“HSBC introduces 12-month personal loan scheme” plus 2 more |
- HSBC introduces 12-month personal loan scheme
- Ginnie Mae to allow securitized single loans, boosting small-lender competition
- What Guaranteed Loans are Available for Small Businesses
Posted: 14 Apr 2010 03:34 PM PDT HSBC is introducing a personal loan that provides personal finance between QR25,000 and QR250,000 with a maximum tenor of 12 months. Five Filters featured article: Chilcot Inquiry. Available tools: PDF Newspaper, Full Text RSS, Term Extraction.Loans are available to customers with a minimum monthly salary of QR15,000 who hold an account with the bank. Salary transfer to the customer's HSBC account is mandatory. The interest rate will be 8.24% a year for HSBC Premier customers, calculated on a reducing balance basis. The interest rate for 12 month loans is 8.49% a year for 'Status customers'. Commenting on the product launch, HSBC Qatar head (Personal Financial Services) Tony B Graham said: "Many of our customers have short-term financing requirements for major life expenses such annual rent or children's school tuition that require a significant outlay once per year. Helping them finance these important items in a hassle-free way is exactly the kind of prudent, sustainable, relationship-based lending we want to grow. And with interest rates as low as 8.24% a year, this is a business that makes good sense for our customers as well as the bank." This posting includes an audio/video/photo media file: Download Now |
Posted: 13 Apr 2010 09:00 PM PDT The FHA does not make loans but insures certain lenders against losses should borrowers default. The agency has played a key role in propping up the housing sector since the mortgage market meltdown. Mortgage lenders working with the FHA often bundle the loans they make into securities and sell them to investors. Ginnie Mae guarantees those securities so that investors continue to get their principal and interest if loans go bad or lenders are unable to make payments to investors. However, each lender must have a certain number of loans to receive Ginnie Mae's guarantee. For that reason, Ginnie Mae-backed securities are dominated by the largest lenders, said Guy Cecala, publisher of Inside Mortgage Finance. Wells Fargo and Bank of America accounted for nearly 55 percent of all securities issued by the agency last year, according to the publication. For small lenders, it has been more efficient to sell loans to the larger lenders to be included in a security rather than hold the loans on their own balance sheets for an extended period and fund them, which could strain their limited capital. But by selling their loans to larger aggregators, the smaller lenders usually could not service those mortgages, meaning collect the monthly payments and earn fees for doing that. Also, they could not get the best possible return when the loans were sold to investors, Cecala said. To level the playing field, Ginnie Mae plans to start allowing lenders to securitize single loans and will issue loans on a daily rather than weekly basis, Housing Secretary Shaun Donovan said in prepared remarks at a policy conference hosted by the Mortgage Bankers Association. "This will help smaller lenders access Ginnie Mae and FHA directly." FHA Commissioner David H. Stevens said in an interview that the single loans will be mixed into a pool of loans from multiple lenders. The policy changes will give smaller institutions "more flexibility and a competitive role in the lending process," Stevens said. Ginnie Mae requires its lenders to have a net worth of at least $1 million. The announcement comes when the FHA will soon be making similar demands on the lenders it works with. This posting includes an audio/video/photo media file: Download Now |
Posted: 14 Apr 2010 02:27 PM PDT Any small business entrepreneur will tell you that finding capital to start or grow a business is essential to success. While financial capital comes in many forms, small business loans are the most frequently used method of financing. However, where can a small business owner find loans with a suitable interest rate? Or how can you obtain financing if you have less-than-average credit? What if you need a short-term loan? Small business owners have a strong ally in the U.S. government. The government knows that small businesses are the backbone of the American economy. To help the small business owner, it formed the Small Business Administration (SBA) in 1953 to provide aid in many forms. One of those helpful forms is guaranteed small business SBA loans. Guaranteed loans for small business make it easier for entrepreneurs to get approved for a loan with local banks. Here are just a few programs sponsored by the SBA: Basic SBA 7(a) Loan Program This is the SBA's primary program for small business SBA loans. It is the most flexible and most commonly used small business loan program. A SBA 7(a) program can help small businesses in a number of ways such as:
The Certified Development Companies (CDC) 504 program guarantees long-term loans for small businesses for the purchase of fixed assets or modernization for expansion and job creation. These loans are not distributed by banks, but rather private non-profit corporations set up specifically to aid the economic development of their local communities. Check for a local CDC in your area by contacting your SBA district office. Microloan Program The SBA also has designed a microloan program that provides short-term small business loans up to $35,000. Small business owners can use funds for the purchase of inventory, supplies, furniture, fixtures, machinery, and equipment necessary to help a business expand or get off the ground. Like the CDC 504 loan, these loans are approved and funded by private, specially designated intermediary lenders rather than banks. Disaster Loans Floods, tornados, hurricanes: disaster strikes portions of the country on any given day. To help small businesses get back on their feet after a disaster, the SBA designed the Disaster Assistance Loan Program. These low-interest loans help small businesses and non-profit organizations to rebuild or replace real estate, personal property, machinery, and equipment that was damaged or lost due to a declared disaster. When it comes to small business loans, one needs to look no further than the SBA to find a host of programs for many business needs. Check with your bank or your local SBA District Office to find out how your business can benefit from a small business SBA loan. This posting includes an audio/video/photo media file: Download Now |
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