Archive for the ‘Loans’ Category

Equal Credit Opportunity

The Equal Credit Opportunity Act Before 1975, when the Equal Credit Opportunity Act became effective, a considerable number of Americans — women, older people and minority group members — often had difficulty in obtaining loans and credit. Since then, discrimination on these bases has been forbidden by law. Prospective lenders no longer have the right […]

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Getting a Loan

How To Successfully Qualify For A Bank Loan? Before applying for any kind of loan, it is prudent to analyze just how much money you need and precisely how long you need it for. Then compare the rates and conditions you will have to abide by for the use of someone else’s cash. Financial institutions […]

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How Good Is Your Credit Rating?

The Three C?s Of?Your Credit Rating In the days before computers and credit cards, loan officers usually sized up applicants on the Three C’s of Credit: Character (a moral commitment to pay the money back), Capacity (the means to do so) and Collateral (property that could be seized and resold in the event repayment was […]

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How To Calculate Your Credit Rating?

Credit Rating Test The “test” given here can indicate only your relative credit-worthiness. It cannot tell you whether you will actually get credit from particular lenders, whose policies may vary widely according to their experiences, profit targets and tolerance of risk under different economic conditions at different times. One lender, for example, might sign you […]

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Credit Cards

What Is A Bank Credit Card? Credit cards, whether issued by banks or other institutions, are another form of revolving credit. These cards entitle their holders to a predetermined maximum against which they may borrow, and the principal repaid is automatically restored to the credit line. You can use a credit card to pay for […]

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Bank Loans

Types of Bank Loans Bank credit for consumers falls into two general categories, closed-ended and open-ended. A mortgage, for example, is considered a closed-ended loan because it is for a specific amount and must be paid off over a specified period. A bank credit card provides an open-ended loan: it gives the cardholder a specific […]

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