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Why is the APR high on payday loans?

admin — Fri, 04 May 2012 20:40:21 +0000

APR is an Annual Percentage Rate, which is calculated over a period of the whole year. That is why at the first glance the APR applied to payday loans seems to be high. This is not true because a payday loan is taken normally over a number of days or a few weeks.

The APR was calculated for long term loans which are usually taken for a year or more. It was not designed for very short term loans. It is just a theoretical figure that helps people compare similar long term loans such as ongoing credit balances or mortgages.

So instead of worrying about the APR rate you had better take another look at your loan agreement and see how much interest you will have to pay for the period of your payday loan. Sometimes it’s a standard interest charge which depends on how much you want to borrow and it doesn’t depend on the duration of the loan. So you should consider whether you will be able to pay both the cash advance you get and the interest pay on the repayment date.

Need help in placing a loan ,property in NC

admin — Mon, 03 Jan 2011 10:13:59 +0000

Need help with 85% ltv with middle score of 513.
I have full package. 7×30 in last 12mos
property appraised at 200,000 need loan amt of 170,000 to pay off lien and
first mtg balance.. Full doc
What lenders can do this?
send me email or call 704 846 5209 Otis
First Decision Mtg

COMMERCIAL FORECLOSURE

admin — Fri, 10 Dec 2010 10:13:17 +0000

I have a Louisiana customer who has a resturant worth about $375K and needs about $240K (65% LTV) to get out of a foreclosure situation (note held by private party). Paid current through July 2001 but ran into problems and is delinquent for August and September. Know of any lenders or any ideas?? Thanks.

Need a subprime lender

admin — Thu, 09 Dec 2010 10:11:46 +0000

1. Need a subprime lender that will not require payoffs of collections. 80% LTV full doc. middle score of 559. Purchase. $104,000 in reserves. 67,000 purchase price. Property in Florida. Can not get an LP accept with FHA.
2. Have a 70% LTV purchase. $612,000 loan amount. Middle score of 671. Borrower has $1.5 million in the bank. Need stated. Problem is chapter 7 bankruptcy discharged 30 months ago and tax liens that are all paid. Need the best rate possible. Property in Florida.

Social Security

admin — Fri, 29 Oct 2010 10:15:08 +0000

Can anyone advise if there is any lender who will accept Tax ID numbers (TIN’s) from Foreign Nationals. I Am coming across credit for some of them, yet none of my lenders will accept the TIN’s. Any leads would be appreciated.