How Does a Personal Loan Affect Your Credit Score?
There are unexpected scenarios in life when you are in need of immediate financial help. Whether it’s the case of an unprecedented car repair, tuition bill or any other emergency, getting a personal loan is one accessible way of having extra cash for a particular purpose. Nonetheless, before you consider choosing personal loans, you should acknowledge their impact on your credit score. When you use it accordingly, a personal loan can have a beneficial influence on your credit rating, as long as you handle the situation right. What Affects Your Credit Score? First and foremost, your credit score is calculated […]
What Is A Bridging Loan And How Can I Utilize It Wisely?
Are you using bridging loan to catch up on overdue bills and increase security of income? Or, are you taking it to purchase another home while your existing home is for sale? If you know “what is a bridging loan”, then you understand why many borrowers choose it not only to finance their emergent needs and buy a new property but to invest into an income-generating project. Bridging loan is a type of loan that supplies the borrower with a certain amount of cash, payable within 1 to 12 months. It literally serves as a bridge for a person to […]
Can a Short-Term Loan Be an Alternative to a Business Emergency Fund?
Financial Emergencies—from natural disaster causing equipment damage to a social-media crisis- -are a fact of running a business. When you are facing unexpected business emergencies, short term loans can help you. What are business emergency funds for? The unexpected events that can throw your business into a bin are typical occurrences in the lifecycle of any industry. But, without an emergency fund, your business is vulnerable to losses. There are unexpected events that can damage the credibility of your company from disgruntled employees to lawsuits filed by customers or suppliers. Natural disasters such as hurricane and earthquake can damage the […]
Do This Before Applying for a Business Loan
Are you applying for business loans to finance your daily operations? Here are two factors to consider when applying for business loans regardless of the stage of your company. Budget – Who says starting a business is not fun? It is. But, it’s not always easy. You want your budget to be as effective as possible by narrowing down the expenses depending on your target market and business partners. Your budget should be able to cover the cost of daily operations and marketing. It is not enough that you are an expert in the trade. Book keeping, especially budgeting is vital […]
What You Probably Don’t Know About Debt Consolidation Loans
If you keep on defaulting on your loan payments and you want to start with a clean slate, debt consolidation loans can help you. You can reduce your multiple debts into one monthly payment at a lower interest rate. But there are still essential things you need to know. Debt consolidation means rolling multiple debts into one loan. Let’s say you have 4 existing loans with a total of $10,000 and you are paying 10% interest for each of them every month. The debt consolidation company will negotiate the loans together, roll them into one and possibly lower your interest […]
Personal Loans or Credit Cards – Which is Better?
With debt continuously rising in Australia every year, it’s not surprising to find out that more and more people are trying to come up with ways to pay back what they owe. Most of the time, it will boil down to the following: personal loans or credit cards. Both options have advantages as well as disadvantages; however, considering your situation, each of these can save you from a pinch. You just need to figure out which one suits you best. The Major Differences Both credit cards and personal loans are provided by many different types of financial institutions; however, while […]
Getting the Best Bad Credit Loans
If you have bad credit, you’re an example of how millions of people around the world struggle with their ability to obtain loans with favorable interest rates and repayment terms. Learn how to avoid being trapped in a cycle of debt and how to use the right kind of bad credit loans to have a 360 degrees shift in your finances. What to look for in a bad credit loan lender Getting the best bad credit loans is more about finding the right lender that would provide you with transparent quotation of interest rates and late payment and prepayment penalties. […]
The “Honeymoon” Rate
We have heard of the honeymoon phase, but how does that apply to loans you might ask. Well, like a honeymoon when everything is much sweeter in the beginning, so are introductory loans. Introductory home loans are offered by many lenders and provide you with a lower interest rate during the initial months of the loan. Usually this honeymoon phase allows you to pay a much lower interest rate for up to 12 months before your loan switches over to the standard variable rate being offered by your lender. Why is this a good thing? Lower interest rates mean that […]
Are Interest-Only Loans Just for Investors?
So what is an interest only loan? Interest only loans were originally created for property investors and allow the borrower to repay only the interest component on the loan – that is, to repay the interest charged but to avoid paying the principal (the loan amount) back. This type of loan offers many of the same features of standard a loan but is geared towards investors as they have much lower monthly repayments, giving property investors the chance to have an affordable, tax-deductible investment whilst making property available to those looking to rent. Property investors use this type of loan […]
Have You Had a Home Loan Health Check?
How long has it been since you took a good look at your loans? Did you secure the loan and then stop thinking about it all together? If you did, you’re not alone, but you could be missing out on big benefits by not checking up to see if there are other loan products that better suit your needs. Too often we see clients of ours lock in a home loan or investment property loan and forget about it. But as the world climbs out of the ‘global financial crisis’ more and more funding is being made available and new […]