Personal Financial Blog – Loanex Fast Cash

Personal Finance Blog

Discussing topics that are at the heart of America's daily financial needs

The Loanex Fast Cash Blog is for those among us that need both cents and a good dose of sense. As one of America's fastest growing personal finance portals, The Loanex Fast Cash is here to assist consumers with a full spectrum of their personal finance needs, including credit cards, debt consolidation, , loans, mortgages & refinancing, auto finance, bankruptcy, tax debt.

Life is not easy. Bills seem to pop up all the time. You start paying one credit card with another. Then you have to stop paying another bill. It is like a roller coaster that never seems to stop. Won’t you like to get off of your debt roller coaster? Now is the time.
Start with coming up with a debt repayment plan. This is not the easiest process but good things come from hard work and sticking with your plan. It is a change of life for the better! Now, start by gathering all of your bills. Get your balances, monthly payments and interest rate being charged on each bill. Also figure up the money spent on gas, food and basic necessities. A spread sheet would be highly recommended. This will show you how long it will take to pay off bills and also the progress you make each month in your debt repayment. Examples can be found on the internet. Next, figure up your net income each month. This is what you bring home each pay check. Subtract your monthly bills from your monthly net income. Do you have enough money to pay your bills? If not, then you need to look at what you can cut back on or possibly taking on a second job. Take a serious look at this. Still don’t have enough? There is another solution. It would be to contact debt settlement companies.
With debt consolidation, the lender will pay off the majority, if not all, of your debt and you pay them monthly payments for a period of time. This is like going to a debt counselor. They will negotiate and reduce your debt but they also put you on a debt diet. No more additional debt, like no more cookies, during this time. Finding the right lender is very important. At, they will walk you through the entire process and keep in touch with you during your repayment time. Note that when dealing with debt settlement companies, they will charge you a fee for your repayment plan. Do your research of lenders. Each one is different and just because you have debt issues, you can still shop for the lender that will offer you the best interest rate and lowest fees.
This is a life changing process that will be hard but it will be worth it. Won’t it be nice not to stress every month when making your payments? How about saving some money? Then when an unexpected bill pops up, you will be able to pay it without going into debt! Go ride a real roller coaster and get off the debt roller coaster today!

HARP 2.0

Do you owe more on your home than what it is worth?  Do you feel like you are drowning in your mortgage? Then the Home Affordable Refinance Program (HARP) is for you!  The key requirement for HARP eligibility is that the home loans must be owned by Fannie Mae or Freddie Mac.  You are not alone.  There are almost 11 million homeowners that are underwater with their home mortgages.  The federal government wants to stabilize the housing market with the hopes of boosting the overall economy.  This is great news for you.  Now, how can you take advantage of this program?  Here are some guidelines:

You must be current on your mortgage payments
You can only have been 30 days late on one payment in the last 12 months
You must have a reasonable ability to pay the new mortgage payments.

Some benefits of the Making Home Affordable Program are:

There is no loan-to-value (LTV) cap for fixed rate loans.  In the previous versions of HARP, the LTV could not exceed 125% of your appraised value on your home.
The fees that Fannie and Freddie charge lenders are being cut.  These reduced fees are being passed on to you, making your loan cheaper.
The income requirements have been relaxed.  A high debt to income (DTI) does not automatically disqualify a borrower.  In most cases you have to show a reasonable ability to pay
Credit score requirements have been relaxed.  The lender will determine if the borrower is an acceptable credit risk.  So a low credit score does not automatically mean you will not qualify.

After reviewing the above guidelines and benefits, if this seems like a winning situation to give you some relief with your mortgage payments, you need to start your refinancing process.  First, get together as much information as you can.  This will include the balance on your mortgage, the appraised value on your home (your last appraisal), proof of your income and checking on your credit score.  Once you are armed with your information, you need to find a suitable lender.  Find a lender that is willing to work with you, provide you with the best interest rates and customer service. Check out  They can help you with your refinancing needs.
The government’s goal with these new guidelines is for you to be able to lower your mortgage payments and give you some breathing room.  Take advantage of this program today.  Don’t delay.

Cash Out Mortgage Refinancing

With interest rates at an all time low, more people are considering refinancing their homes. Mortgage refinancing can be confusing and can cost you more money than you think.  Cash Out Mortgage Refinance With lower interest rates, some consumers are looking to lower their mortgage payments.  Others need or want extra money from the equity in their home.  These are the consumers that need to check all of their options and weigh the consequences of them.  If you are in need of extra money, you have a couple of options.

A home equity loan is a separate loan on your mortgage.  Some call this a 2nd mortgage. These loans normally have higher interest rates and a shorter payback schedule but you generally do not need to pay closing costs which can add up. Also, how much longer to you have on your current mortgage?  If it is under 10 years, you should consider the home equity loan.  Then you are not extending your loan period for another 20 years.
A cash out mortgage refinance is using your current mortgage and adding more money to the balance of the loan.  You cannot use this option if your mortgage was taken out in the last 12 months.  An example of a “cash out” mortgage is, if you owe $ 75,000 on your current mortgage and need an additional $25,000 that would be a total loan of $100,000. Some things to consider are the new cash out refinance interest rate compared to your old interest rate.  What will your payments be on your new loan?  How much will your closing costs be?  Make sure what you are using the additional money for is worth paying for it over 20 to 30 years. What is your equity in your home?  Equity is how much your home is appraised at minus your balance on your mortgage. The banks like to loan about 75 to 80 % of your home’s appraised value.

So you need to thoroughly review all of your financing options as well as your current mortgage situation.  Think about what how the additional money will be used.  Will you pay off credit cards with high interest rates? Do you have a home improvement project which would increase the value of your home? Gather all your information and then talk with a professional lender. The lenders at would be happy to show you your options.  This decision does not need to be taken lightly.  Examine all your options before you commit.

Rules for Getting A Car Loan

Buying a new car is an exciting time, but before you begin choosing the car of your dreams, you’ll have to do something a little less fun: Get a car loan.
While getting a car loan is not the most exciting part of the buying process, it is the most important. That’s because long after the new car smell is gone, you will still be making monthly payments on that car.
To ensure those payments fit into your budget, it’s important to do your homework. You can start at, where you can get quotes from lenders around the country who want to compete for your business.
There are some rules for getting a car loan that apply in every situation, even for first-time car buyers.
1. Know Your Credit Score
Review your credit reports from all three credit bureaus. This way you know exactly what potential lenders will see.
If there are errors, begin the process of correcting those immediately. It make take several weeks to get those errors resolved, so it’s best to give yourself plenty of time.
If there are negative items in the report — late payments or defaults — add a note explaining the circumstances behind the troubles.
Why is this important? Your credit history will determine the interest rate on your new car loan.
2. Shop Around
Just like you will shop around for your new car, shop around for your new car loan. Again, will help here, putting the power of the Internet at your fingertips to get several quotes on getting a car loan. From the comfort of your home you can compare the quotes to decide which one is the best for you.
You also may want to consider the financial institution where you do most of your banking when getting a car loan. They know you and your payment history, so they may be able to give you a competitive rate.
Another popular method of getting a car loan is to get one from the dealership where you buy your new car. This will probably cost you more than if you got one from one of the lenders at Dealerships often bump up the interest rate they offer to boost their profit margins. It’s legal, but not in your best interests.
3. Read the fine print
In all the excitement surrounding a new car purchase, the last thing you want to do is sit down and read the fine — and we mean tiny — print in the contract for getting a car loan. But it’s imperative that you not only read the fine print, you understand it.
This is where you will find out about changes to the interest rate if you are late on a payment. This will tell you what happens if you default on the loan. It also will tell you if there are any pre-payment penalties if you want to pay off your car loan faster than the agreed-upon term.
4. Forget the extras
If you are getting a car loan at a dealership, beware of all the deals you

We all have unexpected expenses that arise, home repairs needed, car repairs, and the list can go on. A possible solution, besides using credit cards, could be to apply for a Home Equity Line of Credit (HELOC). What is a HELOC ? If you own your home and have a mortgage, this would be a second loan against your property. This is basically what the lender does: Appraises your home and subtracts the amount of your first mortgage. This leaves the equity that you have on your home. The equity is what the lender looks at to determine how much money they will be able to lend. They will only loan a percentage of the equity. So first step is to find out how much equity you have.
Secondly, find out what your FICO (Fair Isaac and Company) score is. You have 3 FICO scores, one for each of the three credit bureaus. Then they are averaged. Your score is an important piece in your loan process because the lenders will use this to determine how much equity money and at what interest rate they will lend to you. The higher your score, the better the terms will be for your equity loan. An average score is around 720 and a subpar score is below 640.
Next, you need to take a very good look into your finances. The lender definitely will. Do you have the money to pay for a second mortgage? Are you paying off some of these bills with the money you receive from your equity loan? All questions that need to be answered.
So, if you have a FICO score below 640, here are some items that need to be considered when applying for a Home Equity Line of Credit mortgage.

The more equity you have in your home, the better the chances of getting a loan.  You might not get as much money if your credit score was higher.
Know that your interest rate will likely be higher.  Just be careful not to fall into bad lending traps, like adjustable interest rates

Armed with the above knowledge it will help you navigate your way through the Home Equity Line of Credit process. Finding a trusted lender is next. Check out the Their experts will be happy to guide you through the process and help you make a good decision for your situation.

Used car loan refinancing can be a good way to lower your monthly car payments, especially if you have improved your credit score since you first took out your car loan.
But what is involved in car loan refinancing?
1. When to Refinance a Used Car Loan?
A common thought is that it makes the most sense to refinance a car loan in the first year or two of the loan. One reason for this is that is when the car depreciates — or loses some of its value — the most.
The first year is also when you are paying more in interest as car loans are “front-loaded” loans, where more interest is paid in the first few years of the loan than in later years.
If you have a high-interest loan, that can mean you are paying much more than you would if you were able to refinance your car loan.
It also makes sense to look into car loan refinancing if you have recently improved your credit score. Even a small jump in your credit score can mean a lower interest rate and big savings on your monthly car payment.
2. How To Refinance Your Car Loan
Much as you did when you got your original loan, start by doing your homework. Go to and search for lenders who specialize in car loan refinancing. There are many who are out there, just waiting for a chance to get your business.
You can also look into used car loan refinancing at your bank or credit union. Since you already have a loan, you can show them your promptness in paying off the loan so far, which should help convince them that you are a good credit risk.
Some lenders are cautious about making used car loans and especially so in used car loan refinancing. Often the creditors will only loan on cars of a certain age or make and model. Some lenders may require a higher interest rate on used car loans than the going market rate. This is OK, as long as the new interest rate on your refinanced car loan is still lower than the rate you are paying now. Even a small drop in the interest rate can equate to a big savings for you.
Also, be sure to check for pre-payment penalties in the original loan. Those fees can wipe out any savings your might get from refinancing your used car loan.
3. Special Requirements for Used Car Loan Refinancing
There are a few requirements unique to used car loan refinancing. For instance, if you have a large balance on your used car loan, you may have to borrow more than what the car is worth. In this case, the lender may require a down payment to make up the difference. You also may find yourself extending the length of the loan to get a monthly payment that works best for your budget. These are not ideal scenarios, so think carefully before agreeing to either.
To find out what is best for you, go to to

Do you have a FHA mortgage loan? On June 11, 2012, the FHA made changes to their Streamline Refinancing! This could be huge for FHA homeowners. Whether you want to lower your mortgage payments or need a little extra cash for unexpected expenses, you need to check out these changes. The FHA Streamline Refinancing loan program is available in two different types:

A non-credit qualifying streamline loan
A credit qualifying streamline loan

The FHA has lowered its Upfront Mortgage Insurance Premium or PMI for certain FHA borrowers with a drop to just .01 percent.  Here are a few rules that you need to remember.

You must be current on your existing FHA Mortgage
Your current FHA Mortgage must have been taken out prior to May 31,2009
Your mortgage must be on your primary residence
You will not be able to receive cash back but can possibly payoff existing debt
Finances need to be in good standing with no significant debt

By refinancing through this streamlined process, it is estimated that the average qualified FHA-insured borrower will save approximately $ 3000.00 a year or $ 250.00 a month.  The Federal government wants to help responsible homeowners to lower their payments and be able to stay in their homes.
The FHA Streamline Refinance changed it’s guidelines, so very little is required to qualify especially with the non-credit qualifying streamline loan.

Employment  verification is not required
No income verification
Credit scores will not be verified.  (See Below)
A new appraisal is not required

The FHA is trying to make a real difference to help homeowners who are doing the right thing.  By reducing mortgage costs to the borrowers , they will have lower monthly payments and reduce their debt burden.  It is a win-win situation.
We at would love to have the opportunity to help you with your FHA Refinancing.  By possibly lowering your interest rate and cutting your FHA PMI Premium, you can be on your way to a lower mortgage payment.  Would you like to feel a little financial freedom ?  Contact us today at

It sounds like one of those technical financial terms that only bankers can understand: Interest Rate Arbitration. But it’s actually a pretty simple process that can help you consolidate your bills, which should allow you to pay them off faster, incurring less interest on each debt.
With interest rate arbitration, you consolidate your bills into one loan that carries a lower interest rate than all the high-interest rate credit cards.
There are several methods of accomplishing this bill consolidation. Turning to a professional in bill consolidation services, like those you find at, is a great way to start the process towards finding the method that works best for your budget.
Secured vs. Unsecured Loans
One method of interest rate arbitration is to take out a secured loan at a low interest rate to pay off your existing unsecured debts. A secured loan is one that is backed by collateral, usually property of some kind, such as a house or vehicle. An unsecured loan is given on just the applicant’s signature, which is why those loans — usually credit cards — carry a higher interest rate.
A home equity loan is often used for interest rate arbitration. A borrower with many high-interest credit cards can borrow on the equity in their home — the difference between the value of the home and how much is owed on the home. Once that loan is approved, the homeowner can pay off all their high interest credit card bills, in effect consolidating all their debt into one loan.
An added bonus to this bill consolidation method is that instead of worry about making payments on several different accounts, you just have to make one payment each month.
Balance Transfers

Another method of interest rate arbitration is opening a new credit card with a lower interest rate and transferring your existing balances to the new card.
This can really pay off if you can find a card that offers 0% interest on balance transfers for an introductory period, usually between six to 12 months.
There are some caveats with these 0% offers, however. There is usually a 3% fee to transfer the balances to the new card, so if you are transferring $1,000, the credit card company is going to add a $30 fee to the balance. It doesn’t sound like much, but if you are transferring several cards to the new card, the transfer fees can add up.
Another thing to be aware of: If you are late on even one payment, the interest rate will automatically jump to the card’s usual rate. This can be anywhere from 15% to 29%, so be sure to read the fine print to find out what that interest rate hike will be.
Also, this method of bill consolidation works best if you can pay off the balance before the introductory rate ends. If you don’t, you’ll find yourself once again paying a double-digit interest rate on what you owe.
Consolidating your bills with interest rate arbitration can really pay off by lowering your interest rate. Almost as

If you are faced with paying off your car loan after bankruptcy, the first — and most important step — you need to take is doing some research so you understand exactly where you stand financially and what options are available to you.
A great place to start is LoanexFastCash, the online financial superstore that will help you educate yourself on paying off car loans after bankruptcy. It also can connect you with lenders who are experts in dealing with people who are interested in paying off car loans after bankruptcy.
Of course, as with all financial transactions, each situation is different and requires different tactics.
You Were Able to Keep Your Car
Many people are able to keep their cars after bankruptcy by ensuring  their payments are kept up to date even during that stressful time. If that describes you, you have an advantage over other people who are looking to pay off a car loan after bankruptcy.
Keep making your payments on time. This will not only ensure that you continue to have dependable transportation, but it will improve your credit score and prove that you have truly learned a lesson from the bankruptcy.
You Were Able to Keep the Car, But Need to Sell It
You were fortunate to emerge from the bankruptcy and still have a car, but now you find that you need a more reliable car or a different car to fit different circumstances. Again, you have several options to paying off your car loan after bankruptcy.
If you owe less on the car than it’s worth, it makes sense to sell it, pay off your loan, and use the difference as a down payment on your new car.
If you won’t get any money out of the deal, trading in the car may be in your best interests. Often lenders will roll what you owe on the trade-in into the new car loan, but make sure you understand exactly what is involved in the deal. You don’t want to find that paying off your car loan after bankruptcy in this way creates financial hardship down the road when you have a car payment that you can’t afford.
It pays to get an idea of how much you can sell the car for yourself and then compare that to what the dealer is offering for the trade-in. If there is a big difference, sell the car yourself, then use the money left over after paying off your car loan as a down payment for your new car.
You Lost Your Car in the Bankruptcy
If your car was repossessed, you no longer have to worry about paying off your car loan after bankruptcy. Instead you have a new worry: How to buy a new car.
If you have the ability to wait a few months or even a year, that can help tremendously in the quest for a new car because it will give you time to not only save for a down payment, but also start to repair your credit rating. If you can show

You can make auto refinance loans work for you by getting the best deal in the market for your particular circumstances.
The first step to finding that great deal is to log on to, the online finance superstore that specializes in automobile loans. There’s a whole section devoted to car loan refinance companies and automobile refinance rates. You also can apply online for a quote from a number of car loan refinance companies and other lenders.
As interest rates continue at their lowest rate in recent times, it just makes sense to look into automobile refinancing. Automobile refinance rates are running around 3%, so if you have a car loan with a higher interest rate, replacing it with a new loan can be a financial victory.
If your loan is a few years old, you may have a higher interest rate than today’s automobile refinance rates. Just a few points difference in automobile refinance rates can save you hundreds — or even thousands — of dollars in interest on your loan.
Another point to consider: If your financial picture has improved since you first took out your automobile loan, you can improve the interest rate and terms of the loan by refinancing. The car loan refinance company or other lenders will take into account your improved credit score and repayment history when calculating your automobile refinance rates.
If you got your initial automobile financing from an automobile dealer, you can bet that you are paying higher rates than today’s automobile refinance rates. Go to to find out how easy it is to get a better deal than you have. There you will have access to many companies that focus on automobile refinancing who will compete for your business by offering the best automobile refinancing rates out there. Some time spent online will pay off with a better loan and more money in your bank account.
Even if you can’t qualify for the best automobile refinancing rates rates available, refinancing your automobile loan may make sense because a new lender could offer more favorable terms, such as a lengthening the term of the loan, which computes to a lower monthly car payment — a big help when monthly cash flow is a concern.
The best part is that, unlike refinancing a home mortgage, refinancing an automobile loan usually has few, if any fees, while it takes just a few days to complete the deal. It just takes a few minutes to fill out an application at and watch the offers roll in.
Another plus when looking for a way for your money to work for you is that, often when refinancing your automobile loan, you will be able to skip a month of car payments when the new loan takes over the old loan.
Find out what you need to know to make automobile refinancing work for you at

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