Online Loan Applications – A Broken Promise

Applying for a loan online – A Promise Broken

Applying for a loan online can be deceptively complicated. Many websites will entice their customers with marketing messages promising ‘Lowest Rates’ or ‘Guaranteed Acceptance’, in return for completing a short application form consisting of little more than contact details.

Unfortunately, in the majority of cases, the loan applicant is simply providing their personal details to a lead generation business which makes its money selling loan applications to one or more loan lenders or brokers, and cannot accurately suggest whether or not the applicant is eligible for the loan they applied for.

It is possible that the applicant might see an indicative table of loan results, again reiterating the enticingly low rates and universal acceptance of the original marketing message; however, in most cases, this will be merely a list of lenders’ lowest possible rates, rather than a properly underwritten representation of products specifically tailored to an individual applicant’s personal circumstances and credit profile.

There are clear reasons why this unfavourable (to the loan applicant!) situation persists:

An applicant is more likely to offer their personal details to a website if they are promised an easy route to the funds they need and have been promised the lowest rate products in the first place.

Accuracy can only be increased if the route to application includes a detailed credit reference check and these can only be accessed by actual lenders and brokers. Crucially, performing this search costs money each time a reference check is performed.

Performing a credit reference check can have a negative impact on the applicant’s credit rating, especially if many are performed in a short period of time.
So, in short, the loan website is benefited by the applicant blindly filling in their contact details on the promise that they will be given access to the best rate and most inclusive products.

The applicant may then find that their contact details are sold to multiple lenders and brokers, many of which might offer unsuitable products or charge up front applications fees. Clearly this situation is to be avoided.

So what is the answer?

Recently, it has been made possible for loan applicants to see which products they qualify for in a controlled and safe online environment. This is due to an advance in credit reference technology called a ‘quotation search’ which, even when performed multiple times, does not have any effect on the applicant’s credit rating. There is still a cost for performing the search; however the applicant does not bear the brunt of this cost, the loan website does.

There are a growing number these risk-free loan websites online now and the prospective applicant would be well advised to spend their time completing an application with one of these sites, rather than one which may sell their data.

The signs to look for are:

Does the website purport to perform a ‘quotation’ credit search?
Does the application form include job/residential/mortgage and property details? (All of this information is crucial to process of accurately underwriting a loan, so if it is not asked, the applicant will not see accurate loan results)
Does the website take the applicant’s data security seriously? Is the application form held on a secure ‘https’ part of the website?
If the answer to the questions above are ‘Yes’, it is likely that the loan website will provide a smoother loan application journey which is both accurate and risk free to the customer’s credit profile.

Loan Modification Forms – 3 Mistakes to Avoid

Do you know how to complete your loan modification forms properly so that you have the best chance of getting your lender’s approval? The fact is that your bank will base it’s decision in large part on the information you provide to them-information on your loan modification forms shows your bank whether you meet their guidelines for approval or not. So, it is very important to learn and prepare before you submit your application for a loan workout to increase your chances of success. The federal loan workout program called HAMP has standard approval guidelines-you can use the very same formula the banks use to prepare your own accurate and acceptable application. Here are 3 mistakes to avoid when completing your loan modification forms:

Mistake #1: Incomplete or inaccurate information-your lender will run your credit report and compare the information you have provided on your forms with your credit report. You must be sure to disclose all of your debts and income, and fill in all of the information the lender needs. Incomplete or inaccurate forms may be rejected.

Mistake #2: Not preparing a convincing and compelling Hardship Letter that really explains your situation and gives a valid reason for your financial difficulties. The goal is to get your bank to empathize with your circumstances, and paint the picture of a committed homeowner, who through now fault of their own, is in need of help to stay in their home with a loan modification to lower their monthly mortgage payment. When you write a Hardship letter explaining what happened, how it affected you and your plans to get back on track, you give your lender a reason to justify your loan workout approval. Make sure you include the 3 critical elements of an effective letter by following a helpful Hardship Letter Outline.

Mistake #3: Not knowing your lenders guidelines for approval and preparing your loan modification forms so they do not meet the qualifications. Simply put, if you know ahead of time what your bank needs to see in order to approve your application, you will be able to complete your forms so they have the best chance of meeting those approval guidelines. How can you qualify for something that you do not even know the requirements for? Why take a shot in the dark when you can increase your chances of completing your loan modification forms properly with just a little bit of knowledge and preparation? The HAMP guidelines are standard for everyone, use the Loan Mod Quick App software that mimics the federal approval guidelines to help you calculate your debt ratio, target payment, disposable income and more. It’s just common sense, learn and prepare, and you will get better results!

The federal loan workout plan, called Home Affordable Modification has made easier than ever to work directly with your lender and get approved. Because this plan has standard guidelines for everyone-there is no more guess work! Simply know the basics of what is required to qualify, then complete your financial statement so that if meets those guidelines as closely as possible. Use the Loan Mod Quick APP software and you will know if you may have to make some minor adjustments to your budget to meet the target payment and debt ratio guideline. When you prepare your forms correctly ahead of time, you are giving yourself the inside edge to approval. Simply put-know the formula-follow the formula and you will most likely be approved!

Don’t just slap your paperwork together and hope for the best-that is a big mistake. You can avoid these loan modification form mistakes and increase your chances for approval by taking the time to learn your banks guidelines for approval, understand how to complete your application so it meets those guidelines, and submitting an accurate and acceptable loan modification proposal. Help is available-if you know how to get it. Make sure you give yourself the edge you need to get the help you deserve.

Get the help you need to prepare your own accurate and acceptable loan modification application. The Complete Loan Modification Guide kit is the best selling do-it-yourself system that takes the guess work out of preparing your financial statement, hardship letter and all of the required forms your lender needs. You get an easy to use software program-Loan Mod Quick App-as well as an easy to understand handbook with step by step directions. Why take chances with your application? Simply input your unique financial information into the Loan Mod Quick App and it calculates it all for you! It couldn’t be easier! Visit loan modification to order today.

Everything You Wanted to Know About Online Loan Application

If you are looking for online debt consolidation services then you have to know about online loan application. By online debt consolidation, you can reduce and eventually clear up your all debts. However, first thing you have to do is find out a suitable debt consolidation service that can amalgamate your debts into one low interest loan with low monthly single payment.

How To Apply For A Debt Consolidation Service?

These days, finding a debt consolidation service is as easy as clicking a computer mouse, which can give you the links of numerous companies. Most of them offer lucrative options to attract consumers. You need to select the service provider that suits you best. Once you have decided about the lender, download free credit card loan application form. Submit online some basic information like personal data, entire debt amount, account numbers and current monthly payment amount.

Once the online application is submitted, the lender will check your credits. After some time, your credit card loan application will be approved. The lender will transfer the loan into your personal account.

Eliminate Your Debts with Debt Consolidation Loan Services

Free consumer debt consolidation services can help you to get relief from the huge debt burden. They will accumulate all of your existing credit card debts into one low interest debt consolidation loan with low monthly payment for a stretched period of time. Eventually, this will help you to clear off all of your existing balances.

Advantages of Online Loan Application

The main advantage is the simplicity of this procedure. You can apply for loan, without any hustle and bustle of huge paperwork. On the other hand, no bank will allow you to borrow a loan, unless you are satisfying them with a bundle of reliable documents.

Online, you will find numerous lenders. You can go through their various options in a single place and find the plan best suits for you. You can easily compare companies before selecting any.

Forget those days when you used to get worried about monthly installment payments when you are out of town. Just connect your laptop with internet or visit the nearest internet café, log in to the Web site of your consolidation loan lender, and pay your monthly bill instantly!

Some Important Things To Remember

Unfortunately, there are so many disadvantages to online loan application. The major disadvantage is sharing your personal information like SSS number, your financial status, credit card number, debt amounts, account numbers, and present monthly payment amounts etc. with someone unknown, and this could put you at risk. You actually don’t know what is going on at the other end. You will not have any company address to go for, if you are in trouble. So, why not give a try to your nearby reliable service provider instead of depending on unknown cyber world?

The Best Car Insurance Rates

If your car insurance is due for renewal and you are considering buying another policy then this article will provide you with important facts that you should know about. Car insurance policies are getting increasingly expensive and you should do all that you can to reduce your costs. How much you have to pay for your car insurance is dictated by a variety of factors as they apply to you and your vehicle.

In this article we will examine coverage limits, your age, gender and marital status, your location and insuring other household members. All of these factors will have a great influence on how much you will have to pay for your policy.

Coverage limits are generally dictated by the price that you are willing to pay for your insurance. A higher level of coverage will generally result in higher premiums. The best way to find a good value policy is to comparison shop. Nowadays it is generally accepted that the best way to do this is by using a car insurance comparison website.

Your age, gender and marital status will have a great effect on the auto insurance rates that you are offered. Insurers rate drivers using a variety of criteria, if you are a young single male driver you will usually have to pay higher rates. If you are a middle-aged female married driver then your rates will be lower. Insurers calculate the best car insurance rates for you by comparing levels of risk. Those groups which are statistically more likely to be involved in an accident have to pay correspondingly higher rates.

Location plays an important part in deciding how much your premiums will cost. Drivers who live in an urban environment will usually pay more than those from a rural area. This is because drivers who live in cities and heavily populated areas are more likely to be involved in an accident, or to have their car stolen or vandalized. Insurers generally offer better rates if you’re able to demonstrate that you keep your vehicle in a garage at night. You may also be able to improve the security arrangements of your automobile by fitting an alarm, immobilizer and steering wheel lock.

Insuring other household members will have an influence on the cost of your policy and the best car insurance rates that you offered. If you have teenage family members living with you and they are added to your policy, then your costs will increase. This may still work out cheaper than if your teenage driver were to have a separate policy in their own name.

In conclusion, there are a variety of different factors which can affect your ability to be offered the best insurance rates. Some of these are coverage limits, how old you are, whether you are male or female and whether you are married or single. Your rates will also be affected by the area where you live and whether other household members are included in your policy.