Loans In Dallas
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Loans in Dallas:
Loan is a form of debt or financial help given by lender to borrower. It is supposed to be returned back with interests may or may not with regular installment. Lender may be a bank, a government organization, private organization or some person similarly borrower can be any body a country, a state, any government or private organization, a student or any businessman. Type and the amount of loan vary from person to person. Student borrowing loan to fulfill his educational requirement goes for Education loan. A business man wanting a loan for setting or expanding his business takes business loan, a person wanting loan to buy house will go for housing loan. Thus, form of loans varies according to requirement.
A loan provides the money required to buy new things, get the older one repaired, to take care of educational expenses or to establish, expand, modernize or improve business. Few loans also give tax benefit. Community Development Credit Unions and banks are the safest and most affordable places to get loans.
Different type of loans are Personal loan, Student loan ,Home loan, Car loan, Self employment loan, Unemployment loan, Secured loan, Business loan, Wedding loan, Re mortgage Loan, Bad credit loan, Debt Consolidation loan and unsecured loan.
Some of the organizations offering loans in Texas are:
• Federal Home loan at Dallas provides loans and funds to its member institutes. It provides credit services to help member institutes to help funding people for housing loan, small agri businesses and other small businesses. It provides loans at subsidized rates so as to benefit peoples. • The Hankinson group provides loans for Buying or refinancing a home. It also provides great customer services along with loans at subsidized rates. • Southern Dallas Development and corporation supports three loan programmes. They are:
Southern Dallas Development Fund INC.: It offers loan amount up to $ 250,000. The loan can be used as a working Capital or for buying Machinery or Equipment or for Real Estate Acquisition or for Rehab/New Construction.
Community Development Loan Fund: It offers loan amount up to $ 300,000. The loan can be used as a working capital or for buying machinery or equipments or for real estate acquisition.
Dallas Business Finance Corporation: The loan amount cannot exceed more than 40 % of the total project cost. The loan can be used for Rehab/New Construction or for buying machinery or equipments or for real estate acquisition.
Government small business loans provide the capital to set up a small business unit or to extend the business. Federal Stafford Loan is available for students to take care of there educational expenses. Texas Higher education Board offers College access loan and Health education loan for Students enrolled in veterinarian (D.V.M.)allopathic (M.D.), public heath practitioners, pharmacists, osteopathic (D.O.), optometrists (O.D.), allied health and nursing fields. Loan amounts are up to $12,500 annually with an aggregate maximum of $50,000. The University of Texas Dallas offers following loans for students: B-On-Time Loan Education Assistance Grant Federal Perkins Loan Federal Stafford Student Loan • Bank of Texas, Dallas offers Home equity loan, Personal loan, Automobile loan, College education loan etc. • Bright Mortgage Corporation provides home mortgage loan. • New height mortgage is also a mortgage company providing Mortgage loans. • Commercial Real estate loans offer the highest service standards and commitment in mortgage lending for motels and hotels, retail development, office building, self storage, warehouses and multi family housing.
Approval of the loan mainly depends on credit score. The three main reference agencies working for credit check are Experian, Equifax and Call credit. These agencies have data for almost 44 million people. They contain all information regarding paid and unpaid bills, credit cards, bank account, loans & mortgage and country court judgment. All these information is very sensitive and confidential. These agencies also have point system or credit scoring system. This system of points varies from lender to lender some may give you more points if you are widow some other may give more points if you are married .Point system also varies from loan to loan like if you are applying for study loan lender will give you more points if you are unmarried rather of married. Thus more points more means more chances of getting approval for loan, less points means less chances. Points which are usually considered for credit scoring includes years in present employment, marital Status, age, age of most recent bad debt, number of children, home telephone, electoral roll, postcode and area of living.
Point to remember before taking loan: • Before taking the loan from any bank or financial organization always collect information regarding Annual Percentage Ratio (APR), interests rate, repayment plan and also find out regarding hidden cost. Be very careful before taking secured loan . • Secured loan means that your asset is at the risk .In case you fail to repay on time you are likely loose your asset. • Dont get carried away with gimmicks such as 'free' add-ons and holidays as in most of the cases this is the method of making people fool by charging higher interest rate &higher APR. • Find out early settlement penalties. Some lenders charge no early repayment penalties, but others can charge up to two months extra interest. • Try to avoid debt consolidation loan as during this loan all your debts are bundled into a single loan and you pay them over a longer timescale with easier monthly repayments. But in the end you land up paying much more money than actually due.
Different ways to apply for loan include going and meeting the authorities directly, making a phone call and allowing the agent to come and meet you or by downloading the form and applying online. There are some private agencies also available who help in getting the loan .But always get the full information about these agencies before taking their services.
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