Monthly Archives: December 2013

Bad Credit Unsecured Loan- Financial Assistance For Unemployed

Money is the foremost material to live your life with ease and comfort. But if you have no source of income as you have lost your job recently then no stressed as to be taken as unemployed tenant loans are available to you. With assist of this loan scheme you can maintain the financial gap between the time duration you are unemployed. You are free to fetch the amount as per your requirements. Plus, its hassle free application procedure makes it a relevant option in availing funds for any kind of emergency.

Now all kind of tenants, non-homeowners, students can also think about availing loans with assist of tenant loans. This loan process does not follow security placement criteria as it is unsecured by nature. So, people can avail easy finance without staking their property at risk. But, this enhances the risk factor for the lender that’s why he’ll charge you with high interest rates. Though, if you feel somewhere that you can’t afford that much of funds then it is better to do comprehensive online research before taking any final decision.

Bad credit tags like defaults, arrears, late payments, bankruptcy, foreclosure etc. are simply acceptable here. This loan facility does not involve any credit check criteria. When you need immediate funds you can freely consider this loan facility without worrying about their poor credit records. Plus, the application process of this loan facility does not involve collateral assessment process which allow the tenants and non-homeowners application easily.

With the help of bad debt tenant loans you are allowed to borrow funds in the range of £1,000 to £25,000, as per your current financial standing, requirements and ability to repay. A period of 1 to 10 years will be provided to pay back the loan amount. Due to collateral free nature of the loans, these loans come up with relatively more interest charges than other conventional loans. However, a proper research of the competitive online loan market will avail you best loan deal at feasible rates.

The online application facility removes all the obstacles in the way to instantly get approved for this loan. Just complete a simple online form with basic details and within next business hour your amount will get credit in your checking account.

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How to Use the Mortgage Refinance Calculator

Refinancing your mortgage can help you lower your monthly payment. Simply enter information like your principal loan balance,and current payment and interest rates to find out if refinancing is a good choice for your situation.

This mortgage refinancing calculator tool can help you compare your existing mortgage to the potential terms of a new loan.This is especially useful for estimating how much you can potentially save when you are comparing competing refinancing
offers against your current mortgage rate.

When using a refinance calculator, you’ll be asked to enter the following information for your current mortgage loan:

* The original loan amount
* Interest rate (APR)
* Total length (repayment term): mortgage loans usually have repayment terms of 15 or 30  years.
* Time remaining : If you have a 30 year loan, and have made payments for five years, the time remaining would be 25 years
* Remaining principle on current loan: This is your present mortgage balance. Your monthly mortgage statement should show
this information.

Now you’ll enter the refinancing terms you’re considering:

* Amount refinanced: This is the amount you want to borrow for your new mortgage.
* Interest rate of new mortgage: Enter the interest rate for the new mortgage
* Term length : Enter how long you’ll have to repay the new loan. (Typically 15 or 30 years for mortgage refinancing loans).
* Cash out amount, if any: Enter any additional cash you’re taking out, for debt consolidation / payoff, home improvement,
vacations, medical expenses or whatever.
* Closing costs, discount points, down payment amount: The refinance calculator displays an estimated amount of closing costs,
not including discount points, on the next screen. You can use this estimate if you don’t know the amount of closing costs.

Use the drop-down window to select the appropriate option for paying closing costs:

* Paid by cash or check: You’re contributing funds to cover closing costs
* Rolled into the loan: Your refinanced mortgage amount will include closing costs.
* Paid by Lender: Your mortgage lender pays the closing costs (but you’ll pay a slightly higher interest rate).

After clicking the “calculate” button, the first section of the next screen displays a comparison of your current and proposed mortgage amounts,
interest rates, and if applicable, any cash out amount and closing costs for the new mortgage.

The next section compares the interest you’ll pay for the full term of your existing loan and for the new loan.

The third section of the screen shows your current monthly payment compared to the estimated monthly payment after refinancing. Finally,
the calculator indicates the net estimated savings after payment of closing costs (if applicable.) This is the “bottom line” figure that can help
you decide whether or not to refinance. You can use the refinance and comparison calculators for reviewing multiple refinancing options.

Once you’ve tested different rates and figures, try comparing the lowest rates offered by mortgage refinancing lenders. There results are
tailored to you, and there’s no obligation for seeing if you qualify for a refinancing rate lower than your current rate. With lenders competing
to offer you their lowest rates, you could end up saving thousands over the course of your loan!

How Do I Calculate Finance Charges?

Having some knowledge of how to calculate finance charges is always a good thing. Most lenders, as you know, will do this for you, but it can helpful to be able to check the math yourself. It is important, however, to understand that what is presented here is a basic procedure for calculating finance charges and your lender may be using a more complicated method. There may also be other issues attached with your loan which may affect the charges.

The first thing to understand is that there are two basic parts to a loan. The first issue is called the principal. This is the amount of money that is borrowed. The lender wants to make a profit for his services (lending you the money) and this is called interest. There are many types of interest from simple to variable. This article will examine simple interest calculations.

In simple interest deals, the amount of the interest (expressed as a percentage) does not change over the life of the loan. This is often called flat rate or fixed interest.

The simple interest formula is as follows:

Interest = Principal × Rate × Time

Interest is the total amount of interest paid.

Principal is the amount lent or borrowed.

Rate is the percentage of the principal charged as interest each year.

To do your math, the rate must be expressed as a decimal, so percentages must be divided by 100. For example, if the rate is 18%, then use 18/100 or 0.18 in the formula.

Time is the time in years of the loan.

The simple interest formula is often abbreviated:

I = P R T

Simple interest math problems can be used for borrowing or for lending. The same formulas are used in both cases.

When money is borrowed, the total amount to be paid back equals the principal borrowed plus the interest charge:

Total repayments = principal + interest

Usually the money is paid back in regular installments, either monthly or weekly. To calculate the regular payment amount, you divide the total amount to be repaid by the number of months (or weeks) of the loan.

To convert the loan period, ‘T’, from years to months, you multiply it by 12. To convert ‘T’ to weeks, you multiply by 52, since there are 52 weeks in a year.

Here is an example problem to illustrate how this works.


A single mother purchases a used car by obtaining a simple interest loan. The car costs $1500, and the interest rate that she is being charged on the loan is 12%. The car loan is to be paid back in weekly installments over a period of 2 years. Here is how you answer these questions:

1. What is the amount of interest paid over the 2 years?

2. What is the total amount to be paid back?

3. What is the weekly payment amount?

You were given: principal: ‘P’ = $1500, interest rate: ‘R’ = 12% = 0.12, repayment time: ‘T’ = 2 years.

Step 1: Find the amount of interest paid.

Interest: ‘I’ = PRT

= 1500 × 0.12 × 2

= $360

Step 2: Find the total amount to be paid back.

Total repayments = principal + interest

= $1500 + $360

= $1860

Step 3: Calculate the weekly payment amount.

Weekly payment amount = total repayments divided by loan period, T, in weeks. In this case, $1860 divided by 104 weeks equals $17.88 per week.

Calculating simple finance charges is easy once you have done some practice with the formulas.