Easy Loans During the Current Credit Crunch
Arlo Mooney
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Article Title:
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Easy Loans During the Current Credit Crunch
Article Description:
====================
Everyone is talking about the difficulty of borrowing money right
now during the current credit crunch. But I have learned from my
unique experience that there is still money available to borrow,
even in these current market conditions.
Additional Article Information:
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745 Words; formatted to 65 Characters per Line
Distribution Date and Time: 2009-02-24 10:00:00
Written By: Arlo Mooney
Copyright: 2009
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Easy Loans During the Current Credit Crunch
Copyright (c) 2009 Arlo Mooney
The Financial Side of Economics Blog
http://cash-advance-payday-loans.org/blog/
Everyone is talking about the difficulty of borrowing money right
now during the current credit crunch. But I have learned from my
unique experience that there is still money available to borrow,
even in these current market conditions.
Consumer credit for auto loans and home mortgages is kind of
scarce, because the major banks who have historically loaned this
money are struggling under a mountain of bad loans.
Despite the contraction of consumer credit through the various
nationwide banks, there are banks that are still loaning money to
consumers. If you stop to think about the facts of this matter,
what I am getting ready to tell you will make good sense.
The Banking Industry
There are hundreds of major banks which made loads of money
during the last couple decades - banks that loaned money to
pretty much anyone who filled out a credit application. These
banks are now struggling with record bank loan defaults. As such,
they do not currently have the economic strength to be able to
loan money now. These troubled banks started tightening the
reigns on their lending practices, when they realized how bad the
situation had become.
Despite all of the bad news in the consumer credit industry,
there is a lot of good news, but you will never hear the good
news when reading the newspaper or watching your favorite news
show.
See, while there were hundreds of major banks that loaned money
to absolutely anyone who asked for it, there were also hundreds
of other banks that did not diminish their credit standards, in
order to loan money to people who could not afford to pay back
the loan.
As a result, there are thousands of smaller banks and credit
unions that have strong financial portfolios, permitting them to
loan money freely during the current credit crunch.
So, if you need a loan right now for a car replacement, you
should visit your local banker to see if they would be willing to
loan you money for that purchase. You might just be surprised. I
know that here where I live, there are at least three banks that
would be willing to loan me money for the purchase of a new car,
if I wanted to purchase a new car.
The Private Lending Industry
A friend of mine buys and sells homes for a profit. Of course the
current economic conditions are good for his business in that
there is a lot of opportunity to buy homes for a deeply
discounted price. But as with any business, one needs to have
access to capital to keep moving forward and to take advantage of
opportunities when they come.
My friend talked to a potential investor this morning who told
him that if my friend could provide him houses, then the investor
could supply the purchase price of the home within 24 hours!
My friend has bought and sold nearly four dozen homes in the last
six months, and his home investors have what seems to be an
almost unlimited access to capital to invest in the homes he
buys.
So while Wall Street and major banks struggle to provide money to
borrowers, private lenders seem to have no problem getting the
money they need to buy homes or anything else.
The Small Consumer Loan Industry
As I have demonstrated earlier in this article, the credit crunch
is only affecting those banks and lenders which used bad judgment
in their lending practices.
The cash advance payday loan industry has not been as foolish as
the major banks have been, and that really says something. The
cash advance payday loan industry loans money to absolutely
anyone who walks through the door who has a job and a checking
account. And yet, their books remain stronger than the books of
some of the major banking institutions. This story is just
dripping with irony, isn't it?
It might help that the cash advance payday loan companies charge
a bit more money for a loan and that they loan smaller amounts of
money for less time than the major banks do.
Although these loans are not for everyone, they are loans for
people who have experienced a short-term cash shortfall. If you
can afford to pay back your loan in two weeks, when the loan
becomes due, then the payday loan company could provide to you
much needed cash in your time of need.
Author's Note: This article was originally posted at
http://cash-advance-payday-loans.org/blog/current-credit-crunch/2009/02/
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With Arlo Mooney's background in finance and economics,
he strives to help people understand complex economic
principles in simple terms. If you want to learn the
inside story of the September 2008 economic collapse,
read more at: http://cash-advance-payday-loans.org/blog
But if you are looking for a payday loan, Arlo recommends
http://www.fastcash4all.net/
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