CLF loans
CLF loan menu

Easy Loans For Over $500

Our latest writer is a short order cook for a restaurant in Oakland California. He has had this job for the past two years at this busy local establishment. While the pay is not great, it is consistent and he is paid on a weekly basis. He does not have any credit cards and no savings to draw on for emergency requirements. He does have an older model vehicle which is fully paid for. He pays his rent on his apartment on a regular basis and does not have any late payment charges against him.

This consumer has made several fundamental mistakes. First he parks in areas where he is regularly receiving parking tickets. Parking tickets are expensive and add up over time especially when you do not pay them, which is his second mistake. Apparently he has $1125 in overdue parking tickets. His license is up for renewal and the city will not issue a new license to him until he pays his overdue tickets plus interest. He cannot afford to be caught driving without a license. He needs his car to get back and forth to work.

The good news is that he does not have any other debt. He does not have any credit cards and he does not owe anything on his older model vehicle. While this is enviable, it also means he really does not have a credit rating. Credit ratings are established by borrowing money and repaying the funds as per the terms of the agreement. This can be loans, credit card debt or mortgages. Since he has non of these things, he does not have a credit rating. He does pay his rent and utilities on time which is in his favor.

He needs an easy loan of $1125 by the end of the week so that he can pay his parking tickets and also renew his license. Since there are no savings, he needs a loan. The loan likely will be approved, however under the circumstances, the cost of the loan will be high compared to someone who had a good to excellent credit rating. While the cost will be high, he really has no choice.

He may have to work extra hours or find a second job to help pay this loan off quickly. If he can repay the loan quickly, his interest costs will be lower and he will have started to acquire a good credit rating which may come in useful in the future. We suggest that he also apply for one credit card and use it sparingly. Keep the spending limit low so that he is not tempted to spend money he does not have. This step will also assist in establishing a better credit rating. Most importantly, he must pay all of his monthly payments on time each month and never miss a payment. His credit rating would tank if he were to allow this sort of thing to occur.


Is There A Way To Pay Off Debt That is 100% Free?

This applicant is wondering if there is a way to pay off debt that is 100% free. The quick answer is probably not, however there are many ways to reduce his cost substantially. He has a total of $36,000 in debt with roughly half of it being an interest free car loan. Aside from a one time processing fee, this loan was essentially free to him because it carried an interest free loan. He would like to accomplish the same low cost loan approach for his credit card debt. He should continue paying on this interest free loan until it is fully paid. He will never find another deal that is better than this one.

Unfortunately, no lender is going to offer him an interest free loan. They need to make some profit on their lending operations. For really good customers who have an excellent credit rating they may waive the processing fees. They will also extend their best interest rate to these same customers who are considered low risk clients. Compared to the interest rate paid on credit debt, a loan of this type might be considered virtually free. But there is going to be an interest charge on any of these types of loans.

A secured loan is another approach to finding a very low cost loan. the client would need to have some security such as a home that can be used as security for the loan. Unfortunately this client rents his home and would not qualify for this type of loan. He did not mention if there were any other assets that could be used as security for his loan.

He is faced with a personal unsecured loan that carries an interest rate that, while lower than credit card rates is not free. This client has a very good credit rating and should qualify for a competitive unsecured personal loan. He also has a relatively secure job with great skills prospects which will also help him with his application for a loan. He should do everything he can to protect his credit rating. Pay all bills on time, never miss a payment on anything and pay off this debt as quickly as possible.

Clients who find themselves in a bad credit situation will not have as many options. Lenders will be concerned about lending money to them. They will be considered a higher risk. As a result these types of clients are usually charged processing fees and higher less competitive interest rates. They still are usually lower than credit card rates.

If you find yourself unable to meet the monthly payments, there are several options. Non are great from a credit rating perspective. Declaring some form of bankruptcy is one approach. While part of the loan could be written off, the credit rating will suffer and the client may not be able to borrow funds in the future without paying much higher charges.


Can I Get Loan For A Stock Trading Account?

A consumer is looking for a loan for a stock trading account. He wants to borrow $20,000 to use in purchasing various stocks. It appears that this is a brand new endeavor for him, since he has lots of questions and he is starting out with a relatively small amount of money. We will try to answer most of his questions, although some are obviously outside our expertise and mandate. We tend to focus on loans and mortgages and not on investing advice.

The first question was whether he can get a loan? The answer is most likely yes, since he and his wife have a good credit rating. He would be eligible for a personal loan unsecured or secured. He has equity built up in his home and could use this equity to secure his loan and obtain a better interest rate on the loan.

One of his questions was whether he could use the equity of the stocks that he buys to secure his loan. The answer is probably not. Lenders tend to view stocks as high risk and most will just not consider them for security. If they do take them as security they might only consider 50% of the value as security and they would want to hold those stocks as well. Both situations are really not practical for a stock trading account.

A line of credit was also mentioned. A line of credit can be drawn on anytime up to the approved amount, in this case $20,000 or paid off completely at any time. This type of loan is ideal for a stock trading account due its flexibility as well as the client only pays interest on the loan when he or she actually uses the credit. The interest charges are tracked and reported which can be used as deductions against any income or profit that is made through stock purchases or income.

The line of credit can be secured or unsecured. The difference being the level of interest paid on the amounts that are withdrawn from the line of credit. This is a great tool to manage your costs and keep them as low as possible.

Investing in stocks can be a high risk activity. The stock market rises and falls based on many factors. Some can be predicted while many seem to be completely random. Careful investors will avoid becoming over extended, since a great deal of money can be lost or gained in a relatively short time period. Many investors will develop their own strategy for investment purposes based on the level of risk they can tolerate. Some will focus on high risk stocks with high volatility to take advantage of potential capital gains. Others will focus on income oriented stocks that pay good dividends over the long term. Both types of investments can swing widely making them a high risk investment for investors who can tolerate that level of risk.


Home/Mortgage Loan Amount : $20,000

Home Loan Application and Processing Speed (when do you need the funds): no rush, within the next week

Do you currently have a mortgage? : yes, 25 year term, we are in the 10th year of our mortgage, with a 2.5% interest rate.

Bank Name and Branch : First Republic Bank, MacArthur Blvd

What City/Town, State and County do you live in? : Newport Beach, California

Zip : 92660

What is your employment field? : tourism

Employment Position : manager of a local tourism attraction

When are you paid? (monthly/weekly/biweekly): biweekly

Your credit rating to be – excellent, fair, or bad? : excellent as far as I know

How did you find us? : looking online for a stock trading account

How are you paid? (direct deposit/paper check): direct deposit

Gross Amount Per Paycheck : $2000

Do you agree to have this information published online, without your PRIVATE information of course? : sure, as long as no private information is disclosed

Extra information here please (some detail): I am looking for a loan to finance a stock trading account. The amount I am looking for is only $20,000 . I can offer equity to cover it. I am wondering how much I can borrow and if there are any restrictions?

I am working with a broker who suggested that I could deduct the cost of any interest charges against the profit or income I might make. I really have no fixed idea regarding what sticks to invest in at this point. There is some risk regarding potential losses, but I think with a minimal investment of $20,000, I should be ok.

My wife and I both work. We have good jobs and make a decent amount of money. We have never missed a payment on our mortgage or our utility payments. I was late on a credit card bill one month a few years ago. I just simply forgot to make the payment. Anyway I paid the interest charges and the full amount as soon as I received a letter from them in the mail. Other than that one incident there should be no other blemishes on my credit rating. I would be interested in actually knowing what my credit rating is and how it would affect a loan for a stock trading account.

Since this loan is for a stock trading account, do I need to post some security for the loan or can it be a personal loan. Can I use the stocks I purchase as equity for the loan? Do I need to use the equity in my home as security? Since I will be buying and selling stocks from time to time, a line of credit would actually be better for me. This would allow me to borrow only when actually needed. Proceeds from dividends and sales of stocks could be placed back into the line of credit. I would also know exactly what my interest charges were. They would be separate from interest charges on our home for example, if we used our home as equity.

I know there are lots of questions, but perhaps you can help shed some light on these questions so that we incur as little cost as possible with the most flexibility. Thanks in advance for your help.

How To Buy A $30,000 Car With Bad Credit

This consumer has an old car and is wondering about how to buy a $30,000 car with a bad credit rating. Old cars that break down often are usually not a good investment. They cost a lot of money to repairĀ and they are potentially unsafe as well. Bald tires, poor brakes, and rusty muffler systems are just a few of the problems with older cars. The last thing you want is a breakdown on an expressway somewhere in rush-hour or on a dark street at night in a bad neighborhood. . After an expensive tow to a repair shop you may feel it is not worth spending any more money on it.

Many consumers left to their own devices are not good money managers. It often takes a team effort as this consumer has found out.

His girlfriend appears to be the better one at managing a budget and making sure that all of the bills are paid on time. This is often the case with many couples where one of the partners is better at money management. It is extremely important to pay all bills on time and stick to a budget in today’s world.

While all of this is good, he still has a bad credit record and will have a hard time finding a lender willing to give him a loan. He might be better off if he and his girlfriend apply jointly for a bad credit car loan. She likely has a much better credit rating than he does. It would mean that she would be assuming the risk for the loan if he defaulted. This responsibility would also apply if there was a breakup in the relationship!

This becomes a very personal decision on their part with regards to applying for a loan to purchase a car. They need to be committed to a long-term relationship as well as committed to repaying the car loan. Both partners will be required to sign all of the ownership and loan documents.

This consumer if he applies jointly with his girlfriend could probably qualify for a low interest loan for his car. The car would be equity towards the loan. If he failed to make his payments, his girlfriend would need to meet the payment requirements for the car or it could potentially be repossessed. This is an important decision that they both must take since it would affect both of their credit ratings going forward. More discussion is required and information about his girlfriends credit rating is needed before a final decision can be made with regards to the car loan.


Can I Get Out of Debt Trading Stock?

The latest applicant is wondering whether he can get out of debt trading stock? Many people have in fact made huge amounts of money in the stock market. But thousands more, in fact millions more have lost money in the market. Trading stocks is not for the faint of heart.

There are many different strategies for investing in the stock market. Associated with the strategy that you follow is the level of risk tolerance that you’re able to deal with. If you have $50,000 invested in the stock market, and lay awake at night worrying about your investment it might not be the right approach for you.

Day traders, are well known for making huge amounts of money and also for losing huge sums of money. They are dealing with large sums and also relying on the fluctuation of individual stocks on a daily basis to make a few pennies on the dollar. They trade often, sometimes every day on a given stock and are satisfied when they make a profit even if it’s just a few pennies per stock. This takes a lot of time and effort to stay abreast of what is going on in the market as well as in the world.

Long-term investment strategies suggest investing in blue-chip stocks that pay dividends and also have a growth potential. While this strategy is great for someone saving for their retirement, a long-term investment strategy is probably not the right approach for someone who is looking to make money quickly to reduce their debt.

The reality is that a consumer investing in the stock market needs to do their homework, evaluate the company that they are investing in and evaluate the risk associated with that company. They also must consider their risk tolerance and need to make a profit in the short term. If you can satisfy those conditions then you might invest in the stock market to make money to pay off your debt.

A couple of suggestions are in order for this question:

First of all seek out a financial advisor that you’re comfortable with and can trust. They will help you formulate a strategy for investing your savings, your retirement, and of course dealing with your debt.

Secondly, develop a Plan B. If this strategy does not work out and in fact you lose money or even just break even, you will still need to deal with your debt. You may want to consider a consolidation loan at a low interest-rate with a longer-term to provide more comfortable monthly payments that you can afford. You will pay less interest than if you just leave your debt as part of your credit card accounts.

You should also consider reducing the number of credit cards that you have to avoid future temptation to purchase items that you cannot afford.

Finally, world events tend to impact the stock market and the fluctuation of various company stocks. Events such as wars, financial stress in various countries, recessions, and individual market events can impact a particular stock. It can be like a roller coaster, However if you’re patient and make good decisions it is possible to make money on the stock market.


How to Get a Loan to Pay Off $10000 In Taxes

One of the biggest problems that consumers find they have to deal with is cash flow. It does not matter whether it is credit card debt or as in this case large renovation projects. If you do not have the cash to pay your bills eventually it will catch up with you and your going to need a loan.

This consumer buys homes that are in need of tender loving care, renovates them and sells them at a profit. Of course it takes time to complete the purchase, finalize the plans, finish the renovations and then make the sale. Only once the sale is completed is there cash to pay for materials, labor and taxes.

Managing your cash flow is extremely important, especially when there are delayed payments such as in this case. This consumer did not set aside any cash to account for the taxes that he owes on the profit he made in the past year. He wants to know what the best solution would be for him. He needs to be able to pay his $100,000 tax bill shortly.

It will be very difficult to find a lender to provide an unsecured loan. There simply is too much risk associated with this kind of loan. If the consumer has sufficient equity in the various properties he is working on, he might be able to obtain a loan secured against one of these properties. He will enjoy a better interest rate as well. There will be less risk for the lender since if he defaults on the loan, the home will be sold to recover the balance on the loan.

Depending on the actual timing of the due date for the taxes and the expected sale of his next development, there may perhaps be another alternative. He may want to enter into discussions with the government regarding a plan to pay his taxes over time. Of course there will be penalties and interest charges with this approach. However the government could end up being the lender for this $100,000 loan.

The accountant would along with the consumer need to put together a proposal to review with the government tax authorities. If they feel that this is a valid plan with a high chance of success, they might be willing to consider this approach as an option.

The bottom line for all consumers regardless of how much you owe is to manage your cash flow to avoid sudden payments that become due. Set aside funds to deal with the emergencies and in particular set aside funds to pay for future known invoices and tax debts.


Consolidate Debt With Really Bad Credit

It is really surprising how many successful people have money problems. After all, you would think that they should be able to manage their money issues in the same way that they manage their careers. Our current consumer has this problem in spades. He apparently has done very well in his sales career, yet cannot manage is bank account and pay his bills unless they are on automatic payments. He also spends a lot of money on clothes to look good and enhance his confidence in front of customers.

He may be totally focused on his sales career, but he also needs to pay attention to his credit rating. Employers check everything these days when they are hiring someone. One area they look at is your credit status. If a prospective employee has a bad credit rating, many employers will not hire them simply because there is lots of competition for the job and they can find qualified resources else where. They just do not bother to check the reasons that you have a bad credit rating. They assume the worst and look at other more qualified candidates. It is a very competitive market place and we all need all the help we can get.

Obviously this sales person would be much better off if he can deal with his current debt and lock in the monthly payments in a low interest loan which are automatically paid out of his checking account. Actually this is what most lenders are also looking for. They want the security of automating a payment from their customer from their checking account. In addition if he is able to maintain a good record of repaying this loan, his credit rating will improve over time.

His credit card debt is not huge, but he will be paying in access of 20% interest on the unpaid credit card debt on his various accounts. A personal loan has a much lower interest rate. Lenders will charge a higher rate for this consumer due to his bad credit rating than they would to their best customers. However the interest rate on the personal loan should still be much less than the credit card interest rate that is typically charged.

Given the focus that this consumer has on his career and now knowing the potential impact that a bad credit rating could have on his employment prospects, he will likely get this area of his life under control. A bad credit rating can also limit the ability to take out a car loan as well as a mortgage for a home. It is very important to get control of this issue if he has any plans in the future of buying a home or upgrading his vehicle.