Happy Holidays!

Happy Holidays from us here at Spotloans! We know that today you are enjoying your family and friends and are taking the day off from worrying about your finances and whether or not you might need a loan and whether or not you would qualify for that loan if you do need it. That’s fine; everybody needs a day off once in a while. In the interest of spending time with our own families and friends, we thought we would recap what we have talked about over the last week:

Here are some loan facts for you this Holiday (as we like to celebrate ourselves, we thought we would keep this light).

• Getting a loan is an easier process if your finances follow a clear paper trail. These also means less work for you because instead of transferring money from one account to the other, the best way to look good to your loan officer is to keep all of your money in one place and then distribute it as it is needed!
• Secured loans are easier to get, especially for people who own or are making payments on their home. The home is used as collateral, which makes the borrower more appealing. The bank knows that, one way or another; they will recoup their investment in you.
• Unsecured loans are based entirely on your credit history and the discretion of your lender. If your credit is less than perfect that doesn’t mean that you won’t be able to get an unsecured loan. It might mean, however, that you will be asked to pay a higher interest rate.
• Student loans can be obtained in a number of ways. If you are thinking about going to college, you should start talking to your school about student aid and personal loans to cover your tuition. The chances are high that you will find some sort of funding.
• Credit is repairable! This should ease your mind over the holiday—just because your credit rating might be bad at the end of 2007 does not mean that it is going to stay that way forever. You can repair your credit rating with patience and work!
• Your interest rate is not entirely determined by your bank, it is a number your bank decides that is based upon a number put forth by the Bank of England. The Bank of England is the final say in what interest rates should be.

Have a great holiday!