The Revamp of Financing-Usa.com
So it’s been a long long long time since we last posted here at Financing-Usa.com. We have not thrown in the towel and still plan to be posting about all lending products across the United States. FUSA is all about personal loans and will stay being all about personal loans.
We are going to launch a new service in which we list off lenders for every State, County, City, or Town in all of the United States. This is going to take years to accomplish, but we are up to the task.
We’ve hired some writers to help us with this new journey, so that we can actually accomplish this huge goal. Standbye for new posts and also updates to some of the existing posts that are already on our web site.
Did you know that there are quite a few different types of loans that consumers may consider when they are planning to borrow money. Most are attached to products such as mortgages and car loans while others are essentially personal loans, but with a marketing name attached to them e.g. Renovation Loans. We will provide a brief summary of all of the different types of loans that consumers may consider to help people understand some of the products that are out there. Here we go:
Bank Credit Cards –these products are actually loans if you do not pay the balance at the end of the month. Rates are typically around 18%, however some cards give grace periods for transfers and also reduce the rate if you pay an annual fee. There are hundreds of these different kinds of cards. Read the fine print to fully understand what the costs are going to be for any unpaid balance.
Store Credit cards – typically these cards have the highest interest rate at around 28% for any unpaid balance. Stores push their cards any time a large sale is made in an effort to increase their profit margin knowing that many customers will not pay the unpaid balance at the end of the month.
Personal unsecured loan – a personal loan with no security. These loans are approved based on your credit rating, your income level, other debts you may have and your record of loan repayment. Interest rates will vary depending on your credit rating, competition and prevailing interest rates. Nothing is required in terms of collateral to secure or hold the loan.
Personal secured loan – same as above, with something offered as security for the loan. Usually this is a home or a car for example. A lien is registered against the home or car and it cannot be sold until the loan is repaid and the lien removed. If you are unable to repay the loan for any reason and cannot negotiate something with the lender, you can have your car or home repossessed and sold to recover the loan and associated costs. Interest rates are usually lower.
Home mortgage – a loan that always has a home as security and usually has amortization of 15 to 30 years which lowers the interest rate and monthly payments based on your credit rating as well.
Unsecured line of credit – a special loan that can be operate like an overdraft loan. Consumers can repay the loan or draw on the loan at any time up to the maximum approved.
Secured line of credit – Same as above, with security provided such as a home.
Car loans – these loans deserve special mention. They are really secured loans with the car as collateral. A lien is placed on the car and these loans often have better rates than most other types of loans.
Consolidation loans, renovation loans, etc. – are just a few of the marketing names that are used to market loans. Some are secured and some are not, however they are marketed to appeal to a specific segment of the consumer population.