Tips to help you get your bank loan approved

Tips to help you get your bank loan approved

Getting your loan approved by a lender could take a lot of time and effort. Many people are likely to get their loan applications rejected on account of even the most minor details. With lenders tightening their loan eligibility restrictions even further, it could be more difficult than you think to get a loan. There are so many factors that will go into a lender’s decision to award or reject your loan application. By focusing on a number of key points, you can improve your ability to qualify for a loan. Here are some of the most important steps you should follow when taking a bank loan. Understand what you want Many lenders will seek financial aid without looking into their lenders’ terms and conditions. By failing to understand what…
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The main difference between investment and savings

The main difference between investment and savings

Investment and savings are usually used interchangeably because of their similar end goal. They are useful tools for financial security in future. The two are however completely different financial actions. Savings will involve laying away part of your disposable income for use in future. This can be carried out at home or through one of many different savings accounts. Savings usually covers unexpected emergencies and large expenses such as college education expenses. On the other hand, investment refers to money that has been committed to a risky opportunity for future appreciation of value or generation of income. Investment will require a capital, cash or savings outlay on an asset or opportunity that will result in some form of financial growth.  Investment can range from jewelry, bonds, stocks, real estate and…
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Payday vs short term loans

Payday vs short term loans

Should you go for a short term bank loan or payday loan? Most people go for short term loans because they are easily accessible, fast and convenient. Payday loans are more popular than bank loans, even though they offer a similarly quick and convenient loan option for borrowers. While both types of loans offer quick financial relief, which is the more convenient loan option? Let’s look into the two types of loans. Varying lengths of repayment Payday loans attract a very short repayment window while short term loans usually offer a more convenient term. Payday loans will generally range between a month and three, depending on the specific lender’s terms. Short term loans will offer a period ranging from a number of months to a couple of years, depending on…
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How to maintain a good credit score

How to maintain a good credit score

The benefits of a good credit score are often under looked. Most people ignore this important number until they are applying for a loan. But did you know that a good credit score can impact your ability to get better terms or access to a mortgage, employment, personal loan, apartment and insurance coverage? Different types of lenders will determine your financial risk and ability to pay back any debt before making their decision. With the number of important financial features tied to it, you will need to maintain a good credit score to improve your financial stability. These tips could help you improve your credit score. Paying your bills on time Most people with a bad credit score and history will likely have unpaid payments to blame. Late bills, credit…
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How to get a loan when you have a bad credit

How to get a loan when you have a bad credit

If you have a bad credit score, you will experience many financial problems. Having a poor credit score will make it difficult to access affordable loans. Should your credit score drop below certain levels; lenders will only offer you loans at high interest rates. If it exceeds these scores, you will not be able to access any loans. If you are looking for quick financial assistance, you will face very limited choices. You can fix your credit score to enjoy its benefits. This involves improving your financial habits and addressing specific issues that may have caused your poor credit score. If you owe a large amount of debt, you can consolidate it and start making repayments to improve your credit history. It is important that you improve your financial habits,…
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