Related Services - The following companies and services offer a wide variety of financial programs to assist you with handling your debts. Consolidate your bills with a debt consolidation loan or use a debt management or credit counseling service for help with your credit card bills and other payments.
- Debt Settlement Program - High credit card balances making your monthly payments impossible to meet? The negotiation of your outstanding bills with your creditors may be a good debt solution for you. Educate yourself on your options and compare available programs.
- Personal Loan Consolidation - Need a smaller loan? Personal loan financing is most often unsecured. Meaning... your home or personal property is not used as collateral and the loan decision will typically be based upon your credit history and your ability to make the necessary payments. Also, this is often referred to as a signature loan.
Automated Loan Machine
Define Automated Loan Machine: An automated loan machine, or ALM, is a type of kiosk that allows credit-worthy consumers to obtain loans of a few hundred to a few thousand dollars without having to meet with a loan officer. Consumers using an ALM provide data such as a driver license number, credit card numbers, demographic information, income and employment information, and a loan amount. If the provided data are verified and meet the lender's minimum requirements, the ALM obtains and evaluates the applicant's credit report and then offers a loan agreement.
Once signed, the loan is complete and the funds are made available either through a printed check or by electronic deposit into a specified account. ALMs are often confused with ATMs-borrowers should be aware that the loans issued are subject to all the laws and regulations of a normal loan, and that the funds obtained are not a disbursement from their savings accounts.
Glossary of Debt
Consolidation and Related Terms
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Alt-A Mortgage