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A Guide To Fast Cash Loans

A Guide To Fast Cash Loans


    

A Guide To Fast Cash Loans

by Severica Vintila

Obama's government has come up with home refinance stimulus package and loan modification programs to help all the needy owners in avoiding foreclosure. This program is designed specifically for all the borrowers who are facing financial hardships as they are not in a condition to repay the loan. The home refinance stimulus package and loan modification would cover as much as 9 million mortgages and the government would spend $75 billion for helping the homeowners.Obama's Stimulus Package has 2 main components:

Short- term finance is required to meet the working capital requirements of a business firm. These are the funds required for a period up to 1 year. The sources of short-term finance are: trade credit, bank borrowings, factoring of receivables, commercial paper and accrued expenses and deferred income.

Let us discuss each one of these components in detail:

The amount so determined by the bank is known as credit limit. Bankers are required to fix separate credit limits for various types of credit facilities to be extended to various types of borrowers. Margins are kept by the banker before granting finance. This is based on the principle of conservatism and is decided to ensure safety of funds.Banks extend the following type of financial facilities to customers: Over draft, Cash credit, Purchase or discounting of bills and demand loans.

Over draft is a temporary arrangement whereby the customer is allowed to draw over and above the balance standing to the credit of the customer. Under cash credit facility, a borrower is permitted to withdraw funds from the bank up to the sanctioned credit limit.Demand loans are called the ad hoc or temporary financial accommodation granted to customers to meet unforeseen contingencies. The borrower has to pay a higher rate of interest on these types of advances.

About the Author:
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