As we are required by law to share data with Credit Reference Agencies, poor repayment history could affect your credit rating. In order to qualify for a new or additional loan you must have kept up regular payments on your existing or previous loan.
Your Agent will also consider your personal circumstances when discussing a loan with you. Compare the price of home collected and other cash loans available in your area at: www.
lenderscompared. org. Click here to view our Investor Relations site.
But before you click on a link, the Federal Trade Commission (FTC), the nation's consumer protection agency, has a few caveats to share. Lenders Don't Always Play by the Rules. The FTC recently sued several online payday lenders for violating federal laws.
The lenders allegedly lied about united cash advance and loan services much their loans would cost, required borrowers to allow the lenders to take money from their bank accounts automatically, and threatened to sue the borrowers or have them arrested for non-payment. Here's how the scam allegedly played out: The online payday lenders required borrowers to provide bank account information so they could deposit the borrowed funds electronically and withdraw the repayment amount from the account later.
The lenders claimed that the repayment amount would be the amount borrowed plus a one-time finance fee, and that this amount would be withdrawn on a particular date.
Instead, the lenders made multiple withdrawals from the borrowers' bank accounts and assessed a new finance fee each time. The result of this scheme. The borrowers paid much more than the stated cost of their loans. In a typical example, a person borrowed 300 with a stated one-time finance fee of 90.
If you buy a 100,000 house with cash and make 500 a month in cash flow, you are making about 6 percent cash on cash returns. Cash on cash return is the return you are seeing on the cash you have invested into the property. If you buy a 100,000 house and put 20 percent down, united cash advance and loan services will have a mortgage payment, but the returns on your cash invested increase because you are using much less cash.
If you are paying a 4 percent interest rate, your principal and interest payment will be about 382 (check out the bank rate mortgage calculator for calculating mortgage payments). You are only making 118 a month cash flow after subtracting the mortgage payment, but you are making 7 percent cash on cash return due to the lower initial investment. Additional benefits of getting a loan on a rental property. Even though the cash on cash return is 7 percent, you are actually making much more than a 7 percent total return in the above scenario.
Were Committed To Service, Speed Security. Connect with a Helpful Lender. We commit to connecting you with an approved lender. We also made the process simple. No need to visit hundreds of websites and fill out numerous paperwork. The Need for Speed. Our online service readily serves your need to connect with a lender. The process takes a few minutes.