Posts tagged: overnight loans

What Is A Signature Overnight Loan?

Payday loans go by many names, including overnight loans, cash advance loans, and many others. These payday loan companies advertise the ease and simplicity of borrowing money, but the truth is that you get sink into deep financial trouble with a payday loan.

These quick loan companies lend you money for one to four weeks for a fee. Some companies have you write a check with the due date or you will sign an electronic transfer form so they can withdraw the money from your bank account on the due date.

Signature overnight loans vary in amounts from $100 to $1500, depending on your need and credit check. Every company has different policies and they may or may not run a credit check for your approval. Most payday companies decide your approval based on your current and past income.

You can request a roll-over that will add on another fee, but will let you keep the original borrowed for another two weeks. If you cannot pay the full amount back to the loan company on the due date, you will have to pay interest rates that are higher than you could ever have imagined. Some payday loan companies charge up to 700% interest rates on the cash they lend out.

You may have thought your credit card had a high interest rate until you looked into payday or overnight loans. You can usually get a cash advance on your credit card for a much better interest rate than a payday loan can offer you. Be sure to look into other options before taking out a payday loan.

Remember that cash advances or guaranteed signature loans should only be used for unexpected bills, such as a car repair or medical bill. If you find yourself using a cash advance or payday loan to pay for every day expenses you will need to talk to a credit counselor about keeping from dropping into further debt.

If you can’t borrow cash through your credit card, you might consider a personal loan through your local bank or credit union. A personal loan can be used for whatever your need and the amounts are similar to signature overnight loans.

You might wonder why someone would consider using a payday or overnight loan company when the fees and interest rates are sky high. The key word is overnight, and these companies deposit the cash into your account either the same day or the following day.

People choose to use these companies because they are fast. Some payday loan companies advertise that they will approve you in less than an hour of receiving your application.

It isn’t hard to find a payday loan application online either. Most companies use the internet, avoiding paperwork, including faxes, altogether. Remember that these loan companies usually bring on more financial damage than financial help.

Consider other borrowing options before you take out a payday loan and find yourself paying intense interest rates for that few hundred dollars you needed tomorrow. Always remember to be conservative when borrowing and only borrow the amount you need and not more.signature overnight loans

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categories Signature Loan Overnight | , 18 May 08 | comments Comments (0)

Is There Such a Thing as an Overnight Construction Loan?

Construction loans are set up for those wanting to build a new custom home, while still living in their current home. They are short term , usually lasting around one year, and then they are converted into regular mortgage loans when the house is complete.

When thinking about construction loans, it is important to understand the meaning of shopping around. You can save a bundle of money by using a great construction loan officer and shopping around for the best interest rate.

You will want to apply for construction loans with multiple lenders. This will give you an array of choices and you should be able to weed out those companies that are strictly looking for your money in their pocket.

Another important part of securing a good construction loan is knowing how to read the small print. Some lenders may try to get you to lock into a high interest rate when you begin to build your home, even though the rates will probably fall dramatically by the time you move in.

Be aware that a difference in interest rates can have a huge impact in the amount of interest you will pay over the next 30 years. Even a tenth of a percent will have a notable change in the long run.

Your loan officer should explain the small print and help you get the best loan package together. The principal amount of the loan, any savings your decide to use as a down payment, and the current equity in your home will all go towards the loan package total.

It is advised that your loan package total exceed the bid of your new home by 5%. This will allow for any extra building costs that you and your contractor did not expect. You can also get that money back if you don’t use it to build the house.

As your new custom house is being built, the lender is handing out checks to your sub contractor so that they may pay those working on your new house, as stated on the affidavit.

You will be required to make interest payments as your sub draws money from the account. You will continue to make these interest payments until the house is completed and you move in. When you close, your loan will be converted to a regular mortgage loan, where you will make both principal and interest payments.

If you did your job of bargaining well before you began building your home, you should end up with a great competitive interest rate for the complete life of your mortgage loan. There are a few financial risks that come with building a new home, and there is one that is major above others.

If you have an existing home, you will be sitting on two homes while one is being built and the other is being sold. One idea is to sell your existing home before you begin the building process. This way you know exactly how much your existing home will bring in before you get in deep on a new home.

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categories Signature Loan Overnight | , 14 May 08 | comments Comments (0)