9.2. Finding Loans OnlineUnless you're independently wealthy, life-changing purchases like a house, car, or college education usually require life-changing amounts of money. If you don't have that much cash on hand, you'll need a loan. If you already bank online, you're probably quite familiar with your bank's electronic offerings; most have links to their "personal lending " services right on their home pages. Because banks looooove to lend money to qualified borrowers, their loan pages tend to be incredibly well-designed, with plenty of information and telephone numbers to call if you have questions. In the case of home loans, banks and other mortgage companies include useful areas where you can see the current lending rates for 30-and 15-year fixed loans, adjustable rate mortgages, and so on. Tools like mortgage calculators (Figure 9-2) let you type in a property's asking price and instantly calculate what the monthly payment would be with the assorted types of loans and rates. Figure 9-2. Most online banks and housing lenders have tools like mortgage calculators so you can see how high a monthly payment you can afford when you're shopping for a new home.Even if you're not an existing customer, you can still check bank Web sites for loan rates and information, and even apply for a loan online. All major banks have their own Web sites (find them with Google), and some of the bigger, better-known loan companies include:
The U.S. government lends money, too. To see what's available, go to the Gov-Loans site at www.govloans.gov. You can find details on just about every loan the federal government offers, including specialized loans for veterans , farmers, and business owners . Loans covering disaster relief, education, and housing are also listed. Note: If you value your fiscal health, it's wise to stay away from the many " payday loan" sites around the Web. These companies offer to loan you the bucks you need to make it to your next paycheck if you give them your bank account number so they can withdraw repayment when your check lands. They also charge exorbitant fees (sometimes $30 for every $100 borrowed), which takes a bite out of the account when the loan comes due. Finally, giving your bank account, Social Security number, and other deeply personal data to a Web entity is not a good practice to get into. |