Loans & Alternative Financial Option -GreenDayOnline
AFFORDING LOANS FOR EMERGENCY
GreenDayOnline can give you a loan in an emergency to cover a variety of reasons, like a disaster, or a personal problem. They can be done with bad credit on the GreenDayOnline site. ( https://entrepreneursbreak.com/factors-to-consider-when-getting-installment-loans-from-direct-lenders-what-you-need-to-know.html )
LENDS from NONPROFITS
Many non-profit organizations offer artists loans. The fees and amounts for these loans vary. A few of these loans are to complete a project and will only be paid upon completion. For example, the New York Foundation for the Arts can provide the loan, but it will not exceed the 80% limit of the agreed amount of the project. There is a 3% charge on the amount of the loan. The loan typically lasts up to 120 days. Be sure to research your options.
Artist Project LOANS
Specific organizations will lend you money for a contract. Since particular grants and funding do not get paid at the start of a project, you must find a way to raise funds for your start-up. Specific nonprofit organizations have found an answer, and they will lend you money in exchange for the contract. The charges they make to make this loan are worthwhile and will aid you in implementing your plan. They have to pay their accounting and legal teams to complete your loan.
PAYDAY LOANS
The loan is secured by submitting a post-dated check taken out of a checking account. It is then paid on the date specified. The lender will advance you on a specific amount until you are paid. There is usually a cost that is based on a certain amount. For instance, a typical loan of $250 can come with a charge of up to $45. Typically, the loan will mature within two weeks, when you will be required to pay back the fee and loan in total.
VA LOANS
The Department of Veteran Affairs guarantees fixed-rate VA loans to qualified veterans from the United States Military. They are available for either 15 or 30 years. VA Loans generally don’t require a down payment and are less stringent than conventional loans. They can also take gifts from gift programs and other grants or loans from a variety of sources. These funds can be used towards the down amount (if necessary) and closing charges. However, the Veterans Administration’s Loan Guaranty program doesn’t limit the loan amount that eligible veterans can take out, but it does impose local limits on loans. Check the VA’s website for more information on 2013 loan limits: http://benefits.va.gov/home loans/purchaseco_loan_limits.asp. In all counties not mentioned on the site, the maximum of $417.000 at this publication.
This loan is if you’re a veteran with a good service record in any or more branches within the United States Military. Additionally, the loan can only be used to purchase a residential property. The property must be occupied or planned to use the property for an apartment for yourself within a reasonable time following the loan’s close. This implies that the loan can’t be used to purchase properties that are rented out.
JUMBO LENDS
This kind of loan is typically used in cases where the loan amount is more significant than the guidelines established in the policies of Fannie Mae and Freddie Mac Federal government-sponsored investors. They buy loans from the second mortgage market. Be aware that lenders who sell commercial mortgages for residential properties to Fannie Mae or Freddie Mac must comply with their underwriting rules to participate.
The interest rate could be higher on these loans. This means that the loan will have a higher monthly cost and cost more in the long term. Since Jumbo Loans are typically considered riskier, the criteria to secure these loans are very stringent, and you’ll need to earn more to be eligible. Due to the current economic slump and financial problems, Fannie Mae and Freddie Mac are challenging to get and be paid back. Take a look at all the paperwork associated with your loan with care, and think about consulting an experienced accountant before signing on to one.
GOVERNMENT LOANS
In contrast to many other home-buyer programs, loans from the government, like the Federal Housing Administration (FHA) mortgage backed by the FHA, aren’t restricted to first-time homebuyers. The government’s loan programs are constantly changing, so it is recommended to go to government websites to find the most current details.
These loans come with limitations on income and caps on the mortgage amount. The government loans are also accompanied by additional requirements that the borrowers have to meet to qualify for the loan, based on the loan program.
CONSTRUCTION/PERMANENT LOCANS
Loan programs are offered to help those who want to construct a new house. Construction loans are available and a combination construction/permanent option.
The loan is secured with a mortgage on the land and the property once it has been constructed. The typical construction loan has a limited duration (12-24 months) to permit the construction and could later be converted into an ongoing mortgage for the finished property. In the case of a loan, it is necessary to determine whether or not to take the risk of the construction of an area.
FHA MORTGAGE
The Federal Housing Administration (FHA) was established in 1934 and is the most prestigious and oldest insurance provider of residential mortgage loans within the U.S. The FHA loan provides lower down loan rates for qualified borrowers compared to a conventional loan. Fixed and adjustable-rate mortgages are offered and typically need a minimum cash commitment of 3 percent.
FHA loans also take gifts from gift programs and other grants or loans from various sources that can be used to pay down and close charges. In contrast to conventional loans, the maximum debt ratio for the property is raised to 29% as opposed to 28%, which is permitted for traditional loans. Additionally, your total debt ratio could be up to 41% as opposed to 36 percent.
Furthermore, conventional loans might require at least a two-month repayment reserve (money in the bank to pay for the mortgage or insurance). It is not the case to qualify for FHA loans.
These loans come with both income caps and limits on mortgage amounts. Some down-payment assistance programs paired with loans issued by the government could be subject to income limits. These loans, too.
Emergency Relief for Artists
Crisis Management
Two types of emergencies can be considered for an emergency loan- catastrophic of a large scale and personal troubles.
Large-scale catastrophes can cause a vast array of destruction, like an earthquake, hurricanes, or terrorist attacks. These types of disasters can destroy communities and livelihoods and often take a long time for the affected areas to rebuild.
Personal injuries can be caused by an accident or sudden physical injury, home or studio fires flooding.
Being faced with both types of emergencies simultaneously could be difficult. There are, however, many emergency support programs. It’s best to know the available programs before an emergency.
What situations are eligible for emergency assistance?
If you’re faced with an emergency, what do you do? Before contacting an emergency service, it is essential to know the difference between legitimate emergencies and ones that can be avoided. Most emergency assistance organizations have a clear distinction concerning the latter. Legitimate emergencies can be described as a necessity. These are life-threatening situations that include emergency medical situations, fires, natural disasters, floods, etc. Conditions of emergencies that are no one’s fault, even though challenges, are not considered eligible for emergency assistance. This includes problems that are not financially planned, such as financial mismanagement and credit card debt, child support in default on loans for students, or other types of eviction due to refusing to pay rent, etc. The emergency organizations aren’t designed to help with unique opportunities, like sudden and unexpected events or exhibitions in other countries’ residencies or professionally-organized conferences (although there are numerous programs in the United States comparable to the NYFA Special Opportunity Stipends offering specific opportunities). None of these scenarios is a life-threatening emergency.
Different types of emergency support
Emergency organizations usually offer one or more of the following types of assistance: emergency grants, low-interest loans (these are required to be paid back), and emergency assistance. They also differ in the time they respond to requests, so make sure you look up their websites for more details.
Emergency grants are as small as a couple of hundred dollars to several thousand dollars. The emergency loans are available in similar amounts and usually come with an extension of around an entire year to allow artists the chance to get back on their feet before their repayment begins. Additionally, many emergency organizations (and non-emergency organizations) provide artists with technical help regarding how to collect the pieces and move on with their lives. In addition, they may collaborate with different social service agencies on the artist’s behalf. The guidelines by which these organizations operate and live are any form of support and promptness (i.e., rapid turn-around time) and accessibility to resources and information.
It is also essential to know that many companies do not place a high value on artistic merit. In general, organizations will examine an artist’s resume to confirm that the artist is a “professional” professional artist. The organization will also consider the necessity and severity of the crisis. Finally, those who have suffered several emergencies over many years might reapply to various emergency organizations to receive assistance.
INFORMATION ABOUT EMERGENCY SUPPORT OFFICES
Within the U.S., several organizations provide support in times of need to artists in the market. Sure of these organizations deal in specific areas of the arts or focus on a particular ethnic group or geographical region. There aren’t any regions covered, and planning could be beneficial. Most emergency loan companies are non-profits founded by artists and collect funds from foundations or charities, guilds, and unions. Only a few receive funding from the government. They are primarily in crisis mode because the crisis is never-ending.
There are a lot of simple steps you can take care of to avoid any unpredicted crisis. (See the sections on Earthquake hazards and Preparation section.)
Learning from OTHERS
It’s crazy to believe that every emergency is avoidable. But their impact can be mitigated or even eliminated. For instance, consider the effects of the Nisqually earthquake in Washington State in February 2001. Washington art professionals (mostly visually-oriented artists) have reported $1.3 million of losses, including an inventory of $890,000. (Katrina was a hurricane centered in New Orleans was much worse than this particular example.) Fortunately, the Seattle-based arts service agency Artist Trust, in collaboration with the King County Arts Commission, Seattle Art Commission, Washington State Arts Commission, and the National Endowment for the Arts, swiftly established an emergency aid program known as Artists Quake Aid (AQUA). Thanks to AQUA, Artist Trust was capable of distributing $40,000 in aid in just a few weeks to artists who suffered the most (grant amounts vary between $250-$1,500). These losses were attributed to damages to equipment and artwork, workspaces, time spent working, emotional trauma, and the disintegration of the artistic community. Within the AQUA Final Report, Artist Trust highlights many essential insights into how artists manage their lives and sustain their work. All of which can be suitable for most emergencies regardless of the nature or magnitude of the crisis.
Many artists live near the edge of their means financially, and they can’t endure a catastrophe of any nature.
Many artists work and live in hazardous working conditions.
Most artists don’t have insurance on their work because it is hard to obtain, costly, and has very high deductibles. In addition, the worth of art is difficult to estimate.
A lot of galleries don’t carry insurance for art on display or in storage due to the same reason artists don’t have insurance.
The government’s resources are usually not accessible to artists who aren’t considered the capacity to run a “business.”
Furthermore, artists are often prone to be marginalized and believe that they belong to the ranks of the public at large. Therefore, they are less likely to use the emergency support services offered to the public by social service organizations, including those of the Federal Emergency Management Agency (FEMA), the American Red Cross, and The Salvation Army. But the opposite is also the case. Many social service companies aren’t sure how to deal with the needs of artists and their particular requirements. It is crucial to think outside of the box. In an emergency, specifically, artists must also look into programs that are open to the public at large. This could include community-based programs and support groups, student-focused programs, and faith-based programs.
