Category: Credit

3 Simple Ways to Win Against Debts

The thought of having debt collectors to bother you every day can be terrifying. Well, you’re not alone – thousands of borrowers have huge debts and they don’t have a standard repayment plan. We all know that having a debt is not a joke. Financial problems can be detrimental to our everyday life. To be free from the clutches of debt, you must apply some powerful   strategies. You must also remember that you are above any type of debt!

 

Know Your Debt Properly

 

Debt is a trap – no matter how well you sugarcoat it. Beyond the hype, it’s a cold business instrument that can shackle you into hopelessness. However, you can make it work for you. The first step that you must do is to understand every lender’s marketing strength. Ask yourself: do I really need that loan? Can I purchase something without the need for any kind of loan? Do I even need to purchase that thing? Once you managed to answer these questions honestly, you’ll know if you actually need the loan or not. Sometimes, it takes a bit of financial management before you acquire any debt.

 

Adapt a Realistic Mindset

 

Debt management is a realistic process. It will involve lots of strategic planning, financial foresight, monitoring, and coordination. You can’t afford non-realistic goals such as debt cycling or far-fetched refinancing. You even need to cut corners and avoid rationalizing for things that you don’t need. To become realistic, you need to create a debt management plan. Write down the goals in your plan, along with potential challenges and reminders. Be concise. Your debt management is not an ‘emotion board’ where you can include your whims. The more realistic you are, the better your plan will materialize.

 

Walk Away from Temptation

 

Temptation is the thing that will lead you to the shadowy bowels of debt. There are many kinds of temptation such as impulse buying, showing off, and the need to collect stuff. Create a wall against these sources of temptation! Form the discipline of the warrior and stay focused on your goal. It might be useful to create a small journal. Every day, jot down the times wherein you’re tempted, then include the source of the temptation. This way, you’ll know how to react and strategize. But don’t be too hard on yourself! Once you’ve reached certain goals in your debt management plan, go for rewards. Avail that vacation that you’ve been dreaming of. Reward yourself – but be reasonable.

 

One thing is certain: debt management is not an easy journey. If it was easy, the number of troubled borrowers worldwide will be greatly reduced. This will be troublesome for lenders because their financial strength will be limited. Strive hard to win against debt and you’d see the better side of your life!

3 Simple Ways to Manage Your Credit

Many people believe that love makes the world go round – this is an entirely wrong notion. In actuality, credit makes the world go round. With the promise of one entity to a creditor, a transaction is made. Credit can bring many great things to your life, such as better spending choices and additional perks. That’s the good side of credit. The bad side is a serious matter that needs to be discussed. All over the world, many people are victims of credit mismanagement. This can lead to bigger debts, depression, and a truly miserable life.

 

If you have credit debt, you should take action immediately. Here are some ways to manage your credit debt:

 

Plan Extensively

 

In life, you should know how to plan all the way to the end. The same notion can be applied to your credit. If you don’t know how to plan ahead, you’ll always be blindsided by debts. It’s like you’re always on a rollercoaster ride! Having a plan lets you navigate the waters of credit and you can pay off your obligations properly. How can you make a plan? First, you need to know your financial state. If you have a huge credit debt, list down some ways on how you can raise your income or generate a new hustle. Second, write down credit consolidation methods. Some money lenders Singapore may agree to consolidate your loan in various ways. But this requires patience and proper negotiation skills. Make your plan as extensive as possible so that you’ll know what to do for the coming years.

 

Scour the Market for Great Offers

 

Credit management begins the first moment that you’re looking for an offer. Don’t be swayed by advertisements and other marketing methods. Keep in mind that lenders and creditors are always seeking for ways to find new borrowers. Examine the credit offers and match them according to your plan.

 

Go Above the Minimum

 

A common technique nowadays is to pay for the minimum balance. This technique may buy you time, but it will push you deeper onto debt. If you can’t repay the debt in full yet, pay an amount higher than the minimum. It’s advisable to pay double the minimum so that you can get out of debt in few months. If your debt is settled within months, some creditors may even give you leeways in the future.

 

Following all of these strategies won’t guarantee that your credit status will be back on track. It still depends on your habits and your financial discipline. Use the strategies as guides that you can apply, but make sure that you commit yourself to them. Otherwise, the purpose will be defeated!

 

Reasons Why You Should Get an Expat Loan Today

Starting a new life in a foreign country requires courage and substantial planning. It’s also a thrilling adventure that can make your life vibrant than ever. Before migrating to a new country, you have to settle your old debts and adjust accordingly. Additionally, lots of money and paperwork are needed for your new life. To help you start anew in a foreign land, you can try securing an expat loan. Apparently, this type of loan is not offered in all banks and financial institutions. You need a thorough search to find for a reliable expat loan lender. However, once you found a lender, you should send your application immediately. Here are the reasons why you should apply for an expat loan:

 

A Huge Stipend

 

Aside from your money at hand, it wouldn’t hurt to gain an additional financial boost through your expat loan. This will put you in a better financial position, at least even before you start paying monthly interest. With a larger stash, you can do many things like traveling, exploring sights and sounds, building a new network, and even starting a very profitable side hustle. To maximize the value of your expat loan, heavy planning is needed. Do not waste it on luxuries or other unimportant things. Rather, you should think of how you can grow your personal money stash.

 

Debt Repayment

 

If you still have outstanding debts, the expat loan can help cover that. In many ways, expat loans are similar to personal loans. Be careful in using this strategy. Once you’ve used the expat loan to repay your other existing loans, you should have a proper repayment plan in place. You wouldn’t want to start a new life drowned in loan interests. If you can find an expat loan with lower interest than your substantial loans, choose that one. By doing so, you’ll be in a balanced financial position.

 

Investment Fund

 

With your new expat loan, you now have a greater financial capabilities. A good strategy is to put a significant percentage in other investment options like stocks, securities, bonds, and mutual funds. You can also try investing in collectibles, though you need proper oversight to check if the prices are going up or down. It’s advisable to join collectible niche groups so you can have a firm grasp on the market.

 

Investing in metals is also another great option, but you have to be wary of the country’s economic performance. More importantly, you should know which types of metals are great options in that country. One safe choice that you can try is gold. It has lower depreciation rate, but the entry barrier is high. To minimize your risk, you have to research and learn more about cycles and trends. You may also need the services of a gold fund manager.

 

3 Reasons Why You Should Apply for Online Loans

Online loan applications is now a great trend. In many parts of the world, people are applying for all types of online loans. Why are these loans appealing? First, online loans have quick application processes. To apply for one, you just need to submit regular documents and wait for the results. Second, there are dozens of online loans to choose from. You can choose a personal loan, quick cash loan Singapore, or other options.

 

Here are the main reasons why you should apply for online loans:

 

Fast Cash Release

 

Most online loans have quick cash release processes. This is the main advantage of online lenders compared to banks and financial institutions. These establishments have slow approval phases, and the chance of getting approved depends on your credit status. If your status is not satisfactory, forget about getting approved. Online lenders won’t bother much about your credit score. It’d help your application, but it’s not mandatory. Online lenders can release your money within an hour or two. Some lenders will even release money for just 30 minutes.

 

Easy Re-Application

 

Satisfied borrowers will very likely re-apply within few weeks’ time. Most lenders will allow quick re-application if you have a nice track record. They will even allow you to get a bigger loan. Just be careful with getting a new loan! You may develop the dreaded loan dependency. If you depend on loans too much, you’d be financially compromised. Keep in mind that you should apply for a loan only when there’s an actual need. Loans are not crutches or income sources.

 

Low Interest Rate

 

Another clear advantage of online loans is the lowest interest rate personal loan Singapore. Typically, banks have higher interest than online lenders. With a low interest rate, you can repay the online loan easily. Fees are also manageable and won’t cause too much damage on your finances. Most lenders will claim that their interest is the best deal. Don’t fall for the trap! Research as much as you can by checking out loan directories, forums, social media, and different financial channels. Licensed money lender Singapore review are great sources of information because they’re unbiased. You can find most of these reviews on Facebook.

 

Now that you know the reasons to apply for online loans, you’re probably eager to send your application. Before you do so, make sure that you’re prepared for the monthly payments that you have to settle. Missing out these payments will have serious financial consequences. Collectors will come after you, and some lenders may file lawsuits just to get what’s owed. Think of your online loan as a responsibility that must be seriously carried.

 

3 Reasons Why Credit Unions Are Better than Banks

Whenever lending is being discussed, the bank is still the top authority placed in the spotlight. A bank already has a name and brand known by many people. All of the bank’s loans are sanctioned and well-regulated, creating a somewhat stringent process. One of the reasons why banks are strict is risk management. If they just give out loans freely, they will be at greater financial risk. In turn, many borrowers are still reluctant to approach banks whenever they need loans. One great alternative to banks is a credit union.

 

Credit unions are similar to banks in many ways, but they are smaller. They are managed by their own members, making adjustments through a fair voting system. It’s a system run by the people. If you want to take out a loan but you can’t bear the strictness of banks, you should try approaching a credit union. There are many advantages to begin with.

 

Quick & Easy Transaction

 

Unlike banks, credit unions allow easy transaction processes. In most cases, you only need to fill up a form and wait for a representative to interview you. The interview is simple – you just need to answer the basic questions of the interviewer, such as the purpose of the loan and your income source. Most credit unions also require few government documents. If a credit union allows online applications, the process can even be much faster.

 

Manageable Interest

 

Banks are known for large interest and hidden fees. These fees cover up their risk, and they tend to make huge profits according to the payment terms. Credit unions have smaller rates and fees. A typical loan will clock at around 10-15% interest per month. Other unions can have slightly bigger or smaller rates. Even though the rates are manageable, you can only choose from few loan programs. Sometimes, credit unions can offer only one type of loan. This pales in comparison to the multiple loan types that banks can offer.

 

Very Simple Credit Investigation

 

Local credit unions have credit checks, but they’re not as strict as banks. For the credit check, the credit union will just review your document and income proofs. Afterwards, your loan can be released. If you live in a rural area, the credit union can ask your friends regarding your status and life situation. Any detail they find can be used to assess if you’re worth the risk. Since rural areas tend to be smaller, credit unions can get the information they need in lesser time.

 

Despite their advantages, credit unions still have some setbacks. Since they are less known, credit unions can only offer basic loans. There are no fancy variants or other perks. If you’re okay with this, find a credit union and submit your application!