FirstAgain Provides Loans to Borrowers with Excellent Credit
A new lender started business recently with an innovative loan product. If you have watched any business news on the TV the last few days, in addition to the big Stock Market swings, you have heard a lot about problems in the sub-prime lending market. Sub-prime loans are loans to borrowers who do not have the best credit credentials. Some big name lenders have gone out of business recently or had to take sizeable writedowns because of delinquent loans. No big surprises there as these are "high-risk" loans anyway.
So who and what is this new, innovative lender and product? How about a lender who only makes loans to people with excellent credit? That's right, I said excellent credit. What a concept. It's about time someone realized that even people with good credit need a loan occasionally and that they deserve preferential rates and terms for having exercised fiscal responsibility.
This new lender is called FirstAgain. They specialize in online, unsecured, simple interest, personal loans ranging from $10,000 to $100,000 to borrowers who have "excellent and substantial" credit. Some important words here. Unsecured means that if you are approved it is not necessary to pledge assets such as your house or vehicle in order to get the loan. Simple interest, as opposed to compound interest, reduces the cost of the loan over time. "Excellent and substantial" credit is open to some interpretation, but FirstAgain says borrowers share the following characteristics:
- Five or more years of significant credit history
- A credit history with a variety of account types such as major credit cards, vehicle, and mortgage debt
- An excellent payment history with no delinquencies or other problems repaying debt obligations
- A proven ability to save
Once you receive the money, the options as to how you spend it are yours. Specific examples would be home improvements, auto, motorcycle, or RV purchases, educational expenses, medical expenses, loan refinancing, or credit card consolidation.
FirstAgain was only founded in September 2006, but the company has a substantial pedigree. The founders, Gary Miller and Dave Zeller, were the co-founders of PeopleFirst.com. PeopleFirst became the nation's largest online auto lender, pioneered the concept of Blank Check® auto lending, and were acquired by Capital One of "What's In Your Wallet?" fame, in October, 2001. In addition to having their personal and family money invested in FirstAgain, funding has also been provided by Merrill Lynch & Company. Merrill Lynch, which recently made headlines with the purchase of approximately one-half of Blackrock, one of the world's largest publicly traded investment management companies, manages over $1.6 trillion in client assets. The point is that there are some deep pockets behind FirstAgain.
So, if you have "excellent and substantial" credit and are in need of a loan, visit the ManagingMoney.com Lenders Directory and take a look at FirstAgain. The rates appear to be competitive, the application is done online, there are no fees, points, or prepayment penalties, and you may be able to receive your money by the next day. It's about time someone started catering to good credit borrowers.
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