A merchant cash advance is a type of business funding repaid through a percentage of daily card sales. It’s a financing option where businesses receive a lump sum in exchange for a portion of their future credit card sales, with differing fees and remittance processes from standard loans. When seeking financial support, businesses often turn…
To block payday loans from debiting your account, you can notify your bank to stop payment on the withdrawal by giving at least three business days’ notice in person, over the phone, or in writing. This action will prevent the payday lender from automatically withdrawing funds from your account. Additionally, you can also close your…
A mortgage survey is an assessment of a property’s boundaries and structures, conducted by a mortgage surveyor, primarily for lending purposes. It’s crucial for identifying property boundaries, potential legal issues, and ensuring compliance with local laws. When you’re purchasing a property and planning to apply for a mortgage, the mortgage lender will typically require a…
To default on a mortgage, simply fail to make the monthly mortgage payment, property taxes, or homeowners’ insurance bills. Facing the possibility of mortgage default can be a stressful situation for homeowners. When a borrower is unable to make their mortgage payments, they can default on the loan. Mortgage default can lead to serious consequences,…
Personal loan terms typically range from one to seven years, varying by lender. The term refers to the duration for making payments and greatly impacts monthly payments and interest fees. Understanding the loan term is crucial in determining the most suitable option for your financial situation. MarketWatch notes that personal loans commonly have terms between…
Lease credit refers to the creditworthiness of a tenant or borrower in a leasing agreement. It is used by lenders to assess the risk of potential losses and to determine lease terms. Lease credit can impact the options available and the cost of leasing a vehicle or property. When leasing a car, lenders and leasing…
To get an emergency loan, you can apply for a personal loan from banks, credit unions, or online lenders. Different lenders offer varying loan types, fees, and repayment schedules, so it’s important to find a trustworthy lender and understand the loan terms before applying. When facing an unexpected financial emergency, securing quick access to funds…
Yes, a construction loan can include the cost of the land as part of the overall financing. This type of loan typically covers the land and construction expenses. Are you considering building your dream home from the ground up? Understanding the ins and outs of construction loans is crucial. A construction loan can be used…
Contract Hire Purchase, also known as an installment plan, is an agreement where a customer acquires an asset by paying an initial installment and repaying the balance plus interest over time. This arrangement allows the customer to eventually own the asset after fulfilling the payment terms. It is commonly used for acquiring expensive goods such…
A blanket loan is a type of mortgage that covers the purchase of multiple pieces of real property. Popular with builders and developers, it allows the funding of large land tracts, which can then be subdivided and sold individually. Blanket loans are beneficial for those looking to streamline the financing process for multiple properties. Developers,…
Yes, you can refinance personal loans to potentially secure a lower interest rate or more favorable terms. Refinancing can help you save money and manage your budget more effectively. Refinancing a personal loan could be a smart financial move, allowing you to benefit from lower interest rates or better terms. By exploring this option, you…
A freehold property is a type of estate where the owner has indefinite ownership rights to the real property. This means they own both the land and any structures attached to it. Freehold ownership is common in many countries, including England, Wales, Australia, Canada, Ireland, and some states in the United States. This type of…
APRS stands for Automatic Packet Reporting System, a digital communications protocol for real-time information exchange among stations. It is commonly used in amateur radio for local area communication. APRS offers the capability to transmit GPS coordinates, weather data, and messages, making it valuable for emergency communications, tracking, and weather reporting. This versatile system operates as…
You can refinance your car loan as soon as the title has been transferred to the new lienholder, but it’s recommended to wait at least six months before doing so. Refinancing too soon may not yield significant benefits and could potentially hurt your credit score. Refinancing a car loan can be a smart financial move…
A Rate Guarantee Fee is a sum paid to the issuer of a mortgage-backed security to cover administrative costs and reduce the risk of default. This fee helps the issuer pay for administrative costs and reduce the risk of loss in case of default. When it comes to the financial world, certain terms and fees…