Credit Tips

Tips On How To Get Your Bad Credit Personal Loan Application Approved

In current times, the demand for bad credit personal loans has been on the rise. This can be attributed to the fact that the economy has not been very good. This coupled with the fact that commodity prices have been on the rise has led to most people having a bad credit history, which effectively locks them out of getting loans.

If you are in such a position, you should not despair. Even if you have a bad credit history, you can still apply for and get a loan. There are certain loans which are specifically meant for such a demographic, and it would be a good idea to make use of them when you need to borrow money.

A good example of a loan that you can take when you have a bad credit history is a payday advance. This is a kind of short term loan which is often paid within a month. As the name suggests, this kind of loan is often paid back when one receives his or her pay check at the end of the month.

One good thing about this kind of loan is that it is very easy to apply for one. If you need it, all you have to do is find a website run by one of the lenders. For instance, if you live in the United States you can simply use Google to search for payday advance lenders who have online sites. You can then fill out the form and then wait for the money to be deposited in your account.

When you apply for such loans, there are certain things that you need to do so as to increase the chances of getting approved. For instance, you need to know exactly what kind of documentation you need for the loan. For instance most payday advance dealers will require that you have proof of income, such as your pay slips for the past few months.

In addition to that, you may also need to provide details of your bank account. Most lenders will deposit the money in your account after approval, especially when you are applying online. Also, most of them will automatically deduct the amount you are to repay at the end of the month from your account, making it more convenient to make payments.

There are many people who are opponents of bad credit loans due to the fact that they seem to offer high interest rates. For instance, many payday advance lenders will charge a nominal fee of around $15 for each $100 one borrows. This may seem like a very high amount, but the fact of the matter is that they do this since they expose themselves to increased risk. In addition to that, the fact that such loans are often of very small amounts and are paid within a very short time means that the interest never accumulates to very large amounts, as would typical bank loans.

When all is said and done, getting bad credit personal loans is not as hard as one might think. There are many companies which offer these facilities, and all one has to do is find one that suits them. By following the guide above, you can do this with relatively little trouble.


Managerial Economics – Application of Economic Theory in Solving Business Problems!

Managerial economics is concerned with various micro and macro economic tools and the analysis of which can be used in managerial decision making to solve business problems. Micro economic tools that are used in this subject include demand analysis, production and cost analysis, break-even analysis, pricing theory and practice, technical progress, location decisions and capital budgeting. The macro economic concepts that are directly or indirectly relevant to managerial decision-making comprise national income analysis, business cycles, monetary policy, fiscal policy, central banking, government finance, economic growth, international trade, balance of payments, free trade protectionism, exchange rates and international monetary system.

The scope of this managerial science is wide and it has close connections with economic theory, decision sciences and accountancy. Traditional economics talks about the theory and methodology while managerial economics applies economic theory and methodology to solve business problems. It uses the tools and techniques of analysis to provide with optimal solutions to business problems.

  • Relationship with economics:

Managerial economics borrows concepts from economics just as engineering does from physics and medicine from biology. The analysis of both micro and macro economic concepts add valuable inputs to the organization. Say, national income forecasting is an important aid to business condition analysis which in turn could be a priceless input for forecasting the demand for specific product groups. The theories of market structure can be analyzed for the purpose of market segmentation.

  • Relationship with decision sciences:

Decision models are created to format the solutions for problem situations and the process utilizes techniques like, optimization, differential calculus and mathematical programming. This also helps to analyze the impact of alternate course of action and evaluate the results obtained form the model.

  • Relationship with accounting:

Accounting data and statements constitute the language of business. The accounting profession considerably influences cost and revenue information and their classification. A manager should therefore be familiar with the generation, interpretation and use of accounting data. Accounting moreover is viewed as a management decision tool and not anymore as a mere practice of bookkeeping. The concepts and practices of accounting can be very well applied to improve the economic scope of a project.

Economics is an interesting subject as it deals with the day-to-day problems of a common man and at the same time is concerned with the economic prosperity of a country as a whole. Its primary focus is on scarce resource allocations among competing ends. Individuals, enterprises and nations face problems of resource allocation. Managerial economics may be viewed as economics applied to problem solving at the level of the firm.


Advertising – Feedback, Theory, and Application

This article is the most awaited that people are waiting for. Advertising strikes anywhere, there are many ways to be applied such as television, newspaper, and radio. Aside from tri-media it can be billboards that can be seen along the highways, internet ads which can be seen in the computer in order to be an instant transaction. The most important thing in advertising is how to promote the product?

Readers and viewers must know the background or feedback of advertising and why is it still exist till present? According to Norman Douglas, an English writer said that ” You can tell the ideals of a nation by its advertisements.” This saying still exist because it focus in a global society. They must take note that Advertising is a paid communication about goods, services, ideas or institutions through the mass media design to inform and/or influence one or more people in accordance with the intent of the advertiser and this meaning came from Isabelo T. Crisostomo’s book title “Advertising:Background, Theory and Practice”.

The next part will be theories applied in advertising. Readers and viewers must be serious about my article because it composed the contents of history, psychology, sociology, marketing, mass communication, and lastly in business field. Mass communication is an art because it deals with communication and there is a sign of development. According to Crisostomo, “Mass communication is the transmission of messages and information of messages and information to an undetermined number of people through any of the mass media.” This field is known as the channels of communication. In business, once you have an establishment, it is called advertising agency. This is an advertising triad to the community because it has something to relate with the advertiser, the advertising agency and the medium. According to the review article profile of Concepcion and Yumol, “Advertising agency is an independent organization which is established and operated for the purpose of counselling on creating, producing, and educate consumers on the availability products or services.” This meaning can help the level of professionalism in global society.

The last part of my article will be application because this will see the people how will show their credibility in an actual output. In my own opinion, to practice in advertising is a serious task. Only ten percent is the research output while the remaining ninety percent is the real job to be shown by the clients in order to be inspired as long as it shows creativity because that is the sign of an art work. The example for this is election campaign period. Once the candidate runs for designated position, they cannot win without an election materials and if in case they win the battle, it will create an economic waste. Readers and viewers must know that advertising cannot tell a lie because it tells the truth to the public. The people must know that what is the product or service they are catering?, what does the product means to the public? The position of the product will be based on the markers of which profile they monitor? what are the key benefits they can set it up? in markers, where does it based? The characters that product they will focus more on mechanics, language, not literally, reactions in order to know the clients reactions, different personalities, major differences, ethics whether ethical or unethical, communicate and understanding, what attracts to the customers, and the most important is top of their mind. What motivates people is in the field of Sociology, Psychology, History. People are not statistics because it will describe the person how accurate they are?


Home Loan Application Denied! Reasons Lenders Will Not Tell

You are given a home loan when your own eligibility (mainly financial reasons) along with your property eligibility matches with the policy of the lender. We are going to talk about reasons why your eligibility to get a home loan is questioned by the lenders & they may reject your application.

1. Processing Fee cheque getting bounced – Whatever be the reason, Bankers are really sensitive about the Processing Fee cheque and its considered very sacrosanct. Ensure your account has enough funds for it to be cleared.

2. Financial Eligibility – As a thumb rule, it can be assumed that a salaried person can have 50% of his net salary & a self-employed person can have 75-80% of his monthly income, paid as EMIs for any loans. If you are already paying substantial EMIs, more than what your finances can afford, your application may be rejected.

3. Guarantor to someone else’s loan – OK so you became a guarantor to someone’s loan. In the eyes of the lender, it is as good as you taking a loan. So be cautious while doing this.

4. Age of the property – Yes, the lenders do believe in age of the property. They won’t fund a property they believe would not stand for 35-40 years. Strange!! This is how it happens.

5. Your contribution – Lender requires minimum 25% of total value of property to come from your side. Any lesser and he starts getting jittery.

6. Too many co-owners – To counter the point above, you may want to add more co-owners so that your eligibility goes up but the lender doesn’t like to have too many co-owners as well.

7. Co-owned property with not so-close a relative – EG. A property co-owned with a friend. Lender says, thank you Sir – we will not be able to fund it. Co-owned with unmarried daughter, cousins, colleagues – lender is likely to reject the application.

8. Change in the career – Bankers are conservative and it is good for the economy. They don’t like risk-takers like a person who is in-between changing jobs or someone who has left the job to start on his own – they would rather wait on the sides so that you get stable before they fund you.

9. Education Qualification & Work Experience – They may not say it specifically but deep down in some page of the policy there are restrictions given your education status. An under-graduate is less likely to be job stable and that poses a potential risk for the lender. Similarly, if you are hopping jobs too soon or are very new on the job, your chances of getting a home loan may decline.

10. Your employer may not be worth his salt – You are working for some firm which is not known in the market. The lender may ask you to get the financials of that firm.

Student Loans

Financial Aid Application

If you are a student looking for additional money for college then you should look into Federal Financial Aid. Federal Financial Aid offers very competitive student loan interest rates and favorable student loan repayment terms. In order to become eligible for this type of student aid, you must complete and submit the FAFSA or Free Application for Federal Student Aid. The FAFSA application takes into account all family Adjusted Gross Income and all family assets in order to determine if you qualify for federal student aid.

The financial aid application will give you an EFC or Expected Family Contribution score through the SAR report. The expected family contribution will determine how much your family is expected to contribute to your education. The lower your EFC score then the higher your chances are that you will receive some for of student aid.

The Federal Financial Aid application is free and there is never a charge to complete and submit this application. You will need your previous year’s tax documents and all financial statements that show your total assets available. If you have all your documents together then you will be able to complete the application must faster.

The Department of Education now has the FAFSA application online to make the process more streamline. All FAFSA questions are the same as the original FAFSA application that you can pick up at your financial aid office. This is just another option to choose from when completing the FAFSA.

By completing the FAFSA, you will make yourself eligible for the Stafford Loan, the Perkins Loan, and the Pell Grant. The Stafford Loan is available to around 18,000 schools, while the Perkins loan is available to around 1,500 participating schools. The Pell Grant is a federal educational grant that is available to low income in-need students looking for extra money.

Student Loans

Conquering Your Financial Aid Application: FAFSA

Why file your financial aid application before the 15th of February? Conquering your financial aid application.

The most important piece in the college admission process is going to be financial aid because it will come down to money which will determine whether you will attend a college of your choice or not. This is why you should apply for financial aid as soon as you and your parents can get your taxes done because the application will require your financial information and your parents' or parent financial information. If you qualify for any federal or state (free) moneys, the sooner you file your financial aid application the better off you will be. There are a predetermined number of dollars that are earmarked for federal grants and state grants and once the moneys are given out, you will have to wait until the next semester to see if some money frees up. You may have to wait until the following year to attend college.

Besides filing your FAFSA, you should check the website of each school that you will apply to or have applied to for any other financial aid application that you have to file.
Every student should file the application no later than February 15th of his or her senior year.

Who should file for financial aid? (FAFSA)

Everyone should file the application whether they think they qualify for federal and state grants or not because even if you don't qualify for any free money, the institution will need your financial profile in order for them to give you any of their money. Any free money (grants) or loans will require your financial profile. If you are applying to any institution of higher education, you will need to file a financial aid application.

What drives the Expected Family Contribution number when you file your application? Is it income driven or asset driven?

The Expected Family Contribution is income driven for the most part. Other factors that will influence this number will be the number of people living in the household, the age of the older parent, the number of individuals enrolled in college and the number of properties owned by your parents. EFC is the amount money that the institution will expect you to come up with to pay for your education. This is your financial responsibility. The EFC is always higher than what you expect based on your current financial status. FAFSA is not asset driven and it does not dig deep into your family's finances.


Planning for a Mortgage Application After Bankruptcy

Getting approved for a mortgage after a bankruptcy has always been tricky. Now, it is very difficult in the current mortgage climate, but it is not impossible.

The best way is to plan ahead, the same as with any real estate or mortgage transaction. The time to worry about how to get the next loan is before filing bankruptcy. Most people do not have a plan and the process after the BK is a lot more difficult.

All lenders follow the same basic underwriting rules for standard loan types. If you understand these rules it will help while planning the next move.

For conventional mortgages a Chapter 7 or 11 Bankruptcy must usually be discharged for 4 years. In rare exceptions such as a BK caused by the death of a wage earner it may shorten the waiting period to only 2 years. And a Chapter 13 might also get by with only 2 years. Notice I did not say an exact period but used words like “usually” or “might.”

Borrowers with a bankruptcy in the last 7 years will always require manual underwriting by an actual live mortgage underwriter as opposed to automated underwriting software. They will look at the entire loan application, not just the credit report. So the entire application must make sense to the underwriter.

For example, if the BK was caused by the death of the primary wage earner and the surviving spouse has made several late payments after the BK was discharged then the mortgage loan application will probably be denied even if 3 years have passed. The BK did not solve the cash flow problem.

The waiting period for an FHA mortgage is only 2 years, but how the risk is evaluated is very similar to the conventional method above. Line-by-line and word-by-word and it must make sense.

Think of a bankruptcy as a turning point, POOF!! All debts are gone so things should get better. An underwriter is not going to approve new debt if things did not get better as planned.

The quickest way to get approved for a mortgage after the turning point is to run a very, very tight ship following the discharge date. Keep copies of every financial transaction, and never miss a payment. Re-establish credit as soon as possible if all previous accounts were closed in the BK.

One little known fact is that a loan applicant is allowed to submit any form of documentation that proves their case when applying for a mortgage. Start a budget on day one following the discharge date and keep detailed records of funds coming in and going out. In the past 20 years only one client has furnished me a copy of their household budget, one client out of thousands! I remember him and it was years ago. That kind of unusual documentation stands out.

Just make sure the budget proves the point. If you are currently paying $1,000 a month rent and are applying for a mortgage that will have a $1,500 payment, the budget should show at least $500 a month in savings. Everything must make sense.

Student Loans

Federal Student Loan Application – This is Important to Understand!

When you decide to go back to college or to go to college for the first time you have to know what a federal student loan application is and what you should be expecting. This is one of the tools that is going to help you get the money you need to pay for your tuition, housing, books, living expenses, and other fees. Here is what you need to know.

First, the federal student loan application is called a FAFSA. This is actually a form that you fill out prior to the actual application in order to see what type of money you qualify for. If you are 23 years of age or older and you do not live with your parents, then you only need to fill out the portion for you and include your income information. If you are younger and live with your parents you will need to use their information as well.

After you have filled out your FAFSA you will receive a code that will let the school know what you qualify for. You could qualify for a Pell grant, which is free money from the government that you never have to pay back, and you could qualify for government backed student loans. If you do, then you will fill out a short federal student loan application to tell them how much you want.

When you fill this application out you will have the option for subsidized and unsubsidized loans. There will be a maximum amount you will be allowed to get depending on how many credit hours you are taking and how many you have already completed. One of these loans will accrue interest while you go to school, while the other will not. Make sure you get enough to pay for all your expenses or the maximum if it will not be enough.