) land construction loan for inexpensive financing. This loan is only available if you are building on the land with the intention of living in the home yourself. If you are looking for a construction loan to build a commercial facility or other development, you will need to consider other loan programs. With this loan, you will be applying for the construction costs to build the home and not the actual purchase of the land. Basic Loan... Fri, 30 Oct 2009 15:00:00 -0800 http://www.loan.com/loans/the-slow-economys-impact-on-federal-loan-programs.html Federal loan programs respond immediately to a slow economy. Some programs will expand in order to create a stimulus for economic growth. Other programs may reduce in size or even be shut down, if the government does not have the funds to continue supporting the program. Why Some Programs are Cut It is important to remember the government is essentially a large business; it operates on a budget in accordance with its profits each year, which are usually gained through taxes. During a recession, the tax base is paying less, and the government is pinching pennies like every other... Thu, 29 Oct 2009 15:07:00 -0800 http://www.loan.com/loans/how-a-recession-can-affect-your-credit-application.html Loans are harder to secure when the economy is slow, making a good credit application more important in a recession. The right credit application should take into account the factors of the economy at large. The application should show why the applicant is a good candidate either despite or because of these factors. Borrowers who make the mistake of ignoring the economy will not achieve the financing they are seeking. Less Loans Available The first factor to understand when seeking a credit line in a recession is how the larger markets affect each consumer's ability to get credit. Businesses,... Wed, 28 Oct 2009 15:04:00 -0800 http://www.loan.com/loans/is-consolidating-debt-onto-one-credit-card-a-good-idea.html Consolidating debt on a single credit card has both advantages and disadvantages. It might be a good idea in some cases, but not in others. Consider this information about credit card debt consolidation before you use this method to save money on your debts. Why transfer balances? One reason why people choose to transfer balances to other credit cards is to save money on interest. Zero percent APR offers make consolidating debt to another card very appealing. Another reason why people do this is because the other card may have a higher limit. A $3,000 balance looks better on... Wed, 28 Oct 2009 15:03:00 -0800 http://www.loan.com/loans/2-disadvantages-of-a-closed-end-loan.html For a closed end loan there are benefits for the lenders, and disadvantages for the borrowers. While they may be simpler to manage for the lender, and make the most money for them, they prevent the borrower from being able to pay off the mortgage early. A major part of homeownership is trying to pay the mortgage off early, to work out of debt before retirement comes. The less debt you are in at the time of retirement, the better your financial situation will be. Not being able to pay the mortgage off early not only becomes a hassle,... Tue, 27 Oct 2009 15:05:00 -0800 http://www.loan.com/loans/2-advantages-of-a-closed-end-loan.html A closed end loan is a loan that cannot be paid off in full before the maturity date of the loan. Though at first glance it may not seem as though there are any advantages to this kind of loan, there are at least two different advantages from the perspective of the lender. This is why these types of mortgages are offered in both fixed and variable interest rates--to help draw potential borrowers in to have them file a loan application. Lenders know exactly how much will be paid and earned over the course of the loan because borrowers... Tue, 27 Oct 2009 15:04:00 -0800 http://www.loan.com/loans/how-does-the-prime-interest-rate-affect-my-loan-rates.html The national prime interest rate is set by the Federal Reserve to control the flow of money into the credit market. The prime interest rate is what banks charge each other for loans. During a recession, the Federal Reserve Chairperson typically lowers the interest rate in order to curb inflation and encourage borrowing. When this happens, the effects will trickle down to the consumer.  Banks Need Loans to Lend The first thing a consumer needs to understand when considering how the prime interest rate affects a commercial or personal loans is that banks need cash in order to make... Sun, 25 Oct 2009 15:05:00 -0800 http://www.loan.com/loans/credit-union-services-understand-your-options.html Credit union services are similar to what you can find at a large bank, but with a different protocol. While most people are familiar with what banks have to offer, many overlook the credit union. Credit unions are usually small, local businesses that value service. If you are looking for an alternative to your bank, consider the option of a credit union.  Banking Services Federal credit union services offer the same services as large banks. You can get free checking accounts, savings accounts, debit cards, credit cards and loans. Any kind of programs that you can find at a... Sun, 25 Oct 2009 15:04:00 -0800 http://www.loan.com/loans/truth-in-lending-act-know-your-rights.html The Truth in Lending Act has been a federal law since it passed in 1968. It is meant to protect consumers from bad lending practices by setting forth disclosing requirements for terms and costs of the loan. The act is actually part of the Consumer Credit Protection Act. Included in the act is the explicit right of consumers to cancel some types of credit transactions and stop unfair collections practices.  What Does the TILA Apply to? The TILA extends to all businesses and persons who extend credit based on four primary conditions: The credit is given to consumers The... Sat, 24 Oct 2009 15:06:00 -0800 http://www.loan.com/loans/debt-settlement-alternatives.html Seeking debt settlement is a confusing process that often leaves a person feeling isolated and vulnerable. While there are ethical debt settlement companies to use, many companies in this field are looking to take advantage of people when they are in the greatest state of financial need. There are a few things you can do yourself to get out of debt and recover your financial health. Payment Plans The first option to consider is speaking with your lenders directly. Especially in times of a recessed economy, lenders understand circumstances like job loss or medical emergency may affect your ability... Sat, 24 Oct 2009 15:02:00 -0800 http://www.loan.com/loans/how-debt-negotiation-companies-can-help-debtors.html Debt negotiation is a broad term for the many different techniques used to negotiate with current lenders to reduce the burden of loans. If you are in over your head with debt and cannot independently escape the burden of paying, then it may be time to speak with a debt negotiation company. Not all debt negotiation companies are equal, and some will treat you with more respect and care than others. Working with the right debt negotiation can allow you to move forward positively and avoid bankruptcy. Debt Settlement Debt settlement is one option for people who are able... Sat, 24 Oct 2009 15:01:00 -0800 http://www.loan.com/loans/how-to-identify-reputable-debt-settlement-companies.html Debt settlement companies have gained a poor reputation over the years. If you are uncertain about which agency is trustworthy in your search for debt assistance, it is important for you to learn what to look for before deciding. Reputable debt settlement companies are out there, and they have specific characteristics. Consider the following information so that you can best choose the firm that is right for you and avoid scams. Affordable Pricing An expensive service may cause more harm than good. Make sure that the pricing is affordable. Many debt settlement scams will require hefty upfront fees and... Sat, 24 Oct 2009 15:00:00 -0800 http://www.loan.com/loans/personal-loans-for-debt-consolidation-pros-and-cons.html Taking out personal loans for debt consolidation can be a wise decision, under the right circumstances. When you have a lot of unsecured debt in the form of credit cards, personal loans can be to your advantage. However, if you borrow too much money, you might get in over your head. There are pros and cons of each side and looking at your case individually is the only way to determine what is right for your situation. Pros If you have several credit cards, you are probably paying a very high amount of money in finance charges. The interest... Thu, 22 Oct 2009 15:01:00 -0800 http://www.loan.com/loans/consolidation-debt-loan-vs-personal-loan.html You may elect either a consolidation debt loan or a personal loan to assist you in paying off many lenders and getting out from under your debt burden. In each case, you will be entering loan modification as well as taking on new debt. The primary difference in the two options will be the structure of your new loan. Load Modification Loan modification includes refinancing, prepayment, settlement or consolidation. When you consolidate, you are actually engaging in each of these processes. You are prepaying your loans, hopefully at a low lump-sum settlement. You are taking a new loan to... Thu, 22 Oct 2009 15:00:00 -0800