Quick Christian Secured Loan
A quick Christian secured loan may be obtained from several different sources. Which one the borrower chooses may depend on his definition of quick. Unlike an unsecured, or signature, loan, a secured loan is attached to a tangible asset which acts as collateral for the borrowed funds. The two most common examples of these kinds of loans are a home mortgage and a car loan. If the payments are missed, the lending institution can foreclose on the house or repossess the car. Another common example is the small business owner who uses her business equipment as collateral for borrowing funds for capital and/or operating expenses. These same assets may be used for an additional quick secured loan if there is remaining equity that can be tapped for collateral.
Homeowners do this all the time. They apply for a second mortgage or home equity line of credit (HELOC) to tap into the remaining equity of their properties. Equity is the difference between an asset's value and the amount that is already owed on the asset. As an easy example, a couple may owe $50,000 on a property valued at $100,000. The equity is $50,000. Many online lending institutions promote the convenience of a quick secured loan that allows applicants to borrow or open a line of credit equal to some amount that will be secured by the property. In these kinds of instances, the first mortgage has precedence over the second one. If the property owner starts missing payments and the house is foreclosed upon and sold, the first mortgage holder is paid first out of the sales proceeds. The second mortgage holder or holder of the HELOC note gets paid second. Obviously, there is a risk that the property will not sell for an amount to completely repay both the first and second mortgage holders. This is why the interest rate for the second mortgage or a HELOC is typically higher than the interest rate on a first mortgage. The higher interest rate reflects the higher risk of the second mortgage holder.
Home equity is a common source of borrowed funds. Fewer people are able to tap into the equity of a vehicle to borrow money. In fact, it's probably safe to say that many people who own money on their cars are upside down in the loans. This means that they owe more money for the car than it's worth. Depreciation on a car happens rapidly which is why some financial experts warn consumers not to buy new cars. Owing more on a car than the value can cause economic difficulties for consumers. But if a person owns a car free and clear, he may be able to get a quick secured loan from a lending institution that specializes in title loans. If the applicant is approved the loan, he turns over the title to the lending institution who places a formal lien on the vehicle. Now it's impossible for the car's owner to sell the vehicle until the loan has been repaid which is a protection for the lender.
Another source for a potential borrower to obtain a quick secured loan is the local pawn shop. Instead of big ticket items like a house or a car, the potential borrower can take smaller personal property to the pawn shop. The personal property is the collateral for the borrowed money. The pawn shop owner or a specially trained employee will assess a value to the personal property and take possession of the item. The borrower will receive a quick secured loan and a ticket that can later be used to identify and redeem the item. If the borrower does not pay back the agreed upon amount and take back the item within a certain time frame, the pawn shop manager is free to sell the item in the store. The concept of redemption goes back to ancient history and was an important them in the Old Testament book of Ruth. In this story, Boaz redeems the property of a relative after a closer kinsman refuses the responsibility. "And the kinsman said, I cannot redeem it for myself, lest I mar mine own inheritance: redeem thou my right to thyself; for I cannot redeem it. Now this was the manner in former time in Israel concerning redeeming and concerning changing, for to confirm all things; a man plucked off his shoe, and gave it to his neighbour: and this was a testimony in Israel. Therefore the kinsman said unto Boaz, Buy it for thee. So he drew off his shoe" (Ruth 4:6-9). People often pawn such items as jewelry, computer equipment, television and stereo equipment, collectibles, and other items that have enough value to get quick cash with as little fuss as possible.
The line between a quick secured loan and an unsecured loan can be blurry. For instance, many in the financial industry classify payday loans, also known as cash advance loans, as being unsecured. However, others place them in the secured category. In a payday advance, the applicant gives the lender a check that totals the amount that is borrowed and the applicable fee in exchange for the borrowed funds. The cash advance company holds the check until the agreed upon date and then cashes it. Or the applicant may provide the company with the account number for her checking account. On the due date, the cash advance company is able to pull the borrowed money and fee from the applicant's checking account. In this sense, the check or the bank account number is the asset that is being used as collateral, making the payday advance a type of quick secured loan. However, because of the high interest rate (when calculated in terms of annual percentage rates), a payday advance should be at the bottom of any potential borrower's list of options.
Fast Christian Personal LoanFast personal loans provide many opportunities for individuals seeking money for a variety of financial needs. They are a great way to improve credit scores and ratings. The option is available to anyone and everyone. Personal information is all that must be provided in order to be approved. They can also be an excellent answer to debt. Consolidating debt into one monthly payment will save the consumer time and money.
This option provides the opportunity to improve a consumers credit rating. Sometimes, through bad financial decisions, the credit rating of an individual can become blemished or poor. It is very important to be aware of a credit score, especially when purchasing homes, vehicles, or taking out any type of financing. Fast personal loans often can be completed even with poor credit history. By receiving the fast personal loan and making payments on schedule, a credit score can be improved.
Very little information must be supplied in order to receive financing. Often, since the loans are not great amounts, personal information will be enough to get an approval for a fast personal loan. Sometimes, companies dealing with fast personal loans will require credit history, but poor ratings will often still be approved in order to assist the borrower in improving that score.
Debt consolidation is an excellent reason to apply for this type of financing. Credit card bills, loans, and a variety of expenses can often overwhelm individuals. Fast personal loans for debt consolidation provide the individual with the opportunity to pay off those expenses in turn for one monthly payment toward the payments. This will often save the consumer money because interest rates on credit cards can often be very high. Loan approvals that offer lower rates will allow the consumer to save money. Whenever dealing with money matters remember that Proverbs 13:11 says "Wealth gotten by vanity shall be diminished: but he that gathereth by labour shall increase."
This option allows the potential borrower many opportunities. An increased credit score is an excellent reason to apply for a fast personal loan. Since the consumer has to supply a very limited amount of personal and financial information, they become very attractive to consumers. Also, there is the possibility to receive financing in order to consolidate debt that may have mounted over a period of time. With many providers, this type of financing can be acquired with little effort on the part of the consumer.
No faxing personal loans are for borrowers that are interested in receiving an unsecured amount of funds and who do not have access to a fax machine for the sending of personal income or employment documentation. Many without this capability want to apply for the financing via the Internet or telephone. With advances in technology and legality of electronic signatures, a no faxing personal loan is now a reality. This financing arrangement still requires that all income and employment information be provided and verified, usually by giving the lender a telephone number where that pertinent information can be confirmed.
Once all information has been verified and/or confirmed, the lender, typically a bank or credit union, will make a decision on the amount of the no faxing personal loan as well as the repayment length and schedule. Sometimes, the amount applied for is either increased or decreased dependent on the lender and what they feel the borrower can afford. No faxing personal loans can be used for anything the borrower desires. Debt consolidation, vacation, education costs, or home repairs are typical.
If the borrower is seeking to purchase a large ticket item, they may want to forgo no faxing personal loans and instead apply in a more traditional method for an item specific loan. Item specific funds may offer lower interest rates and a longer repayment schedule. For example: an auto, student, and home equity financed accounts all offer much lower rates than a no faxing personal loan. If a borrower has a poor credit history, they may want to consider a secured account instead of the faxed type of application. Secured personal accounts use some type of collateral to be pledged as security in case the borrower ceases to make payments or defaults on the loan.
No faxing personal loans for Christians are typically unsecured which is why the complexity of appraising an item for collateral purposes is not needed, and can be processed quickly and easily with an electronic signature. A no faxing personal loan applicant should be sure that when their proceeds are received, the money is not foolishly spent on frivolous items. Christians especially are to be held accountable for what they do with the money God has allowed them to have. They are to be examples of responsible citizens, spending in moderation. The Bible says in Philippians 4:5 "Let moderation be known unto all men. The Lord is at hand".