GOLD OR REAL ESTATE: WHICH ONE IS THE BETTER INVESTMENT?

To buy gold or real estate, that is the question. If you are savvy enough with these things, it may sound as though we were comparing apples to oranges. And up to a certain point, we are. However, before we delve into which is the better option, let us begin with the features they hold in common. Both forms of investment share at least three features. The first one is rarity, next is durability and lastly scarcity. Given these similar characteristics, it may be hard to decide, but it is way nobler to know the differences between the two before you trade cash for gold.

In the real estate corner, most of the people who study these things will tell you that real estate does well. In fact, investment in real estate would afford an investor income in rent, for example. However, the crash of 2008 was enough to remind us all that housing prices too can fall. Real estate was also at the heart of the Asian crisis in the mid-90s, the lesson here being that no investment option is really foolproof to the vagaries of outrageous fortune. Then again, gold is a lot more portable than real estate. Gold’s suitability in this case becomes even more pronounced during times of calamity, natural and man-made.

Investing in gold, investing in the long-haul

Gold as a commodity is best for the long-haul. The numbers show that gold is a good asset to hold, and has less volatility than stocks. It is even more attractive of an asset when planning for retirement or if you are planning to pay for your kids college fees. Even in the event of a downturn, it is unlikely that gold would lose all of its intrinsic value. Visit www.buyandsellgoldsilver.com for more information.

In tough economic times, such as when there is high inflation, the price of gold typically goes up. This is because in such situations, investors trade cash for gold as a way store value and protect their wealth. Gold is viewed as being a stable commodity whose price is not really affected in such downturns. Experienced investment managers will tell you that gold serves as a good foundation in an investment portfolio, and that is due to its lack of volatility in the markets.

Diversified Portfolio

Ultimately, the best approach in developing an investment portfolio is to have a diversified one. You would buy gold and complement it with investment in equities. Ideally, this would be for the long-haul. Real estate would then top up these investments to enable you earn some extra income, especially in times when the housing markets are strong.

It should be clear to you by now that each of these investment options have their pros and cons. You may want to invest in something that guarantees you a quick return, or you may have specific preferences. Discussing your needs with a good gold broker or investment manager will be an important first step in determining how to trade cash for gold, equities or real estate.

 

 

Checkout Unique Finance and get a bonus from me.

Essential Information For Real Estate Investing

Where To Begin Investing in Real Estate

There very well may be more pieces of advice pertaining to real estate investing than there are pieces of property available. While land is limited, opinions are not. Because dumb luck isn’t dependable, the best piece of advice is to make sure you understand the basic principles of a good real estate investment. Here are some essential tips to increase your chances of profiting.

Learn Everything You Can About the Location

Emerging neighborhoods or established areas that are growing or becoming trendy represent good opportunities. Don’t get swept up in hype and overpay if you’re late on the scene, however — prices may have peaked. Still, location typically is even more important to investing success than the condition of the actual property. Also research income, employment and age demographics — and even local crime rates.

Adhere to the 1 Percent Rule

If the primary objective of your investment is to generate rental income, the monthly rental income should be no less than 1 percent of the purchase price (e.g., a $250,000 property should rent for at least $2,500 a month). This will create an annual 12 percent return — minus overhead, of course (repairs, taxes, etc.) — and typically lets you recoup your initial investment in a reasonable timeframe.

Understand Taxes and 1031 Exchange Opportunities

Taxes are complicated. Property taxes will offset some of your revenue. Your income taxes may be further reduced by a property depreciation write-off. An investment strategy called a 1031 exchange also has tax implications, allowing you to defer capital gains taxes when you sell one investment property and re-invest the proceeds in a subsequent investment property. Consult a tax professional for help with these scenarios.

Here are more basics that are less complicated, but still important:

  • Understand the big picture. Track the performance of the U.S. economy as a whole. The best real estate opportunities may present themselves during a recession or the initial stages of recovery.
  • If you have a real estate investment portfolio and not just one property, spread the risk among different industries and locations.
  • Have a plan. Outline both short- and long-term goals before getting started. Have a budget and an ownership timeline in mind, especially if you are rehabbing a property.
  • Trust experience. Talk to other investors, join real estate investment groups — just don’t rely on any sources making get-rich-quick promises.
There are no guarantees when it comes to real estate investing, but sticking with tried-and-true principles beats flying blind. For more tips, see the accompanying infographic.

 

Author bio: Dalton Sullivan is Associate VP at Precision Global Corporation, a venture capital company. Sullivan has vast knowledge of 1031 exchanges as well as senior housing investing. He has a passion for business development, real estate investing and building lifelong, professional relationships with investors.

 

Checkout Unique Finance and get a bonus from me.

Revitalizing The Entrepreneur Spirit Within You

What Does it Take to Really Become a Successful Entrepreneur

Are you tired of feeling less creative and innovative? You have a chance to resurrect the entrepreneurship spirit in you. It is your attitude and approach to challenges, failures and successes that will bring change.

We are not born entrepreneurs. We become entrepreneurs through education and experiences. So, rise and shine, because when you become an entrepreneur you become a friend to the world. Entrepreneurs are important in our day to day living. Take for example, where would we be without the creative mind of Bill Gates?

Entrepreneurship spirit is not something we achieve overnight. It is a characteristic that develops in people who show passion for building something great from nothing. A person with an entrepreneurship spirit is able to push himself/herself beyond limits. Their ultimate goal regardless of the ups and downs is to become world’s biggest entrepreneurs.

First and foremost, here is how you can tell whether the entrepreneurship spirit in you is still alive;

  • Are you quick to execute?

Do you act on ideas or you are too scared to go out and try them out? Like the bible says, “Faith without action is dead”. You cannot wait for success to come knocking on your door without taking action. Whether for success or failure, an entrepreneur is not afraid of executing his/her ideas.

Those with entrepreneurship spirit are not afraid to lose. Nonetheless, they do not jump into things blindly. They play calculated moves but have in mind that success is not guaranteed.

  • Are you an optimistic individual?

Day in day out, an entrepreneur is optimistic by nature. As much as success is not guaranteed, they are always positive about their outcome. If you are seriously seeking to enter the world of entrepreneurship, you should be more optimistic than ever.

Regardless of whether they are running a small or big business, good entrepreneurs don’t compromise on quality. Imagine yourself as a paper and packaging dealer for a minute. Custom boxes, custom packaging, binders and folders would be your ideal products. As the entrepreneur you are, you would work to deliver on quality, right?

Business is all about making the customer happy and good quality products is one sure way to make the customer happy.

Do the four characteristics above reflect who you are? If not, then your entrepreneurship spirit needs to be activated as soon as possible. It’s the entrepreneurial spirit that will stir up the business person in you. Read below for ways on how to activate and maintain your entrepreneurship spirit.

  • Believe in yourself – before anything else, believe that you have what it takes. Stand behind your convictions and never lose hope. If you see yourself as a failure, you will never reach your goals. A positive mind makes a good business person.
  • Take action – step towards your goals, purpose and objectives with a positive mind. Whatever ideas you have, do not belittle them. You do not want to miss an opportunity just because you think your ideas are not worthy of trial.
  • Hire innovators – have a team of people who can take your business to the next level. A less innovative person will pull you back in regard to success. Hiring innovators will ensure that you are heading in the right direction.
  • Talk to other entrepreneurs within your field of expertise– whether as an individual or as a company, take time to listen to other people’s success stories. Believe it or not, their stories will motivate you.
  • Build confidence in your abilities and focus on your strengths rather than weaknesses. Pay more attention on what you can do and concentrate less on your incapability.
  • Be excited about what you do – even if your steps of reaching your goals are too slow, always feel good about yourself. As long as you are making steps, that’s a good thing no matter how small they are. Celebrate every achievement.
  • Treat clients’ needs with urgency – a good entrepreneur MUST deliver according to the clients expectations. Time is money, so if you have employees who are dragging their feet in matters pertaining the clients, let them go. They are bad for business.
  • Leave room for growth – as an entrepreneur, you should focus on growing your business. If your business is not recording any progress, then something is wrong.

Surround Yourself With Business Minded People

To become a successful entrepreneur you should have a head for business. Whether you have the money or not, your approach to life and business is what really matters. Basically, as an entrepreneur you will have to surround yourself with business minded people, right? That being said, you will have to hire a team of diligent, competent and optimistic employees.

The kind of team you have, will determine the places where your business goes. If you are aiming to scale higher heights, make sure you have employees who are ready to face the odds. Always remember that Success is earned.

ThePaperWorker is an online custom packaging business. If you are interested in good quality, high maintenance, stylish and durable custom boxes, custom folders and/or custom binders? Check out variety of these and much more on https://www.thepaperworker.com/custom-boxes/

 

Checkout Unique Finance and get a bonus from me.

A Budget Business: Online Ventures to Start with Zero Money

Is an OnLine Internet Business For You

Unlike with a bricks and mortar store, an internet business doesn’t necessarily require a substantial amount of capital for you to get started. If you have a computer, a hard work ethic and a good online business idea, you could soon be making a superb annual revenue. If, however, you are stuck for ideas and are looking for a light bulb moment, here are some online ventures to start with zero money.

Drop Shipping

The beauty of drop shipping is you don’t need to have cash in the bank to sell high-quality products to your customers.

For example, you will not need to purchase a large inventory of products, as you will only buy an item from a wholesaler when a customer places an order on your website.

Plus, as they will keep the products in their warehouse and will process a delivery to a customer, this can reduce your overheads even further.

You will, however, need to find the right product to sell on your website to make a great profit.

For example, if you want to develop an e-commerce clothing brand, you should find reputable t-shirts, trousers and hoodies suppliers, which could cater to consumer demand.

 

Digital Information Products

An internet business also allows you to sell digital products, which should provide your customers with value for money. As you’ll have no physical products to sell, you will not need to worry about manufacturing, warehousing or distribution.

You can, therefore, create information products for free, which you can then sell for a fixed price to a customer.

Some of the most popular digital information products include:
  • eBooks
  • Travel guides
  • A recorded webinar
  • Videos
  • An audio interview
  • Instructional booklet

It is, however, essential to make sure the digital product is both engaging and useful to generate a sizable amount of sales.

An Online Consulting Business

If you have extensive experience in a field and believe you have considerable knowledge you can pass on to others, an online consulting business could be an ideal option.

It is easy to get started, as you will need to set-up a website, identify a target market, set consultancy rates, and start networking in your industry to attract clients.

It can be a rewarding online venture, as it will enable you to earn a living while passing on your expert knowledge to other professionals, which can help them to excel in their chosen field.

Video Monetization

There are many online video publishing websites that allow you to monetize your videos, such as YouTube. If you can produce high-quality, informative, or entertaining videos on your smartphone or computer, you could earn a substantial profit.

Profitable YouTube video ideas can include:

  • How to videos
  • Cooking videos
  • Gadget reviews
  • Book reviews
  • Online tutorials
  • Blogger interviews
  • Fitness videos
To start monetizing your videos, you will need to link your channel to Google AdSense, and you’ll make 68% of the ad revenue. If a user watches 30 seconds or more of an advertisement, you’ll receive around $0.18 for the view, which can amount to a hefty sum over time.

 

Checkout Unique Finance and get a bonus from me.

How PPI Claims And Compensation Have Affected The UK Economy

 

Payment Protection Insurance

PPI, perhaps the most high profile scandal in British financial history, has naturally earned its notoriety over the past few years since the reveal in 2011 that millions of British consumers had been mis-sold the insurance. With billions of pounds worth of compensation being paid out since, it has had a catastrophic impact on the UK. In this article we’re going to evaluate that very influence as we take a look at how ppi claims and compensation have affected the UK economy.

PPI: The History

Before we assess the impact that PPI had on the UK, let us first give you a succinct insight into its history.

PPI otherwise known as Payment Protection Insurance was sold alongside credit cards, loans and other financial agreements as a failsafe should a borrower’s income ever fall, due to them either being dismissed from their job or becoming so seriously ill that they were no longer capable of repaying their loan.

The insurance became increasingly prominent throughout the 90s and into the new millennium as lenders discovered they could add lucrative commissions onto PPI policies. As more and more financial intuitions began to exploit the protective policy for financial gain, a series of civil cases began to be contested in court whereby consumers claimed that PPI’s were essentially ineffective.

This culminated in 2011, when the Financial Conduct Authority officially released a public order stating that millions of PPI policies had been mis-sold to consumers and that they were owed compensation as a result.

It is believed that between the years 1990 and 2010 that over 45 million consumers were mis-sold PPI.

What It Meant For Lenders

As you can imagine such a demand for compensation would have a disastrous impact on any industry and that’s without considering the fines and legal fees each of the UK’s banks and lenders would have incurred as a result of mis-selling PPI.

The most recent total supplied by the Financial Conduct Authority, reported that since January 2011 that £32.9 billion worth of compensation had been paid out to consumers. To put that figure in perspective, that is over triple the £8.77 billion it cost the public to pay for the 2012 London Olympics.

However PPI is still prominent today, having an significant effect on the lending industry with Britain’s most high profile banks, Lloyds, Barclays, RBS, HSBC and Santander collectively setting aside a further £35 billion to cover the overall rising cost of compensation.

A Brief Boost

There is some evidence to suggest that PPI claims and compensation’s effect on the UK wasn’t wholly negative, in fact in the immediate aftermath it actually boosted the UK economy briefly.

In 2012, the country’s overall disposable income was at a low, amongst a rise in unemployment and the recession still looming over UK’s most prolific industries, many households were struggling to buy anything other than necessities.

However as bank’s began to compensate its consumers, household’s suddenly had an additional £2000 to spend on whatever they wanted. This impact was so significant that it actually led to the Independent Office for Budget Responsibility to up its estimate of real disposable household income by 0.5%.

A New Industry

Also the effect of PPI compensation has led to the creation of new jobs, specifically in the form of claim management companies.

Helping consumers to find out whether they are eligible for compensation or not, they hire customer service staff, complaint handlers, call centre executives and many more managerial positions.

Without the PPI scandal’s effect these businesses wouldn’t have been created and thousands of employees wouldn’t have been recruited. However as we approach the 29th August 2019, the PPI deadline, there is much uncertainty surrounding the security of these businesses and their worker’s positons.

There you have it, the exact effect PPI claims and compensation had on the UK economy. Damaging the lending industry, briefly boosting the economy and creating an entirely new industry, whether or not you consider its effect to be positive or negative you cannot debate that it has been vast.

Checkout Unique Finance and get a bonus from me.

“Banks On Notice” Fintechs Are Coming for Checking Accounts and Debit Cards

A New Financial Order

As user behavior among consumers continues to shift towards a mobile experience, fintech offers exciting new technologies that could potentially disrupt existing financial practices and establish a new order.

A majority of commenters perceive consumer banking as the area most likely to be disrupted by fintech companies because most startups have sought to target the end customer directly by providing smart solutions.

The technology provided by fintechs could change the way we transfer money, make payments, and manage our financial lives. As such, it is seen as having the ability to impact customers’ demand for checking accounts and debit cards, and this has the traditional players worried.

Meet the New Players

A PriceWaterhouseCoopers survey reveals that around 83 percent of traditional banks and credit unions believe that they are at risk of losing out their business to fintech companies. This is because new fintech entrants bring with them innovative and cutting-edge digital banking ideas that enable them to cater to the digital generation better than existing practices allow traditional banks to.

One of the major companies looking to change the way consumers bank is Venmo. Venmo is a peer-to-peer system which seeks to enable consumers to send money or request funds from each other using a mobile app. Such a system offers convenience and gives the customer a great deal of autonomy, as they do not have to rely on established financial institutions to send funds.

The New Venmo Card

Venmo is also on the verge of launching its Venmo Card. The card, which operates on the MasterCard network, will make it possible for a user to withdraw funds without having to go through a traditional bank. Payment company, Square, also has a prepaid debit card which functions in the same way, allowing users to make payments with a swipe.

In a related development, online payment system, PayPal offers the PayPal Cash MasterCard, which lets users use funds in their account to pay for goods online, in-stores where MasterCard is accepted, as well as withdraw cash at ATMs.

On its part, online-only lender, SoFi, which offers inexpensive rates for mortgages, personal loans, as well as student loan refinancing, seeks to revolutionize traditional banking models using SoFi Money. The product allows account owners to spend funds using the company’s own debit card. If you prefer to leave your funds in the account instead of spending them, they will earn an annual percentage yield of 1.10 percent.

Other innovative products that could overtake traditional mediums as the primary way individuals spend and send funds or invest include the Acorns Spend card from Acorns and the Stash Banking from Stash Investments, among others.

Fintechs and Account Use: What Statistics Say

Meanwhile, the number of checking accounts has dropped by nearly 100 million in the last six years due to fintech’s growing influence on financial services. A Moebs Services study uncovered that the total number of checking accounts fell from 690 million to around 600 million from 2011 to 2017, representing a 12 percent decline.

 

Checkout Unique Finance and get a bonus from me.

“Banks On Notice” Fintechs Are Coming for Checking Accounts and Debit Cards

A New Financial Order

As user behavior among consumers continues to shift towards a mobile experience, fintech offers exciting new technologies that could potentially disrupt existing financial practices and establish a new order.

A majority of commenters perceive consumer banking as the area most likely to be disrupted by fintech companies because most startups have sought to target the end customer directly by providing smart solutions.

The technology provided by fintechs could change the way we transfer money, make payments, and manage our financial lives. As such, it is seen as having the ability to impact customers’ demand for checking accounts and debit cards, and this has the traditional players worried.

Meet the New Players

A PriceWaterhouseCoopers survey reveals that around 83 percent of traditional banks and credit unions believe that they are at risk of losing out their business to fintech companies. This is because new fintech entrants bring with them innovative and cutting-edge digital banking ideas that enable them to cater to the digital generation better than existing practices allow traditional banks to.

One of the major companies looking to change the way consumers bank is Venmo. Venmo is a peer-to-peer system which seeks to enable consumers to send money or request funds from each other using a mobile app. Such a system offers convenience and gives the customer a great deal of autonomy, as they do not have to rely on established financial institutions to send funds.

The New Venmo Card

Venmo is also on the verge of launching its Venmo Card. The card, which operates on the MasterCard network, will make it possible for a user to withdraw funds without having to go through a traditional bank. Payment company, Square, also has a prepaid debit card which functions in the same way, allowing users to make payments with a swipe.

In a related development, online payment system, PayPal offers the PayPal Cash MasterCard, which lets users use funds in their account to pay for goods online, in-stores where MasterCard is accepted, as well as withdraw cash at ATMs.

On its part, online-only lender, SoFi, which offers inexpensive rates for mortgages, personal loans, as well as student loan refinancing, seeks to revolutionize traditional banking models using SoFi Money. The product allows account owners to spend funds using the company’s own debit card. If you prefer to leave your funds in the account instead of spending them, they will earn an annual percentage yield of 1.10 percent.

Other innovative products that could overtake traditional mediums as the primary way individuals spend and send funds or invest include the Acorns Spend card from Acorns and the Stash Banking from Stash Investments, among others.

Fintechs and Account Use: What Statistics Say

Meanwhile, the number of checking accounts has dropped by nearly 100 million in the last six years due to fintech’s growing influence on financial services. A Moebs Services study uncovered that the total number of checking accounts fell from 690 million to around 600 million from 2011 to 2017, representing a 12 percent decline.

 

Checkout Unique Finance and get a bonus from me.

“Banks On Notice” Fintechs Are Coming for Checking Accounts and Debit Cards

A New Financial Order

As user behavior among consumers continues to shift towards a mobile experience, fintech offers exciting new technologies that could potentially disrupt existing financial practices and establish a new order.

A majority of commenters perceive consumer banking as the area most likely to be disrupted by fintech companies because most startups have sought to target the end customer directly by providing smart solutions.

The technology provided by fintechs could change the way we transfer money, make payments, and manage our financial lives. As such, it is seen as having the ability to impact customers’ demand for checking accounts and debit cards, and this has the traditional players worried.

Meet the New Players

A PriceWaterhouseCoopers survey reveals that around 83 percent of traditional banks and credit unions believe that they are at risk of losing out their business to fintech companies. This is because new fintech entrants bring with them innovative and cutting-edge digital banking ideas that enable them to cater to the digital generation better than existing practices allow traditional banks to.

One of the major companies looking to change the way consumers bank is Venmo. Venmo is a peer-to-peer system which seeks to enable consumers to send money or request funds from each other using a mobile app. Such a system offers convenience and gives the customer a great deal of autonomy, as they do not have to rely on established financial institutions to send funds.

The New Venmo Card

Venmo is also on the verge of launching its Venmo Card. The card, which operates on the MasterCard network, will make it possible for a user to withdraw funds without having to go through a traditional bank. Payment company, Square, also has a prepaid debit card which functions in the same way, allowing users to make payments with a swipe.

In a related development, online payment system, PayPal offers the PayPal Cash MasterCard, which lets users use funds in their account to pay for goods online, in-stores where MasterCard is accepted, as well as withdraw cash at ATMs.

On its part, online-only lender, SoFi, which offers inexpensive rates for mortgages, personal loans, as well as student loan refinancing, seeks to revolutionize traditional banking models using SoFi Money. The product allows account owners to spend funds using the company’s own debit card. If you prefer to leave your funds in the account instead of spending them, they will earn an annual percentage yield of 1.10 percent.

Other innovative products that could overtake traditional mediums as the primary way individuals spend and send funds or invest include the Acorns Spend card from Acorns and the Stash Banking from Stash Investments, among others.

Fintechs and Account Use: What Statistics Say

Meanwhile, the number of checking accounts has dropped by nearly 100 million in the last six years due to fintech’s growing influence on financial services. A Moebs Services study uncovered that the total number of checking accounts fell from 690 million to around 600 million from 2011 to 2017, representing a 12 percent decline.

 

Checkout Unique Finance and get a bonus from me.

Three ways to manage your money more productively

 

Managing your personal finances isn’t as easy as it seems. Rising prices and an uncertain economic climate makes the challenges even greater, which is why it’s important that you take steps to get a firm handle on your money needs, assessing your situation, and making the appropriate changes. The key is simplification, and with the right steps, it’s much easier to manage your money more productively and safely. If you’re looking for ways to keep your finances organized, here are the top three tips that might just keep your wallet full and your financial worries at a minimum.

Record your expenditures

It may sound almost redundant in the days of online banking and mobile phone consumerism, but making a note of what and where you are spending your money can be hugely beneficial. Being able to see just where you’re spending your money (and the amounts) will go a long way to giving you a much greater insight into your monthly budget. Budgeting needn’t be a complicated process, and it doesn’t have to mean denying yourself treats either. It’s more a case of simply knowing how much money you have coming in, and how much is going out. It sounds basic perhaps, but far too many people have higher outgoings than income, and that’s where the problems start. Look at your list of purchases over the last month and see if there are any regular buys which are simply not necessary, and make adjustments to ensure that your money coming in is not overshadowed by the money that then goes out over the course of the month.

Use a personal finance advisor

Having a personal financial advisor is essential if you’re looking at investments or are wondering about your future. Depending on your needs, the right financial advisor can help you to manage even the most complicated of situations and is very well-placed to help you make long-term targets. The right financial advisor will start with a fact-finding check that will cover the full scope of your situation and give them a greater insight into your potential financial growth. There are a variety of financial advisor types, and finding the one that best suits your situation is the first step to a better, more stable future. Look for specialists in your area of interest, and browse a dedicated portal like Buffert (Buffert.se) so that you are better able to take advantage of a dedicated level of experience and insider insights. Those insights will not only mean that you gain access to better advice but also give your finances an extra layer of added protection as well.

Balance your rent/buy costs

It can be very tricky to weigh up the cost benefits of either renting or buying goods and services. Buying items is often (but not always) cheaper in the long-term, whether it’s property, a car, or an entertainment system in your living room. Is it worth spending money on a lawnmower if you only use it for two months of the year? That’s where your initial cost analysis will come in handy. Check your expenditures and make sure that you are not paying out for something that you simply don’t need. Taking the lawnmower as an example, it might be much cheaper to rent one from a local garden center (or even a neighbor). Cost analysis is essential when it comes to making a final decision between renting and buying, and the larger the cost value, the more important that decision becomes.

 

Money Matters

When it comes to your money matters, the most important thing is being honest with yourself about your current situation and where you want to be in the coming years. Having the facts will make all of your decisions considerably easier, and you’ll stand a much better chance of being able to build a comfortable bank balance that will protect your future.

 

Checkout Unique Finance and get a bonus from me.

7 Essential Steps to Get the Best Interest Loans Out Of Personal Loans

Everybody faces a personal financial crisis at least once in his or her lives. Your next payday may be miles away considering your emergency and this may force you to find a good solution for yourself. Borrowing from family is a no go zone and the first resort is to find a personal lender to sort you out. Personal online loans are easier and quickly given compared to other types of loans.

In this article, I am going to highlight to you 7 steps you should follow in order to find personal loans with the best interest loans out there.

  1. Consider The Purpose Of Your Loan

Knowing exactly what the loan is meant for is a good start. Emergency loans are offered on basis of trust and the relationship you have with the lender will determine a lot. Many personal loan lenders nowadays prefer to be provided a reason for the loan application. Therefore, you need to provide a good reason why you should be granted an online loan. Good reasons for a personal loan include medical expenses and other emergency occurrences.

  1. Do Your Research

This can come as easy as going online and searching for good personal lenders for you. You should always opt for lenders who have lesser interest rates. Lower interest rates are what you are searching for after all. Make a list of potential lenders you find and evaluate each. However, you should avoid lenders with abnormally low interest rates since their legibility is questionable.

  1. Borrow From Your Bank

You should take a personal loan from an institute that you already have an account with as they already have a good relationship with you and they will offer you better options, which include friendly interest rates.

  1. Check Your Credit History

Your credit history provides lenders with an image of how you have related with previous lenders. Bad credit history will make personal loan lenders to give you fewer options with exorbitant interest rates so be sure to check on your credit history and make corrections.

  1. Chose A Shorter Loan Repayment Period

While applying for a personal loan, you are advised to go for options that offer shorter repayment periods since they have lower interest rates. However, you should choose a repayment plan that suits your income since you do not want to stretch your income. You should before making an early repayment since some lenders do have a penalty for this.

  1. Pay Your Loan On Time

Paying your loan on time will prevent you from being charged higher interest rates on your balance and also making sure, you maintain a good credit score.

  1. Borrow The Exact Amount Needed

This may not be a factor, that lies with the lender but it ensures that you are not charged interest on additional amounts you did not need. If your medical expense costs $2,000, it is always advisable to borrow no more than that amount.

 

Checkout Unique Finance and get a bonus from me.