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An "on-the-spot loan" is simply another term used to describe a pre-approved loan. If you're qualified to get an on-the-spot loan, you've now got access to a line of credit up to the amount that the lender has approved. In these instances, the lender has not felt the need to check your credit history - or at least, not very thoroughly - and you get access to the loan almost instantaneously.

Acquiring Payday Loans

On-the-spot loans are very often what are also called "payday loans." An on-the-spot loan in these instances is granted when you need cash, don't have any, and won't have access to any until pay day.

An on-the-spot loan or payday loan primarily requires proof that you're employed and are going to be receiving a check. Other documents you made need to furnish are your social security card, proof of identity, proof of residence, and your bank account information. Once this information has been corroborated as being true then you could easily get the money deposited into your account within 24 hours, or even right then and there. On-the-spot loans and payday loans can, therefore, just be advances on your paychecks.

On-the-spot loan providers can also simply be lenders who know you well, and have already verified your loan repayment habits. They know you're good for the money, basically, and because of that do not see an on-the-spot loan made to you as being risky. See what being a responsible citizen can do for your finances? A lot of that has to do with a strong credit score. Nowadays, lenders can get credit scores in a flash, and if it's a good score then often they'll approve the loan instantly.

To learn more about on-the-spot loans, payday loans, cash advances, or any other kind of loan, be sure to consult with a financial advisor. He or she can help you decide which kind of loan works best for your needs.

In an effort to help homeowners modify their mortgage loans, some lenders are taking steps to lower the principal amount, according to a new report from the Office of the Comptroller of the Currency (OCC). The report shows that while many lenders are taking the route of temporarily suspending interest to allow homeowners to catch up on payments, others have become even more lenient, lowering the amount of the principal owed for struggling borrowers.

The number of lenders taking this route has increased dramatically. In fact, from the first quarter to the second, the number of loan modifications involving a shift in the principal jumped from 3.1 to 10.1 percent.

There are a few reasons that banks are considering this option:

• Mortgage-servicing firms receive financial incentives for making modifications.
• Banks have more flexibility to modify loans because their balance sheets are starting to stabilize - and they're starting to raise fresh capital.
• "Taking the hit" now with a portion of the loss upfront is worth the possibility of having the remaining adjusted balance - with interest - paid in full down the line.

Of course, it doesn't hurt that the Obama administration has be putting pressure on banks to since the Home Affordable Modification program was put in place in March. Also, many banks simply saw that modifications weren't doing the trick; a whopping 56 percent of borrowers whose loans were modified in 2008's second quarter were default again a year later.

But experts say to not expect a principal adjustment as the first course of action from your lender. First, the lender will likely adjust or temporarily suspend your interest rate. If that doesn't work, the lender may extend the term of the loan. And finally, you may have some of the principal deferred.

Have you had a loan modification? Was part of your principal deferred in the process?

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