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Practical Financial Wisdom

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I was thinking about you when I was looking for legal money lending in Singapore. When you need cash, you should not hesitate on asking legit lenders who offer personal loan in singapore with lowest interest rate according to moneylender review.   Other ways to find a cash loan is to inquire about the personal loan via online.

Myths appear in various cultures and so as in industries too. Certain myths may be true while others are completely made up. The same goes for credit history. Some myths may help, but others can hurt your credit rating too much that might be hard to reverse the effect.

It is true that a healthy credit rating can help you in the future. Here are the credit rating myths and the real deal about them.

Opening new credit card accounts can increase your credit rating.

A lot of people believe that having a lot of credit cards can improve their creditworthiness in the eyes of the banks and money lending companies. However, if you apply for a lot of credit cards at the same time, this can hit you more on the negative side. This is because more application for credit means there will be more inquiries made to your credit history. The more inquiries you will get, the lower it can pull your credit rating.

Closing old accounts will increase my credit score.

This myth is actually dangerous. Closing off old accounts can possibly diminish your credit score. This can shorten your personal credit rating since you will have less credit to avail. The duration of your credit rating shows if you’re a seasoned customer, it shows how long you have been good at balancing your credit. If you close your account, you are giving up your long history of creditworthiness. Add to that, you will have less available credit.

Paying too early can boost your credit rating.

While paying way ahead of your deadline is good, it does not necessarily increase your credit rating. Whether you pay earlier or you pay just in time, it will just have the same effect on your credit score. However, paying late can drag your credit rating.

If you have emergency cash needs, you can’t afford to get a personal loan from banks which you have to pay for at least 12 months. There is a better and faster option than what banks have to offer. If you are looking for a fast cash loan, then an online loan can fit best for you. Here are the benefits of getting an online loan from a trusted money lender.

Unsecured Loans

Online loans are unsecured type of loans. It is because they do not require any collateral. Secured loans have a loanable amount that is much limited to the value of the collateral. With unsecured loans, the more positive your credit rating, the higher loan amount you can borrow.

Quick Availability

Since collateral and co-borrowers are not needed to get an online loan, you will not have to submit a long list of documents. The lesser the requirements, the faster it is to process the loan. If you need fast cash loans, then it is reassuring to know that online loans can take just an hour up to 24 hours. This means you can get your borrowed cash in just a day.

Short-Term Commitment

If you are a type of person that is not comfortable to have a long-term financial commitment, then this loan is your best option. The online loans are paid within a shorter period. It is quicker to settle, and you will be free from your payment obligation in just a few weeks or months. After all, it can be worrying and tiring to work all day to pay your loan that stretches for years.

Multi-Purpose Loans

Online loans are multi-purpose loans. You can use it any way you want. Unlike with other loans with having a specific purpose, online loans give you the freedom to spend it for emergency situations, investments or home renovations.

requirements

Borrowers requirements and Loan terms

Posted by admins on April 16, 2018
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Category: Credit Rating, Loan

Quick loans offer the convenience of instant access to cash. They are short term loans that cater to the small urgent cash needs, such as medical emergencies or utility bills that needs to be paid immediately. The repayment term and the interest rate on instant loan depend on the amount you wish to borrow and the lender you choose to borrow from.

This type of loan have gained popularity around the world as it works as a lifesaver at times of financial crisis. Life is filled with uncertainties and small loans can really help in handling this crisis instantly. Sometimes people may incur expenses far more than his income and you are in real trouble when you don’t have the funds to meet unexpected financial emergencies, this is where instant loan comes to rescue.

Most quick loans are offered at high interest rate as the loan term is short. The lender will try to cover the lending cost by lending the loan at a high rate of interest thereby minimizing the risk involved.

The Loan term of an instant loan usually varies from 14 to 18 days. Lenders may extend the loan term, as per the borrower’s request. The key feature of this kind of loan is that a borrower can draw even a low amount of loan within the smallest period. Instant loan is offered without a credit check, so you need not worry even if you have a bad credit score.

The repayment process of the quick loan is also simple. The loan provider will directly withdraw the money from the borrower’s bank account. Few lenders make it obligatory for borrowers to deposit a post-dated check of the repayment amount.

A borrower needs to fulfil certain basic requirements to become eligible for a quick loan. First, the borrower should be at least 18 years old. Secondly, he should have a bank account, as the loan proceeds will be credited directly into the bank account. Last, but not the least he should be in regular employment with regular income.

Online financial lenders have made it easier for borrowers to borrow money as quick loans by making the loan process convenient and accessible to every individual. A borrower can browse through various lending websites and can search for lenders who offer small loans. You need to fill up a loan application form online which is available at most of the websites. Online lenders will search an instant loan which is best suited to you. But remember, collect loan quotes from several lenders and compare them to get the instant loan for a longer period at comparatively low rate of interest.

bank requirement

Bank lending has been really in demand as the needs of online lending companies and their new benefits have captured the attention of many prospective financial consumers. This has been particularly difficult for banks because of the convenience factor of companies online. A loan company can offer expedient services and often require less paperwork. Banks, on the other hand, tend to be the most formal and often also the strictest as far as bank lending procedures go.

There are many reasons that banks attract customers. Often, people already have a relationship with their bank based on their prior banking needs. They feel familiar and comfortable dealing with a name and people they are used to seeing. Banks are also the most traditional form of lending. The parents of today’s generation often did not have many choices other than a bank. The internet did not exist, and smaller financial companies were rare. As a result, banks are often the first source that comes to mind with a person needs a loan. Banks often offer some of the lowest interest rates available.

In bank loans, there are also some drawbacks, especially for the modern consumer. Where time is one of the most valuable commodities in today’s business or individual, banks have the lengthiest lending procedures. They have extensive paperwork and documentation requirements. The best licensed money lending in Singapore today has become a dynamic field that entails all kinds of businesses. Almost every new business gets commercial lending or funding program to start up their new vision. Owning a home is almost impossible today without the assistance of a mortgage. And even day to day purposes today depend on lending extended by credit card companies.

With such a high demand for various lending products, it is no wonder that the lending industry as a business itself has grown by leaps and bounds. It has been forced to adapt to the vast spectrum of needs demanded by its consumers. With its customers ranging from commercial giants to those with great credit to those with bankruptcies and other credit problems, everyone poses a genuine need for various lending products.

The lending industry is no longer confined to just banks and credit unions. People interested in personal and commercial lending today find they have an array of options. Today furniture companies, clothing stores and even gas stations all have their own brand and format when it comes to lending products. The internet has added a huge base of financial companies that offer new and flexible lending products to its target market as well.

Today, online lenders offer a new window of opportunity for small businesses and individuals that need a fast start up loan approval process. Lenders now offer cash in as little as 72 hours, with no tax forms, no business plans, and no collateral! Such lenders offer the straightest line to unsecured business loan funding, at great rates. In the modern world, financial products as efficient and dynamic as the business world must be available.

bank

Big banks and small community banks

Posted by admins on January 1, 2018
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Category: Banks, Loan

Whenever we think of companies and the services they provide, we often assume that a big and known company is the one better. That thought process makes sense but is not always entirely accurate. A lot of businesses were good and did earn their way to the top, but as they got bigger they started taking more liberties with customer service.

This happens all the time, and by then they are so big most of their customers do not leave even if they could find better deals elsewhere. This is where the question of whether a big and well-known bank is better or Not. That sentiment that bigger is better holds true for banks just as much as any other business but is it really the case?

Depending on your situation, the answer to that question is no. Big banks offer a lot of benefits, sure, but you might be able to get far better deals and customer service by using a smaller community bank. Small businesses almost always have great customer service and a lot of perks to keep customer loyalty. Since they are smaller, they cannot afford to lose customers like big companies do, so they go that extra mile.

When figuring out if bigger banks are better or not, you need to ask yourself what exactly you are looking for. If you just want the basic checking and savings accounts, then a smaller bank may or may not be better for you. You will have to investigate your local community banks to see what kind of rates they have and check to see if they would save you money or not.

However, one aspect that small banks have the advantage in is bank loans. Especially small business loans. Big banks are often very hesitant to give out loans with small business loans being at the top of that list. But small community banks make most of their money by giving out small business loans. So, if you are looking to open your own business, then you should investigate your local community bank.

By using a local bank you are not only helping your community by supporting them, but you are also helping your community by allowing more businesses to pop up. By keeping your local community bank afloat, you enable them to hand out loans so that people can start up that business they always dreamed about, which in turn creates jobs for your area. So not only are you getting better savings, but you are also helping the community.

While these advantages certainly do not apply to everyone they can make a big difference. If you are deciding whether bigger banks are better, and are looking for alternatives, then investigate small banks and see what they have to offer, you might be surprised at what you can find when dealing with them.