Often borrowers want calculate their loan biweekly, whether that be a mortgage, a car loan, a motorcycle loan, and RV loan, or a straight up personal cash loan. The trick is to have the right calculator for doing biweekly payment schedules, and we have the right one for you no matter what kind of loan product you are calculating. Our loan calculator is right beside this post to the right – and can be found for your free biweekly calculations any time you want. Just go ahead and enter your lending scenario and you are set to go. You don’t have to give us your email and there isn’t a limit on how much you use it.

First Field: enter the loan (or mortgage amount)
Second Field: enter the interest you are paying on the loan
Third Field: enter how many years you want to pay the loan back in
Fourth Field: enter the period between payments – for biweekly payments enter 14 (for 14 days)

That is about it, except I will do an example calculation for you – OK!

Let us just say that we want a mortgage for $200,000 dollars at 3%, for 35 years with biweekly payments to the bank;

Principal Loan: $200,000
Interest: 3%
Length of Time: 35 years
Payment Freq: biweekly (so I enter 14 right)

Here are the biweekly calculation results;

Total Amount to be payed: $305,115.10
Total amount of interest $105,115.10
Payments: $334.37

So your payment is three hundred dollars and change ($34.37 to be exact) every 14 days. It’s that simple.

Enjoy!

Getting approved for a bad credit loan takes some patience – indeed! You have to get all your personal (financial) information lined up in an orderly fashion. This is no time to be taking half measures. Whatever lender you apply with does not matter – if you don’t have your financial data on hand, with a consistent story coming out of your mouth, then you are doomed to a decline by the bank, the loan officer, or the centralized approval office (maybe somewhere in Ohio!)

What you say when in the office of a loan officer is critical – your body language becomes important too. What you are wearing, how you speak (loudly or timidly), how you move, how your eyes move, how your head nods, etc., etc. Still your FICO score and consumer spending, borrowing, and repaying history will likely affect the outcome of your meeting with bank representative, but if you are spewing out a completely different personal finance history than the what is on your Credit Bureau file, then you are screwed before you even get out of the gate.

The worst thing you can do is walk into the loan officer’s office with a cocky attitude telling her (or him) that you have given them ALL your pertinent information, disclosing all your history and all your current debt loan, and then they pull your credit report from Fair Isaac, TransUnion, Experian, and Equifax, and discover you have an outstanding loan with some department store with a God awful interest rate of 18%.

So apply for your loan with utmost honesty and be transparent like crystal clear window. Keeping perfect records of your financial situation not only helps the loan officer assess your application, but it helps YOU assess your personal finances. Getting real and facing reality is always the best policy – and were not just talking about money right?

A lot of people these days have been looking for a guaranteed 24 hour payday loan but I don’t have a checking account and only a savings account. The odds of finding this kind loan get slimmed down a great deal especially if you have a bad credit rating. The truth is that even if you didn’t have a bad credit rating there is almost no such thing as a guaranteed 24 hour payday loan.

It doesn’t matter if you are using a savings account or you don’t have a checking account, or you do have a checking account, and you don’t use a savings account. It just comes down to the fact that most payday lenders will have trouble approving your application for a cash advance if you don’t have good credit, a few days to wait, and a valid checking account.

On top of all of this most of these high-risk borrower’s who have extremely poor credit ratings want to get a payday loan from the company that does not require a fax in of personal financial information, employment information, a checking account number, street address of residence, and some employment history data. Read the rest of this entry »

Today we’re looking at  a personal loan of $20,000 over a three year period at a 13% interest rate. The payment frequency is biweekly (every 2nd week). Going biweekly for a loan like this is a smart way to go. This a cash loan that is secured but the borrowers have poor credit rating. Not abnormal these days – that’s for sure.

The results are below;

Total amount to be paid: $23,949.97
Total amount of interest $3,949.97
Payments: $306.21 biweekly

A typical 20,000 dollar loan would be for a car, truck, motorcycle, educational, or home improvement. Of course some borrowers just want to see what it’s like to blow 20 grand on traveling and partying – this is of course not the normal borrower, but it does happen – it’s a crazy mixed up world out there kids.

So you can see that our borrower is paying 612.42 a month in total right? Wrong. The advantage a biweekly payment schedule is is that you pay down your debt, or “service your debt” faster than monthly payments. Here is math;

Biweekly

• 26 biweekly payments in the year
• 306.21 per week

———————————

Total of $7961.46 against the principal debt in one year of making payments

Monthly

Total amount to be paid = $24,007.58
Total amount of interest = $4,007.58
Payments once a month = $657.74

• 12 payments in a year
• 657.74 per payment

————————————

Total of $7892.88 against the principal debt in one year of making payments

Note the difference in the amount of interest paid over the 1 year period, and notice the difference in how much was paid off the principal loan.

Getting a 500 dollar loan would categorized as a Micro Loan. Micro Loans are becoming more common now in the digital era, but there are only a handful of lenders who lend such a low amount. If you ever apply for a $500 loan online please comment below and leave the link to the lender’s web site. It’s not like there not any lenders who approve loans this small – don’t get me wrong – it’s just that most lenders don’t want to waste their time approving loans this small.

Almost always these lenders are Payday lenders who lend a minimum of 1K ($1000) and a maximum of $1500 dollars. There are some that lend more, but the rates really climb and the fees are really high.

If you only need to borrow 500 bucks please just ask a relative or something – then you might not have to pay any interest and you won’t have any hassles like high fees, faxing, Internet research, and phoning. If you need 500 dollars I would look at a getting small maximum credit card. A secured credit card or an unsecured credit card will do.

If you borrow 10K and pay it back as an installment loan for a period of ten years, you are looking at these numbers. We’ll use a typical car loan style interest rate at 7% and monthly payments.

Principal Loan = 10000

Interest Rate (APR) = 7%

Payment Frequency = monthly

Number of Years = 10

Number of Months = 120

As follows;

Total Amount to be paid over the full ten years =  $13,528.82
Total amount of interest  paid over the full ten years = $3,528.82
Payments every month = $111.20

Seems like an unlikely loan to get approved for, and that’s because it is. Lenders will not usually approve a loan for 10K over that length of time. They will want a loan like this paid back in three years – five years at the very longest. I know they make more interest over the longer period, but they want the note off their books ASAP.

It’s all about churn and turnover hear. By the time the do all the paperwork and pay for all their administration costs, they don’t see these kinds of “micro-loans” as being worthy of their time. They want bigger loans so they can cut down on their admin expenses and they want security on their loans. It’s tough to get security on these smaller loans.

By far the dumbest loan I ever got approved for was my RV loan – why? Because I bought a brand new motorhome and it depreciated instantly as I drove it off the lot. I bought it for $69,000 dollars and the RV is now worth about $35,000 if I’m lucky. Not all this, but the loan is fairly expensive at a 7% rate. I should really put the whole loan on my line of credit at a lower interest rate, and then pay that down monthly.

If you are going to take out a loan for an RV I highly recommend that you buy a second hand used machine with a low amount of miles on the odometer, and preferably from some private owner who looked after it. There is ONE advantage to buying a new coach, and that is that you look after it right from the beginning and you KNOW what is wrong with it.

But anyway, there you have it – the dumbest loan I ever got.

An unsecured loan is a loan whereby the borrower does not have any collateral of any kind on the note. There are also unsecured credit cards, which mean the creditor is entrusting the borrower to pay back all of the monies owed on the credit approved. An unsecured loan is always approved at a higher interest rate (or APR) so that the lender(s) can recover their defaulted client(s) money by hiking up the rates of the ALL unsecured loans.

An unsecured loan is the kind of loan that puts the borrower in the category of a “high risk”, meaning that bank or private lender is fully aware that the borrower (client) is more likely to default on the loan, or be sporadic with repayment. These high risk borrowers are generally “thought of” by the general public as discouraged borrowers by bankers – this could not be further from the truth. Read the rest of this entry »