Reader Question: Patrick from Florida recently wrote us with a question, “Can I get a loan at 17? I need money for a car.”
Yes and no. You cannot get an individual loan at age 17. Minors (those under age 18) are not old enough to enter into a legally binding contract because they are not considered adults. Most minors do not have steady jobs because they are still in high school. They also don’t have credit. Lenders view this age group as “too young” and “unable to pay …
Read This Article →When you’re looking into getting a line of credit, you might get confused by some of the terms used to describe them. Your lender might discuss “fixed rate loans” and “variable rate loans,” and if you’re pretty new to borrowing money, you might not have any idea what those phrases actually mean. It’s important to understand what they mean because the type of rate you receive could have an impact on the total amount you end up paying back for what you borrow as well as your monthly payment.
What …
Read This Article →Mortgage terms are pretty confusing in general, the term “balloon rider” is no exception. So, what is a balloon rider on a mortgage? Is it a good thing or a bad thing? Do you have one on your mortgage? There are many people with mortgages who have balloon riders and are not even aware of the fact. However, finding out whether or not you have one is as simple as checking the paperwork you signed when you first bought your house. If you see that you have one, you need …
Read This Article →If you’re self-employed or have a hard time proving your income for some other reason, a stated income loan or a stated income home equity loan probably sounds ideal. After all, you don’t have to bother with digging up lots of paperwork to get the money you need. Finding and providing paperwork is a time-consuming process for the average person, so it’s easy to imagine how the task could be nightmarish for someone who doesn’t have a traditional day job. If you need money urgently, you might not also not …
Read This Article →Your reasons for wanting to understand how to get a loan to buy property could be anything from ultimately wanting to build a house to eventually opening a business on the property you purchase. Some people have a desire to own property just because it can be a good investment. Regardless of your reasons for purchasing property, there are a few things you should do before you get out and start looking for the perfect property to buy.
Know Your Credit Score
Your credit score is going to be the …
Read This Article →A home equity line of credit is a great way to get your hands on some cash if you happen to be a homeowner. However, it can also be a good way to lose your home if you abuse the line of credit you are given because your home is technically the collateral. People often take out home equity lines of credit when they need more cash than what they might be able to secure through a low cost personal loan. Before you get excited thinking that you can …
Read This Article →If your loan or credit payments are out of control, and you’re feeling a burden of too many loans all at once, then loan consolidation may be for you. Loan consolidation, also known as debt consolidation, is when you take out one loan to pay off your others.
Benefits of Loan Consolidation
1. Less payments – if you are making lots of payments, consolidation will ensure that you’re only making one payment each month. Even if this payment is high, you’ll still avoid the hassle of managing several different loans …
Read This Article →Before you pick out a house to buy, you might want to consider prequalifying for a mortgage. Many people do not bother with this process, but there are a lot of good reasons to do it.
What is “prequalifying”?
If you decide to buy a house, you might first go around looking at houses you like. After you’ve picked one out, you may visit a mortgage company to see if you can get a loan. When you get prequalified for a mortgage, you would instead contact the mortgage company first …
Read This Article →You may already be familiar with the traditional loan modification process that many people go through in order to keep from losing their homes, but you might not know that you can do the same thing with your car. An auto loan modification could be a good choice for you if you’re nearing the three month mark on car payment delinquency with no way to realistically catch your payments up. But should you go through with it? Before making a decision, you should take a hard look at your situation.…
Read This Article →The idea of a no doc loan is very appealing. You can walk into the loan office, fill out the necessary paperwork, and walk right back out in much less time than you normally could if you opted for a loan requiring documents. Why is it so easy? Because there is much less paperwork involved. No doc loans certainly have their advantages – particularly if you are self–employed and have a hard time proving your income. Even so, taking out a loan like this isn’t always the right answer because …
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About The Editor
Maria Schubert is the editor of Instant-Loans.org. Originally from San Diego, Maria graduated from USC with a Bachelor's in Accounting, Certificate in Banking, and Certificate in Entreprenurship. Before joining our website, Maria spent time as a lender at a prominent Florida bank.In addition to working with our staff and contributing to Instant-Loans.org, Maria enjoys golfing, asian cuisine, thrifty shopping, the beach, and a great novel.