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loans

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Secured & Unsecured Loans: Which Is Best For You?

loan tips and factsIf you have been looking into consolidating your debts, or freeing up cash for an essential purchase, then you will have come across secured and unsecured loans. But which one is best for your situation? Find out right here.

Secured & Unsecured Loans

There is a simple difference between secured and unsecured loans. Secured loans are seen by lenders as lower risk because they are taken out against your assets – usually your home. If you don’t pay, the lender can foreclose your home and sell it. Unsecured loans usually have higher interest because they are far riskier for the lender to make; you are just promising to pay them back. So which one is better for your situation?

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July 10, 2015
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Five Common Mistakes Most People Make When Applying For Loans

loan mistakes to avoidAccording to the latest statistics of the World Bank, the economic status of the Philippines has a mixed record. On one hand, there has been an overall increase in life expectancy, Gross National Income, per capita income, and IBRD/IDA operations approved over the years. But, there has been a gradual decrease in the overall level of statistical capacity, annual GDP growth, and current account balance. The World Bank also states that the economy of the Philippines is the 39th largest in the world, which is quite an impressive number and in recent years, it has emerged as a market in both the import and export domains.

With a fast-developing market, the cost of living has also increased. Because of this, making loan in the Philippines is very difficult. Whether you are a small business owner or private individual seeking to build a house or buy a car, you will definitely seek major loan at least once in your life. However, applying for a loan isn’t that easy. It takes a lot of comparison, calculation, and pooling up of resources to get it written on paper. It also does not ensure that your loan will be fault free. Therefore, for the benefit of the progressive Filipino, I have listed the top 5 mistakes people made in taking out a loan and some guidelines on how to avoid them.

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June 3, 2015
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The Do’s And Don’ts Of Unsecured Personal Loans

personal loan tipsAn unsecured personal loan can be a blessing to a consumer who knows the do’s and don’ts of the loan process. An unsecured personal loan is generally a lump sum cash payment that a consumer can obtain without providing the lender with collateral. Collateral usually consists of security items, such as a car or a house that some lender require their applicants to offer up for security on the loan. An unsecured personal loan can provide a consumer with the cash that he or she needs for a wedding, a vacation, pay down credit card debt or whatever reason. However, choosing one lender blindlymay mean missing out on savings when you repay the loan. The following provides tips on the do’s and don’ts of unsecured personal loans:

Do Check Credit Score First

A consumer should not apply for an unsecured loan until he or she receives a clear picture of the current credit rating. A credit score can affect various aspects of a loan such as the interest rate and repayment length. A consumer might be able to increase the credit score and place himself or herself in a higher bracket before applying for an unsecured personal loan. Disputing strange accounts and paying off debt can raise a credit score rather quickly. The credit bureau may remove suspicious accounts within 30 days. A removed account can boost a consumer’s credit score significantly.

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January 9, 2015
Debt

Getting A Loan

laon options when you need moneyAre you in need of a personal loan? If so, you may have more options than you realize to get that loan. Whether you have perfect credit or not so great credit, lets take a look at some options that you have available to you to get that loan.

Ask a Local Bank or Credit Union for Money

When you go to a local bank or credit union, you have a few different loan products that you can choose from. You can apply for a credit card, apply for a personal loan or apply for a home equity loan or line of credit. The credit card and home equity loan are generally reserved for those who have good credit. However, you can usually get a personal loan regardless of your credit score.

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April 10, 2014
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Is There A Benefit To Payday Loans?

can you benefit from payday loansHow many times have you driven down the street and seen a payday loan building? I ask this because these places are almost everywhere and the truth is that they keep popping up. The reason for this is because more and more people are using them as their go-to source for fast cash. What you need to understand about this is a payday loan is both good and bad; it just depends on why you are looking into this option.

Do you know the true benefit of a payday loan?

The true benefit of a payday loan is that you can get them even without good credit. If you have ever gone to the bank and tried to get a loan, then you know that sometimes your credit will prevent you from securing any money. It is because of this that more and more people are heading to payday loan businesses for their money.  Keep in mind, though, that is benefit is a double edged sword.

Payday loans are convenient.

There is also one other benefit that you might not be aware of in regards to payday loans – They can be secured online. The nice thing about a payday loan in today’s economy is that you don’t have to rush to the local loan place to get one; you just have to find an online loan approval site and enter your information. This makes the lending process that much more convenient and enticing.  Again, this benefit could also be considered a double edged sword.

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September 12, 2013