Secured Loans

Secured vs. Unsecured Loans

There are two basic categories that most loan types fall into – Secured and Unsecured.

Secured LoanSecured Loans

Secured loans are those loans that are protected by an asset or collateral of some sort. The item purchased, such as a home or a car, can be used as collateral, and a lien is placed on such item. The finance company or bank will hold the deed or title until the loan has been paid in full, including interest and all applicable fees. Other items such as stocks, bonds, or personal property can be put up to secure a loan as well.

Secured loans are usually the best (and only) way to obtain large amounts of money. A lender is not likely to loan a large amount with assurance that the money will be repaid. Putting your home or other property on the line is a fairly safe guarantee that you will do everything in your power to repay the loan. 

Secured loans are not just for new purchases either. Secured loans can also be home equity loans or home equity lines of credit. Such loans are based on the amount of home equity, which is simply the current market value of your home minus the amount still owed. Your home is used as collateral and failure to make timely payments could result in losing your home.

Secured loans usually offer lower rates, higher borrowing limits and longer repayment terms than unsecured loans. As the term implies, a secured loan means you are providing "security" that your loan will be repaid according to the agreed terms and conditions. It's important to remember, if you are unable to repay a secured loan, the lender has recourse to the collateral you have pledged and may be able to sell it to pay off the loan. 

Examples of Secured Loans:

• Mortgage
• Home Equity Line of Credit
• Auto Loan (New and Used)
• Boat Loan
• Recreational Vehicle Loan

Unsecured Loan

On the other hand, unsecured loans are the opposite of secured loans and include things like credit card purchases, education loans, or personal (signature) loans. Lenders take more of a risk by making such a loan, with no property or assets to recover in case of default, which is why the interest rates are considerably higher. If you have been turned down for unsecured credit, you may still be able to obtain secured loans, as long as you have something of value or if the purchase you wish to make can be used as collateral.

When you apply for a loan that is unsecured, the lender believes that you can repay the loan on the basis of your financial resources. You will be judged based on the five (5) C's of credit -- character, capacity, capital, collateral, and conditions – these are all criteria used to assess a borrower's creditworthiness. Character, capacity, capital, and collateral refer to the borrower's willingness and ability to repay the debt. Conditions include the borrower's situation as well as general economic factors.

consolidating private loans

consolidating priconsolidating private loansvate loans

Consolidate or Refinance Private Student Loans

• Print
•  
  Share
  FacebookTwitter

With a Wells Fargo Private ConsolidationSM loan, you can combine multiple private student loans with multiple payments into one loan with a single payment, or refinance a single student loan.

When you consolidate multiple student loans or refinance a single student loan, you may receive a lower monthly payment with a reduced interest rate or an extended repayment term.1

Keep in mind that extending your repayment term may increase the amount of interest you pay over the life of the loan.

Benefits:

• Enjoy a potentially lower monthly payment.
• Consolidate multiple private student loans or refinance a single private student loan.
• Choose from a competitive fixed or variable interest rate option when you apply.
• Reduce your loan cost by qualifying for our interest rate discounts.2
• Pay no application, origination or early-repayment fees.

When you apply online or call a knowledgeable Student Loan Consultant, we’ll help you to understand if student loan consolidation can benefit you.

 Tip 

debt consolidation student loans

debt consolidation student loans

Academic Year

This is the amount of the academic work you must complete each year, and the time period in which you are expected to complete it, as defined by your school. For example, your school’s academic year may be made up of a fall and spring semester, during which a full-time undergraduate student is expected to complete at least 24 semester hours, usually called credits or credit hours, over the course of 30 weeks of instructional time. Academic years change from school to school and even from educational program to educational program at the same school.

For purposes of the Teacher Loan Forgiveness Program, an academic year is defined as one complete school year at the same school, or two complete and consecutive half years at different schools, or two complete and consecutive half years from different school years (at either the same school or different schools). Half years exclude summer sessions and generally fall within a 12-month period. For schools that have a year-round program of instruction, nine months is considered an academic year.

Accreditation

Confirms that the college or career school meets certain minimum academic standards, as defined by an accrediting body recognized by the U.S. Department of Education. Schools must be accredited to be eligible to participate in federal student aid programs.

Additional Eligibility

From the 2009–10 award year through the 2010–11 award year, eligible students could receive up to two Federal Pell Grants within a single award year. The Additional Eligibility field on the Grant Detail page in a student’s My Federal Student Aid account indicates whether a student was eligible for two Pell Grants in a single award year.

Adjusted Gross Income (AGI)

Your or your family's wages, salaries, interest, dividends, etc., minus certain deductions from income as reported on a federal income tax return. Commonly referred to as AGI.

Administrative Wage Garnishment (AWG)

A tool that allows the federal government or your guaranty agency to have your employer withhold a portion of your earnings to collect unpaid non-tax debts that you owe to the federal government. If you have a federal student loan in default, up to 15% of your disposable pay could be taken by the federal government or your guaranty agency to repay your debt.

Adverse Credit History

A credit history is a summary of your financial strength, including your history of paying bills and your ability to repay future loans. To qualify for a PLUS loan, you cannot have an adverse credit history. Your credit history may be considered adverse if you are experiencing any of the following credit conditions:

• Bankruptcy discharge within the past five years. 
• Voluntary surrender of personal property to avoid repossession within the last five years.
• Repossession of collateral within the last five years.
• Foreclosure proceedings started.
• Foreclosure within the last five years.
• Conveying your real property that is subject to a mortgage (by deed) to your lender to avoid foreclosure (deed in lieu of foreclosure).
• Accounts currently 90 days or more delinquent.
• Unpaid collection accounts.
• Charge-offs/write-offs of federal student loans.
• Wage garnishment within the last five years.
• Defaulting on a loan, even if the claim has been paid.
• Lease or contract terminated by default.
• County/state/federal tax lien within the past five years.

Agreement to Serve (ATS)

The binding agreement you must sign to receive a TEACH Grant. By signing the ATS, you agree to teach (1) full-time, (2) in a high-need field, (3) at a low-income school or educational service agency that serves certain low-income schools, and (4) for at least four complete academic years within eight years after completing (or ceasing enrollment in) the course of study for which you received the grant. If you do not complete your teaching service agreement, the amounts of the TEACH Grants you received will be converted to a Direct Unsubsidized Loan that you must repay with interest charges from the date of each TEACH Grant disbursement.

Approved Drug Rehabilitation Program

A drug rehabilitation program that is:
(1) qualified to receive funds from a federal, state or local government or from a federally or state-licensed insurance company; or
(2) administered or recognized by a federal, state or local government agency or court, or a federally or state-licensed hospital, health clinic or medical doctor.

Associate Degree

An undergraduate academic degree granted after completion of two years of study.  Community colleges and career colleges generally award associate degrees.

Attending School

This field in a student’s My Federal Student Aid account lists the school where the student attended and received federal student aid funds.

Award Amount

Amount of aid a school expects to pay a student based on the student’s current grant and loan eligibility, enrollment, Expected Family Contribution (EFC), and the school's cost of attendance. 

Award Letter

An offer from a college or career school that states the type and amount of financial aid the school is willing to provide if you accept admission and register to take classes at that school.

Award Year

School year for which financial aid is used to fund a student’s education. Generally, this is the 12-month period that begins on July 1 of one year and ends on June 30 of the following year.

debt consolidation student loans

austin dwi lawyer

austin dwi lawyer Mark Morales is a Williamson County native who began his career as an Assistant District Attorney. Due to his reputation as a criminal trial lawyer, Mark made a remarkably fast rise to become a felony prosecutor. In fact, after only six month on the job, he was already assigned to work with FBI agents and Texas Rangers on a high profile murder case. Since then, he has been the lead trial lawyer in cases ranging from murder, sexual assault, drug offenses, and assault family violence. In addition, as a prosecutoraustin dwi lawyer and defense attorney Mark has worked on thousands of DWI cases. Also, in order to provide the best defense for his clients, he has undergone the same training and certification that police officers have in Field Sobriety Testing. After his years as a prosecutor, in 2003, Mark started practicing criminal defense where he earned a reputation as one of the 'go-to' lawyers in the County due to his negotiation and trial ability. Since becoming a defense attorney over ten years ago, he has personally defended over three thousand people accused of Felony and Misdemeanor cases in Williamson County where he has worked closely with the judges and prosecutors. Now every person who retains our firm is able to receive the benefit of his unique experience and reputation as a criminal lawyer. Mark was named by Texas Monthly Magazine as a Super Lawyer Rising Star and one of top lawyers in Texas for two years in a row. Less than 2.5% of all lawyers in the state receive this honor and it is based on peer recognition and professional achievement. In 2014, Mark was also selected as one of the Top 100 Trial Lawyers in the United States by the Trial Lawyers Association.

auto insurance san diego

Auto I insurance San Diego We're just around the corner Think about how convenient this would be if you had a car insurance claim: You'd bring We're just around the corner Think about how convenient this would be if you had a car insurance claim: You'd bring your car to the Service Center on Ruffin Road—it's a faster, easier way to get your car repaired. You'd drop off your car and in just a few minutes, be back on the road in a rental. Customers who use a Service Center get their cars back an average of two days faster than those who don't, and your repairs are guaranteed for as long as you own or lease your car. This service comes standard on all of our car insurance policies. It's just one of the ways Progressive car insurance is simple and personal. Service Centers Near San Diego A Progressive Service Center is a one-stop shop for customers who’ve been in an accident. You just drop off your damaged car, pick up your rental and go.your car to the Service Center on Ruffin Road—it's a faster, easier way to get your car repaired. You'd drop off your car and in just a few minutes, be back on the road in a rental. Customers who use a Service Center get their cars back an average of two days faster than those who don't, and your repairs are guaranteed for as long as you own or lease your car. This service comes standard on all of our car insurance policies. It's just one of the ways Progressive car insurance is simple and personal. Service Centers Near San Diego A Progressive Service Center is a one-stop shop for customers who’ve been in an accident. You just drop off your damaged car, pick up your rental and go.

lemon law in california

Lemon law in california

lemon law in california

California Lemon Law

If your new car is spending more time at the repair shop than it spends with you, you might have a lemon on your hands. Thankfully, the California lemon law is in place to protect consumers facing a sour deal.

Generally, the lemon law covers new vehicles with serious defects/malfunctions for a certain amount of time or mileage. If your vehicle can't be fixed after a reasonable number of repair attempts by the manufacturer or its authorized dealer, you'll likely be entitled to a replacement vehicle of equal value or a total refund.

On this page you'll find a general overview of California's lemon law and what to do if you find yourself with a defective car.

What Is a Lemon in California?

A problem car's owner can be entitled to a comparable replacement or a refund of the purchase price (prorated based on the miles driven). Under California lemon law, there are a few qualifications:

• The car must still be under warranty.

• The owner must have taken the car in for repair for the same problem 4 times or more through an authorized dealer.

• The car must have been inoperable for a total of 30 days (not necessarily consecutive).

The problem or defect must also substantially impair the use, value, or safety of the vehicle. To qualify, cars must be either purchased or leased in California for personal, family, or business use.

Start Keeping Records

While many car dealerships/manufacturers are great about helping you get a lemon repaired or replaced, don't count on them to keep track of everything related to your problems. Keep records of all the time you've lost from work, time the vehicle has been in the shop, and the exact nature of any problems.

Look over each service write-up when you take your car in. Unscrupulous repair people have been known to switch a problem diagnosis, or attempt to report an ongoing problem as new, in order to buy the dealership more time on a possible lemon.

What to Do if You Have a California Lemon

If the dealer won't help you adequately, turn to the manufacturer. Take these steps:

1. Write a letter to the manufacturer asking it to buy back your car. This letter should be sent via certified mail, with a return receipt requested, to the address listed in your vehicle owner's manual.
2. If the manufacturer balks at repurchasing your vehicle, you have two options: Hire an attorney that specializes in Lemon Law, or ask the manufacturer if it has an arbitration program.
3. Check to see if the manufacturer offers an arbitration program by looking in your owner's manual, or by calling California's Bureau of Automotive Repair Hotline at (800) 952-5210. Request an application form and a copy of the manufacturer's arbitration program regulations.
4. If at all possible, attend the arbitration hearing in person. You can either accept or reject the findings of the arbitration panel. Should you decide to reject the offer, or if the panel votes against you, don't despair. If you are not satisfied with the results, you can always file a suit against the manufacturer through the courts.

washington home equity loans

 

Washington Home Equity Loans Equity Loans - Swashington home equity loanspecial Get a fixed rate for the first year on your EquityOne Line of Credit! A Peoples EquityOne loan combines the best of both worlds: the convenience and flexibility of a home equity line of credit, plus the option to fix portions of your line as a term loan. As a line of credit, you can make advances when and how you wish and you only make payments on the amount advanced. Special, no closing costs offer Interest may be tax-deductible *Please consult your tax advisor. Fixed and variable rate options Quick credit approval - drop by your nearest branch or for your convenience apply online! Line of Credit Rates   EquityOne Term Loans Enjoy the flexibility to convert all or a portion of your EquityOne line of credit into a term loan – up to your credit limit. There is no need to reapply each time you need a loan, and little or no paperwork is required to set up subsequent term loans.   Utilize up to three outstanding term loans at any time. As you pay back principal on the fixed or variable rate portions of your loan, your available credit increases again. One combined monthly statement shows both your credit line and your term loan activity. Term Loan Option Rates   Click here for a listing of Peoples Bank Registered (NMLS) Mortgage Professionals. Introductory Rate:  The initial Annual Percentage Rate (APR) shown is for new EquityOne applications received on or before February 29, 2016 and remains in effect one year from the account open date with standard pricing thereafter. Standard Pricing: Peoples EquityOne line of credit interest rate is based on the “Prime Rate” as published in the Wall Street Journal plus a margin that varies based upon the borrower’s credit history. The margin amount will be either +.5%, +1.0% or +1.5%. The floor rate for new lines is the initial rate with a ceiling of 18. The rate is variable and may be higher in the future. Prime Rate is currently 3.5%. Sample monthly payment on a $25,000 home equity line of credit at 3.75% APR is $78.13. By paying your minimum monthly payment (interest only) you will not repay any of the principal balance. At the time of the 240th payment, a balloon payment in the amount of the entire principal balance will be due. The pre-payment penalty for this account if loan is closed within the first 24 months is 2% of the credit limit ($500 max.) All loans subject to credit approval. The introductory rate and no-closing costs offer is based on owner-occupied, single family residence for loans under $250,000 with automatic payments from a checking or savings account. Property insurance is required. No Closing Costs offer is based on use of automated valuation service; appraisal, if needed, is paid by borrower. The annual fee is waived for the first year; thereafter, $75 annual fee is waived for customers with a Peoples Bank personal checking account in good standing. View the EquityOne disclosure for complete product details.