subject: Spend Your Money Your Way [print this page] When you apply for a traditional bank loan, you may (or may not) gain the money that you need, but you won't be able to spend that money any way that you want to. Many people often make the mistake of assuming that bank loan money can be spent in any manner - this is a mistake with consequences.
Before a bank loan is even approved, you will have to explain to your bank why you need the money that you are asking for. Now, this is a lot more complex than it may seem. While it may make sense to simply sit down with a loan manager and explain your situation, this simply won't cut it. Instead, you must come up with a written loan plan (often referred to as a "business plan"). This type of plan is extremely specific, and it includes plenty of mathematical figures. In fact, most people hire professional writers to compose business plans, since they are so complicated.
Even if you manage to compile a convincing business plan, this does not guarantee a bank loan. In fact, hundreds of nicely organized bank loan applications are turned down daily. If your loan is approved, then you must spend the loan money exactly as you promised you would spend it. Otherwise, you may be held responsible for misleading your lender, and this may mean extra funds out of your pocket. In short - banks tell you how and when to spend loan money. Anything other than this "suggested method" of spending money can cause trouble.
Instead of haggling with your local bank, consider a private car title loan. A car title loan is a loan that is approved based upon the worth of your car. If you own a car, and you can prove it, then you can get a loan for a large percentage of the assessed amount of your car.
Unlike traditional loans, you don't have to tell a private lender how you intend to use your loan money. You don't even have to write up a business plan, hire a writer, or try and juggle endless hypothetical numbers in your head.
All you have to do is apply for a private car loan online, gain approval within moments, and then spend your loan money any way that you want to. In the end, a bank loan may seem like a good idea, but who's really controlling your money? If you want to determine how your loan money is spent, then opt for a private car title loan.
by: Molly Wider
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