Loan against property has come as a boon for borrowers

Loan against property (Lap) has come as a boon for borrowers who need large sum of money to fund their emergency financial needs.If the property is currently not under any mortgage, the process to avail a Lap is simpler as compared to a mortgaged one.You can take Lap as a lump sum amount or as an overdraft account, which lets you draw more than your available bank balance.

Lap was essentially a domain of foreign and private banks.Bankers said that mostly salaried customers take Lap when they need money for marriage or foreign education of kids, when buying a new property or to fund their business needs and to pay off debt. Make sure that you repay loan on time. If you don’t, you run the risk of losing the property you pledge.

Guidelines for your Personal loan

Personal loan is one of the loans offered by banks or financial institute to its customer. Lending company charge small interest for the loan offered to its customers. If you systematical plan, you can get your personal loan easily. Following guidelines help you to get personal loan easily from your lender or lending company.

• Kind of Loan: Banks or lending company offers secured loan and unsecured loans. Secured loans are risk free for lenders and lending company  accepts security against the loans offered to borrowers. Unsecured loans are provided considering the repayment capacity, income and credit history of borrower. You have to choose the right kind of personal loan that can be affordable by you or suits best for you.

• Best deal: Contact as many lenders as possible before you decide or choose a lender. Making research and bargain with each lender will help you to find best deal for you. This will enable you to get best from your lending company. Know the rate of interest and penalties for late payment or fines on default charged by each lender or bank. Select or approach lender or bank that offers best for you.

• Documents and down payments: Know the details of documents required for getting your loan sanctioned. This will help in easy documentation and submit or keep your documents ready for verification. While applying for loan, you will have to pay down payment of 10 to 20 per cent of your loan. Keep the same ready and paying maximum down payment will help you bring down interest charged by your lender.

• Improve credit rating: Make prompt payment of loans and advance in each month will help you to improve financially. Prompt payment of loan enables you to payoff you debt and improve your credit history. Prompt payment helps you to get more loan or financial assistance in future.

Banks and financial institutes offer personal loan to improve credit history or meet immediate requirement of a borrower. Personal loan are expensive when comparing to other loans or advance. Consider taking loans from family or friends before applying for personal loan. Personal loans must be last resort. Plan you financial and use personal loan to clear your debts or to meet immediate and emergency requirement.

Loans For Unemployed or People With Bad Credit History

Banks and financial institutes offer loans and advance for borrowers or customers with good credit history and ability to repay the loan. Most lender rejects application of borrowers with bad credit history or people who are unemployed. Money is important to meet day to day expenses. Unemployment and bad credit history becomes a curse when applying for a loan.

• Secured Loan: If you are unemployed or have bad credit history but you have collateral security like vehicle, home or other securities, banks and lending companies will come forward to help you. You will have to keep your property or security as collateral security against your loan.

• Family Loan: In case you are unemployed and your credit history is not worthy for getting a personal loan, you need to consider other source. One of the important sources of fund is loan from family or friends. Family loan or loan from friends and relative helps you to overcome current financial situation and built good credit history in short period of time. But you need to make prompt payment. This will help you to get future assistance from family and friends.

• Doorstep Loan: Doorstep Loan is loan available from private lender for higher rate of interest. But this becomes good source of fund or money to meet your immediate requirement and come out from financial problem. These loans are available for short period and rate of interest is comparatively high.

• Online Lenders: Fund or loan from online lenders is another source of personal loan. There are number of websites where lender offer loans and advance for affordable rate and flexible repayment period. You need to just fill online form and fund or amount will be transferred to your account. You need to make more research and choose the lender who offers maximum repayment period and low rate of interest. While applying online loan, you must take precaution as there are spam lenders who make offer to know your bank account number and financial details. This will lead you to bigger debt trap. Make good research and take precaution steps.

• Consolidate debt loan: Consolidate debt loan is loan available for people with bad credit history. Consolidate debt loan helps to consolidate all your loan and payoff with new loan. Consolidate debt loan is process of getting new loan to pay off existing debt and consolidate debts under single lender. This helps you to improve your credit history.

Loan Protection Insurance for Your Loan

Insurance plays vital role which cover your business risks or valuables. There are number of insurance scheme for different purposes such as theft insurance, fire insurance, car insurance, insurance for your home appliance and valuables etc. Loan protection insurance cover your loan when you loss your job or disability due to accident or sickness.

Loan protection insurance

Loan protection insurance or loan payment protection insurance is insurance that help you to make prompt payment in case you loss your job, met with accident or sickness. These insurance will be typically used for protecting your loans such as home loans, car loans and even for protecting your personal loan. Under a loan insurance cover, your loan insurance amount reduce as the outstanding loan decrease as per your loan schedule. Loan protection insurance will be offered by your lender or financial company as a part of your loan where they can earn a marginal commission on each policy sold.

Types of loan protection insurance

There are two types of loan protection insurance, standard policy and age-related policy.

• Standard policy disregards gender, age and occupation. Policyholder can decide what amount of coverage they needed. Maximum coverage is for 24 months and it does not pay until after the 60 days exclusion period.

• Age-related policy determines cost according to policyholder age and amount of coverage policyholder requires. Maximum coverage for this type of policy is 12 months and policy is only offered in Britain.

Loan protection insurance is optional

Loan protection insurance is not required for approval of your loan. Some lenders or companies make you believe this. Like any insurance you will have to pay insurance premium and premium amount vary from bank to bank or policyholders’ age, health condition and profession.

It is only to cover your loan in case you loss job or in financial trouble which makes you to default your monthly payment. Make sure you read terms and condition before having insurance for your loan. Check what does loan insurance cover, eligibility of insurance and whether medical checkup required or not etc.

Getting Unsecured Loan for Borrowers with Bad Credit

Banks and financial institute offer loans and advance for their customer having good credit history. If you have bad credit history you need to keep some collateral security against your loan. It is very difficult for bad credit customers to get a loan unless he has some collateral security. The interest rate will also be more than customers with good credit history.

You may find very frustrated with bad credit history. This will destroy you financially and you may see your future going down. But do you know there are some financial institutes or lenders who offer loans for borrowers with bad credit history. They offer loan for borrowers with bad credit history realizing that by not giving loan for borrowers with bad credit history, they are excluding a huge sector of the market or business.

You can improve your credit history by combining income of your spouse or children or relative to improve your repayment capacity. If you are fed up with “No” of banks and financial institute, just search in internet for unsecured loan. There are number of lenders and some lenders only concentrate to give loans to borrowers with bad credit history.

When applying for bank loan, remember not to choose first lender you come across. You need to search for more lenders and choose the best deal. When applying for unsecured loans you need to know why the lender is actually offering you money. Do not apply for loan unless you feel comfortable with. Remember there are some scam lenders who offers small amount to know your bank details and trap you in bigger trouble. When choosing a bank or lender, choose the bank which has good history and are comfortable to deal with. Before you sign or apply for loan, know the terms and conditions, processing fee and penalty charges, interest rate, tenure period, monthly EMI etc.

Other chance for getting personal loan is presenting down payment and processing fee for the loan. This will add an impression that you are currently having capacity to pay monthly EMI. Co-signer will also help you improve your credit history, lender sees that your co-signer is having good credit history and if you fail to repay the loan, co-signer becomes accountable. Thus, lender will show interest to provide you loan. Presenting co-signer helps to boost your chance.

Reference:

Lenders for People with Bad Credit

bad credit loans

Know your personal loan

Debt Consolidation Loans for Improving Your Credit History

Banks and financial institutes play vital role in providing loans and advance to its customers and help to meet immediate requirement. Some banks offer loans to pay off other loans or debts. Debt consolidation loan is similar loan which helps borrower to clear their debts and bring down the monthly EMI rate.

Debt consolidation loan is taking one loan to pay off many other loans or debts. Debt consolidation loan helps to eliminate your number of creditors and improve your credit history. Debt consolidation loan is also available to borrowers who has bad credit history or is in danger of bankruptcy.

Suppose you have taken loans from different banks for different purpose such as Personal loan, vehicle loan, home loan, credit card dues etc and the interest rate of each will not be affordable by you. This will put you again in financial trap. Debt consolidation loan helps you to pay off all loans with your single loan and interest rate will be comparatively lower and get more time for repayment of loan.

Debt consolidation loan can be either secured loan or unsecured loan. Banks needs no security and guarantor for unsecured loan. You can payoff your debts and eliminate creditors from your credit history. This helps to improve your credit history and the monthly interest for current loan will be lower than previous loans.

Personal Loan Made Easy With CF2009

Personal loan is loan available for personal use which needs no collateral security. You can get loan for any personal use from buying household items to making trip for your world tour. CF2009 has made easy availability of personal loan with cut down in processing fee to 50%. CF2009 played vital role in helping borrowers to get personal loan easy and processing fee is half rate comparing to other borrowers.

What is CF2009?

Citibank offers 50% discount in processing fee for Commonfloor users. Bank offers personal loan at your door step within 48 hours. CF2009 is reference code to enable you get the offer. All Commonfloor users can avail this offer by referring code CF2009 when applying to personal loan.

Why CF2009 for personal loan?

You can enjoy 50% discount on processing fee when applying for personal loan at Citibank. You can get up to 15 lakhs. Documentation of personal loan at Citibank is very simple and easy. You need no guarantor or security and you can get flexible repayment option which suits your need and income.

How can I get this offer if I am not a Commonfloor member?

It is very simple, if you are not a Commonfloor member, click here CF2009 will provide easy personal loan and 50% on processing fee when comparing to other non members. Citibank offers following terms and condition for personal loan.

Make Your Dream Come True With Easy Personal Loan

Personal loan is available without any collateral security and with easy repayment option. Now you can owe or enjoy trips with your personal loan. Personal loan is easy like opening a bank account. Get a personal loan and make your dream true.

How can I get a personal loan?

Personal loan is easily available and needs no security or guarantor for loan. You can contact any bank which are lending personal loan. If you have an account in any bank, they will offer you personal loan. Some important banks which lend personal loans are following.

• ICICI Bank is one of the leading banks which offer various loans such as home loans, personal loan, vehicle loan, educational loan etc. Repayment option range from 12-60 months and needs no collateral security.

• Citibank is known for its service and fast cash. Ready cash personal loan is one of the important features of Citibank. They offer cash up to 15 lakhs at your doorstep within 48 hours. If you are applying for Citibank personal loan refer the reference code”CF2009″ for getting 50% discount on processing fee.

• HDFC Bank is leading bank which offers insurance covers for borrower in case of death or permanent disability. Insurance insures principle outstanding on the loan. HDFC offers personal loan for various legitimate purpose such as business development, buying home appliance, tour or trip with family or friends etc.

Reference:

Know more about personal loan

Easy personal loans