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Can You Transfer a Personal Loan to Another Bank?

Can You Transfer a Personal Loan to Another Bank?

You can transfer a personal loan to another bank through a balance transfer card. A balance transfer card can not only be used to consolidate credit card debts but also other types of unsecured loans including personal loans. There are two ways to transfer the balance including online banking and phone.

If you choose to make the transfer from your account, you must apply for online banking. Upon logging into your account, you will find the instruction on how to carry out the balance transfer.

You have to prepare the account numbers where you will be transferring the balance from. You also have to state the amount that you want to transfer. The amount must first be approved before it can be successfully transferred.

It takes about 5 – 7 business days for them to review the application and approve it. If you didn’t hear anything for longer than 1 week, it could be that there is an issue and you will have to contact the bank yourself. You may be required to submit more information before they will approve the transfer.

You can also transfer the balance by calling the toll free number at the back of the card. The customer support representative will guide you step by step on transferring the balance on the phone.

When you transfer a balance, a fee of 3% – 5% is usually charged. The fee may seem like a low percentage but it certainly add up to the debt that you already owe. Therefore, if you can avoid it, you must do so. This can be done by having the balance transferred within the promo period.

You can check with the bank or credit card company that issue the card whether it waives the interest fees. Usually, the promo offer will require you to transfer the balance within 30 – 90 days in order to have the balance transfer fee waived. For this reason, it is important to transfer your balance as fast as you can.

When applying for a balance transfer card, always look for the one with long zero interest promo period for example 15 months, 18 months or 21 months. However, to get approved for a card with long zero percentage promo, you need to have a good/excellent credit score. If your credit score is not ideal, you can try to increase it by start paying your bills on time.

The provider can perform the transfer up to the credit limit once you are approved. Before it gets approved, you must continue to make minimum repayment on the old card. Once the balance is transferred, you must make sure to make the repayment promptly. When you do so, it will leave a positive impact on your credit score over time.

Visa or MasterCard, What is the Main Difference between Credit Cards Issued from These Two Entities

Visa or MasterCard, What is the Main Difference between Credit Cards Issued from These Two Entities

Visa and MasterCard are the two main credit card providers in the world. Many people who are interested in signing up for a credit card often ask whether it is better for them to choose a Visa or MasterCard. Actually, there aren’t many differences in between the two payment networks. Rather, you should pay more attention to the bank or credit card company that issues the credit cards.

There are two types of Visa card including basic Visa card and Visa Signature card. The basic Visa card offers benefits such as car rental insurance, extended warranties, card replacement, travel assistance and protection against unauthorized charges. Visa Signature includes all the benefits that the basic Visa card offers as well as some additional benefits such as 24/7 concierge and online portal for discounts on various categories.

MasterCard offers an additional level of protection compared to Visa card. The 3 levels of protections that MasterCard offers include basic Mastercard, Mastercard World and Mastercard World Elite. The basic MasterCard offers all the benefits that the basic Visa card offers. One service that it offers which the basic Visa card doesn’t offer is that it can refund you back the difference if you can find a similar item on sale for a lower price at another shop within 60 days. Even though price protection is not a feature that Visa card offers, some issuers of Visa card do offer the benefit to the customers.

MasterCard World offers cardholders access to a dedicated personal travel adviser just like the concierge service. If you have a MasterCard World credit card, your purchases are protected with a longer price protection of up to 120 days. Besides, you also get complimentary free gifts such as free breakfast, late checkout, upgrades to better room for free at selected hotels, lower car rental price, cheaper airfare and cheaper cruise trips.

For most people, the minor differences between Visa and Mastercard do not matter. You would be better off spending your time in comparing the perks offered by various credit card issuer including cash back, signup bonus, and miles. Applying for a credit card with good perks allow you to get the most value for every dollar that you spend.

You should also check out the credit card fees such as interest charges, annual, APR penalty and late fee that the card charges when performing comparison. Your credit score will play an important role in determining whether you qualify for the credit card. Credit card with good perks and rewards program are reserved for those who have good/excellent credit scores. If you don’t have a decent credit score now, you can first apply for a bad credit card to build up your credit score.

Learn more about personal loans, credit cards and consumer finance offers at FlossCU.com

Why Is Your Credit Score So Important For Loan Approval

Why Is Your Credit Score So Important For Loan Approval

Almost every lender will ask to see your credit score when you apply for a loan. Checking the credit score has become a standard procedure for the lender to determine whether you are a financial discipline borrower who will pay back on time. It can be hard to get approved for the loan amount that you apply for if you have a poor credit score as it shows that you are an unreliable borrower.

The three-digit credit score is calculated based on the payment history on your credit report. The FICO (Fair Issac Corporation) credit score is the credit score system that most lenders will check. The FICO score system has a range of score from 300 – 800. the higher the score, the higher the loan amount you can get approved for and the lower the interest rate that you will get.

Most of the time, the lender will approve borrowers with credit score in between 620 – 750+. It is possible to get a loan even when you have a bad credit. People with good/excellent credit score from 700-750+ can easily get qualified for interest fee less than 10%.if your credit score is in the middle to the upper end of 600, you can qualify for interest fees around 12%. People with credit score in the lower range of 600 can qualify for an APR interest of 15.99%-17.99%. People with bad credit can apply for bad credit personal loans that have high APR interest fees.

You can save money on loans when you have good credit score. To maintain a good credit score, you must always pay your bills on time. To ensure that you always have enough money to pay your bills, you should eliminate the unnecessary expenses. If you owe money on existing credit cards, you should pay them off before applying for the loan. After paying off your credit card debts, you will be able to notice an increase in your credit score.

You should order a copy of your credit report from the credit bureau and review it for errors before applying. If you correct the errors on your credit report, you will be able to increase your FICO score by a few points which will then enable you to become eligible for a low-interest personal loans.

There are many personal loans with different interest rates so you’ll need to shop around to find the one with the best interest rate. Every lender has different minimum credit score requirement. You can get pre-approved for the loans and find out the interest rate that you will qualify before going ahead to apply it. It is important to only apply for the personal loans from legitimate lenders. Illegitimate lenders will often advertise their loans as no credit check loan. These loans are not personal loans but payday loans with the short loan term of 2 weeks to 1 month and exorbitant interest rates.

Credit Union Lenders Operating in Michigan for Short Term Loans

Credit Union Lenders Operating in Michigan for Short Term Loans

In Michigan, it is hard to get a loan from the bank when they are meticulously checking all your documents to make sure you meet all their lending requirements. If you find the interest rate of the bank loans in Michigan is expensive, you can apply for a loan from a cheaper alternative like credit union. The following are the top 4 credit unions in Michigan that offers short term loans.

DFCU was founded by 7 engineers that used to work for the Ford motor company. Each engineer contributes $5 to form the Ford Engineering Employees the Federal Credit Union. Today, DFCU has more than 200,000 members and they operate several branches in Michigan. DFCU offers signature loans with loan amounts starting from $1,000 – $10,000. The loan amount that you will be approved depends on your credit worthiness. It does not have collateral, prepayment penalty fee, and application fee. The signature loan has fixed monthly payment and the fixed APR starts from as low as 15.24%. Borrowers can opt for a repayment period of up to 5 years.

MSUFCU was first established in 1937 by 8 employees of the Michigan State College. Its name was changed to MSU Employees Credit Union (MSUECU) in 1955. Today, MSUFCU has more than 17 branches and about 230,000 members. The total worth of its assets is $3.3 billion. MSUFCU signature loan features a low-interest rate starting from 6.90%. The interest rate is fixed for the entire loan term. You don’t have to pay application or early payment fee for MSUFCU signature loan.

3. The Genysys Credit Union

The Genysys Credit Union is one of the largest credit union based in Auburn Hills, Michigan. Founded in 1936, it has more than 185,000 members and a total asset worth $2.1 billion. The Genysys Credit Union maintains 28 branches in Michigan. Its membership is open to residents in 68 counties in Michigan. The Genysys Credit Union offers personal loans that give you the extra cash you need for covering temporary expenses. Genisys signature loans offer a loan amount of up to $50,000 and a repayment term of up to 60 months. The personal loan has an APR interest rate that starts from as low an 8.75%.

4. LakeTrust Credit Union
LakeTrust Credit Union was originally founded by employees who worked at the DTE Energy company in 1944. Today, LakeTrust Credit Union is headquartered in Plymouth, Michigan. It now has a total asset worth of $1.5 billions and 21 branches. LakeTrust Credit Union serves over 163,000 members that live in the areas that stretch from Lake Michigan to Lake Huron. LakeTrust unsecured personal loans have fixed rate so you know exactly how much you are going to pay. LakeTrust personal loans are available in fixed or single payment loan. The interest rate for LakeTrust ranges from 7.90% – 15.50%. LakeTrust also offer deposit secured personal loans that use your CD or savings account as collateral.

Avoid These 5 Fees When Taking Out a Home Mortgage Loan

Avoid These 5 Fees When Taking Out a Home Mortgage Loan

When you are apply for a home mortgage loan, it is important to read the fine print and scrutinize it for fees that come under different names. Knowing these charges allows you to compare and find the best deals. Some of these mortgage fees are junk fees that can be avoided. The following are the top 5 mortgage fees that you should avoid.
Prepayment penalty fee or early repayment fee is a common fee charged on home mortgage loans. Prepayment fee of 1 – 5% is charged when you decide to settle the remaining loan amount of your home mortgage before the end of the agreed loan term. If you intend to prepay the loan, you should check with the lender whether the home mortgage that you are applying charges any prepayment fee. With the prepayment fee, it will probably not be worthwhile in prepaying the home mortgage even though you save money on the interest charges.

Missed payment fee is a penalty fee charged when you forgot to make repayment on a single billing cycle. If you keep on missing payment, it can lead to the foreclosure of your home. If you have a habit of missing payment on your mortgage, you should find a lender that waive this penalty fee. Being diligent in setting aside the needed money for the repayment is the best way to avoid any penalty charges for missed payments.

Various types of processing fees will be charged for covering the cost of processing your loan applications. Examples of processing fees on mortgages are application, underwriting, document preparation fee, origination fee, mortgage rate lock, loan processing and broker rebate fees. These fees can be reduced or waived if you are willing to spend time to negotiate with the lenders. Some lenders realize that consumers are smarter and know how to recognize junk fees so they would put the processing fees as all in one flat rate closing cost pricing.

A mortgage broker fee is a fee that is charged when you use a broker to find a suitable mortgage loan. The costs covered in the mortgage fees include underwriting and title searches. You can avoid this fee by doing research on the loan yourself online. Alternatively, you can choose a broker that will derive a commission from the lender so you won’t have to pay the fee.

Higher lending charge is charged on borrowers who are borrowing a high percentage to fund the purchasing of the home for example borrowing more than 90%. if you pay this charge, you will get covered by a type of insurance that will pay out in the event that you are not able to keep up with the bill payment. You can avoid the higher lending charge by finding a lender that does not charge this fee. Another way to avoid this fee is to save up more money to put in the deposit for purchasing the home.

What Lenders Operate in Both The United States and In The UK

What Lenders Operate in Both The United States and In The UK

There are a few lenders that offers loans both in the USA and UK. Even if the loan is issued by the same company, the lending terms will be different depending on whether you are based in USA or UK. The following are the top lenders that have operations both in the USA and UK.

1. Avant
Avant offers personal loans in UK and in the United States. Avant USA offers a loan of $1,000 – $35,000 for residents in the USA. The interest charges of Avant USA loan varies in the range of 9.95% – 35.99%. There is an origination fee which can vary depending on the loan amount. The minimum origination fee is 0.95% and can reach up to a maximum of 3.75%. Avant loans is ideal for borrowers with a credit score above 580. Avant UK allows borrowers to borrow £1,000 – £20,000. The representative APR for Avant UK loans is 42.5%. Both Avant USA and Avant UK loans can be applied online. Applying online will not have any impact on your credit score. You can put down esignature to the online contract. The funds can be released within the same business day after it has been approved.

HSBC is a leading bank in the USA and UK. HSBC UK offers personal loans starting from £1,000 to £25,000. if you borrow less than £15,000, you can pay back the loan in 1 – 5 years. If the loan amount you apply is over £15,000, you can pay back the loan in 1 – 8 years. The representative APR for HSBC UK personal loans is 3.3%. In the USA, HSBC bank offers a number of home loans including first time home loans, home equity line and home mortgages.

3. Barclays Bank

Barclays Bank was originally founded in London, UK but it also has operations in the USA. Barclays UK offers personal loans in the range of £1,000 to £35,000. Borrowers have a choice of opting for a loan term of 2 – 5 years. To be eligible for a Barclay personal loan, you must meet several basic requirements including be at least 18 years, old, permanent resident in the UK and have a current account in good standing. Barclays Bank in the USA offers a total of 18 credit cards. Barclaycard Arrival Plus is the most popular credit card issued by Barclays Bank in the USA. Barclays Arrival Plus offers 50,000 signup bonus and allows you to earn 2x miles no matter what you spend money on.

4. Funding Circle
Funding Circle is a p2p lending platform that specialized in offering loans to small and medium sized businesses. Funding Circle is headquartered in London, UK but it also offers loans in other areas such as United States, and Germany. Funding Circle has extended loans to millions of Americans. Funding Circle provides loans of $5,000 – $1 millions and a loan term of 5 years for small businesses. There is no early repayment fee and you can receive the funds within a period of 7 days after your p2p loan is successfully funded.

Signature Loan Lenders are Ideal for Consumers Who Want to Finance a Home Improvement Project

Signature Loan Lenders are Ideal for Consumers Who Want to Finance a Home Improvement Project

Signature loans can be perfect for use in paying for your home improvement if you want to improve or repair the damage structure in your house but don’t have enough cash on hand. It is worth it to get a loan to pay for your home improvement since it can raise your home value. Even if you don’t plan to sell your home, an upgrade can make your home a more comfortable place to live in.

The fastest way to get a signature loan for an urgent home improvement project is to sign up online. Many online signature loans offer fast approval within a few days. The fund is usually released in the next business day after the loan is accepted. It is easy to sign up an unsecured signature loan online because the lender do not put so much emphasis on credit score. Other factors that may be taken into account by the lenders to determine the borrowers’ risk level include college education, and type of occupation.

The unsecured signature loan does not require you to put in your property as collateral. This makes it safer that getting a HELOC where you run the risk of losing your home if you fail to make repayment promptly. Compared to HELOC loan, you will pay lesser interest in a signature loan as the repayment period is shorter. The repayment term for a signature loan is about 2 – 5 years. Signature loan allows borrowers to borrow as little as $500 up to $100,000. which makes it suitable for use in funding a small to medium sized project. Personal loans offers a higher loan amount than credit card.

You should only borrow the amount that you need to cover the cost of the home improvement project. Borrowing more and bring added burden when you face problem in repaying the loan. Many signature loans offer low interest fees lesser than 10% for people with excellent credit score. Even with an average credit score, you will be able to easily find a signature loans at a low interest rate around 15%. Signature loans usually charge origination fee but it will waive other types of fees like application fee, title search and title insurance fees.

The majority of the lenders will charge the same interest rate no matter what is your purpose for applying the loan. There a few lenders like LightStream that offers lower rate for home improvement project. Every lender has different terms, APR rates and fees for their personal loans. You should visit loan comparison site to get a quick overview of all the features for the signature loans from different lenders. This will allow you to determine which loan is best fits your needs.