FAQ - Borrowing Investing Solutions - Payday Loans, Insurance, Debt Relief.

What is Borrowing Investing Solutions?
Borrowing Investing Solutions is a leading online provider of finance. We try to bring our customers the best financial products on the market, from mortgage and payday loans to debt consolidation and insurance.

1. Home Loans
1.1 What happens after I apply for a home loan on this Web site?
You will receive an e-mail within 24 hours of submission of your application. This e-mail will indicate the status of your application and the next steps you need to take.
1.2 How do I know how much house I can afford?
Generally speaking, you can purchase a home with a value of two or three times your annual household income. However, the amount that you can borrow will also depend upon your employment history, credit history, current savings and debts, and the amount of down payment you are willing to make. You may also be able to take advantage of special loan programs for first time buyers to purchase a home with a higher value.
1.3 Which is better - a fixed or adjustable rate mortgage?
It depends. Because interest rates and mortgage options change often, your choice of a fixed or adjustable rate mortgage should depend on:

the interest rates and mortgage options available when you're buying a house
your view of the future (generally, high inflation will mean ARM rates will go up and lower inflation means that they will fall)
your personal financial and investment goals, and
how willing you are to take a risk.

When mortgage rates are low, a fixed rate mortgage is the best bet for many buyers. Over the next five, ten, or thirty years, interest rates are more apt to go up than further down. Even if rates could go a little lower in the short run, an ARMs teaser rate will adjust up soon and you won't gain much if you plan to stay in the house more than a few years (the broker can tell you your break-even point). In the long run, ARMs are likely to go up, meaning many buyers will be best off locking in a favorable fixed rate now and not taking the risk of much higher rates later.
1.4 How much do I need for a down payment?
Most lenders offer financing programs that allow the borrower to finance up to 100% of the sales price of a new home. However, if no down payment is made, the borrower will be required to pay for private mortgage insurance (PMI), see question ten, below, for further information on PMI. If you can afford to put more money toward a down payment, it will reduce the amount of your monthly mortgage payments. Some loans programs offer 3% down payments if you meet certain income standards.
1.5 What is private mortgage insurance (PMI)?
Private mortgage insurance or "PMI" policies are designed to reimburse a mortgage lender up to a certain amount if you default on your loan and your house isn't worth enough to entirely repay the lender through a foreclosure sale. Most lenders require PMI on loans where the borrower makes a down payment of less than 20%.
1.6 How do I determine my own credit status?
You may use the following categories as a general guideline in evaluating your own creditworthiness. Please note that these are general guidelines only-other factors will often be included in the loan approval or credit evaluation process:
Excellent Credit

Credit scores of 680 and above.
At least 5 trade credit lines (credit cards, auto loans, mortgages) have each been open for at least 24 months.
All accounts have been paid as agreed.
No public records of bankruptcy, foreclosure, serious past due accounts, or collections within the last 10 years.
Low current credit balance relative to maximum available credit limit.
Minimum number of credit inquiries.

Good Credit

Credit scores between 650-679
At least 5 trade credit lines (credit cards, auto loans, mortgages) have each been open for at least 24 months.
Most accounts have been paid as agreed, with only occasional late payments.
No public records of bankruptcy, foreclosure, serious past due accounts, or collections within the last 10 years.
May have significant current credit balance relative to maximum available credit limit.
Several recent credit inquiries.

Fair Credit

Credit scores between 610-649
At least 3 trade credit lines (credit cards, auto loans, mortgages) have each been open for at least 24 months.
Most accounts have been paid as agreed, with only occasional late payments.
No public record of bankruptcy, foreclosure, serious past due accounts, or collections within the last few years.
May have significant credit balance relative to maximum available credit limit.
Several recent credit inquiries.

Poor Credit

Credit scores 530-609.
One or more accounts have not been paid as agreed.
May have had a bankruptcy, foreclosure, serious past due accounts or collections.
High number of recent credit inquiries.
Proportion of revolving balances to revolving credit limits is too high.

1.7 What does my mortgage payment include?
For most homeowners, the monthly mortgage payments include three separate parts: Principal: Repayment on the amount borrowed Interest: Payment to the lender for the amount borrowed Taxes & Insurance: Monthly payments are normally made into a special escrow account for items like hazard insurance and property taxes. This feature is sometimes optional, in which case the fees will be paid by you directly to the County Tax Assessor and property insurance company.
1.8 What is Home Refinancing?
Refinancing is simply getting a new mortgage to replace an original mortgage, usually with different (and ideally better) interest rates or terms. But instead of simply throwing out the original loan and making a new one, the first mortgage paid off and then a second loan is created.

1.9 What is Home Equity Loan?
A home equity loan (or line of credit) is a second mortgage that lets you turn equity into cash, allowing you to spend it on home improvements, debt consolidation, college education or other expenses. It allows you to borrow money, using your home's equity as collateral.

2. Payday Loans

2.1 What is a Payday Loan or Cash Advance?
A payday advance provides you with an unsecured, short-term cash advance until your payday. Customers choose payday advances to cover small, unexpected expenses while avoiding costly bounced-check fees and late payment penalties. With Borrowing Investing Solutions you can apply for a payday loan online and have your advance electronically deposited to your checking or savings account.
2.2 What about qualifying?
Qualifying for a payday advance is easier than qualifying for traditional credit. Borrowing Investing Solutions does not perform credit checks. Your job and your paycheck act as your collateral
2.3 What if I have bad credit?
Bad credit will not prevent you from receiving a payday loan at Borrowing Investing Solutions. Our friendly managers will work with you, even if you have already been turned down by other lenders.
2.4 Is my application and financial information secure?
We respect our customer's privacy needs in managing their personal finances. Our website uses a variety of security measures to maintain the safety of your personal information. All sensitive information transmitted between your browser and our website uses 128 bit Secure Socket Layer (SSL) encryption technology.
2.5 How much can I receive?
Your first Borrowing Investing Solutions loan is based upon the information you provide in your membership application. After successful repayment of your payday loan, we may raise your loan amount on any future Borrowing Investing Solutions loans.
2.6 When I will receive my payday loan?
Your application will be processed within 30 minutes, once it has been received. When approved, you will receive your loan on the next business day. Once you receive the loan, we will help you to schedule you repayment dates so that you won't have to worry about bounced checks or missed deadlines.
2.7 How do I know that my loan has been approved?
You will receive an email notification once your loan has been approved. Borrowing Investing Solutions reserves the right to make adjustments to your loan approval until the time you receive the funds in your bank account based on new information regarding your loan application.
2.8 When will my loan be due?
Your due date will normally be due on your next payday that is between 8 and 25 days away. Each state has different rules and regulations.
2.9 What if I can't repay my loan on the due data?
If you can't repay the full amount of your loan on the due date, you may be able to request a loan extension.
2.10 How are fees established?
Our fees are competitive and in compliance with all applicable state and federal laws.

3. Debt Relief

3.1 Why choose Borrowing Investing Solutions?
The dedicated professionals at Borrowing Investing Solutions are committed to saving you money, getting you out of debt and improving your quality of life. You can expect a significant reduction of 40%-60% off the total balances of the unsecured debt that you enroll into our program. Your best interests are our top priority! The bottom line is that you will be debt free in 36 months or less and on your way to the life you want! Success means eliminating your debt.
3.2 Do your credit management programs charge a fee?
We do include a small monthly fee with our services. This low monthly fee will not change regardless of the amount of creditors you have. Even with this fee included, your monthly bill may be considerably lower that what you currently pay. You end up saving in reduced interest charges and other reduces fees. Plus, you end up paying your debt off years quicker, possibly saving you thousands of dollars.
3.3 What is debt consolidation?
Debt consolidation entails taking out one loan to pay off many others. This is often done to secure a lower interest rate, secure a fixed interest rate or for the convenience of servicing only one loan. Debt consolidation can simply be from a number of unsecured loans into another unsecured loan, but more often it involves a secured loan against an asset that serves as collateral, most commonly a house. In this case, a mortgage is secured against the house. The collateralization of the loan allows a lower interest rate than without it, because by collateralizing, the asset owner agrees to allow the forced sale (foreclosure) of the asset to pay back the loan.
3.4 What is debt settlement?
Debt settlement is an aggressive approach to debt reduction, which is appropriate for debtors with a serious amount of debt or who are considering bankruptcy. A debt settlement agency negotiates with the creditors to settle the debt for a lower amount than owed, as the debtor saves their money for a lump-sum settlement payment. After the debt is settled, the creditor will send a letter stating the debt obligation was fulfilled, and will report to the credit bureaus that the debt has been, "Settled for less than full amount", "Paid" or "Settled".
3.5 Why should I consolidate my student loans with Borrowing Investing Solutions?
Because you want to lock in your rate, lower your payment, and take advantage of Student Loan Consolidation discounts. Borrowing Investing Solutions offers a complete and instant online student loan experience. You simply enter your information into our easy-to-use online form, electronically sign your promissory note and we immediately begin processing your loan. In addition to our incredibly fast and simple process, we also offer some of the most competitive student loan interest rates and borrower benefits available. If you want to secure a low rate for the life of your student loan and reduce your monthly payments to the lowest possible payment then Borrowing Investing Solutions is your only choice.
3.6 After filling up the form how long will it take you to contact me?
Once you have completed the sign up process, we will contact you within next working day. However, if you are not available over phone, our endeavor will continue until we can get you in the discussion. If the phone is not working at all, we will consider sending mails as well.
3.7 How will this affect my credit?
When you enroll into our program, we will engage your creditors immediately and inform them that you will no longer be making payments on the accounts and that they will need to redirect all correspondence to us. Your enrolled accounts will be reported as past due until they are settled. Once settled, they will reflect that the account was handled in a satisfactory manner and that there is no outstanding balance owed. Your debt to income ratio makes up a large portion of your credit report and given that each account will show a zero balance once settled, you can expect that ratio to improve gradually. If you have debt, your debt to income ratio is already adversely affected. The fact of the matter is that any type of debt management program will affect your credit in some way. Debt settlement gives you the benefit of only having it affected while you're in the program. Given that we do not pay your creditors for you, our name will not appear on your report. This will look like you took care of your debt on your own.
3.8 What can I consolidate?
You can only consolidate unsecured debt, meaning debt that is not backed or underwritten by an asset. Generally, this means credit card debt for most people. Other types of unsecured debt that can generally be consolidated are department store credit, medical bills, bank and finance companies, unsecured personal loans, and gas and oil credit cards. Bills that cannot be consolidated include mortgages, auto loans, and co-signed loans.
3.9 What is unsecured debt?
Unsecured debt is any type of account that you did not put up any collateral behind, meaning no tangible assets or personal property is attached. These types of debts include credit cards, department store cards, medical bills, unsecured personal loans, repossessed vehicles, etc. Some examples of secured debts are mortgages and vehicle loans. In a secured debt, the lender has the ability to repossess the tangible property against the debt.
3.10 Why shouldn't I choose bankruptcy?
Bankruptcy is usually a last resort because it has long term negative implications. First, bankruptcy remains on your credit report for 10 years. Bankruptcy also means that you will not repay your creditors. This looks especially bad on your credit report. Instead, your assets are sold off to repay your debts. You can lose many of your possessions and your credit can be so damaged that you may have a very difficult time regaining them.
3.11 Can you stop creditors' calls?
Once we inform your creditors that you are in our program, collection agencies should stop calling you. Some agencies require several months' worth of payment to recognize your commitment. Since you will be up to date on your bills and making steps to pay off your debt, collection agencies will have no need to contact you.
3.12 Can I pay more if I have more money?
If you would like to change the amount of money you are paying each month, simply contact us and we will change your payment structure. You can always pay out more money towards paying off your debts!

What is Home Refinancing?
Refinancing is simply getting a new mortgage to replace an original mortgage, usually with different (and ideally better) interest rates or terms. But instead of simply throwing out the original loan and making a new one, the first mortgage paid off and then a second loan is created.

What is Home Equity Loan?
A home equity loan (or line of credit) is a second mortgage that lets you turn equity into cash, allowing you to spend it on home improvements, debt consolidation, college education or other expenses. It allows you to borrow money, using your home's equity as collateral.

What is a Payday Loan or Cash Advance?
A payday advance provides you with an unsecured, short-term cash advance until your payday. Customers choose payday advances to cover small, unexpected expenses while avoiding costly bounced-check fees and late payment penalties. With Borrowing Investing Solutions you can apply for a payday loan online and have your advance electronically deposited to your checking or savings account.

What is Debt Consolidation?
Debt consolidation entails taking out one loan to pay off many others. This is often done to secure a lower interest rate, secure a fixed interest rate or for the convenience of servicing only one loan. Debt consolidation can simply be from a number of unsecured loans into another unsecured loan, but more often it involves a secured loan against an asset that serves as collateral, most commonly a house. In this case, a mortgage is secured against the house. The collateralization of the loan allows a lower interest rate than without it, because by collateralizing, the asset owner agrees to allow the forced sale (foreclosure) of the asset to pay back the loan.

What is Debt Settlement?
Debt settlement is an aggressive approach to debt reduction, which is appropriate for debtors with a serious amount of debt or who are considering bankruptcy. A debt settlement agency negotiates with the creditors to settle the debt for a lower amount than owed, as the debtor saves their money for a lump-sum settlement payment. After the debt is settled, the creditor will send a letter stating the debt obligation was fulfilled, and will report to the credit bureaus that the debt has been, "Settled for less than full amount", "Paid" or "Settled".