Personal Loans

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According to Investopedia, a signature loan is a personal loan that does not require collateral to secure, typically issued by a bank or other financial institution. The loan is issued based on the customer's signature on the loan papers and his word that the loan is to be repaid. Because the loan is unsecured, it is also sometimes called a character loan or good faith loan.

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  • What is a HARP loan?

    Q: What is a HARP loan?

    A: HARP stands for the Home Affordable Refinance Program. A HARP loan provides a refinancing option intended for people who are able to stay current on mortgage payments but are in a financially adverse situation with their mortgage as a whole and owe the current value of their home or more.
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  • What is the difference between a grantor and a grantee?

    Q: What is the difference between a grantor and a grantee?

    A: The grantor is the seller and the grantee is the buyer. In terms of selling a home, for example, the grantor is either the owner or the company extending the mortgage and the grantee is the person buying the home.
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  • How do you write a letter requesting a loan?

    Q: How do you write a letter requesting a loan?

    A: A letter requesting a loan should be clear, provide all necessary information, and be typed using the standard fonts and format style on a computer word processor program, according to AviatekBank.com. Spelling and grammar errors should be avoided to appear as professional as possible, and it should use formal language.
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  • How can I get a loan if I am unemployed?

    Q: How can I get a loan if I am unemployed?

    A: To secure a loan while unemployed, search online for lenders that specialize in high-risk loans and have programs that do not require employment information on their applications. These applications can be completed in minutes. Be prepared to provide your address, Social Security number and bank account information.
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  • Who is a co-applicant on a loan?

    Q: Who is a co-applicant on a loan?

    A: According to Investopedia, a co-applicant is a person who is seeking a loan in addition to the primary applicant. A co-applicant increases the chance for the loan to be approved.
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  • Can you get payday loans without a checking account?

    Q: Can you get payday loans without a checking account?

    A: While it is possible to get a payday loan without a bank account, chances are that more information is needed in order for the lender to verify the applicant's income, says HowStuffWorks. The lender may charge higher fees for applicants who do not have bank accounts.
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  • How old do you have to be to get a loan?

    Q: How old do you have to be to get a loan?

    A: In order to get a loan, an individual must be at least 18. According to CarsDirect, teens under age 18 remain minors, and legal contracts they sign are not binding.
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  • What does "conditionally approved loan" mean?

    Q: What does "conditionally approved loan" mean?

    A: A conditionally approved loan is a loan approval based on the financial and credit information that an applicant has provided, and it is subject to final verification. Final verification includes employment and income verification, and additional documentation, such as pay stubs, bank statements and utility bills, is required before the loan is completely approved.
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  • What does "qualifying a buyer" mean?

    Q: What does "qualifying a buyer" mean?

    A: In real estate, "qualifying a buyer" refers to a process of determining whether a buyer has sufficient finances to purchase a home, according to the National Association of Realtors. Qualifying a buyer helps the real estate agent know which homes are best to show the buyer. Items that qualify a buyer include credit score, income, debt ratio, down payment funds and mortgage pre-qualification from a bank.
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  • What is a signature loan?

    Q: What is a signature loan?

    A: According to Investopedia, a signature loan is a personal loan that does not require collateral to secure, typically issued by a bank or other financial institution. The loan is issued based on the customer's signature on the loan papers and his word that the loan is to be repaid. Because the loan is unsecured, it is also sometimes called a character loan or good faith loan.
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  • Q: How can you avoid a loan scam when looking for a cash advance loan?

    A: Consumers can avoid a loan scam by carefully reading the terms of the loan agreement and shopping various companies' interest rates. Loan companies should not ask for any cash in order to secure the loan. However, the Federal Trade Commission does not recommend cash advance loans, according to its' website.
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  • Q: How do you get a GMAC vehicle loan?

    A: As of 2015, GMAC vehicle loans are managed by Ally Auto, a branch of Ally Financial, according to CarsDirect. Loans from Ally Auto cover personal and business auto financing for all vehicles from the GM brand family, including Buick, Chevrolet and Maserati, according to Ally Auto.
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  • Q: What are some benefits of CashNetUSA loans?

    A: As of 2015, some of the benefits of CashNetUSA loans include quick and easy online application, and the ability to receive cash the next business day, according the company's official website. The company provides assistance via customer service associates 24 hours a day, seven days a week.
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  • Q: What are some private loan lenders?

    A: Private loan lenders include Lima One Capital, Hard Money Bankers and Dominion Financial Services, reports the Baltimore Sun. Borrowers can also access private lenders through organizations such as Real Estate Private Funding and the Lending Club, according to their respective websites. Those seeking information on private student loans should visit FinAid.org.
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  • Q: Are Lending Club reviews generally favorable?

    A: As of October 2015, 74% of Lending Club user reviews are favorable on Credit Karma. 99% of reviewers on LendingClub.com recommend Lending Club. The Better Business Bureau reports 53.85% of reviews of Lending Club as positive.
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  • Q: What types of places offer personal loans that use cars as collateral?

    A: Wells Fargo, a trading bank, is an example of an American bank that offers personal loans secured by charges against clients' cars, according to the company's official website. OneMain Financial, another bank, also provides personal loans in which cars act as collateral, notes its website.
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  • Q: What are some loan options for women?

    A: Women who own businesses can pursue loan options through the Small Business Administration and through various lending programs geared toward women. The SBA's Office of Women Business Owners links female business owners with good business credit and a workable business plan to loans, according to the SBA. The SBA also directs women to organizations that can help them apply for loans, including the National Women's Business Council and the Gateway for Women-Owned Businesses Selling to the Government.
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  • Q: How do you apply for a payday loan?

    A: Customers can apply for a payday loan in-person at a lender with proof of income and a valid checking account, according to Advance America. Some payday lenders also allow customers to apply for loans online through their websites, such as Ace Cash Express.
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  • Q: What services does the GNO Federal Credit Union in New Orleans offer?

    A: The Greater New Orleans Federal Credit Union offers checking, savings and investment account services, as well as loans and credit cards, according to the official website, Gnofcu.com. The credit union also provides safe deposit boxes, account alerts, direct deposit, payroll deduction and wire transfer services.
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  • Q: What is HARP eligibility?

    A: To be eligible for the Home Affordable Refinance Program, a person must have a mortgage through Freddie Mac or Fannie Mae that is in good standing. The loan can't have been refinanced previously through HARP, and the Loan-to-Value ratio must be higher than 80 percent.
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  • Q: Are there car grants for single moms?

    A: There are grants to help single moms get a car for transportation. Some of these government grants focus just on transportation, while others focus on basic needs, notes MomsEveryday.com.
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