This section lists a few good loan tips you can use to help get a loan in this very difficult economic environment.
1
Social Lending through Marketplace
This is defined as one to one lending without having to use a bank or financial institution. Individuals are matched with lenders through an automated pairing system on the internet. Learn more about this here.
Social Lending through Family & Friends
This is defined as one to one lending without having to use a bank or financial institution and without the auction like matching process. The individual (borrower) introduces his friend and family member (lenders) and the intermediary formalizes and services the deal. Learn more about this here.
Family & Friends
This is a very common way of borrowing money. Both parties are common to each other and through their history are able to come up with an understanding quicker than through other channels.The drawback of considering this route is if things do not work out it can put a big strain on your existing relationship with your friend and family member. Consider social lending or read this book for some good advice.
Pay Day Loan
This is defined and otherwise known as "paycheck advance" and "pay day advance" short term loans. Basically these loans or advances are issued up until your next pay check. Learn more about this here.
Reverse Mortgage
This is also known as "lifetime mortgage" which is available to seniors that own their house. This loan basically releases the equity of the property in to one lump sum or multiple payments that the owner can use at their descretion. Learn more about this here.
This is defined as one to one lending without having to use a bank or financial institution. Individuals are matched with lenders through an automated pairing system on the internet. Learn more about this here.
Social Lending through Family & Friends
This is defined as one to one lending without having to use a bank or financial institution and without the auction like matching process. The individual (borrower) introduces his friend and family member (lenders) and the intermediary formalizes and services the deal. Learn more about this here.
Family & Friends
This is a very common way of borrowing money. Both parties are common to each other and through their history are able to come up with an understanding quicker than through other channels.The drawback of considering this route is if things do not work out it can put a big strain on your existing relationship with your friend and family member. Consider social lending or read this book for some good advice.
Pay Day Loan
This is defined and otherwise known as "paycheck advance" and "pay day advance" short term loans. Basically these loans or advances are issued up until your next pay check. Learn more about this here.
Reverse Mortgage
This is also known as "lifetime mortgage" which is available to seniors that own their house. This loan basically releases the equity of the property in to one lump sum or multiple payments that the owner can use at their descretion. Learn more about this here.
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When you are applying for a loan you should look at it the same way as if you are applying for a job. During these tough economic times credit has been increasingly harder to acquire but not impossible. Here are 4 tips to consider to help improve your chances to getting the loan you are applying for.
Image is important. Make a good first impression.
If you are the banker would you lend money to someone that walks into your office wearing jeans a t-shirt and sneakers? Dress for success and walk with confidence when you are going to meet with your potential lender. Show them that you are confident and will be a very good candidate for a loan. The lender has to feel comfortable with the idea that you will be able to pay them back.
Image is important. Make a good first impression.
If you are the banker would you lend money to someone that walks into your office wearing jeans a t-shirt and sneakers? Dress for success and walk with confidence when you are going to meet with your potential lender. Show them that you are confident and will be a very good candidate for a loan. The lender has to feel comfortable with the idea that you will be able to pay them back.
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