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Author Archives: Graeme Bray

5-Tips-For-Getting-Your-Bank-Loan-To-Be-Approved-FastAccessFinance -- Personal Loans
5 Tips For Getting Your Bank Loan To Be Approved

Securing a bank loan is getting harder today. Calvin Klein Ropa Interior Mujer With the strict and rigorous requirements and compliance procedures being implemented by the different banks and lending firms in Australia, applying for a bank loan has become burdensome for business entrepreneurs and private individuals. Getting loans approved by the bank usually require sound business plan. Bikinis Calvin Klein Baratos Banks must have the assurance that you as a business entrepreneur are creditworthy. Calzoncillos Boxer Calvin Klein Bragas Calvin Klein Baratas For the banks, such assurance means you are saving them from resorting to tedious court litigations in case loan repayments are not fulfilled till the end of term. Or, if you’re borrowing as an individual, you must prove to the bank that you’re a good risk client by providing the bank a good credit and financial background or history. If the banks or lending firms see that you have a good credit score, you have better chances of getting your loan approved.

In order to increase your chances of getting your loan approved, you might want to check on the five tips below:

  1. Know Your Loan Preference

Be sure you know the specific loan that you are planning to get that will suit your immediate needs. Browse through online sites to check the different loan packages which each bank is offering. Check out their terms and conditions, specifically on interest rates and mode or terms of payment. Choose the one which offers affordable and easy repayment plan that can work for you. Boxer Calvin Klein Mujer Make sure you read the fine prints of the contract. There may be provisions that are disadvantageous to you and it’s better to detect them before you sign the loan agreement.

  1. Be Inquisitive

Once you have chosen the particular loan package that you think has the best deal to offer, contact the lending institution immediately to inquire about the various requirements that you need to comply with. You have to set an appointment with the institution’s representative to personally discuss and ask as many questions as possible to make sure that you are clear about all the aspects of the loan. Different institutions have different requirements and it would be a wise move if you know them before going to the lending institution. There’s nothing wrong with being inquisitive about details of the loan. Comprar Calzoncillos Calvin Klein It just shows that you don’t want to be kept in the dark because of some provisions you failed to check with the lender.

  1. Acknowledge Your Limitations

When applying for a bank loan, your credit history and your current score are the most important information that a bank will need in evaluating your loan. Request a copy of your credit history and current scores several weeks in advance and review them carefully to correct wrong entries, if there are any. Calzoncillos Calvin Klein Baratos Banks rely heavily on this specific information as a solid basis for approval or denial of your loan. Know your financial limitations. Slip Calvin Klein Baratos Taking a loan also means making sure that you have the capability to repay the loan.

  1. Make a Checklist

Make a checklist of all the requirements which the bank will need to process your loan. Tangas Calvin Klein Baratos Prepare them in advance so that when you go to the bank to secure a loan, you can submit to them immediately and without delay. This will help expedite processing of your loan.

  1. Have the Right Expectations

Securing a bank loan takes time. So if you are thinking of getting a loan, plan ahead and prepare the necessary documents early. Calzoncillos Slip Calvin Klein Bragas Calvin Klein Baratas This way you’ll have enough time to wait for your loan to be approved. This will also give you more time to rectify the errors your documents may have. Slip Calvin Klein Outlet Discuss with your loan officer the waiting time before a decision will be made. While it may help to have a back-up plan with another bank in case your application doesn’t get approved, you should also be cautious in making one loan application too many.

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Quantifying-Fixed-Interest-Rate-FastAccessFinance -- Unsecured Personal Loan
Quantifying Fixed Interest Rate

When you approach a bank or a lending firm in Australia to take out a personal loan, one of the things you need to decide in the course of your application process is whether to choose a fixed interest rate for the borrowed money. The other interest rate option is the variable interest rate. But for the purposes of this article, the discussion will focus on the Fixed Interest Rate.

What is Fixed Interest Rate?

Personal loans and other types of loans may be negotiated for a fixed interest rate. Calzoncillos Boxer Calvin Klein This means that the interest rate being charged on the borrowed amount is a fixed rate as determined by the bank or lender. Regardless of any movement of interest rate in the market, whether it’s upward or downward, your monthly repayment amount which is calculated based on the fixed interest rate will not change for a specific period of time.

Frequency of Repayment

Many banks and lending firms in Australia offer repayment frequency options to borrowers. You may choose a monthly, fortnightly or weekly repayment schedule. Boxer Calvin Klein Baratos Whatever repayment frequency you choose, your repayment amount remains to be the same amount over the loan term.

Advantages of Fixed Interest Rate

For personal loans under a fixed interest rate, you are able to budget your fund allocations better because the repayment amount is fixed and not changing. Every repayment due, you can allocate the amount due and effect payment accordingly. Slip Calvin Klein Outlet Tangas Calvin Klein Baratos With the interest rate locked in for a certain period of time, you don’t have to worry if the interest rates in the market are going up. Boxer Calvin Klein Mujer Your repayment is locked in for the same amount within the specified period of time or over the term of the loan.

Disadvantages

The main disadvantage in taking a fixed interest rate personal loan is that you cannot enjoy the savings on interest rate if the market dictates a lower interest rate. Boxer Calvin Klein Baratos Because your interest rate is locked in for a specific time frame, you will still allocate the same amount regardless if the prevailing interest rate in the market has gone down significantly. When this happens, you may opt to switch to the variable interest rate but be mindful that such a swap entails additional costs or expenses such as administrative or management fees, etc. Comprar Calzoncillos Calvin Klein Make sure you understand and know about this before you make any decision in this regard.

The decision to choose fixed interest rate for your personal loan will depend on your personal and financial circumstances. If you have the capability to make two repayments in a month without straining the monthly budget, then by all means, make your account officer know that you can pay fortnightly.

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The-Good-and-Ugly-Truth-About-Line-of-Credit-FastAccessFinance -- Online Personal Loans
The Good and Ugly Truth About Line of Credit

When you apply for a personal loan with any of the banks or lending firms in Australia, you might be offered different types of personal loan, one of which is the line of credit. This type of loan is designed to help a borrower have access to funds when needed. An unexpected family emergency may require a considerable amount of money which your account may not be able to sustain. The bank or lending firm can come to aid by providing the borrower with access to a form of personal loan for an agreed loan term.

It is a form of a safety net where even little and unexpected needs for cash will be addressed by this line of credit. The majority of banks and private lending firms in Australia offer a line of credit to personal loan applicants. This type of personal loan is an equity line where an approved limit of borrowings can be used in small amounts or in a lump sum.

It can be likened to a cheque book with interest charged on the amount used and accruing on the balance of the line of credit. The credit limit is determined as the percentage of the property’s value which is equivalent to about 80%. Calzoncillos Boxer Calvin Klein Say, you have a property with market value of $200,000. If you use this as collateral for your personal line of credit, the approved credit limit for your personal loan via a line of credit is set at $160,000. This is the amount that you are given access to by the bank. You may use this amount in one go or you can use it in small amounts in different times.

Benefits of a Line of Credit

This type of personal loan is usually approved for borrowers who have a reasonable amount of equity in their homes. Comprar Boxer Calvin Klein Baratos A borrower may use his home as collateral to fund a new car through a line of credit. What makes this a better loan type option is that you are in essence borrowing for a car at home loan rates, which are relatively lower than conventional loans like car loan or unsecured personal loan.The only downside to this is that it will take longer before you can finally own your home once again.

Aside from low interest rates,a line of credit will also provide you with greater flexibility in the size and timing of loan repayments, keeping a major portion of the credit limit in the account longer, which saves you interest.

Downside

While this loan type may seem like the best thing for a borrower, it should be noted that most come at a price and the extra funds drawn from the loan used for the intended purpose may not pay off financially and this could cause the borrower the burden of repaying the used portion of the credit limit.

Who This Loan is Best For

A borrower who has strict discipline in managing his everyday finances is the best borrower for this type of loan. As mentioned earlier, if the intended purpose for the loan didn’t work out as expected, the borrower will definitely have difficulty in repaying the spent credit line. So, unless you are sure about how you will repay the spent amount and that there is a sure source of fund for repayment, this type of loan may prove to be a tempting facility for a borrower to use the allowed credit line for impulsive purchases, etc.

It’s a different scenario if you are using the funds from the credit line for investing in a property which will potentially earn a good return, then this type of loan may be put to good use and will likely increase your net wealth.

Since line of credit loan has the most flexibility in terms of use and repayment, using it for investment purposes will best serve its purpose since it has no other direction but to give you a return on investment in the future.

So if you’re planning to avail this type of personal loan, you don’t have to go out of your home just to borrow.

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Four-Rules-in-Getting-a-Car-Loan-FastAccessFinance -- Car Repair Loans
Four Rules in Getting a Car Loan

It’s quite rare to know someone who would say that they don’t have any ambition to own a car. Almost everyone wants a car of their own but the prohibitive prices seem to be preventing this from happening. For those who can afford, they can easily buy a car in cash, but the bigger percentage will usually take the option of buying a car through a car loan offered by almost if not all banks and financial institutions in Australia. Tangas Calvin Klein Baratos Those who want to buy a car are given several options in terms of car loan packages and schemes. Different banks and financial institutions offer everyone different ways but the same opportunity to enjoy the privilege of car ownership.

You just need to make sure that you know which bank or lending firm offers the best deal. Calzoncillos Boxer Calvin Klein How do you do that? Check these four basic rules to guide you in getting a car loan.

Review and Assess Your Credit Standing

The best way to do this is by requesting one of the credit bureaus for your credit score or rating. This will give you the best picture of how you are doing with your spending and managing your expenses and debts. By requesting your credit rating report, you have the opportunity to correct if there mistakes or errors in the entries on your file. It could happen that the credit bureau has not updated their records and got some erroneous entries on your credit rating report which negatively affects your overall credit history and standing. With a good credit standing to back you up, you have higher chances of getting approval for your car loan.

Survey the Car Loan Market

Don’t just jump right away to the first bank that you know would give approval to your car loan. Bikinis Calvin Klein Baratos You always have the option to choose from several banks or lending companies in Australia that are willing to grant you the loan for the car you want. By talking to many banks, you are able to determine the one which offers the best loan terms – rates, repayment, etc. Have your car loan pre-approved before approaching any car dealer. This way you can bargain with the car dealers with a predetermined interest rate already approved by the bank or lending firm. Don’t fall into the trap offered by car dealers to settle your previous loan because it will only lead to you paying more than you should.

Beware of Upselling Techniques

Competition among car dealers has prompted car sales agents to resort to upselling. This means they try to lure potential car buyers by offering them after sales services and upgrades which if you calculate will result to a significant amount of profit for the car dealers. This often counts for 50% of the total car dealer’s profits. If you are wise enough to check before agreeing to the offer, you’ll find out that upgrades and add-ons will cost less if availed from outside sources and not the car dealer.

Beware of Yo-Yo Trap

What is a Yo-Yo Trap? It is a scheme that offers conditional financing that allows you to bring home the car instantly – right then and there. Boxer Calvin Klein Baratos It’s a scheme to make the potential buyer believe that their car loan has already been approved since the car dealer is willing to release the vehicle to the potential buyer. In reality, this isn’t the case. A few days later, you will be informed by the car sales agent that the bank has some issues with your car loan application and that the only option given is to have it approved but with higher interest rates. If you don’t agree to their terms, then they will take possession of the car which could be embarrassing especially if your neighbors see that your car is being towed out of the driveway or car garage.

Before deciding on whether you are going to get a car or not even if your car loan has already been approved, take note of the after purchase costs like maintenance, fuel consumption, emergency car repairs, cleaning materials that will be used to help you decide if you’re really prepared to own a car. These must also be considered before purchasing a car.

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Benefits-Of-Personal-Loan-FastAccessFinance -- Personal Loan
Benefits Of Personal Loan

If you are a business owner and the economic recession has somehow affected your business, what are the options available to keep your business afloat?

Most business owners who are not able to access funding from banks and financial institutions due to financial recession are taking advantage of their individual capabilities and personal situation in order to gain access to extra funding through personal loans.

Many banks in Australia along with several non-bank lending institutions offer personal loan facilities to help individuals address their financial needs. Boxer Calvin Klein Baratos This loan facility is one where the borrower, in most cases, need not pledge any form of security or collateral to guarantee repayment of borrowed amount. Some banks and non-bank lenders may require collateral for bigger loan amount.

Why would you opt for a personal loan?

As in other countries, taking out a business loan, especially if the borrowed amount is significantly big, could be a discouraging endeavour. Some banks require too much paperwork and documentation that prolong the screening and application process. These financial institutions would prefer that the loan they approve is attached to the borrower’s property or asset. This provides that even in the event of repayment default, the bank has something in their possession which they can dispose of and get the sale proceeds to repay the borrowed amount plus interest.

Instead of going through a rigorous process, one can simply approach the bank or a lending firm for an unsecured personal loan. Boxer Calvin Klein You are bound to enjoy the following benefits:

No Restriction on Use

Personal loans allow flexibility of use. This means you can use the money you borrowed from the bank or lending institution for any purpose – to pay for tuition fee or to buy an appliance or to fund a holiday, among others. Once the loan amount is released to you, you have the freedom to decide on how and where you will spend the money. What the banks and lenders are more concerned with is the borrower’s ability to repay the loan amount at the agreed time.

Quick Access

Unlike other types of loan, access to personal loan is relatively quick. There are banks or lending firms that can process the loan in 1 day. Hence, this loan is ideal for those who need emergency funds.

Less Documentation Requirements

Most banks don’t require a lot of documents to process personal loans. Unlike home or car loans, a personal loan requires basic documents such as proof of identity, residence, birth, and income. Learn more about personal loan requirements in this checklist.

No Collateral

Personal loans do not require any form of security or collateral for approval. It is only if the amount being borrowed is larger that banks would require a property or asset to serve as collateral or security.

Flexible Loan Terms

Personal loans generally have shorter tenure. Loans can be repaid in 1 to 7 years. The borrower can also choose mode of repayment – weekly, monthly or fortnightly. Personal loans also allow borrowers to repay the loan early without additional fees or charges.

No Middleman

Borrowers can approach the bank or lending firm directly, without going through a middleman or agent. This translates to savings in fees or commissions, and unnecessary delays in processing.

Lower Interest Rate Than Credit Cards

Borrowers are advised to choose personal loans over credit cards because of the high interest rates charged by credit card providers.

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Knowing-Exactly-What-Secured-Personal-Loan-Is-FastAccessFinance -- Online Personal Loans
Knowing Exactly What Secured Personal Loan Is

Are you thinking of buying a new car but you don’t have the lump sum to pay for the purchase amount one time? This is another good reason to use the loan proceeds from a secured personal loan.

Borrowing Money Means Paying It Back

Whatever your reason for desiring to apply for a personal loan, you should be aware that regardless of the type of loan you decide to avail, and for what purpose you will use the money from the loan, it involves borrowing money and making sure that you can pay it back in full with interest.

How It Works

The principle of a personal loan is being able to borrow a certain amount from an Aussie bank or nonbank lending firm, use the loan proceeds for the desired purpose and intent, and make arrangements to fulfill the loan obligations by paying a fixed monthly amount which includes the a portion of the principal (borrowed) amount and the monthly interest charge. Calvin Klein Ropa Interior Mujer And depending on the agreed terms with the lender, the borrowed amount can be repaid over a specified time frame until the borrowed amount plus the interest amount is fully paid.

Banks and lending firms in Australia offer different types of personal loans. The type of loan that is right for you will depend on what you intend to use the borrowed money for.

What is Secured Personal Loan?

A secured personal loan is a type of personal loan that requires a borrower to pledge a property or asset to the lender to serve as collateral for the loan repayment.

Who Can Apply For This Loan

This type of loan is usually offered to borrowers who have something that they can attach to the loan as security – to assure the lender that even if you default in payment, they have your property or asset, pledged as collateral, which they can sell or dispose of so they can collect from the proceeds the equivalent amount still due to the lender for payment.

If you have the need for a very large amount of money which you cannot pay off in a short time, a secured personal loan is a good loan option for you. With your current income, you can make projections on how long it will take for you to settle a principal loan amount of say, $50,000 plus interests. The longer your loan term is, the higher the accumulated interest amount will be, even if the lender gives you a relatively lower interest rate. Comprar Bragas Calvin Klein Bikinis Calvin Klein Baratos Ideally, in order not to spend much on interest, you should try and repay your loan amount in the shortest term possible. Calvin Klein Bañadores Hombre But if you cannot afford that, then a longer period to repay the loan would be much easier for you.

Mortgage: A Secured Personal Loan

The best example of a secured personal loan is a mortgage. Calvin Klein Tanga Calvin Klein Ropa Interior Mujer If you want to buy a house, or a building or any tangible property, the lender will arrange for the financing of the property you want to buy. The lender will provide you with a loan of say, $200,000 which will be used to pay for the property. Comprar Boxer Calvin Klein Baratos Calzoncillos Calvin Klein Baratos Boxer Calvin Klein Mujer This amount plus interest will be calculated by the lender such that you have a fixed monthly payment which includes both the borrowed amount (part of it) and the interest. You will be obliged by the lender to pay the monthly amount over a long period of time, say from 20 to 30 years, until the required amount is paid in full.

Offsetting The Risk With Collateral

In this case, where the lender agreed for a longer repayment period, they (the lender) are incurring a potential risk that the borrower may not be able to repay the entire loan amount plus interests.

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