The Blog of Benjamin Bayne

Congratulations on your decision to buy a home. Your next step is to find your dream home, but first you want to take the time to research the home loans that are out there. It is great to find the right home, but you also want to find a loan that will meet all of your needs without leaving your bank account in the dust. When searching for a home loan you want to keep your mind on your finances as well as searching for a reputable lender who will help you through the loan process, especially if you are a first-time home buyer. Seeking the help of a real estate attorney is a must as they will be able to help you with the contracts and will work with you to make sure there are no loopholes.

What Should I Look For in a Home Loan?

Getting caught up in the excitement of buying a home can make you lose sight of why choosing the right home loan is important. However, in order to secure your best interests, here are a few factors that you should keep in mind when looking for the right home loan.

• Interest Rates – The interest rate is significant because you want to have as low a rate as possible. Over the life of a loan, a $250,000 house can cost you almost $600,000 after all the interest and principal are paid off. Your lender should give you a breakdown of your interest rate and what you will be paying over the life of the loan. Some lenders offer you the chance to take points – discount points, that is – to lower your interest rate. Essentially, you are putting more money down, usually 1% of the principal to lower your interest rate.
• Type of Interest – Staying on point in regards to interest rates, you want to take a look at what type of interest rates you are being offered. Variable interest rates vary with the market. Some years you will pay a higher interest rate where some years you will pay a lower interest rate. With this type of mortgage you are looking at more risk than a standard set rate.
• Closing Costs – There are some instances where the seller is eager to get rid of the home that they will pay the closing costs. Otherwise you can expect to pay between 3-5% of your principal as a closing cost. This is in addition to the down payment so beware and know ahead of time what your closing costs will be to prevent sticker shock at your closing.

In times like this, it’s a wonder that people can afford to buy gas to get to work, let alone pay the bills. To make matters worse, many people have maxed out or damaged their credit trying to make ends meet, leaving them in a permanent game of playing catch up, without the ability to go back to the bank or get another credit card.

So what do you do when you have bad credit, but need extra cash?

As it turns out, there are companies that offer personal loans for people with bad credit, you just have to know where to look.

My favorite solution is Credit.com, where you can snag a personal loan in the amount of up to $25,000, bad credit or not. You just fill out a simple form, answer a few questions, and wait for a response from a loan specialist.

Yeah, I know, the waiting part is frustrating, but if you’re asking for an amount less than $1,000, then you have a very high chance of getting approved. Better yet, there are no application fees or prepayment penalties.

Sure, you can pay out the rear getting one of those payday loans, but they charge ridiculous fees and interest rates, on top of offering unfavorable terms designed to keep you in debt.

Here’s why a personal loan, rather than a payday advance, is the way to go:

1. You get a chance to improve your credit;
2. You can pay off at any time;
3. You get better rates and higher loan amounts based on credit;
4. You never have to leave your house;
5. No awkward moments in front of a teller window.

When you have bad credit, getting a new credit card or bank loan is difficult, and secured loans require you to have money on hand before getting approved. Furthermore, many of the typical personal loans for people with bad credit are laden with fees (most also have annual fees), high interest rates, and ridiculous late penalties.

On the other hand, Credit.com’s personal loan program is transparent, hassle free, and designed to help you get out of financially difficult situations, rather than bind you to weeks and weeks of catch up payments.

So here’s how you get started:

Click here to fill out your personal loan application. You’ll need your gross monthly income, email, address info, an estimate of your current credit worthiness (don’t worry, these personal loans are designed for people with bad credit), and checking account information that you can use to repay the loan.

From here, you’ll fill out the application, hit submit, and in all likelihood, hear back from a loan advisor almost instantly to notify you of your approval. Don’t worry if you aren’t approved, as you might be given the opportunity to request a lower loan amount, which you can use to improve your credit standing for future requests.

The best part about the entire process is that you can do it all from the safety and comfort of your computer. Use the cash for anything from auto repairs, to grocery money; the choice is yours. The process is risk free – there’s no reason not to give it a try.

When times are tough, and cash is strapped, it helps to have options. The problem is that even with tightened regulations, many payday loan and cash advance services are more prone to taking advantage of people like us, instead of helping us out of a jam so that we can get on our feet.

Having been through this song and dance more than a few times, I’ve finally created a list of what I believe to be the best payday loans and cash advance lenders in the business.

You can use these guys to borrow cash in a hurry, and get out of almost any pinch.

1. PayDayOne.com

   PayDay One serves almost half of the United States, and makes it very simple to get an instant payday loan without a lot of paperwork. They also have a great customer service department, which in my opinion makes them stand out from much of the competition.

   To get a cash advance, just fill out the form, and you’ll usually get instant approval and transfer confirmation. As with most online services, the money goes straight to your bank, and as long as you get approved by 5 PM CST, you’ll get your money the next day.

2. DiscountAdvances.com (New Customers Get 25% Off)

   Discount Advances is an online service that allows you to fill out a web form and get quick approval for up to $1500. If getting online is a problem, then you can call their hotline and get approval over the phone. Either way, it’s a very simple and straight forward process.

   To get approved, they take a quick look at your income, and then make a deposit based on their approval formula. The money goes right into your bank, overnight, and should be available the next day.

   Repayment is just as simple – you set a date for the payment to be applied, and it comes straight out of your bank account. There’s no need to visit a store, or wait in line; it’s awesome.

3. AmeriAdvance.com

   This is an easy to use online payday loans and cash advance lender that advertises 100% approval, and $100 to $1,500 loans.

   Using their easy application, you can apply online, and get the money transferred to your bank account with ease, often within 24 hours.

4. CashCentral.com

   When getting a cash advance or payday loan, it’s nice to know about the fees up front, which is one of the issues with many of the local cash advance companies. This is one of my favorite reasons for using Cash Central over the competition, as they publish their rates live on their website. They also have a great FAQ section that answers much of the questions associated with a payday loan, and their cash advance process.

   Getting the money is easy, as is paying it back, which is exactly how it should be.

   They are also open late Monday through Friday, which is great if you work a normal shift during the day.