Even Booming Times Can Spell Trouble
North Dakota’s oil boom has created opportunity that may be lacking in other parts of the country, but it also means saying “hello” to a different kind of trouble: crime. While people elsewhere may be having trouble finding a job, paying bills, or making a decent wage, North Dakota’s small towns have had an oil boom that has brought jobs and good wages, but less security and some outright homelessness. Companies that must hire to expand the oil and natural gas booms going on around the country often grow much faster than a small town can absorb, in terms of housing and law enforcement, leading to wild nights and higher crime rates.
Where to House Everyone
As the need for labor increases, small towns find that they don’t have enough housing to lodge everyone who comes either to work or in search of a job. This is t
7 Common Loan Options
Here is a list of 7 common loan options that people often apply for and provides a little bit of detail on each.
- Business loans:
Business loans can be very useful when one is setting up a new business. This can provide much needed capital and money for start-up costs. Business loans rates and terms are very competitive and it is wise to shop around for the best interest rate. Ensure that you have a detailed Business Plan which incorporates cash flow projections, costs of sales, forecasts, projected income and expenditure and details about the financial viability of your business – these are what the bank manager will need in making a decision whether to provide you with finance.
- Personal loans:
Personal Loans are normally at a higher interest rate than home loan rates and are considered short term loans; however they can assist for an immediate need. Their interest rates however, are normally less that credit card interest, so they can come in very handy to consolidate credit card debt. Personal loans can also be used to consolidate outstanding bills. Again, it is very important to ensure that you meet all repayments in a timely manner.
- Pay Day loans:
Pay Day loans are a very short term fix until you receive your paycheck. The amounts lent are generally small and these are used as a quick stop-gap. Pay Day loans are generally repaid within a very short period of time and normally with your next pay check.
- Home loans
Also known as mortgages, home loans are utilized for buying property, land, houses or apartments, where said property is used as security over the loan. Banks will generally not lend 100% of the property sale price, so you will need to ensure that you have some monies to cover HOA fees, stamp duty fees, legal fees, miscellaneous fees and a deposit if required.
Home loans are normally granted over a 20 to 30 year period. They are different options such as principal and interest or interest only loans. Interest rates may be fixed for a certain period or variable.
As with all loans, one must ensure that one meets the lending criteria and monthly repayments, to avoid any risk of default.
- Car loans
Vehicle loans tend to be short term – 3 or 5 years and the interest rates tend to be higher than that of a home loan. The vehicle is used as the security over that loan and may be repossessed in the event of a default on the loan.
- Credit cards and store cards
Credit cards are probably the highest interest rates and are absolutely the first thing that needs to be repaid out of all that types of loans.
Interest rates can very up to and over 20% per annum. It is one of the easiest forms of credit that anyone can access, but also one of the easiest to impact your credit rating.. It is very important to try to pay the full balance of the card every month, and if this is not possible, then at least more than the minimum payment.
- Refinance
Should multiple loans or credit cards become too difficult to handle, you may wish to consider consolidation of these loans into a single loan at a better interest rate, which is more manageable. A god idea is to use any equity you have in a property to consolidate these other loans or credit cards and therefore have to just pay home loan interest rates.
Auto loans slow in August blip
Last Thursday, many economists seemed confident that the Fed’s consumer credit figures for August, due out the following day, would continue to show rises. Early on Friday morning, Bloomberg Businessweek published the results of a survey of economists, who on average expected borrowing to rise by $8 billion.
Well, we should be used to economists being wrong by now. (Your blogger is fond of the old saying, “Economists were invented to make astrologers look good.”) And, sure enough, when the actual figures for all consumer credit–except loans secured against real estate–were released by the Federal Reserve they showed a drop of $9.5 billion, compared with a rise of $11.9 billion in July.
The Fed doesn’t break out statistics just for auto loans, but rather wraps those up within its “nonrevolving credit” category, which also includes student loans and those for mobile homes, boats, trailers and vacations.
Anyone know of any good lenders for a mobile home loan?
Question by kittywisdom2000: Anyone know of any good lenders for a mobile home loan? I’ve found a really nice double wide home, but I cant find hardly any good lenders so I can get a loan with a very low down payment or no down payment. I really need all the advice possible for this loan. I would like to get it before the end of December. This is acually a double wide home on solid foundation and on 1 acre of land in town. Thanks
Best answer:
Answer by Brandon HuntGenerally local banks are your best bet, as they normally have the better interest rates, and are willing to work with down payments, credit, etc. Whereas most big banks just have a cookie cutter form.
With that said, most banks want to loan on both the home, and the property it sit on(or is going to sit on). T