Can you calculate the ideal loan rates for your personal loan?

When a time arises that requires you to opt for a personal loan; you will first need to research all the available options while considering all your financial requirements. As the personal loan comes under the category of unsecured loans, banks and lenders often compensate the acquired risk, by charging a loan rate. This rate, in turn, can be defined by additional factors, such as the borrower’s current income, credit score as well as available liquid assets.

But considering all these factors and taking them into consideration of your financial requirement will be tedious. At the same time, you cannot avoid calculating your idea strategy to repay the loan, as it can further affect your financial situation. This is when the personal loan calculator will provide you with the required assistance to get the ideal rates for your personal loan. You only need to:

• Consider all available options: Shopping around for loan rates will give you an idea of what is available and what works in your favor. It also gives you an insight on the current market conditions and the possibility of influential market rates. Using the information in your loan shopping, you can use the personal loan calculator and calculate the ideal loan rates that can work in your favor.

• Get the best offering with a low credit: One of the many factors that can influence your personal loan rates is a low credit score. No doubt, with a low credit score, you will not get the ideal loan rates you want. However, it will provide you with the awareness and information, to get loan rates that will not only help your financial situation but also improve your credit. The personal loan calculator is the ideal tool that will help you get the best loan rates while ensuring that you get the required footing to improve your credit score.

• Help decide on a co – signer: If your credit score is too low to apply for a loan, then you can apply for a co – signer. It will allow you to piggyback on his or her creditworthiness, which in turn will allow you to get better personal loan rates. However, you should be careful while taking this step, as the approved personal loan should not affect your co – signer’s credit score in the process.

• Consider the effects of an added collateral: Although a personal loan is an unsecured option, plenty of lenders have offered loans with better rates if a collateral of considerable value has been provided. If you have single or multiple collaterals’s available and wish to use it to get better loan rates, you can always use the loan calculator to assist you.

Mobile banking: The future of today’s digital world

Over the last decade, traditional banks are facing a challenge in the digital world. While some have already seized the opportunity to transform and thrive, others will struggle to evolve, leaving them to engage with an ever diminishing number of non – digital customers. A vast number of banking customers, are slowly becoming digitally aware, and expecting banking services to offer the same convenience and benefits as any other digital driven entity.  Mobile banking is one such factor that has combined banking services and the every chancing digital technology.

Convenience

One of the main benefit of mobile banking is convenience. Through the traditional manner of banking, one would need to approach the bank to utilize any service. Be it withdrawing cash or making a transfer, you would have to spend hours standing in the line, just to get a service done in a matter of minutes. Additionally, you would also need to approach a specific bank branch wherein your account was created. All these factors are eradicated through the means of mobile banking. Through your mobile platform or even mobile banking app, you only need to log into your account, and access the services that are available to you.

Multiple services on one platform

Banking services have evolved from a more traditional service of investing and withdrawing funds. In addition to this, they also offer other services like loan sanction, stock market investments, and wealth planning schemes amongst many others. It also focuses on services provided to regular customers as well as corporate organizations. All these services can be accessed through one single platform, which is the mobile banking app, making it not only convenient but easy for those who would want to explore the other services of banking. In addition to this, the every changing technology has evolved this banking platform to incorporate multiple services at one time. In other words, as a user, you can now transfer funds from one bank account to another, while trading stocks at the same time.

Customized service

Since the mobile banking services connect a bank account to your mobile number, banks and other financial institutes have the means to track your banking transactions and services that are used by you. Therefore, based on your data, they are able to provide you with a customized set of services that not only help your investments but also enable to manage your wealth. In today’s digital world, this is one of the many requirements in order to ensure that your income and funds is well utilized to its potential.

How to make foreign money exchange work for you?

Every year, plenty of individuals move their funds from one location to another. This transfer can occur within the country or even at international corners. However, the amount you will pay or receive through this foreign exchange will differ on the exchange rate you will be given, which can change at any time. Very often, these rates can change dramatically in a blink of an eye. Therefore, it makes sense to conduct some research into these exchange rates before investing in any foreign transfer. To know how to make a foreign money exchange work for you, here are a few factors you need to take into consideration.

Factors that affect exchange rate

One of the main factors that can affect foreign exchange is inflation rates. The higher these rate are, as compared to other countries, the lower are the exchange rates. For example, the higher the inflation rates are in the UK as compared to Europe, the faster will the price of UK goods will be, as compared to European goods. Therefore, any transport to Europe from UK, will become less competitive, creating a low demand from the European goods. In such a case, traders look for factors that can primarily affect inflation rates and compensate for the rise in the inflation by selling the currency.

What other moments affect exchange rates?

Higher the interest rates as compared to other countries, the more attractive is the deposit in that country. Additionally, the returns from any savings in this country will also be better, increasing the demand for that currency. At the same time, the financial market may brace themselves for rate cuts, thus reducing the value of the currency. While this make not always be the case, the rise in interest rates can lead to a possible fall in the exchange rate. This can also occur if investors perceive a possible rise of the currency’s value and move their investment to another country currency. The currency’s strength mainly relies on positive economic data along with the expectations that the interest rate will rise. Apart from interest rate factors such as government debt, the relative strength of other currencies and government intervention can affect the foreign exchange rate too.

How can you make this factor work in your favor?
In reality, forex currency rates often rise or fall. As an investor, the key to successful currency exchange is purchase low currency and sell it at a high price. No doubt, an expert trader will be able to identify the current trend of foreign currencies, thus enabling them to recognize a positive investment, which can translate into riches. But for new comers, upcoming software and investment portals now make it easy to get into the market without much experience.

Why the prepaid forex card is the best way to carry funds abroad?

Travelling abroad for a vacation or even a trip can be a delightful experience. No doubt, you would have spent considerable time researching every accommodation, local sightseeing attractions or even a few restaurants you would want to visit. However, on the list of things you must take into consideration before you travel abroad, is the funds you have to carry for your various expenditures. Amongst the various options available, the prepaid forex card has proven to be the most variable choice.

Convenient

One of the main benefits of using a prepaid forex card is the convenience. For one, you only need to approach your bank with a request for a forex card and apply for the currency you want. You can even lock in the value of the currency conversion. Once you refill your card with the amount you want, you can now carry it with your wherever you want. Some banking institutes also offer multiple currencies on the same, card, which can be used in multiple countries. You can also use this card for multiple trips over the next few years. You only need to refill the card anytime you would want a requirement for it.

Allows you to travel light on cash

Using a forex card will allow you to travel light on cash. This is a crucial factor to consider as travelling to certain countries with large amount of funds is a risky process. With large amount of funds, you need to keep a track of your expenditures and the amount that is being transferred in terms of change. However, with the prepaid forex card, the exact amount of your expenditure gets deducted on your card. Additionally, you can get alerts of each transaction you make, thus allowing you to keep track of your expenditures.

Inexpensive alternative to other banking cards
One of the main benefits of using a forex card is the use of currency lock in. When you load the forex card with the currency, you also lock in the currency value. This makes it financially beneficial to use the card, especially in the country of the currency you have applied for. In this case, you will not be charged any conversion fee. However, with other banking cards you will viable to pay some amount of funds as the conversion charge. This can be easily charged based on the amount that has been withdrawn, or the current value of the conversion rate. In either case, the amount of funds that will be charged will be avoidable, if you opt for the forex card.

Why online mobile recharge is the need of the day?

With the rising popularity and convenience, more and more individuals are opting for smartphones to use on a daily basis. And with these smartphones, comes the rise of the cellular network usages customized for these smartphones. With 4G networks slowly taking over these mobile networks it is now easy to do several activities right from logging online to surf, download music or videos and even send mails.

But in order to ensure that you have a continuous access to this network, you must ensure that you have the required balance for it, especially in the case of pre-paid mobile network connections. This type of connection debits the balance stored in your mobile number, for any function you do or make. In order to ensure that you have sufficient balance, you can always opt for an online mobile recharge. Here is why this recharge has now become of the requirements for your daily needs.

Instant balance

One of the benefits of the online mobile recharge is the instant balance. As per the recharging process, you only need to go log online and register your account with your bank, or the cellular network service. Once you have made the account, you can either connect your bank account to your mobile number account, or vice versa. Henceforth with either option, you will only need to log online, opt for the balance amount to be transferred, which will instantly get deposited in your mobile number balance.

24 hour access

When you want to make an online mobile recharge you will need to log online. Today’s internet networks are designed to be easily accessible and constant. Through mobile connections or even through other internet cable connections, you can easily connect to the online portal and log online to your account. Accordingly, since the network is easily accessible during any hour of the day, you can make the balance transfer anytime you want.

Great deals and discounts on your recharge
Now a days, plenty of individuals are opting for this type of recharge in order to ensure that their mobile connection is constant. Since this type of payment also benefits the banking institutes, they offer plenty of deals and discounts on your next recharge, making it more beneficial for you. At the same time, these individuals also use the same account to make other expenditures such as utility bill payments or any online shopping. As most banking institutes keep a track of your usage, they will be able to provide a customized deals and discounts, which will not only benefit your mobile recharges, but your other expenditures too.

Can you apply for a credit card when you’re unemployed?

When you are unemployed, the last thing you would want to do is apply for a banking card let along a credit card. Although you may not have a steady income, there is still the factor, that you will have financial requirements. Despite your situation, you can easily apply for this bank card. However, here are factors when considering a credit card to apply for.

Applying for secured credit card

Credit cards come under two categories namely unsecured and secured. In most cases, most individuals opt for the unsecured credit card. This is due to the fact that through this credit card, an applicant would only need to repay back funds that one has borrowed through the card. These funds can be paid on a monthly basis, or it can be paid in whole. However, the loan rates are more convenient and favorable to the card owner, as compared to an unsecured credit card. Through this card, you would need to provide some sort of security or collateral in order to get this credit card. Depending on the asset provided, the rates of the credit card will be provided, in terms of credit card limit or interest rate will be fixed. While it may not provide the flexibility and benefits an unsecured card provides, it provides a minimum means to access funds.

Co – sign your credit card

While you may not have the income or even the required steady income to apply for a credit card, your partner or spouse that is earning can apply for a co – applicant on your credit card. Through this card, both you can the co – applicant will be able to use the function of the card along with sharing the benefits. At the same time, based on the joint income, the factors of the credit card rates will be fixed. While the rates may be low, it will still provide the benefits one will need for any financial requirement. However, when it comes to repaying the borrowed funds, it will be the responsibility of the income earner to repay the due funds.

Good credit score

There are plenty of factors when considering a credit card to apply for. For one, your credit score will be taken into consideration. At the same time, others factors such as your income and debt will also be taken into consideration when applying for a credit card. However, if your credit score is at an exceptional value along with possessing no remarkable debts, you can always apply for a low limit credit card. However, you must ensure that before any expenditure you make on your credit card, you have the means to repay it. If there is any delay in the payments, your debts will increase, which in turn, will affect your credit score.

How to fund a used car purchase with a car loan

Owning a car has plenty of benefits in today’s day and age. For one, it makes it easier to travel to work and back home, especially during peak hours. It also provides you the convenience of traveling when you want to travel to another destination. But when it comes to purchasing a car, not many individuals have the funds to opt for a brand new car. In this case, a second hand car has proven to be a more viable option. Supporting this financial decision is the second hand car loan.

If you are applying for this loan, here is what it you need to take into consideration:

Interest rate

As per any other loan, the interest rate is the one factor you need to take into consideration when opting for a car loan. This factor also determines the EMI’s you will need to pay on a monthly basis. As per the banking standards, a car loan for a new car would be around 10 to 15 %. However, with the used car loan, the interest rates differ between 15 to 18%. This is due to the fact that there is a higher risk for used cars over brand new cars. However, this rate can differ depending on the banking institute you are applying to. It also takes into consideration the make and model of the car you are applying for.

Loan amount

The loan amount for a new car and a used car is considerably different. For one, the loan amount for a new car loan can amount to 90% of the value of the car. However, with the used car loan, the loan amount can vary in-between 75 to 85% of the loan. In this case too, the make and the model of the car is taken into consideration. This also depends on the financial institution you are approaching.

Loan duration

A car loan has a duration of 10 years. This normally applies for a brand new car. However, with a used car, the depreciative value of the car is taken into account. Therefore, when you apply for a car loan for a used car, the tenure for the loan will be anywhere between 5 to 8 years. Some banking institutes will also consider the age and condition of the second hand car when calculating the tenure of the loan.
Collateral

As the car loan comes under the category of secured loan, a collateral must be provided. In this case, the collateral here is the car itself. Depending on the condition, model and state of the car, it will be verified in order to determine it collateral value. At times, add – ons to the car also taken into consideration when calculating the collateral value.