Hello, I'm Ron Breckenridge. As a hobby, I refinish broken jewelry I find at thrift stores and pawnshops. The jewelry often features major faults that ruin the structure and finish of that piece. While performing the repairs, I remove a lot of gold and replace it with new materials. The gold I remove sits in a little jar until I can use it again. Every once in awhile, I come across gold I just cannot use. The gold is still good for other purposes, but doesn't work well for jewelry repairs. I save this gold until it fills up another little jar, and then I take it down to the gold buyers. I'm provided with a small stipend depending on its market price, which is awesome. I want to discuss the process involved with gold buying on this site. I will also explore other ways to obtain gold to sell. Thanks.
If you're just getting out into the world and need a car, a house or even a personal loan, you'll be taking out an installment loan. Because you are new to the installment loan world, you may not understand all the things that can happen during the life of the loan if you're not careful. This guide explains what you need to look for in the fine print to avoid potential problems.
Interest Rate Changes
Your interest rate on an installment loan is based on your credit rating, or how well you've handled credit in the past. The higher your credit score, the lower the interest rate you'll have. If you've never had credit before, you might have a higher interest rate. As you make the payments on your installment loan on time, your credit score rises and you'll be able to get more loans at a lower rate.
If you run into hard times and can't make the minimum payments, or if you can't make them on time, your interest rate on your current loan can go up, even if you are only a day late. Ask the financial institution you're getting the loan from about any grace periods available and whether or not your interest rate goes up if the payment is made within that time.
Late Payment Fees
In addition to raising your interest rate on the installment loan, a late fee is charged on your account if you make a late payment. Some loans charge a percentage of the balance and others charge a flat fee. The state you live in determines how much and what method lenders can use when charging a late fee.
Before you get your loan, understand what your state's specific laws say about late fees. Then read the fine print on your loan documents to ensure that it lines up with the law.
Penalty for Pre-Payment
Oh, what a feeling you have when you pay off a loan early! But you might want to rethink it if it costs you money. Loan companies, no matter who they are, are in business to make money.
Most do not charge a penalty if you choose to pay up before the term is done. But depending on the company, you may have to pay a penalty for early payment, because when you do this the loan facility loses money. Ask the loan professional if there is a pre-payment penalty and if they say there is not, look for confirmation in your loan documents.
Learn as much as you can about the finance company you are considering applying to. Ask the financial expert at companies like Las Vegas Finance about their company's interest rate and late fee- and pre-payment policies before signing the loan documents. Read the fine print to make sure that the documents line up with what the loan professional is telling you.
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