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  • Which 5 Factors Determine Your Personal Loan Eligibility?

    Which 5 Factors Determine Your Personal Loan Eligibility?

    Going into a traditional bank and taking out a loan can feel like every part of your life is under the microscope. That’s because it is. Banks scrutinise every part of your financial history and repayment capabilities.

     

    This is part of the reason many people are rejecting typical forms of personal lending and embracing the increased freedom and flexibility newer forms of personal lending offer. Companies like Quickle offer borrowers a short-term personal loan, with just one application form and one bank statement.

     

    So what information do lenders use to determine your personal loan eligibility? There are the five factors that lending outlets use to decide if your application gets the nod or ends up in the bin.

     

    Credit Score

     

    The first thing a lender will look at is your credit score. This is a reflection of your repayment behaviour. If you have a strong history of paying back money you owe, in full, and on time, then there is a good chance you will do it again.

     

    On the flip side, if there are signs that you don’t usually pay bills on time, then the lender may doubt that you will be a reliable borrower this time around. If you are unsure of your credit score, there are plenty of resources online where you can find out.

     

    You Salary

     

    The higher your salary, the higher the likelihood of your personal loan approval. Most personal loans do not require collateral, as a result, the lender will want to know that your incoming payments are enough to cover your loan repayments.

     

    Your salary is also an indication of your job security. Lenders want to see that you have a reliable source of income, not one that fluctuates wildly each month depending on your professional performance.

     

    Employment History

     

    Just like your salary, employers will look at your employment history to determine your personal loan eligibility. Demonstrating that you have a strong history of employment, with minimal time spent without work, shows that you are a reliable worker and are not in danger of losing your job anytime soon.

     

    Your Employers Reputation

     

    Your employer’s reputation is another factor banks use to decide whether or not to approve your application. They want to know that your employers are not on the cusp of bankruptcy, or having financial problems that could force them to make job cuts in the future.

     

    The ideal borrower will work for a stable company, posting healthy annual profits. Not only will your employer’s reputation affect your approval, it can also affect the interest rate the bank will charge on your personal loan.

     

    Your Relationship with the Lender

     

    If your personal loan application is with an institution you already have a strong relationship with, this will increase your chances of approval.

     

    For the best chances of approval, apply to an institution with which you already have a good financial relationship. This may be a lender you have used before or an institution that you already have an account with.

     

    Knowing how the approval process works before you start your personal loan application will help you maximise your chances of approval.

  • What’s the Best Provider of Small Business Loans?

    What’s the Best Provider of Small Business Loans?

    Do you have a small business, but plan to make it bigger and better? Do you lack the funds to make that big step that will make you even more successful?

    A lot of people have a vision, but often need help to start off, which is why they turn to loan providers. In a lot of cases, those include banks and different financial institutions. Their offers often sound good at first glance. However, after a short while, you start noticing that the process of getting a loan is long, complicated, and includes a ton of paperwork. Not to mention that banks often have very strict criteria, and can even reject your application for the smallest detail that is not to their liking.

    Despite some pretty good perks, the complications that come along with this process can often discourage business owners. This is why so many great ideas never see their realization, while the existing business risk shutting down.

    Introducing Camino Financial

    Camino Financial is a company that has a goal of catalyzing economic growth in communities with low-to-moderate income. They do so by helping small businesses, and empowering them in order to create additional job opportunities and allow these small firms to grow and develop.

    The company thrives in finding a proper business loan for small businesses that need that little extra money in order for their business to reach its full potential. This is the company that understands your struggle and wishes to help you overcome the difficulties of a though period. They will help you learn about your funding options, and select a small business loan that will help you put your firm back on the map.

    Camino Financial allows you to get a small business loan through a quick and easy online process that is perfectly safe and reliable. Getting a loan has never been simpler, and you can get the necessary funds in less than 10 days after signing the loan contract. Best of all, you need no collateral in order to be accepted, and the entire process is done with almost no paperwork involved at all.

    All that really stands between you and your small business loan are your basic financial records and accepting the company’s terms.

    The company’s criteria are far more flexible than those of any traditional bank. Additionally, the terms we mentioned previously are primarily based on your own business’ cash flow, credit score, and the plans for the provided funds. As you can see, the requirements are truly minimal, and this is why Camino Financial is the best firm for getting small business loans.

    How to get a small business loan in only a few steps

    Getting funds in traditional banks is, as we mentioned earlier, a long and troublesome process. With Camino Financial, this process is narrowed down to only a handful of steps.

    The first thing that you need to do is make sure that you meet the necessary requirements. These include some very basic things. The first requirement is that your company needs to be properly registered, and you need to provide proof that your firm is operating for a minimum of 9 months. The second requirement includes your company’s income. To properly qualify for a loan, your business needs to earn at least $30,000 on a yearly basis. Alternatively, it must make $2,500 or more per month.

    The third and final requirement is that you need to be free of past due payments or other debt obligations that are still active. As you can see, the requirements are nothing special, and if you meet all three of them, that is all that you need to apply for a loan. All you need to do in order to get your funding is to follow these steps:

    Step 1: Apply online, and receive the company’s terms

    Applying for a loan with Camino Financial is as easy as it can get. You can do the entire thing online, via mobile-friendly loan application. The process only takes around five to ten minutes, and it requires absolutely no documentation. Simply submit your application without the fear of it impacting your credit score.

    Step 2: Study the terms and authorize the bank activity download

    This step is as simple as the previous one. You will receive pre-approved loan terms within a single business day, and a business loan specialist will soon contact you. Carefully review the terms and make sure that you understand them. After that, all you need to do is authorize the company to download the activity of your bank account in the previous six months.

    That way, the firm can verify your own business’ income, and confirm that you meet the necessary requirements. In case there is something that the company deems unclear, you may be asked to provide additional documentation, so keep that in mind as well.

    Step 3: Sign the contract and get your small business loan

    You are almost done with the entire process, and it only took a day or so by now. All that is left for you to do is to wait for one to eight more business days for your loan application to be properly reviewed. After that, if everything is in order, you will receive official approval. Finally, you will have to sign a mobile-friendly contract regarding the loan, which will arrive via email.

    That’s it! Nothing more is required, and your bank account will receive the funds in a matter of two business days. As you can see, the entire process can be done in no more than 10 days, which is a deal that you likely won’t get from any other bank or financial institution. All that the process takes is about an hour of your time in total.

    Ali Raza

    Ali writes for Camino Financial, an online lender focused on business loans. He is a freelance journalist, with experience in web journalism and marketing. He holds a Master degree in Finance and enjoys writing about cybersecurity, cryptocurrencies, and technology.

  • How to Get the Best Interest Rate on a Loan

    How to Get the Best Interest Rate on a Loan

    Even though the current period of economic uncertainty means making it more difficult for borrowers to get a good loan, it is still possible for lenders to lend, but it means that borrowers have to try hard to get the best loan rate. So, as a borrower, you will have to learn a few things about what affects the interest rate and how to get the best possible loan rate.

    What it actually the “best loan rate”?

    Of course, a loan may not be right for you for a number of reasons, but generally speaking, the best loan rate is the rate with the lowest APR, as you are bound to pay less as the rate loan gets lower. APR stands for Annual Percentage Rate, referring to the amount of money you’ll have to pay on the annual basis. It is based on the interest loan rate plus any potential fees you could be expected to pay upfront.

    How to start

    The first thing to do is to decide how much money you need to borrow and how long it will take you to pay it back. This way, you’ll be able to compare the conditions of different lenders for the same amount of money you need. You can also use a tool on a comparison site to try out different amounts of money and the time you need to pay it back.

    If you’re not satisfied with your credit score, check if there is anything you can do to improve it before you refer to a lender. It’s also highly important not to apply for several loans at once, as it hurts your credit score. So, instead of applying for various loans, it’s wiser to use quotation search (or ‘soft’ search) tools to tell you what products you would probably be accepted for and the great thing about them is that they can’t be seen by lenders.

    Also, be ready to shop around for different offers from lenders. Every lender will make you a unique offer, so don’t rush and accept the first loan that sounds ok – you may stumble upon an even better one, so be patient and do a thorough search.

    Lastly, you should know that different rates of APR depend on the amount of money you want to borrow. Essentially, the more money you want to borrow, the lower APR will be. But it’s possible to find just the right amount of money that will place you into the next APR bracket so that you get a bit more money than you need but with a considerably lower rate.

    1. The best mortgage rate

    The mortgage rate is mostly impacted by the current economy, which means you need to have a proof of your stable income and a verifiable down payment, as well as cash reserves. So, it’s smart to make a larger down payment or to decide to borrow less money, so that the loan rate gets lower.

    Another option is to pay an origination fee upfront or to pay discount points. They are both expressed in a form of a percentage of the whole loan amount and will lower the interest rate, but bear in mind you’ll have to increase the amount of money at the closing.

    2. Best student loan rate

    The government is responsible for setting the interest rates, while private student loans rates are mostly dependable on the prime rate. The good thing about student loan rates is that they are attractive for subsidized loans. Any qualified student can get the loan regardless of the credit score.

    In case you need a private loan, it’s best to get your credit report before you apply to avoid unpleasant surprises. Don’t waste too much time shopping around in that situation; instead, get several quotes as quickly as you can. Do it within a 10-day period because it could look like you are trying to get several loans, which will ultimately lower your credit score.

    3. Best vehicle loan rate

    It is possible to get good vehicle loans of various types if you, as with other lending products, manage to get a high credit score, which is important to lenders as they also use risk-based pricing. The interest rates will probably depend on the prime rate.

    The first thing to do is to correct any inaccurate information on your credit report but also to check websites on vehicle prices before you actually go to the dealer. It’s important to compare offers from various lenders, not just the manufacturer – you could be surprised but the difference in pricing.

    You’ll maybe notice that some vehicle manufacturers offer low-interest or even 0% interest on certain models, but would mean that you need excellent credit to qualify. Also, be aware of the fact that sometimes the advertised rate won’t always be the one you will be offered, but it could easily be a higher one, so don’t rush any decisions.

    4. Best personal loan rate

    Personal loan rates are similar to interest rates for credit cards, which are partially tied to the prime rate. It’s necessary to contact several lenders, both credit unions and traditional lenders. If you are a credit union member, you’ll probably get a more favorable loan rate as they care more about your overall financial situation that solely your FICO score that demonstrates your credit risk.

    In case you’re going for a traditional lender’s loan, it’s possible to get a good rate if you use collateral like home equity or a free-and-clear car title.

    Final comment

    Taking out a loan is a serious and often a long-term commitment. Once you get the money, you could be charged extra fees if you change your mind at some point. That’s why it’s completely necessary to be sure that taking out a loan is the best option for you.

    Once you’re sure of that, it’s important to be informed of all the ways to get the best possible outcome of getting the loan you need.

  • Personal loans with instant approval – Have you considered your options

    Personal loans with instant approval – Have you considered your options

    Financial emergencies can be tricky and uncertain, and we are not always prepared! Relying upon personal loans from credible lenders with correct paperwork can be the lifesaver you are looking for

    A loan is a feasible choice for many because it helps meet your emergency monetary demand. The main purpose of personal loans is to assist people financially when their finances are a bit low and they don’t have any other source to rely on. During such times, people in need of some quick money are a bit hesitant to ask around their surrounding for money due to various reasons. At such times, if any emergency arises, you would be extremely relieved if you have any facility to help out your situation financially.

    Personal loan is simply a type of short term loan ranging from mortgage loans, credit card loans or even finance for a car that has to be paid back in a fixed timeline. The immediate accessibility of personal loans is nothing short of a boon for the common man.

    Earlier you had to search for such lenders however, with the introduction of online loan lenders; the method has become a straightforward task enabling an eligible recipient to get money in no time. The loan time interval and approval time are considerably lowered with the assistance of developments in the technology.

    Future is uncertain

    Life is full of surprises; you cannot tell what is going to happen in the next few minutes. In fact, you never know what to expect and no one has the power to foretell the future. You don’t know if someone in your family is going to fall ill or your car breaks down and needs repair in the idle of the month.

    The condition for such a loan is that the receiver can come back to it on an agreed day with an interest. The thought of a personal loan is to assist you in your hour of want so you don’t face the embarrassment of asking others or acquire dangerous credit because of the non-payment of your bills. This is reason enough to avail for a personal loan.

    Sometimes by not paying a bill on time, you may get to forgo the discount offered on the bill. If the discount could be a sizable quantity then it’s going to be a wise plan to require a loanable sum of money and pay the bill on time and then economize with the discount.

    Easy availability

    There are several lenders available easily to give you personal loans. The conditions for applying for the personal loan appear to be lenient as most of the factors are reasonable for any working man. This loan is structured to be really short pattern, most up to successive day. Once it is approved, the amount is going to be attributable into your bank account and you don’t have to worry concerning the loan amount.

    The collateral security for the personal loan may be a previous check that should be cleared on the day. The check should carry the required quantity and the explicit finance charges and the investor can directly send the check for clearance. The simple clearance is yet another advantage that avoids the hassles when the matter of compensation and debt clearance is concerned.

    No credit checking

    Many appreciate personal loans since it doesn’t require any credit checking.  People having bad credit can even be ready to avail this loan, no matter what their credit status is. For approving the personal loan, the recipient should be of eighteen years of age and have a source of income. Many loan lenders are lenient when it comes to the rules and supply relaxation for the employment.

    This loan appears to be the shortest loan amount and it varies between fifteen to thirty days. In most cases, if you are dealing with an equivalent debtor, they will give a lot of credit step by step. The recipient should additionally posses a legitimate credit bank account to allow the dealings to be made easier.

    The option of personal loan should not be your regular choice because the rate of interest of this loan is incredibly high as compared to the likes of normal loans. The personal loan should be closed among a month, on the personal rate. However, most of the loan lenders give roll over for this type of loan because the recipient won’t be ready to repay the quantity in time.

    Equality is the order of the day

    You don’t need to provide your employment or any alternative personal details. It just needs some basic information which won’t harm your privacy. The procedure to use for the loanable amount is incredibly straightforward and can be done from the comfort of your home.

    You just need to visit the company’s website and look for the loan amount you would like to take. Then you may be needed to give some basic details like your employer’s name or your checking account details in which your money will be deposited. After the loan is sanctioned the money is transferred to your account.

    Your information is secured

    To be eligible for these personal loans, you don’t need anything big. Just give all of your necessary details that are kept private by the corporate. You need to have a valid checking account and a monthly pay so the loan quantity may be subtracted mechanically from the account on the agreed day.

    Conclusion

    Most corporations provide you with the choice to specify the amount of loan you would like to subtract monthly. If the amount isn’t much, the company can deduct the complete loan quantity from the account at one go.

    Each client is valued equally, all thanks to the no credit check personal loan offered by such corporations. This means that even customers with bad credit history who are denied loans from other sources, can avail of such loans instantly like the borrowers with good credit history.

    Going through a rough phase? Facing some tough decisions? Embarrassed to ask your friends or relatives for help? Well, personal loans might just save you the embarrassment and save your life. So, go online and avail today!

  • Tips To Get The Best Home Loan Deal

    Tips To Get The Best Home Loan Deal

    The process of applying for a home loan may seem scary if you get into it unprepared, but if you have braced yourself up in advance and follow the required steps then it may sound easy to get your home loan application approved.

    Well, applying for the loan in a right way is not all that is needed. You are also required to act smart and apply for a home loan deal that suits you best.

    Under this article, we will talk about the tips that will help you lock the best home loan deal for yourself.

    So, before you apply for a home loan, take into consideration these key tips:

    Negotiate Rate Of Interest

    Those who lend the money usually define the rate of interest in a minimum or maximum range and the actual rate they charge depends on your eligibility criterion. Being a borrower, you have the advantage to negotiate a better rate of interest.

    According to financial advisers, you can do this not only by comparing the loan options available for you but also by improving your chances of becoming eligible by adding a co-borrower and combining the income of the co-borrower with your own.

    Go For A Loan Only After Comparing

    Before you choose to buy any particular loan, indulge in an intensive research work and compare all the options of the different types of loans available in the market. Know about the equated monthly instalments, available interest rates, processing fee, and other related charges.

    The emergence and development of technology have made the process of comparing much easier for you. Now you can compare between different types of loans available by accessing the internet at the ease of your comfort zone.

    So, always look at the base rate, margin offered, maximum tenure offered, how eligibility is calculated and most importantly if the lender has earlier funded the property similar to yours.

    Rate Of Interest

    Home loans are available in return for the rate of interest. So, before applying for a loan always finds out the type of rate of interest you will be required to pay.

    If a home loan is based on the fixed rate of interest then the interest rate will not change during the entire loan tenure and the borrower is required to pay the same EMI throughout the loan term.

    Under the floating rate, bank loans are linked to the MCLR whose rate of interest automatically changes after a fixed period of time.

    If the interest rate is expected to fall in the near future then you should go for floating rate and if it is expected to rise in near future then you should opt for a fixed rate loan.

    You can pre-close the loan ahead of its actual tenure. If your loan is based on a floating rate, no charges will be applicable but if you are on a fixed rate loan, there may be charges applicable.

    Know Your Borrowing Capacity

    Most of the time people decide to pay high EMIs thinking that the loan amount will come down with time due to increase in their income. It is important to understand that this does not happen all the time. Your income may or may not increase with time. Therefore, understand your borrowing capacity and borrow under your limit where paying the EMIs will not stretch your finances.

    Additional Costs

    When you decide to apply for and take a home loan, never forget that interest is not the only cost which you have to bear. There are certainly other costs too.

    Each time you apply for a loan with a bank or any other non-banking financial institution you are charged a certain percentage of the loan amount that you wish to borrow. The percentage charged is known as the processing fee. This amount may vary from 0.5 percent to 1 percent of your total amount of loan.

    Banks or NBFCs also charge legal fees to ascertain the legal status of the property. Usually, the legal fees are applicable on either a loan against property or on a home loan.

    In fact, depending on the type of loan you wish to borrow, you will be charged a fixed amount for the pre-payment of your loan. In case you do not repay your loan EMIs on time, a late payment fee is charged. The late payment fee depends on the financial institution that has lent you the money and the type of loan you have borrowed.

    Ankita is a freelance writer who writes about finance, loans, credit cards and insurance.

  • 6 Reasons to Apply for a Personal Loan Today

    6 Reasons to Apply for a Personal Loan Today

    Everyone wants to have money all the time. But a low salary, student loan, credit card debts and other monthly payables can prevent you from saving money and always having enough cash to support your needs and lifestyle.

    A personal loan application can be the answer to your need for additional funds. When you get approved, you can use the money you get for various reasons and situations.

    Why You Should Get a Personal Loan

    If you are not yet sure about how getting a personal loan can help you, here are the different ways it can do so:

    1.     To pay off debts

    One of the most popular reasons why people apply for a personal loan is to pay off or consolidate debt. If you owe different banks or creditors for a car, student loan or house loan, staying on top of all payments can be difficult. These debts have their own monthly payments, interest rates and due date.

    Because of these, you may miss deadlines and even the actual payments. These, in turn, will cause you to pay higher fees,

    But with the additional cash you can get from your loan, you can pay off all your creditors and make just one payment every month. Debt consolidation will save you money, time and effort. It is one of the top benefits you can enjoy when you take out a personal loan.

    2.     To be rid of credit card debts

    The annual percentage rate or APR of credit cards now ranges from 13.12% to 22.99%. If you cannot pay off your credit card debts within a year, you will keep paying monthly fees that will get bigger and bigger annually.

    Personal loans come at lower rates. This means you will pay lower interests as well. They also come at a predetermined term and, as such, you will have an end date for payments to look forward to.

    3.     To pay for medical expenses

     If you or a loved one is sick or must undergo a minor or major procedure and you do not have any money, a loan will help you out. You can borrow what you need and choose a payment structure that will work for you.

    Examples of medical and health procedures that you can finance with your loan are:

    Cosmetic surgery

    • Orthodontics
    • Dental services
    • Fertility treatments
    • After-care or post-op treatments

    4.     To finance a home improvement project

    Everyone wants to have a beautiful, comfortable, safe and secure home. If you do not have enough money to renovate the living room, kitchen or bathroom, or add a pool or spa on your deck, there is the option of taking out a loan.

     The biggest benefit of getting a personal loan for a home improvement project is that you don’t need equity or collateral to qualify for one. In addition, when you choose the right bank, you can apply for a loan online in your home or office.

    5.     To make a major purchase

    Do you need to buy a new kitchen appliance or living room furniture, or to pay for major car repair work? Get a personal loan to pay for it.

    Although many people use a secured loan to pay for expensive assets, some cannot obtain this because their credit history is too short. If you have this problem, you can apply for a personal loan. You will get the money that you need and pay it back over a longer period of time.

    6.     To enjoy your dream vacation

    If you have always dreamed of going to the Maldives, Bora Bora or Paris and staying at a 5-star hotel and simply enjoying a luxurious getaway, a personal loan can help you achieve this dream. You can do this even if your current financial health is not in good condition.

    You do not have to save money for years to experience the holiday of a lifetime. You can have your loan approved in a matter of days (and sometimes even hours) and go on your vacation whenever you please.

    Overall, a personal loan will allow you to have the money you want or need to pay off your debts or medical bills, to make an expensive purchase, to improve your home, or to go on your dream vacation. And you can do all these without paying for more than is necessary in the short and long run.