Tag Archives: rate

About Bad Credit Credit Card Online Applications

June 21, 2020   Loan Tips

Getting a credit card these days is certainly a lot easier that it was years ago. Today, applying for a credit card is often done through the internet, where a card holder can fill-out and submit his application without even leaving his desk.

Getting an approval is just as easy especially if you have a good to excellent credit. Seconds or minutes after submitting your online application, you can expect to get a response right away. After getting approved, it usually takes only 5-7 banking days to receive your credit card by mail. Even those with bad credit history don’t need to have a difficult time applying for a credit card. Credit card issuers have created bad credit credit cards that are especially designed for customers with less-than-perfect credit. Secured credit cards offer customers the chance to rebuild or repair their damaged credit by using the card and submitting their payments on time. In fact, even those with no credit history at all can qualify for a secured credit card to start building credit.

Apply with Caution Since applying and getting approved for a credit card is so easy, consumers are advised to spend more time in studying their choices. There is literally hundreds of choices of credit cards that are available in the market. But of course, not all credit cards offer a good deal. As a consumer, it is up to you to find the right credit card that suits your lifestyle and needs. Most people are concerned about the interest rate offered by the credit card. Although the interest rate offer plays a major factor in your decision, it should not be the only basis for your choice. Take note that some credit cards offer very low rates but the rest of the fees could be expensive. Aside from the rate of interest, don’t forget to consider the other fees (annual fees, late penalty charge, transaction fees, etc.) associated with your card.

Comparing one credit card to the next could take some of your time but it’s certainly worth the effort. Use the internet so you can compare credit cards with more ease and convenience. Check out credit card review web sites that offer evaluations of different cards and issuers in the market. Know what other card holders have to say about specific credit cards based on their personal experiences.

Take the time to read and understand the Terms and Conditions of each card that you’re considering. Remember that the advertisements do not reveal all information about the card. If you want to find out the real costs and terms of a credit card, you should read the fine print from the first statement down to the last.

Finally, when filling out online credit card applications, make sure that you are in the right web site and that it uses a secured server. A secured site’s URL should always begin with https:// and you should see a locked pad icon at the bottom right corner of your browser. Fill-out your application careful and see to it that all information you’ll provide are true and correct.

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Term Extension On Home Loan Refinancing

June 19, 2020   Auto Loans

Sometimes due to bad credit or market conditions, it is not possible to get lower monthly payments on your home loan by refinancing. This is due to the fact that those with bad credit usually can not get a lower interest rate and that sometimes, market conditions push the mortgage loans’ interest rate up. However, you can still get lower installments by refinancing your loan with a longer repayment program.

The term extension will get you lower monthly payments because the loan’s capital is spread over a higher number of installments. With this method, if you could not afford your current mortgage loan’s monthly payments, you can obtain lower and affordable installments that you will be able to pay without having to make sacrifices.

Home Loan Repayment Programs

The home loan repayment program or schedule is the duration in time of the home loan. It determines the number of installments you will need to pay throughout the whole life of the loan. Payments can be done one a monthly basis, on a weekly basis, or biweekly too. Depending on the way payments are done and on the duration of the loan, you will obtain the resulting number of monthly payments.

For example: if a home loan has a 10 year repayment program, you will have 120 installments to repay the loan if payments are made monthly. But if payments are made biweekly, you will have 240 installments that will of course be of a lower amount than in the case of the loan payable on a monthly basis.

A mortgage loan repayment program can be as long as 30 years. However, the average mortgage loan has duration of 20 years or just a bit more. Thus, if you need to obtain lower monthly payments, it is always possible to refinance your home loan in order to extend the repayment schedule and thus, obtain a lower installment in return.

Consequences of Extending the Loan Term

The consequences of extending the loan term are varied, some of them are positive and others are negative. Thus, you will need to ponder them in order to decide whether home loan refinancing for a longer repayment program is the right option for you. Basically you will need to compare the resulting terms with your needs in order to see if the costs of refinancing are equal or lower than the benefits.

Ultimately, by refinancing for a longer repayment program, you will obtain lower and more affordable monthly payments. If you are lucky enough to refinance with a lower interest rate, you might be able to compensate the higher costs that a longer repayment schedule represents with the savings that a lower interest rate provide, or at least part of them.

This is due to the fact that when you refinance for a longer repayment program you are actually adding interests to your overall loan repayment. Since interests are based on time, a longer repayment program implies more interests and thus an overall larger debt. Even if you obtain lower monthly payments, you are actually paying more on the long run. It is just that the costs are spread over more installments.

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