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I Need A Loan

By Edited Nov 20, 2013 0 0

I provide consultation services to clients who are in need of credit counseling and other kinds of assistance with their finances and I hear all sorts of interesting statements by these people each day. One of the more common statements I hear from clients is, "I need a loan", and when I hear clients tell me this I try to explain to them that they can get a loan without a problem as long as they can get their application in order.

While these sorts of exclamations can sometimes be a bit funny they can also at the same time be a bit sad in a way because of their apparent neediness and overall desperation. The two that I hear the most often are "I need a loan" and "I need money" and while I try to do my best to tell the person how they can either get a loan or get money the right way I am often left wondering if the person has truly considered what I have said to them. Regardless, if you need money fast then you should probably think about getting a loan and this will depend of course on what you need the loan for exactly and your entire financial situation. There is a vast assortment of loans on the market and included below are just some of the more popular kinds of loans that you may be interested in.

Mortgage Loans and Home Loans


If you need a loan to buy a house then you may in the market for a mortgage loan, or home loan. These are secured loans that are based upon the property that your are purchasing as well as your credit, and to get approved you typically need to have a significant down payment that can range anywhere between three and twenty percent of the cost of your property.

Car and Auto Loans


If you need a loan for a car then you may need an auto loan as these sorts of loans are secured loans that can provide you with the necessary financing to buy your vehicle. These loans are also based off of your credit so the better your credit is the better your chances are at receiving the lowest interest rate and getting approved.

Personal Loans


A personal loan can provide you with money for pretty much anything you feel like spending it on. Some lenders will want to know exactly what you are going to use your funding towards but a good proportion won't, and the denominations for these kinds of loans can range from a few hundred dollars up to tens to even hundreds of thousands of dollars. These loans are also based off of your credit so it is important that you have a good credit score so that you can receive the best rate.

Payday Loans


These types of loans are not to be confused with personal loans as the two are not the same thing. These kinds of loans are made for much smaller denominations than personal loans, and they are also made for much higher interest rates. The lenders that provide these types of loans are not your typical kinds of lenders, and they are usually private and small outfits that only specialize in providing these sorts of cash loans. Your credit shouldn't play much of a role in determining your rate or whether or not you get approved, and you're going to have to pay a ridiculous interest rate and a number of finance charges virtually one hundred percent of the time with these kinds of payday loans. Be careful with payday loans because they can actually cause you a significant amount of financial strain and they should therefore only be used when you are experiencing a serious financial calamity.

The bottom line is that I try to tell all my clients that the loan and the money you need will depend on your individual circumstances, and what you will use the loan for as well as your credit. After taking these types of things into consideration I then try and provide them with their best options and in the end they listen to my advice only some of the time. I urge you all to take your own financial situation and credit into account before you go out and apply for any particular loan as this will hopefully give you the best chance at getting the right kind of loan for your situation at the lowest possible price.

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