Category Archives: Finance

All you need to know before going to a money lender

Do you want to avail the money through money lenders? Well, one must have the pre-requisite information before getting that money. This data will improve the possibility of getting the money easily with a particularly low amount of interest. There could be various factors such as the credit history, interest rate, mortgage, or charges. By being aware of this information person saves himself from the wrong money lender or less time tenor etc. So, take the time to examine these six aspects before gettingmoney. For more information click here to become good at money lending in toa payoh.

  • Maintain a good credit history

A lower credit score indicates poor debt management and may result in the rejection of your loan application or the imposition of a higher interest rate. You can keep your credit score high by simply paying your bills on time. Automating your payments is a good way to ensure this.

  • Compare the interest rates

Comparing interest rates from various lenders ensures that you get the best deal. On platforms, you can easily compare the rates offered by various financial institutions.This enables you to select money finance at the lowest interest rate.

  • Assess all costs

When a person borrows money there have to be different types of costs that are to be taken care of such as processing costs, repayment, or even the late payment fees. Therefore it is very important to know the exact amount of expenses. This can help manage your finances and determine whether the loan is affordable.

  • Consider your needs to choose the right amount

Make a list of all your needs and requirements, and then prioritize which of the needs you are going to finance with money. There can be many reasons to ask for monetary help like purchasing a new bike, medical operations, a family trip abroad, or marriage. You can determine how much you need to borrow based on the prices and expenses associated with your needs. If your financial requirements are unpredictable.

  • Avoid falling into traps

Throughout the market, some lenders offer artificially low-interest rates or gimmicky schemes. When you read the fine print, these loans are frequently more expensive than expected. They are also sometimes based on floating interest rates. This causes the interest rate to appear low at first, but it can rise significantly over time.

Therefore you must opt for money lenders if you prefer seeking finances through these above-mentioned criteria.

Best sites for money lending

Websites are a different option than borrowing money from a bank or a more traditional online lender. Each website determines the rates and terms and facilitates the transaction.They lend money for a variety of reasons and have varying minimum and maximum loan amounts. The best sites have a simple application process and emphasize their borrower qualifications right away.Here are a few of the best sites for money lending. Click here to become good at money lending in toa payoh.

  • Peeform:

Rates as low as 5.99 percent are available to applicants with excellent credit, but the maximum loan amount is only $25,000. Origination fees range from 1% to 5% of the loan amount. Late fees are $15 or 5% of the amount owed, whichever is greater. There is a $15 fee per payment if you pay by check rather than direct debit from your bank. Failed payments incur a $15 fee per attempted draught. Peerform does not impose any prepayment penalties.

  • Upstart:

As Upstart takes into account more than just your credit score, it is ideal for borrowers with a limited credit history. Upstart was created by a group of Google employees in the year 2012 who started it over 7.8 billion dollars in consumer loans. With the slogan “You are more than your credit score,” the company claims that its underwriting software can help identify the future prime borrowers based on education and employment history.

  • Prosper:

Prosper was the first peer-to-peer lending marketplace in the United States, founded in 2005.Since then, the company has helped more than $770,000 borrowers obtain financing.Borrowing amounts of up to $40,000 are available to qualified applicants, with interest rates starting as low as 7.95 percent.Your debt-to-income ratio must be less than 50%, and some of your stated income must be greater than $0.

  • Funding Circle:

Funding Circle was founded in 2010 and currently has 100,000 investors. The company has assisted 90,000 small businesses in obtaining funding to help them achieve their objectives. Origination fees range from 3.49 percent to 6.99 percent. Late payment penalties are 5% of the missed payment and are assessed after 10 days. You must have been in business for more than three years and have had no bankruptcy filings within the last seven years. Nevada-based businesses are not eligible.

Therefore, these are the best sites that one can use as money lending options after reviewing all the formalities and pre-requisites.