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Financial Planning

thinking of financial loan

Here is what you need now to get a loan.

1. A legal source of income. The lenders would also like to see two years of employment at the same career. You might need to produce pay stubs, W-2’s, income tax statements or other documentation.

2. Collateral. Most lenders will want more than just a signature on a piece of paper to back the money you are borrowing. They want to be able to get something if you do not pay them back and with interest.

3. Money. There still may be some lenders that will 100% finance a loan. Most will want some money down. They want some of your skin in the game. It also gives them a buffer between what they are loaning you and the value of the asset they can foreclose on if you default or are extremely poor. Sometimes you will even be required to have a minimum amount of money in reserve.

4. Quality of credit. Your history of debt repayment known as a credit score, gives lenders an indication of what they can expect from the borrower. Obviously, the worse the credit score, the harder to get a loan. You should know your credit score, and know why it is where it is.

5. Current level of debt, also known as debt to income ratio. This shows what percentage of your income will go toward repayment of debt. You also should know and have a budget to see where and how you are spending your money. So many people go backwards and can not understand why. This leads to short term fixes. If the problem is not addressed, eventually the well goes dry, and you go bankrupt.

6. What is the loan for? Borrowing money for your home is a lot different than borrowing for a rental or commercial unit. Trying to borrow money for a vacation or a toy is much different and could be stricter.

You must consider who is the best source to get a loan from. Common choices excluding family, friends and such include but are not limited to:
Mortgage companies
Online Lenders
Credit Unions
Quito in the Alley

Finally, you need to consider the true loan costs.

Getting A Loan

Just because you can get a loan, should you? The best answer is, it depends.

Depending upon your situation getting a loan may be very difficult or easy. Much has changed in financing over the years.

I remember going in for my first land loan with all my information in 1990. I needed about $10,000 and had half down and a good job. I was prepared to get a regular real estate loan. The lender suggested we just do a signature loan. A signature loan was a loan you got with the collateral of your signature. Wow, how things have changed!

Loan Payment Calculator with Amortization Schedule
This calculator will compute a loan's payment amount at various payment intervals -- based on the principal amount borrowed, the length of the loan and the annual interest rate. Then, once you have computed the payment, click on the "Create Amortization Schedule" button to create a report you can print out.

Purchase Price:
Down Payment: $ %
Amount to Finance:
Annual Interest Rate Percentage:
Loan Term:
Payment Type:
Interest Rate:
Payment Type:
Sit down when you use this financial calculator. After you enter your loan terms and hit the compute button, it will show you what your total payments will actually cost you.
There are also closing costs to keep in mind. Make sure if you are refinancing that you figure out how long it takes just to get the money back you spent to get your new loan.