Tuesday, April 1, 2008

Are Eloans A Better Alternative

Are Eloans A Better Alternative
By Joseph Kenny

Eloans are the same as those applied for at local and commercial bank chains with some interesting differences. These are loans which are applied for through the web pages of the internet.

Eloans are actually easiest for the loan agency whether it is an investment group, bank, credit card company, insurance company or even an HMO rather than the customer. Credit checks are perhaps quicker, as well as background investigations and loan equity verifications for the agency to perform

The time needed for an Eloan application to be approved can be measured in minutes if not seconds. A longer time may be required if there is a large Eloan requiring the securing of personal property or real estate to act as collateral.

Before such business is transacted you should perform your own investigation into whom you are doing business. Herein lies the homework since the internet is not a totally truthful place to find out information concerning an investment firm

The library has bound references dealing with the objective and subjective evaluation of both private and public investment firms. A few of these are "Standard and Poor's" and "Barron's". You can also research these reporting sites on the internet as well. You need to check on the stability of the firm and the profits gained from the past eight financial quarters or even longer.

Other means of research can be obtained by visiting the web site of the many local banks in your hometown. They offer eloans and other services through the internet. Shop around these and others to get the best deals in interest rates

Now I mentioned that these were easier for the lending institution than you the customer. The reason being is that they are closely tied to the credit card companies and credit reporting agencies. Having worked in the bowels of the loan sharks I know that there are only four major credit reporting agencies. These have had the past eleven years to convert their databases to merge and work flawlessly through the internet.

There is a startling fact well hidden by those of us who have been geeks, there are several supreme echelons of computer excellence. They are from number one to four; the pornography industry, the stock market, the banking and financial industry and the federal government

Your credit information has a higher security than most people understand. The acquisition of credit information carries a minimum fine of $10,000 and ten years imprisonment according to federal statute if it is used for purposes other than securing a loan. This is the reason why insurance companies go mum when asked how they derive insurance rates. They will claim that they use age groups instead.

My point is that your credit rating is available to these lending agencies; there may be a lot more information but you will not know about it. This is the statistical information about what your indebtedness quotient is, how expensive a house do you own or rent, what is your telephone bill, water and gas bills. All of these facts about you are much more available through the agencies that handle eloans.

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