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4 Tips for approval for a bank loan

There are many reasons why you might consider applying for a bank loan. Buying a car, doing some renovations in the house and consolidating debts are just some of the scenarios in which a loan can come in handy. However, banks do not spend money on every borrower that comes by. It pays to do your research before you sign up to make sure you have the best chance of being approved. (For more information, see Different needs, Different loans .)

Requirements for a bank loan

Requirements for a bank loan

First of all: it helps to understand which factors are most important for lenders. When you apply for a loan, the bank generally looks at:

  • Your persooJames Bond credit score and credit history
  • Your income
  • How much debt do you already have?
  • Your assets
  • What you plan to use the loan for

Your credit score is particularly important because it partly determines how high an interest rate you pay for the loan. The better your score, the lower the rate. A survey by Discover Personal Loans showed that 60% of people who used a Personal Looy loan rated themselves as someone with good or excellent credit. So what is a good credit score? When we talk about FICO scores – the scores that most lenders use when making loan decisions – it is all above 670. (For more FICO 5 versus FICO 8: what are the differences? )

Being approved for a bank loan is not easy. Compared to oJames Bondine lenders, banks are generally stricter in terms of what is needed to qualify. Before you start shopping for lenders or completing applications, here are four tips to make yourself a more attractive loan candidate.

1. Check your credit

1. Check your credit

The last thing you want when you apply for a loan is that the bank informs you that your credit score is too low or that there is a large backlog in your credit report. Taking the time to review your report and score in advance ensures that there are no surprises. If you discover an error or inaccuracy, you must contact the credit bureau that reports the information and initiates a dispute. If the credit bureau determines that your dispute is valid, the error must be corrected or removed, which may increase your credit score slightly.

2. Pay your debt

2. Pay your debt

Carrying out a assumption Jake Dominic amount in debts can damage your chances of being eligible for a loan. When lenders look at your debt level, they see this in the context of your debt-to-income ratio, which is how much of your income goes to debt repayment each month. If you apply for a mortgage at a bank, the maximum debt / income ratio allowed is 43%. If you are applying for a car or a Personal Bond loan, you may have more room for maneuver, but in general the less your income goes to debt each month, the better.

3. Be clear about the amount

3. Be clear about the amount

A potentially costly mistake that you can make when applying for a personal loan is to ask for a larger loan than you need. If you need $ 8,000 to install a new roof at your home, but request a loan of $ 15,000, the bank can ask questions about what you will do with the rest of the money. You could be refused on the grounds that borrowing the money is too risky. Borrow more than needed, is another reason problematic. The more you borrow, the more you have to pay back, and the higher the total interest rate rises. In addition, obtaining a larger loan can result in a higher initial contribution, which also contributes to the total costs of borrowing.

4. Organize

4. Organize

A small organization can help you a long way to get a bank loan. As you view your finances, you must ensure that you collect important documents such as your payslips, tax returns, and bank statements. If you have these things at hand, you can speed up the loan application process so that there are no delays in getting approval.

The bottom line

eligible for a bank loan is not rocket science, but requires a certain amount of preparation. After you get ducks in a row regarding your credit, debts and financial documents, the next step is to pick out lenders. As you compare banks, pay close attention to the rates, fees and conditions that they offer so that you can find the loan that suits you best.

How to perform an efficient loan comparison

How to Make an Effective Loan Comparison

How to Make an Effective Loan Comparison

Loan comparison !? With so many types of personal loans with or without collateral available nowadays, knowing how to find the best option for your needs can make you save a lot of money. To facilitate the process, some questions should be asked: eg, “What value do you want? As a general rule, smaller is better, so you can get out of debt as soon as possible. How often would you like to pay the installments? Monthly, are you going to anticipate or take it off first? “

Is loan comparison a good one?

Is loan comparison a good one?

What term would you like to pay? Generally, personal loans last from one to 5 or 6 years, but there are longer terms. A longer loan term means that your regular payments are lower, but the outstanding balance with total interest over the period is much higher. You also need to decide on the type of loan. Is it consigned, not consigned, with guarantee, without guarantee? With variable rate or fixed rate?

What other features should you consider? Do not neglect the additional fees, including the credit opening fee (registration and any extra charges, IOF, commission). Also check the late fees. Consider the fact that you are able to make some extra payments but also check if there is a fine when you remove the contract before the end.
There are a variety of reasons why people take out personal loans and for this reason a more effective comparison is necessary to get better terms and lower interest rates.

Compare types and types of loans

Compare types and types of loans

Compare all types of loans, from personal loans, loan as collateral and for debt consolidation, do not forget the loans without consultation to the SPC and also the alternative loans like Peer-to-Peer and Crowdfunding. It may also be an idea to use a loan calculator to calculate exactly how much you will pay when borrowing from a lender.

Why Do Loan Comparison?

Why Do Loan Comparison?

Access the links to know more :
1. Loan offer finder and comparator
2. 6 personal loan online sites
3. Payroll loan simulator for borrowing
4. Compare loan 
5. Sites to Compare Personal Loans

With such a large variety of loans offered on the internet, it is important to conduct a comparison among competitors to find the best way to save on lower interest rates and special conditions.

Depending on which loans you want to compare, there are several factors to consider:

  • What interest is charged on the loan
  • What charges for early repayment, discharge or delays are covered
  • What personal circumstances may affect your ability to pay

In addition, we can not forget the loans as collateral of property or vehicle, we must think that in the possibility of making unsecured loans, put or as a means of securing credit and rates low of 1.10% per month. Read here about 12 best online loan companies.

Loan Calculator for Simulation

Loan Calculator for Simulation

In this calculator you can calculate how much a loan will cost you within the term and interest offered by your lender. Define how much you want to borrow and for how long, and see the rates currently available.

Simulator for comparison

Simulator for comparison

Total Requested (Amount in R $)

Months Interest Rate (per month) Plot Value Amount

How to Use Loan Comparison Sites

How to Use Loan Comparison Sites

Comparing loans takes only a few minutes, in general the online comparison services compare all the lenders available in the online platform or credit marketplace in the internet and physical stores.

All you have to do is decide if you want to compare or make the first lender to find. On websites or apps, results are immediately available and any user has no difficulty if they have a cell phone, smartphone or PC.

See more information …

See more information ...

  • Credit unions: banks and financial institutions are not the only places available
  • Loan guide: You need to know what type is right for you
  • About unsecured loans: An unsecured loan is usually suitable for small amounts and short term repayment

It is possible to find loan for almost every type of person, although the cheaper loans require more specific qualifications, currently it is possible to get financial resources even unemployed or dirty name. Just choose the most appropriate and follow up with the request, but not before performing one or more loan comparison.

Loan with check: fast and secure credit option

Check Loan: Fast and Safe Credit Option

Check Loan: Fast and Safe Credit Option

Check Loan, a fast and secure personal credit option for anyone who is in need of borrowed money. If you are having a certain urgency in getting extra money and you do not have many options at your disposal, using check sheets may be the ideal solution. Do not do not think it’s just take a checkbook and get out by doing loan, the operation requires analysis in most of the financial market, have to be with the name clean and working. Without restriction you can find the best products and conditions offered.

The operation accepts the use of sheets of ” normal check or overdraft “, whatever. Interest rates are not the best, but for those who are looking to take out a loan and can not apply for a payday loan or with a guarantee, this is great. 

Just do a search query through the internet that will soon find you a dozen other financing companies. Returning to the main subject, the personal loan with check is nothing more than a type of fast personal credit, where the client has available financial resources to him quickly and easily and, in many cases enjoys the convenience of accomplishing the financial transaction of his own home, it is possible to make the transaction by phone or by applying for the loan through the internet, directly on the computer.

How does check operation work?

How does check operation work?

The process is as simple as possible, once the customer knows what amount he wants, how amany installments he wants to pay, it only remains to define the payment dates that best fit the budget and leave with the bank or financial the number of leaves check in accordance with the installments established in the contract.

The sheets must be filled with the dates of each maturity to be discounted on the respective dates by the creditor institution. In most financial transactions, the contractor must have a normal, special checkbook, receive a current account salary, or have a bank account. In addition, a bank must be a minimum of 6 months for CLT and 12 months for Autonomous).

All this process is a credit analysis and after the documentation is analyzed, and the loan is approved, the requested amount of the credit will be deposited in the customer’s current account, usually done the same day or the same night.

Loan with check

Loan with check

Usually granted with terms ranging from 3 to 24 times, the basic documentation for the client to submit are: CPF; RG; the last 3 Holars, checks or proof of income; proof of current residence and the check to date. The concessions vary between a minimum loan of R $ 300 and a maximum loan of R $ 15,000. Depending on the Financial involved and the economic profile of the client, the maximum value may be higher.

Who can apply for a loan on the check?

Who can apply for a loan on the check?

The Check Loan is a payment transaction with the use of a pre-dated check, so any person who is of legal age (18) is working, that is, salaried, self-employed, retired, borderless pensioners, civil servants, military the military, medical professionals, lawyers, and taxi drivers get money without difficulty.

Key advantages of using check stubs

Key advantages of using check stubs

The monthly installments of the loan with check are fixed, the client is the one who chooses the best date to pay, the payment term can be in up to 24 months, the application process is facilitated, fast and safe, the interest rates are compatible with the product, interest and deadlines are flexible, the minimum of 3.75% and maximum monthly rate of 8.11% and in most cases up to 60 days to pay the 1st installment, the release of the money is made directly into the account of the applicant.

Crowdlending investments – SME Loan

Crowdlending investments, ie investing in a diversified consumer and SME loan portfolio, are a good alternative to the zero interest rate environment. Nevertheless, institutional investors are still reluctant to invest in this asset class. For example, only a few investors are active in the market, such as Bank Marketys. Mr. Kirks believes that the asset class is underestimated. There are several good reasons why this asset class can be a profit in a balanced portfolio. These points are supported in a new PwC study (1).

Lower volatility

Lower volatility

Due to the monthly returns and the stable return, there is hardly any volatility in the portfolio. Even general interest rate increases have only a minor impact, as the yield structure of the portfolio also moves accordingly due to the possibility of reinvestment. This distinguishes this asset class from other interest rate products.

Low correlation to other asset classes

Low correlation to other asset classes

PwC has calculated the correlation between asset classes based on the US market. It included equities, bonds, treasuries, high yield and crowdlending assets. While interest-bearing assets, such as Treasuries, have partially reversed the stock market, particularly high-yield assets have been found to be somewhat dependent on the stock market. Crowdlending was the only asset class in comparison that showed no significant correlation to other products.

Positive influence on the overall portfolio

Positive influence on the overall portfolio

Due to the low volatility and the very small dependence on other asset classes, the admixture of crowdlending investments improves the sharp ratio of a weighted portfolio. In addition, a balanced model portfolio can improve the overall return. In the calculated example based on the US market (2011 to 2017), the annualized performance increased from 8.6% to 9.00% pa.

We are convinced of the advantages of crowdlending equipment. Therefore, Mr. Kirks offers individual products for institutional investors. We can offer you a tailor-made investment solution for just CHF 1 million with your own ISIN. We are happy to be at your disposal for further information or questions by phone or email.