Student Loans: The Life Preserver Of Our Education System

Student Loans

A loan is the reason many students are able to go to college and not have to worry about money until after they've graduated. There is a lot of paperwork involved in the application process of a loan, but once you've completed it and been accepted, it will have been worth it. Loans can help with the cost of books, tuition and even living expenses or they can cover them completely. It all depends on your eligibility, which is determined in the application
process of the loan.

Applying for a loan is free and you can even complete it online. You can get a copy of the application at your college's financial aid office, post office or library. It takes some patience and time to fill it out and various paperwork is needed before you can turn it in, but you will be happy once the loan comes in. Your grades are taken into consideration when applying for a loan as well. Although you
don't have to have a 3.0 average to get a loan, you do need to be making satisfactory grades to receive any assistance. Your college will determine whether you're eligible to apply for a student loan or not.

There are some criteria that you have to meet before you can even be considered for a loan although. You must be a U.S. citizen or an eligible non-citizen. You must be making satisfactory grades and be attending a college that participates in the federal student loan program. You also need to be a half time student, at the least and truly be in need of assistance. The amount of assistance you will receive
depends on whether you're an independent (you report only your income and that of your spouse if applicable) or a dependent (you report the income of both your parents). The grade level you're in is also taken into account when the
loan assistance is being determined as well.

You don't have to pay back your loan as long as you are enrolled in classes at least half time. 6 months after you graduate is when you can expect to start having to pay back the loan and you can set up a payment plan. Not all schools offer loan programs, so you'll have to do a bit of homework to see if yours offers such assistance. It's best to check this important fact out before deciding on which college to attend if money is an issue for you. Make sure to get your application in early also, to ensure that your assistance will get to you in time for the tuition due date. 60-90 days before the beginning of the semester is recommended.

There are a couple different types of student loan awards you can try to receive. A subsidized student loan means that you do have great financial need for assistance while an unsubsidized student loan means you do not have need for assistance. The student that has a subsidized student loan is not responsible for interest until they graduate and the student with an unsubsidized loan is responsible at all times for interest. Get more information about Student Loans at Loan-Review.net.

So, what are you waiting for? Apply for a student loan today and you'll be on your way to that college education you've always wanted for yourself!

Get Loan information- Consumer Mortgage, Credit, and Loan Reviews, with in-depth information about all kinds of Student Loans.

About the Author

Tucker R. VanZandt is founder of All About Loans an excellent resource site dedicated to information on loans

How to Become Debt Free

In today's consumer society it is all too easy to get into debt. If you have a few credit cards, car loan, mortgage and possibly student loans it can easily add up. If your income is reduced for any reason you could find yourself in serious financial difficulty.

Your goal should be to become debt free. It is possible but will require a major change on how you think about money. You will also have to change your spending habits and spend less money than you make each month no matter what. If you have a tendency to over spend, limit your spending by relying on cash instead of credit cards or store cards. Set a monthly spending budget.

Next you need to pay off your high interest unsecured loans, credit cards and store cards. You can use a debt consolidation loan or if you own your own home, a home mortgage refinance may help. A debt consolidation loan enables you to replace all your current high interest loans and credit card debt with one low interest loan which can cut your monthly repayments by up to 50% and put money in your pocket.

Debt consolidation is a very useful tool if you know what you are doing and understand how you got into debt in the first place. It is all pointless if you continue with your old spending habits as chances are you will end up in even more debt in just a few years.

For more information about debt consolidation loans, Consumer Mortgages, home mortgage refinance loans, and other credit help and credit repair information go to Loan-Review.net, the Consumer Mortgage, Credit, and Student Loan Review Resource.

Managing Future Credit

After Rebuilding Your Credit, You Still have Work to Do

It is important to use your new credit appropriately to avoid any more problems. Successful credit management includes learning to be a better shopper and keeping records of credit use and finance charges. Follow these suggestions:



* Plan how to pay for an item before purchasing it rather than buying it now and worrying about it later.

* Track credit expenses by keeping a written record so you know how much you charge each month. Rubber-band a piece of paper to your credit card and promptly write the date, amount, and merchant. This helps you to not overcharge and provides an easy reference when reviewing your statement for accuracy.

* Keep an eye on your creditors by always reading your statement and all inserts. Make sure you know your due date, credit limit, APR, annual fee, minimum monthly payment, APR for balance transfers or cash advances, etc. Creditors can change your terms of agreement with as little as 15 days notice. If you don’t agree with the new terms, consider canceling the account. Before canceling, find out if the company will expect the balance to paid in full when the account is closed or if you can continue to make monthly payments until the balance is paid in full. Also, ask if the interest rate changes (increases) on the balance if you close the account. If so, wait until you pay off the balance before closing the account.
* Develop a system for paying bills on time to avoid late fees and protect your credit history. Know when bills are due to arrive, and when received, put them in a safe place. If your bill does not arrive when expected, call the company to inquire. Use a monthly calendar to write the amount on the due date, and mail your payment at least one week before the due date. Save credit receipts and payment stubs for future reference.

* Don’t charge disposable items (gas, food, or other debts) unless you intend to pay the balance off every month. Who wants to finance a gallon of milk for 7 months?

* Transfer high interest card to card with lower rate. Watch interest rates and always shop for the lowest rate, while paying close attention to any fees. If you transfer a balance, always cancel the higher rate card by notifying the company in writing and be sure to send it to the appropriate address. Make sure there is not a transaction charge to transfer the balance. Ask the issuer of the new card what is the method to transfer balances. For example, do they have payment checks they can send you? Make sure the lower interest rate on the new card includes balance transfers.

* Only charge what you can afford to pay off each month. Use credit to your convenience. Think of credit cards as an interest-free loan that you pay in full every month. Limit credit use to 15-20% of your monthly net income.

Refer to budgeting section.



* If you can’t pay off the balance, always pay more than the minimum payment. Do not fall prey to the minimum payment syndrome where you squeak by each month by only making the minimum payments. Consider this example: A consumer has a credit card with a $5100 balance at 27.99% APR. The minimum payment is $104 and the interest charge is $109. Making minimum payments, will this ever be paid off? NO, you will never pay off this balance.



* Concentrate on highest interest credit card. If you have more than one credit card balance, pay as much extra money each month as you can on the highest rate account while still making payment to the others. Once the card with the highest interest rate is paid off, use that payment and apply it to the card with the second highest interest rate. Repeat as necessary.



You can find information about Mortgages, Student Loan Consolidation, Credit Repair, Automobile Loans, Refinance Loans, Debt Consolidation, and more at Loan-Review.net.

Secured Credit Cards

Specifics of Secured Credit Cards

A secured credit card is a credit card that requires you to make a deposit that is used as collateral to secure a line of credit. This can be an ideal way for consumers with no credit history or previous credit problems to build good credit. You build credit by demonstrating responsible use and making payments on time.

If you have had credit problems and are getting back on track, you should be considered for a secured credit card as long as your credit problems are in the past and are now under control. Even if you have filed bankruptcy, many companies will still consider you as long as your credit report does not show earlier unpaid debts not settled in the bankruptcy proceedings. In general, make sure your bills are current and there has been no negative information reported on you in the six months prior to applying.

There is no physical difference between a secured card and an unsecured credit card. They look and work the same. The difference is that you make a deposit (for a secured card) that is used as collateral in exchange for a line of credit. An unsecured card does not require a deposit. Your deposit is not accessed unless you seriously default on the credit card account, and if you close the account, most issuers wait two billing cycles before releasing your deposit. Many companies pay interest on your deposit. Think of it as a savings account that may even earn interest, while building a good credit history.

Minimum deposit requirements can vary among companies. Some issuers will accept applicants with a deposit as low as $100 while many require $500. You can deposit more than the minimum required. Generally, the amount of your deposit equals your credit limit. A good general rule of thumb is to try to deposit at least 5% of your annual income. Keep in mind that even though you’re making a security deposit, that does not’t guarantee you’ll be approved. If you’ve ever been convicted of credit card fraud, bankruptcy fraud, or have unsettled tax liens, you’ll rarely be approved.

Most charge higher annual fees and interest rates than unsecured cards. Once you have a secured credit card, use the card once or twice a month for something you were going to buy anyway and pay off the balance every month. Think of it as a stepping-stone or temporary (one-two years). When you are re-established, you can shop for a credit card with better terms.

Policies vary with secured credit card companies for converting a secured card to an unsecured card (one without a deposit). Some (not all) secured card issuers will review your payment record at the end of the first year and, if favorable, return your deposit and convert your account to unsecured. Others may raise your credit limit, and others may require you to request an account review to convert your card to an unsecured card or raise your limit.

Finding a Secured Credit Card

If you are considering using a secured credit card to build good credit, take your time, ask questions, and do your research because policies vary. Start with the bank or credit union with which you already belong and ask if they offer secured credit cards. If you don’t belong to a credit union, consider joining one at your place of work, through a family member or through organizations with which you belong. Learn more about credit unions at www.cuna.org. You may also search the Internet for secured credit cards at www.SuperPayCard.com. Since consumers with past credit problems can be targets for scams Refer to our section on Credit Card Scams.

The following is a list of questions to ask when shopping for a secured credit card. Remember to ask your questions before applying, so that an inquiry does not show on your credit report. If you are not interested, don’t like the terms or if the company will not consider you, find another company.

* Do you accept people with previous credit problems or those who have filed bankruptcy?
* Do you report my payment history to the credit bureaus?
* What are the terms and fees associated with this card (make sure you understand them)?

Terms

* What is the minimum security deposit required to open an account?
* Will my credit limit be equal to my deposit?
* Is interest paid on my deposit, and if so, how much and when does it begin earning interest?
* What is the annual percentage rate (APR)? Is it fixed or variable?
* Are there transaction limits? For example, if you are limited to five transactions per day, this might pose a problem if you are out of town or on vacation and need to use your card frequently.
* Is there a grace period? How long is it?

Fees

* What are ALL of the fees involved with this credit card including annual, monthly, over-the-limit, late, and cash advance. In addition, ask about any one-time set up fees, such as a processing or application fee.
* Does the issuer charge a special fee to access or review information on your account? For example, will they charge you every time you check your balance even from an automated system? Will they charge you to review your account to increase your limit?

* How long will it take me to be considered for an unsecured card? Is this automatic or must I request it?
* For what reason(s) would my account be revoked and what is the fee to reinstate the account?
* Is there a 24-hour customer service number?
* Lastly, READ THE AGREEMENT including all fine print!


For more information about Credit Repair, and Rebuilding Credit take a look at Loan-Review.net's Credit Help Section, and for tips to help you after rebuilding your credit see - Managing Future Credit - Protect Your Rebuilt Credit. For information about Consumer Credit Counseling take a look at Advantage Credit Counseling Service, a nonprofit source of help for people in debt.

No-Cost Student Loan Consolidation

A no-cost student loan consolidation – doesn’t that just sound too good to be true? Think about it. You have just accrued thousands of dollars in debt through student loans after 4 years of college, or possibly even more. Then, a company offers to take all of your loans off of your hands, put them into one central loan, and do it all for free! Well, while it might not be too good to be true, it all depends around your particular situation, which could make this a “free” process, or could still work out to the benefit of the consolidation company that you are working with throughout the process.

How A Student Loan Consolidation Works

Here is how the student loan consolidation works. You have used up thousands of dollars in student loans to pay your way through college, obtain housing throughout college, and pay for other odds-and-ends while attending college. A student loan consolidation then takes all these different loans, pays for each of them, at which time you then pay the student loan consolidation company for the total amount of loans taken out during college.

Example of Student Loan Consolidation

If you were to have outstanding loans of $5000 to one company, $6000 to another, and $9000 to a third, the student loan consolidation allows you to owe $20000 to one company, rather than to three. This can save you money in the long run, as these companies also may be able to offer you a competitive interest rate, which means you will be paying less overall for your student loans in a shorter amount of time and to only one company.

Potential Student Loan Consolidation Problems

Problems can occur with student loan consolidations if you catch a deal that does not work out favorably to your situation. For instance, if you choose a no-cost student loan consolidation that does not offer you a low interest rate, you could actually end up paying them more than you originally would have! It is important that you choose a company not for their “no-cost” approach, but for their willingness to get your student loans paid off with a consolidation that promotes a quick pay-off with minimal interest rates.

More information can be found at Loan-Review.net. The Private and Federal Student Loan Consolidation Review page includes breakdowns of the differences between Private and Federal Consolidated Student Loans with sources and advice. The Student Loan Review Page has information about Government Student Loans, and Private Student Loans. The Stafford and Perkins Loans are covered.

Debt Consolidation and How it Impacts Your Credit Rating

Debt is not a high commodity. Across the universe, people are not looking for a place to sign up for more debt. In America, over 30 million consumers’ credit scores teeter under the score of 620. Nonetheless, personal debt can be a debilitating situation. Although, getting a forty percent job raise job or winning the lottery are the ideal ways to solve a person’s financial woes, there are other immediate solutions.

Since credit scores represent purchasing power, improving one’s rating is critical. There is a direct correlation between the interest rate a home buyer and car buyer will pay. In other words, a low credit rating represents a high interest rate financing. On the contrary, a high credit score symbolizes buying power. Particularly, for the person planning a significant purchase like a home or new automobile – beefing up one’s credit rating is a consumer smart strategy.

Over the years, debt consolidation loans have been the leading way Americans have been able to quell their personal financial challenges. Just as all financial institutions are not equal, the same is true of debt service organizations. Nevertheless, the right debt consolidation company can impact credit in a positive way.

Fact: Since bills are immediately paid, a credit scores can be raised via a debt consolidation loan.

Here are five steps to upgrade your credit rating and identify whether debt consolidation is right for you:

Request a Copy of Your Credit Report

Before you opt for a debt consolidation firm, it is a good idea to review your credit report. Since a credit score can be tarnished by false information, it makes the best sense to obtain a copy of your credit report. There are three reporting agencies that will provide a complimentary credit report (Experian, Equifax and Trans Union). Legally, Americans are entitled to one complimentary or free credit report per year.

Fact: Payment history accounts for 35 percent of all credit scores. A monthly late payment can reduce a credit score between 50 to 100 points.

Calculate the Total of Bills Owed to Your Monthly Income

Identifying how much you owe in your current monthly income is the second way to determine whether a monthly budget versus debt consolidation is necessary. If the total amounts of your bills exceed fifty percent of your monthly salary, debt consolidation offers a surefire way to rapidly raise your credit score.

Devise a Payment Plan

As financial institutions and credit card issuers report the outstanding balance of consumer’s bills to credit bureaus, the minimal amount paid does not help augment a credit rating. As a result, it is best to pay off bills entirely.

It’s a perfect example of how using a debt consolidation firm may immediately improve a consumer‘s rating.

Fact: Paying bills on a timely basis is the key way to raise a credit score and rebuild a credit rating.

Pay-Off Bills

When financial and lending institutions evaluate and approve credit, they prefer to see low debt balances on credit cards. The wider the gap, the better the chance for gaining approval of a low interest rate. (It is particularly important for the consumer in dire need of raising their credit rating over 620).

Debt consolidation offers a quick remedy. Since debt consolidation companies negotiate interest rates to be waived, a consumer has the ability to pay their bills faster. Consequently, a credit score can be augmented rapidly.

Credit score boosting strategy: Consumers can raise their credit rating by charging less and paying the entire balance each month.

Avoid Bankruptcy with a Debt Consolidation Loan

Bankruptcy is the antithesis of debt consolidation. As simple as bankruptcy may seem, it can devastate any credit score. Not to mention, the effects of bankruptcy last between ten to 13 years. In recent news, the United States federal government has revised legislation regarding bankruptcy. As a result, filing bankruptcy carries many stringent requirements.

Fact: Bankruptcy will drastically lower a credit rating by 200 points or more.

On the other side of the personal finance spectrum, debt consolidation loans feature a rapid means for getting out of debt. Since all bills can be paid off – entirely, a credit rating can be easily elevated. As buying power is impacted by credit worthiness, consolidating debts via a loan is a smart way to beef up your credit score.

You may also want to look at the Credit Repair and Help page at Loan-Review.net. The Credit Help page and The Perfect Credit Myth page offers valuable information about Building and Improving Consumer Credit and your Credit Score.

Repairing Your Credit is as Easy as 1-2-3

1. Review Your Credit Report For Errors

After you have received a copy of your credit report, you need to look through it very closely. If you do not yet have a copy, Loan-Review.net, through a partner offers consumers a free look at their credit report and credit score. It is a 30-day free trial offer, so you get the information right up-front and you can cancel free of charge within 30-days. To check your credit report for free, visit Loan-Review.net and click the "Free Credit Report" link to sign up.

It is important to first review all the personal identifying information in your credit report such as name, address, social security number, birth date, and so on.

You should then evaluate each account that is reported about you to the credit bureau. Determine whether any of this information is in any way inaccurate, incorrect, erroneous, misleading, or outdated. If you find that any of the information in incorrect, then you should move on to the next step.

2. Dispute the errors with the credit bureaus and your creditors

You should dispute inaccurate information with both the consumer credit reporting agency and the furnisher (creditor). Disputing with both allows you to cover all of your bases to ensure that the corrections are consistently made by both sources.

You should follow up with these companies to ensure that the inaccurate or incomplete information is removed in a timely manner. You should then continue to monitor your credit information on a regular basis by ordering and reviewing your consumer credit reports from the major credit reporting agencies on a regular basis.

3. Repeat until satisfied

It is very important that each questionable item, except for erroneous personal data, is dealt with individually. If you attempt to have the credit reporting agency correct several items at once, it will be easier for the agency to claim that your request is frivolous or irrelevant. If they make this determination, then your requests to correct inaccuracies will be discarded.

Make sure that you use a clear and concise statement indicating that the accuracy or completeness of a specific item is "disputed" or "challenged". Remember that explanations of why an item might be derogatory will not help you, only actual disputes of specific items will get the results you need.

As soon as the credit reporting agency provides you with an updated credit report indicating that the disputed item has been removed from your report, you should send another letter challenging the next most damaging item. Repeat this process, until each and every disputed item has been deleted from your credit report.

If you would like more detailed information about repairing your credit history the following pages at Loan-review.net may help: Loan Review Credit Help Section, The Perfect Credit Myth, and Debt Consolidation Loans with Bad Credit

Tips on Getting Your Mortgage Loan Approved

What is important to lenders?

Not every applicant is approved for a home loan the first time he or she applies. For a variety of reasons, even after a lot of hard work, sometimes a loan just can’t be approved. It may have to do with the applicant’s credit or savings history, employment stability, debt structure, or the value of the home. The good news is that a denial is merely a detour, not a roadblock. Purchasing a home takes planning, discipline and hard work! Follow these tips and with our assistance, homeownership is not out of reach.

Establish a consistent record of paying bills on time.

Before making a loan the size of a home loan, most lenders will want to review how you have handled your credit in the past. This includes all credit accounts, including utilities, revolving debt (credit cards, etc.), and installment debt (car loans, student loans, etc.). It is critical for you to bring all overdue bills up to date immediately and begin paying them on time in a consistent manner.

Establish a consistent record of steady employment.

Lenders are more likely to look favorably on an applicant who has been in the same (or similar) line of work for generally two or more years. If you have been working steadily for less than two or more years, expect the lender to ask why. There are many acceptable reasons, including:

• You recently finished school, vocational training, or left the military;
• Your work is typically seasonal and gaps in employment are customary to the industry
• You may have been laid off from your job; or
• Frequent employment changes are normal in your line of work (sales, contract work, etc.), but you have been consistently employed and maintained a consistent level of income over the past 2 years.

You may want to pay off some debt to lower your debt-to-income ratio.

This step will make it easier to qualify for a mortgage loan if your debt ratio is high. Chances are good that if you’re already paying rent, making a mortgage payment will be a smooth transition. Along with the mortgage payment, you’re also responsible for real estate taxes and insurance, and if required, mortgage insurance and homeowners dues. Work with us to determine the monthly payment you can afford based on your income and the standard debt-to-income ratio guidelines.

Establish a consistent savings pattern.

Saving money for a down payment, and still having enough reserves left over to cover two months of expenses in the event of an emergency, is typically the most challenging part of buying a home. While sometimes it is difficult, this is a necessary step to ensure you are financially ready to take the plunge into homeownership.

Get more Information on Home Loans and Mortgages and find the best Mortgage and Home Loan Lenders with Free Quotes and The Lowest Rates here

Why Student Loans Are Better Than Credit Cards

You need some more money for college expenses this semester. Do you whip out a credit card to pay for your books, or do you apply for a federal or private loan? Well, consider the options –

• With a federal loan, your interest rate will be low (around 5%) and your payments will be deferred until 6-9 months after graduation.
• With a private loan, the interest rate will be slightly higher than with a federal loan but will still be lower than average. In addition, you will only need to make interest payments until after graduation.
• With a credit card, on the other hand, the interest rate can be as high as 21%. Interest begins accruing almost immediately, and you need to begin paying off the bill the next month.

This is not to say that credit cards do not have a place in your college life. It is good to have one national card (Visa, MasterCard, Discover) on hand to help you build a positive credit history and to provide security in emergencies. When you decide to apply for a card, compare annual fees, interest rates, and introductory offers. And to keep yourself out of debt, try to—

• Pay your balance each month to avoid interest charges
• Pay your bill on time to avoid late charges
• Avoid cash advances, which come with large finance charges and interest that begins accruing immediately.

Find out more about this and other School Loan content:

Student Loan Review and Goverment Student Loan Consolidation Information, includes Parent PLUS Loans

Refinance Mortgage Loan – Tips on Refinancing Your Home Mortgage

Refinancing your home mortgage can come with some great perks. If you do it with no money out of pocket, you can skip one to three mortgage payments. You can save money on your payment or pay off your entire mortgage faster when you have better terms. Here are a few things to pay attention to when you refinance your mortgage loan, to make sure that you don’t overlook anything that you might regret, or that can cause you problems later:

1. Apply for a pre-approval to many different lenders to make sure you are getting the lowest rate possible. When you do this, make sure that with the initial pre-approval application, the lender is not pulling your credit history. You will want to reserve your credit pull for the lender that you are most likely to work with. You can decide that after you have gone through the preliminary pre-approval process with a few lenders. Each time your credit is pulled, it docks your credit score just a little. If you have too many inquiries, it could keep you from refinancing your mortgage loan with the lowest rate possible. When you pre-apply for home mortgage loans online, most lenders or mortgage service companies will not initially pull your credit. Check for information about this on their website. They will usually tell you whether or not they are going to pull your credit. Also, if on the application you do not give them your social security number, they cannot pull your credit. If, on the application, they ask you to describe your credit, they are probably not pulling your credit.

2. Make sure that your original mortgage does not have a pre-payment penalty or early payoff penalty of any kind. Sometimes people will get into their mortgage with the mortgage having a pre-payment penalty and they will not even know about it. Pre-payment penalties usually range from 6 months to 3 years with a penalty for an early payoff. The penalty is usually about the amount of 6 months worth of your mortgage loan interest, but this varies. You would have to be able to have some significant payment and interest savings on your refinance loan to justify refinancing a mortgage loan with a pre-payment penalty.

3. When evaluating different lender offers, in the mortgage loan pre-approval process, pay closest attention to the interest rates they are offering & the closing costs. These are the two biggest factors that will help you figure out which lender is right for you. If one of these two factors is too high, it could offset the benefit of refinancing for you.

4. Get your interest rate and closing costs in writing as soon as you decide on a lender to work with. Get your lender to give you a commitment in advance of all of the costs that will be involved with your loan. Find out if the refinance loan you are getting has a pre-payment penalty as well. Sometimes lenders will leave out important information like this, if they think it might scare you away from refinancing with them.

Find more information about refinance options, and lenders at Loan Review.net.
Home Mortgage Review and Home Loan Tips- Information and Home Loans and Mortgages, with Lenders.
Best Home Loan Lenders, Mortgage Checklist, Second Mortgage Lenders, and Sources for Equity Loans

Auto Loans and Dealership Financing: Understanding How The Numbers Work

by David Berky

I would like to start out by telling you a true story. The names have been changed to protect the innocent, the ignorant and the dishonest.

John was interested in purchasing a new truck. John had done his homework and knew exactly what make, model and features he wanted on his new truck. He had visited several dealerships looking for the exact truck he wanted. He wanted to get it now and didn't want to wait to have one custom built.

Finally he found a dealership that had the exact truck he was looking for and he even liked the color.

Now it was time to negotiate the price and financing. John realized that he was not very good at numbers so he asked his friend Cindy to come along and help him make sure he was getting a good deal.

The salesperson looked up the pricing information on the truck and added in all the extra fees for tax, title, license, and what-ever-else-we-can-sneak-by-you. The total cost came out to about $22,000.

Cindy remained quiet while the salesperson explained the financing options that were available to John, checked John's credit and determined an interest rate for the loan. The salesperson then went to check with the manger to make sure the financing application was completed properly and to calculate the monthly payment.

The salesperson returned and announced that the payments on the 5 year loan would be about $420 a month. Cindy checked the numbers and agreed with the calculations. But John was a little shocked and disappointed.

Seeing his expression, the salesperson mentioned that the monthly payment may be more than what John would feel comfortable with and that maybe they could lower the payment by going to a 6 year loan instead.

John then looked to Cindy, who said that this would lower the monthly payment but John would end up paying more interest because of the longer time for the loan to be paid off. John wasn't too concerned about paying a little extra as long as he could afford the monthly payments (and drive his truck home today).

The salesperson asked John how much he could afford to pay each month on his truck loan. John indicated he could pay up to $375 per month. The salesperson then went to "get approval" from the manager to extend the length of the loan and to recalculate the monthly payment.

Upon returning the salesperson announced that he was able to "wrangle a good deal out of the manager" and was able to get the monthly payments down to, you guessed it, $375. John was excited. All he had to do was sign the papers and he could drive home with his new truck at a monthly payment he could afford.

But Cindy was curious. She asked to look at the numbers but this time the salesperson was a bit hesitant. The salesperson tried to change the subject one or two times, but Cindy insisted on seeing the numbers.

Cindy review the numbers and did some of her own calculations and found that the monthly payment on the truck loan should have been about $350 a month. So how did the salesperson come up with $375 per month?

After looking at the terms of the contract a bit closer, Cindy noticed that the price of the truck was now $24,500, an increase of $2,500. Cindy asked the salesperson why the price of the truck had just gone up? After trying to dodge the question and then blaming it on a mistake by the "finance department," Cindy and John walked out of the dishonest dealership.

As excited as he was to have his new truck, John was angered that the salesperson/dealership had tried to rip him off by taking advantage of his lack of understanding how the numbers in a loan relate.

John then had Cindy explain to him in basic terms how the number related and what to look for in the financing terms.

Cindy explained that there are four elements to a loan; the principal or amount you are borrowing, the interest rate, the time period and the monthly (or weekly, bi-weekly, etc.) payment.

And the numbers relate like this. If the amount goes up the payment goes up. If the interest rate goes up the payment goes up. If the time goes up the payment goes down.

So in the case of John's truck loan they extended the time so that the payment would go down. But the payment went down further than what John was willing to pay. So they decided to increase the amount so that the payment would match what John said he could pay.

But they "forgot" to explain to John that the price went up to make the payment hit his target. And they couldn't come up with a valid reason for the price increase when Cindy questioned them on it.

Without Cindy and her knowledge of how the loan numbers relate, John probably would have got his truck, but he would have needlessly over-paid $2,500.

John found a truck he liked even better at a different dealership, bought Cindy along to help make sure he was getting a good deal, and then took her out to dinner.

Get More Information about Car and Truck Loans Here: Loan Review- Auto Loans Page, The Online Resource for Car and Truck Loans including links to the Best Lenders


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© Simple Joe, Inc.
David Berky is president of Simple Joe, Inc. a marketing company that sells simple software under the brand name of Simple Joe. One of Simple Joe's best selling products is Simple Joe's Money Tools - a collection of 14 personal finance and investment calculators.

Payday Loan and Cash Advance Lenders Online - How To Compare Them

When searching for a payday loan company online to get a cash advance through, there are a few factors you will want to compare with each lender to make sure you are getting the best loan for your situation.

Here are a list of 6 factors that will help you in comparing each payday loan lender.

1. What are the fees? Fees online can range from $10 - $30 or more per $100 loaned. There is a lender online that has no fees for your first loan. (To see this lender, click on the link below). Find out before you sign, what the fees are per week, per $100 loaned.
2. How long will it take to get the money deposited into your account? If you are really in a hurry, it could mean all the difference in the world if the cash is not deposited into your account on the next business day, but instead, 2 business days later. There are a few payday loan companies that will wire the money into your bank account within 1 hour from your approval time. Find these details out ahead of time.
3. Are there any hidden fees, like application fees or anything else? Find out if there are any extra fees if you need to extend the loan. Weigh this factor when calculating the cost of getting the loan.
4. How much can you borrow? Most payday loan companies will loan up to $500. Some will loan up to $1000. Then, there are some that will max out at $2-300. If you have already gone through the loan application process and been approved, it could be a real pain to find out that you can’t borrow as much as you need to.
5. What are the minimum income and verification requirements? Compare the requirements for the loan on the website of the payday loan or cash advance loan company. This will save you time when applying. You will then know ahead of time whether or not you are likely to be approved
6. Is it necessary to fax in documents to be approved for the loan? Sometimes it can be more convenient if you don’t have to fax in any documents to prove your income or bank information. Sometimes the cash advance loan company can verify this information by phone instead of having to verify it by fax. Find out how the company will need to verify your income.

Find Lenders and more information about Pay Day Loans and Cash Advance Loans in The Personal Loan Section at Loan-Review.net.

Bad Credit Debt Consolidation Loans

Are you looking to consolidate credit card or other debt? Do you have bad credit history? There are many options available online nowadays to help you consolidate your debt. Whether you are wanting to consolidate credit card debt or other kinds of debt, it can be overwhelming searching online to find the best ones for your situation. Here is a short overview of what kind of debt services are available online.

If you are looking for a loan to consolidate your debt, you will need to qualify for the loan, just like any other loan. If you have a home, you may be able to get an equity loan using your equity or even go over the appraised value of your home in order to get the financing you need.

You may be able to qualify for an unsecured loan, which can consolidate your debt with one low monthly payment with no ties to any of your assets.

There are other companies that will help you manage your debt without having to use another loan. These companies usually charge you a fee and then help negotiate lower interest rates with your creditors and manage your monthly payments. There are various ways to do this and every company is different. Usually these techniques will save you money to start paying down the principle on your credit balances.

Some of these companies are definitely worth the small monthly fee, and can save you much more than they charge. But, some of these companies are not legitimate and can take your monthly payments and keep them for a month or more before they make your payments (collecting interest on the money all the while), causing you to accrue late fees and possibly collections. These companies can actually cost you money and make your situation worse.

Be careful when searching for debt consolidation companies to work with. Make sure they are legitimate, long standing companies before you sign on the dotted line. To see our list of recommended debt consolidation lenders click on the link below.

Consolidating your debt can provide great relief and breathing room when it comes time to pay your bills. Sometimes, when you are up to the hilt in debt, it can be so overwhelming just keeping up with your bills that it can be difficult to think about ways to start paying the debt down.

For more information about Debt Consolidation Service Companies, and Credit Repair Tips visit this page: Loan-Review.net- Credit Repair Tips, Free Credit Report, and Debt Consolidation Information

PayDay Loan Online – How Do Online Payday Loans Work?

PayDay Loan Online – How Do Online Payday Loans Work?

How online payday loans or cash advance loans work? Online payday loans usually work by first filling out a pre-approval application. 90% of the time, your credit is not pulled. Most payday loans are not based on your credit history, so, even if you have bad credit you are still welcome to apply. If having your credit pulled is a concern to you, check their FAQ’s page, that will usually tell you whether or not your credit will be pulled.

After you have filled out the initial application, you should receive a response on whether you are pre-approved or not. Responses vary, but most online payday loan companies will give you a response instantly. By clicking on the link below, you can view our list of recommended payday loan companies and we will tell you which ones can give you a 30-second approval.

If you are pre-approved, they will usually ask for some kind of income verification. Some online payday loan companies require you to fax them a pay stub and/or a bank statement. They sometimes want to verify that you have a valid phone number and email address. There are other companies who are “faxless” who help you get the loan processed without you having to fax in any verification. These loans usually verify income by telephone.

Once you have completed the companies quick verification process, you will usually receive a direct deposit into your bank account the next business day. Most online payday loan companies will deposit the money into your account within 24 hours.

Make sure, when you get a payday loan, that you are using the payday loan for the shortest amount of time possible and get the lowest cash amount you can get by with. This will help you keep your fees to a minimum.

Watch the Length of That Auto Loan

Some time in your life you will need a new car. You may not want to have the burden of a new car debt, but you may find there are very few alternatives. There are some simple things you can look for that will help reduce the amount of money every month. Depending on your credit situation, a car loan can be very easy or rather difficult. Even though there are dealerships that specialize in selling people cars with bad credit, the purchaser must realize what they are getting themselves into.


Get More Information About Auto Loans, Mortgages, Student Loans, and Credit Repair

How to Save Money on Your Car Loan

Have you noticed that everyone seems to have a newer car than you? There's good news. You can find a way to upgrade your old clunker to a newer model. There are many ways to save money on your car loan. Lenders are competing for your business, and more and more car loans are approved to allow more people than ever to buy a car...continued at Loan-Review.net, The Complete Internet Loan Review Resource

Loan-Review.net has more Information About Auto Loans, plus Credit Repair, Debt Consolidation, Student Loan Consolidation, Mortgages and much more.

Automobile Loans, Tips for Auto Loan Shopping

Car loans are a tempting way to purchase a new car. While they provide for easy access to a car, these loans can get quite expensive if you do not know enough about what you are getting into. Simple research will provide you with information that can save you some real expenses. Even if you are getting a used car loan or a car title loan, you need to understand what you are getting into....Continued at The Complete Internet Loan Review Resource, Auto Loans

Perfect Credit...Is it a Myth?

Perfect Credit, we hear it all the time, but what is it, and is it possible? Here is a article that explains some of the myths of "Perfect Credit", and how make sure your credit information is correct.

Getting The Perfect Credit You Deserve

You can find more information about credit and loans at Loan-Review.net- The Internet Loan Review Source

How to Choose The Right Student Loan

So you are looking for a student loan. There are many types to choose from, and which one is right for you? Here is some information about some of the differences.

Federal vs. Private Student Loans- Which is Best For Me?

Also check out other Loan and Credit information at Loan-Review.net- The Loan Review and Information Source

Prevent Identity Theft: Things You Should Know

* More Than 7 Million People Fall Victim to Identity Theft Every Year in The United States.

* It is Recommended That You Check Your Credit Report No Less Than Once A Year, and Correct Any Errors. You Can Get a Free Copy Here.

* You Can Call (888)5OPTOUT to Stop The Pre-Approved Offers of Credit That You Receive in The Mail. Identity Thieves Can use Pre-Approved Credit Offers That are Stolen from The Mail to Apply for Credit Cards in Your Name.



More Information About Identity Theft Can Be Found Here: Loan-Review.net- The Loan Review and Information Source

Credit Counseling- What are They, and What Do They Do?

Here are some of the things Credit Counseling Services can do:

* They can teach you how to better manage your household expenses.

* They can help you deal with harassing collectors.

* They can teach you relevant financial issues surrounding your credit.

* They can advise you on how to reduce your debt burden.

* They can help you avoid situations where you may have to declare bankruptcy.

For More Information About Credit Repair and Counseling-Loan-Review.net

The following sites offer debt consolidation, credit counseling, and repair services:

Lexington Law

Free Debt Elimination Consultation

How To Choose a Lender

Picking a Lender for your Home Mortgage is one of the ost important steps. Since it's the first step in what will proably be a somewhat stressful process I'm post a simple, yet informitive guide to help you through it. How to Choose a Real Estate Lender

Loans- What Are The Different Types of Loans, and What Do They Mean

There are so many different types of Loans, I bet a Loan Officer couldn't name them all. Most of them are pretty familiar, but some aren't and even the ones that are could use a little more defining. I found a really nice break-down of the different types. Read it here: Loan-review.net- Loan Facts and Review

What's The Big Deal With Student Loan Consolidation?

The world of the Student Loan has gotten very busy lately. The big thing now is Student Loan Consolidation. There are two main types of Student Loan Consolidation programs, Private and Federal. There are many similarities between to two, but there are also some very important differences. This is all explained here: Private versus Federal Consolidation Loans – What’s the Difference? at Loan-Review.net .