Online Finance Solution and Tips for all

Category: Loan

  • Why is Gold Loan Ideal to Manage Short-Term Cash Needs?

    Why is Gold Loan Ideal to Manage Short-Term Cash Needs?

    India is one of the largest importers of gold in the world and Indians have had a cultural connection with gold for ages. Therefore, they purchase the metal in the form of ornaments and artefacts which hold a good value and can help in future financial appreciation. But many people are unaware that their gold assets can help them meet short-term fund requirements. You can apply for a gold loan online or offline hassle-free from a non-banking financial company or a bank. Before that, let’s see why it is ideal to manage short-term cash needs. Here are the top reasons.

    Flexible Loan Amount

    If you choose a top lender, you can get access to gold loans ranging from Rs 10,000 to Rs 50,00,000. The credit amount is flexible enough to meet various short-term financial needs like:

    • A medical emergency
    • A relocation
    • Holiday expenses
    • A 2/4-wheeler purchase
    • Paying off accumulated debt

    You can apply for a suitable amount based on your fund requirement and repayment capacity. Use a digital gold loan calculator on the lender’s website to choose the needed loan amount and tenure.

    Easy Eligibility

    The eligibility criteria to apply for a gold loan are quite basic. You usually need to be:

    • An individual Indian resident
    • At least 21 years of age
    • Not more than 70 years old when the loan matures so your golden years are free from financial burdens
    • The owner of the gold jewellery that you deposit

    Since the eligibility criteria are simple, it becomes easy to get a gold loan to finance an urgent need right away.

    Minimal Documentation

    You can borrow a gold loan with very few documents because it is a secured loan. Therefore, the lender gives more importance to your gold deposit against which the loan is secured. Here are a few documents that are usually needed:

    • Photograph
    • PAN details or Form 60
    • KYC documents (identity and residential proofs)
    • Bank cancelled cheque

    See if you can upload the gold loan documents online to save time.

    Minimal Processing Time and Fee

    The time needed to process a gold loan is very less. That is mainly because the documentation involved is minimal. Also, the lending institution has gold evaluators at its branch itself to save time for processing the loan. They evaluate the value of your gold deposit in your presence so you need not come back later with any confusion. Therefore, you can get quick access to cash to meet your urgent fund need. On the other hand, the processing fee is also low, generally below 1%. So, you can easily avail the loan.

    Quick Disbursal

    Minimal processing time means quick loan disbursal. If you choose a reputed lender, you can usually receive a gold loan online or offline within a couple of hours. In the case of an offline application, the lender has its sales team at the branch itself where the professionals review your application on the spot to disburse the funds. This can help you address an urgent cash requirement without much delay.

    Lower Importance of Credit Score

    Since a gold loan is a secured loan, the collateral matters the most. Therefore, even if you have a fair credit score, not excellent, you can still get a gold loan usually, provided you meet the eligibility criteria. However, if you have a very poor score, the lender may or may not grant your loan request. So, try to maintain a good credit score just to take no risks.

    Once you get the funds, use the gold loan calculator to check the EMI payable and ensure that you repay the loan responsibly on time.

  • DIFFERENT TYPES OF FINANCIAL PRODUCTS EXPLAINED

    DIFFERENT TYPES OF FINANCIAL PRODUCTS EXPLAINED

    Working professionals have been able to save some money now though they have been working from home since last few months. They are now looking out for investment destinations to park these savings and earn returns on them. However, the only problem is they find it difficult to understand different asset classes as most of them are somewhat complex.

    We have identified some of these financial products with a detailed explanation for a better understanding of these working professionals.

    You can also apply for 12-month payday loans from direct lenders to invest money in these financial products or to finance your basic needs if you are out of a job. These are unsecured loans which are even meant for bad credit borrowers, which are often ignored by established commercial banks.

    These loans have an instant decision. Thus the approval or rejection decision is given on the same day, and the loan amount is transferred in the next hour, once it is approved.

    Let’s now look at these financial products in a bit detail, here it goes:

    • Equity Investing: You first need to have a Demat or Trading Account with a broker who is registered with The Financial Conduct Authority (FCA). After which you can start your investing or trading journey by buying stocks of companies. The returns on your investment here are in two forms, namely share price appreciation and dividend.

    You become a shareholder and thus, small owner of the companies in your portfolio. As a prudent investor, prefer to diversify your investments across different companies in different industries. Avoid putting all your money in just one company’s stock. The risk is higher here. Thus analysts suggest diversifying one’s portfolio for better returns and lower risk.

    • Mutual Funds: These are somewhat similar to equity investing with the difference being that here a fund manager is investing your money on your behalf. Mutual funds collect money from a pool of investors and the fund manager who is managing that fund will invest this money as per his research and knowledge.

    The Net Asset Value (NAV) of that fund will decide your returns. You can invest money in a mutual fund as one-time lump sum investment in one go, or you can start a Systematic Investment Plan (SIP) wherein you need to pay a fixed amount every month.

    The risk here is relatively less compared to equity investment if you are a novice investor. It is advised by many market veterans that if you are planning to invest in mutual funds then stay invested for long-term that is for 10-15 years or more to benefit from the effect of compounding on your returns.

    Also, the tax on your returns is less if you are investing from more than 5 years. Thus, it is preferable to attach a long-term financial goal like your child’s higher studies or his/her wedding to a mutual fund.

    • Derivatives: This is also known as F&O Market, which is Futures and Options as these are the most traded instruments in the derivatives segment. They derive their value from the underlying asset, which could be a share, commodity, index, or currency, and thus they are known as derivatives.

    They fall in the category of risky investment category as they are highly volatile as futures and options come with an expiry. Both of them are traded on the London Stock Exchange, and traders can trade them using their Demat account.

    Futures have an obligation which needs to be honoured at expiry while options give you a right to buy or sell before expiry, there is no obligation in options. Derivatives can make you a millionaire in a few months, or it can twist your fortunes another way round as well, thus trade derivatives with strict stop losses to minimize the downside.

    • Commodities Trading: This segment deals with buying and selling commodities like natural gas, crude oil, gold, silver, copper, iron, rubber, cotton, the power to name a few.

     You can speculate on future prices of these commodities and accordingly take a position on them. However, to be profitable you need to have knowledge about the commodity you are planning to trade and as a practice; you should follow every news related to that commodity.

    Commodity trading is good for short-term gains, but you have to track and monitor them for better returns constantly. If your trading capital is low, then you can approach direct lenders for 12-month payday loans.

    Currency Trading: The most active and the most volatile market, the currency market is open all day as when one market closes, other opens based on time zone difference.

     In this, currency traders take a position on currencies like US Dollar, Euros, Pound Sterling, Indian Rupee, Swiss Francs etc. They bet on the prices of these currencies vis-à-vis Dollar or other currency, the exchange rate. This trading is the most difficult and complex financial product as the potential for both upside and downside is high.

    Either you will go from rags to riches or another way round. Go for currency trading only when you are 100% sure else avoid taking such risk and settle for less risky instruments and asset classes.

    These were some of the complex financial products simplified for your understanding. We hope you got the basic idea about them along with the risk-reward ratio.

    There are other less complex financial products as well like bank deposits, real estate, gold ETFs etc. which have low risk and your money is comparatively safer. Decide which asset class is right for you based on your risk-taking ability, don’t just blindly follow others.

     

     

     

     

  • What Is The Easiest Loan To Get Approved For?

    What Is The Easiest Loan To Get Approved For?

    Are you wondering what is the easiest way to get your loan approved? This article has got you covered with all the essentials which will be needed to start the basic process. First of all, you need to realize that there is no fundamental formula that you need to follow for guaranteed personal loan approval. Know that cases differ and that is why the requirements change from lender to lender. Interestingly there is one thing which all the clone companies have in common and that is to get the loan back on time no matter what their requirements had been. This article has all the basics which you will need in order to increase your chances for quick loan approval.

     

    Clean Up The Score For Quick Loans Nz

    If you have not paid attention to your credit score that now is the time to take into account. These care courses should be considered when applying for loan applications. You might already be aware of the fact that the higher your score is, the more the chances of quick loans nz approval. So proofread your report for any errors. You need to realize that ignoring common error is not a wise decision as it can hurt your overall scores like wrong accounts or an incorrect credit limit. There are several places at your report for free annually. Now let’s see how you can clean up your credit score. You need to be careful about the monthly deadlines so that you will pay the minimum of what can turn into a disaster. You need to show the payment history is clean and clear. You can request an increase in the credit limit by calling customer service. This case can be approved quickly if your income has increased and if your payment history is clean.

     

    Rebalancing Debts And Income

    You might be already aware of the fact that several quick loans nz applications will ask you for your annual income. The best part is that you can also include the money which you will earn part-time. The best decision is to start a side hustle in order to supplement your income. It is a wise decision to diversify your income streams. Think of other ways to increase the overall net worth. Few of the way is selling liquid assets so that your tax is being accountable. If you will boost your income and lower your debt then it is a great way to improve the overall debt-income ratio.

     

    A Lot Of Cash

    Another way to quickly get approved for quick loans nz is by not asking for a lot of cash.

    You need to realize that if you will request and ask for too much cash than the amount you actually need then you will come out his rescue entry person. Keep in mind that a large quick loan will impact your capability of meeting the financial requirements and other obligatory payments.

     

    Lender To Get A Quick Loan Nz

    You have to find the right lender. Find several online quick loans nz lenders who will disclose the minimum requirement for the credit score. They will also detail to you about the annual income and other qualification requirements. Compare the loan lenders and then go for the best loan option that fits your budget.

  • Everything You Need to Know About Unsecured Loans

    Everything You Need to Know About Unsecured Loans

    The finance industry is seeing rapid change. Part of the reason for this is that the interest rates in the developed world are at historic lows. Another reason is that internet is faster than ever. Further, the concept of machine learning and artificial intelligence has become more popular. For example, technology has made it possible for companies to lend money to individuals by analyzing their mobile activity. In this article, we will look at the ever-expanding concept of unsecured loans and how they are changing the world.

    What is an Unsecured Loan?

    There are two main types of loans. The best-known type of loans is known as secured loans. These are loans that are backed by assets such as real estate and vehicles. These loans are known for their long duration of payments and low interest rates. Lenders usually have more flexibility on these loans because failure to pay would lead to forfeiture. Examples of secured loans are mortgage and auto loans.

    Unsecured loans on the other hand are based on trust. These are loans that don’t have any security behind them. These loans are based on information that is provided by the credit bureaus. These are companies that compile a person’s transactions such as deposits and borrowings. A person with a good track record is given loan compared to a person with a bad credit score. Unsecured loans have become very popular because of technology. Companies like Tunaiku and Lending Club are good examples of those that offer unsecured loans.

    How to Take an Unsecured Loan

    The first thing to consider when looking for an unsecured loan is to ask yourself whether you need a loan. This is an important question because many people have taken loans that they don’t need. Therefore, as yourself whether you need a loan. Second, ask yourself about the type of loan that you need. In general, unsecured loans are usually smaller than secured loans. They also come with relatively high interest rates. This is because they are based on trust and there is very little a lender can do if you fail to pay back the money.

    Second, you need to consider where you will borrow the money. There are several places where you can get this type of loan. First, you can visit your local bank for such a loan. Many banks are known to offer these loans. This is because they have a good data about you and your transactions. Second, you can visit a local credit union or a cooperative society. These are companies that offer relatively better rates than banks and other commercial companies. Third, you can use an online bank. These are companies that are offering friction less banking solutions online.

    Finally, you can use the various online loan companies like Tunaiku, Prosper, and Lending Club. It is recommended that you do a lot of research about these companies before you take a loan. This research will help you get a company with quality reviews. It will also help you get a company that has lower interest rates.

    Tips to Increase Your Limit

    As you will realize, you will start getting unsecured loans in small tranches. The reason for this is obvious. A company offering unsecured loans wants to give you a small loan and then increase the amount as you prove your authenticity. This is because they want to see whether you will pay back the money on time. Therefore, we recommend that you pay back the money on time. Another way to increase your limit and get better terms is to use a single company. This will help you build your relationship with them. Finally, you should always pay your other loans on time. This is because the company will look at your credit rating and see whether you have a lot of outstanding loans.

    In conclusion

    Unsecured loans are important because they help you when you need them the most. They are easy to find and they offer better terms when you build your relationship with them. Using these tips will help you get better terms.

  • Benefits of Unsecured Personal Loans

    Benefits of Unsecured Personal Loans

    Many people try to avoid borrowing money if they can. However, there are some scenarios in which borrowing money is actually a good idea. If you’re in a situation where you could benefit from taking out a loan, you may want to try an unsecured personal loan. These are some of the top benefits of unsecured personal loans.

    You Don’t Have to Have Collateral

    Unlike with some cash loans Pasadena TX, unsecured personal loans don’t require you to have collateral. This means that if you don’t have a paid-off car or something else of value to use as collateral for your loan, you can still qualify to borrow money. Since some types of loans do require you to have collateral, unsecured personal loans that don’t require this might be right for you.

    You Don’t Necessarily Have to Have Good Credit

    Borrowing money without having good credit can sometimes be difficult. If you have a low credit score and are hoping to get a loan, you might want to start looking into unsecured personal loans. In particular, some of these loans are designed for people who don’t have the best of credit scores. It’s actually not impossible to borrow the money that you need if you work with the right lender.

    You Can Use the Money for What You Need it For

    With unsecured personal loans, you’ll be able to get the cash money and spend it on whatever you might want or need to spend it on. Different people have different needs when borrowing money, and you will not have to explain yourself or spend it on a specific thing when you take out the right type of unsecured personal loan. Unsecured personal loans are ideal for many people. If you’re hoping to borrow money, then an unsecured personal loan might be right for you, too. Of course, it’s smart for you to do your research before taking out one of these loans. If you do, though, you can find a great unsecured personal loan that might be right for you and your family’s needs.

  • Splitting the Risk: 5 Clever Ways to Store Your Money Without Having to Worry About Thieves

    Splitting the Risk: 5 Clever Ways to Store Your Money Without Having to Worry About Thieves

    It’s amazing how easy most things are today. If you want to buy anything, you can do it from the touchscreen on your phone with the click of a button. If you want to know how to solve a detailed math problem, you can ask Alexa or search Google. And if you want to steal someone’s identity, you just have to know how to hack into their personal information.

    Sadly, this happens all too often, making a lot of people gun shy about using the web at all for financial transactions, and making them nervous about keeping their money anywhere but in their own hands.

    It’s actually a smart move if you do it right, but you don’t have to stuff your cash under your mattress to store your money. Here are 5 clever ways you can stockpile your money without worrying about it being stolen.

    5 Clever Ways to Save Your Money and Avoid Thieves

    1. Find a creative place to store your cash. Leaving your money in a cookie jar, drawer, or under your mattress is just screaming for any would-be burglar to walk off with it. Instead, if you prefer keeping your cash on hand, find a place to store it that would take time and logic (neither of which most thieves have) to find.
    Some ideas are to use a freezer bag and store it behind all of your frozen food, in an old jacket pocket squeezed in with all of your other clothes, or inside a book stashed in your bookshelf.

    2. Make your home less of a target. Thieves can be pretty smart. They know which neighborhoods to canvas and when your garbage days are. With these two ideas in mind, potential burglars will head up and down streets to see who has recently purchased a hot new item and tossed the evidence in their trash cans.

    Avoid telling anyone who drives by that you just bought a brand new computer or state-of-the-art television by recycling the boxes at your local recycling dumpster or plant. Keep your curtains drawn if anyone who walks by can see the expensive furniture and electronics you have inside. In short, don’t make yourself a target if you are storing cash in your house.

    3. Avoid taking out big loans that leave you with a lot of cash on hand. If part of the reason you have this concern in the first place is that you need a lot of money for something, but you aren’t going to use it right Find a creative place to store your cash. Leaving your money in a cookie jar, drawer, or under your mattress is just screaming for any would-be burglar to walk off with it. Instead, if you prefer keeping your cash on hand, find a place to store it that would take time and logic (neither of which most thieves have) to find.away, consider your options in terms of loans.
    Instead of taking out a lump sum loan that leaves you with high monthly payments on money you haven’t even spent yet, you may be better off obtaining a line of credit rather than an installment loan. You can check out sites like loanreviewhq.com/ to see if you qualify and what the details are.

    4. Install a security camera. While a camera isn’t going to do much to keep your cash from disappearing if there is a really determined thief, it goes a long way in deterring most of them. Plus, effective security cameras may catch the person who broke into your home, and although you may not get your cash back, you will at least be able to put the perpetrator behind bars.
    Don’t keep all your eggs in one basket. In other words, don’t store all of your cash in one creative place. Instead of putting all of your money in the really cool book hiding place, split it up amongst multiple unique storage spots. The odds of a thief finding all of them is slim to none.

    Plan Ahead: Be Smart With Your Cash

    If you choose to keep your cash on hand because you want to outsmart the technology thieves, don’t become a target for normal, everyday burglars. Plan ahead and use these five strategies to keep your cash safe.