A Boon For People Who Need Instant Money

Loans have gradually become an important aspect of our lives. A few decades ago, an individual who would want to borrow a personal loan would have to go through a complicated procedure to avail it. However, with a host of financial companies which came into existence about a decade ago, the concept of borrowing a personal loan has been revolutionised. The financial institutions have explored the possibilities and have come up with much more flexible loans to help cater the needs of people.

What are Personal Loans?

Personal loans are an unsecured form of loans which involve quick sanctioning and easy payout. However, the most intriguing part about a personal loan is that a collateral is not required. Personal loans often include borrowing of an amount to fulfil the needs pertaining to medical, education, gadgets, travel, vehicles, etc. However, you are free to utilise a personal loan the way you want.

What Must you Consider While Borrowing a Personal Loan?

When talking about a personal loan, it is essential that you take three factors into consideration – personal loan amount, tenor and the rate of interest. These three aspects go hand in hand. The amount that you borrow, the tenor that you choose and the rate of interest that you are provided with determines the EMI that you will pay

A personal loan is a great way to overcome shortcomings. It is a boon if you are falling short of the required amount to fulfil your need. There are several ways in which you can utilise a personal loan to its fullest. Here are a few requirements in which you can optimally use personal loans: Financing home renovation: There are many people who want to remodel their home. However, la

Financing Home Renovation: There are many people who want to remodel their home. However, lack of funds is the major obstacle that comes their way. There might be a special occasion where renovating a house is pretty much in culture, under such a scenario you can opt for a personal loan for house renovation. Apart from that even if you wish to add details, put a new roof, or build an extra room; a personal loan will come in handy.

Payment for a wedding ceremony: Almost every individual dreams of a perfect wedding. Especially women, who plan and think about it a lot. Not just the kids but even their parents are keen on the occasion. Most of the parents start saving from the early days. However, such is the cost of marriage in today’s time that savings cannot fulfil the requirements. Thus, borrowing a personal loan does a lot of good under this scenario.

Credit score: A personal loan helps in improving a credit score tremendously. There are various bodies, most prominently, CIBIL which calculates a credit score. A good credit score will help you avail tremendous amount of benefits whereas a bad credit score can hurt your chances of availing any form of a loan. In a personal loan, when you repay your loan on time, your financial credibility with the lender improves significantly.

Paying debts endured on cards: A personal loan is usually borrowed to pay off debts on credit and debit cards. A personal loan might require you to pay a high rate of interest as the nature of the loan is unsecured. However, it is much less than the one you are being charged on your credit/debit cards. Borrowing of a personal loan to clear debts is a very good idea.

These are few options regarding how you can make the optimal use of a personal loan. Apart from these options, you can even use it for investment purpose to make a considerable profit.

Swim Through Negative Equity

�Being able to breathe underwater would be sweet.’ – Cameron Bright

It is exciting to be able to breathe underwater, but when you actually go below the water surface, you will develop breathing issues. Similarly, when your auto loan situation is underwater, you will face myriad problems. In financial terms, being �underwater’ means to have negative equity on your asset such as a car. In simpler words, it is to owe more money to the lender than the actual worth of the car. It means being in an upside down auto loan situation.

How to deal with Negative Equity on your car?

Life may not be always beautiful underwater!

Negative equity occurs when you try to get out of the auto loan before it is paid off. The reason may be you bought a Sedan and now you need a SUV for transportation or you can’t afford the current monthly payments. Nowadays, people need change and variety in driving a car and so they think of buying a new car before pay off the current auto loan.

When you have unpaid balance on your current loan, the situation of upside down auto loan arises. Let us understand the reason behind negative equity in detail:

>>You bought an expensive car that you could not afford because of the high monthly payments.

>>You did not pay a large down payment in the first place which caused a rise in your auto loan balance. As a result, you are stuck with unaffordable monthly payments.

>>You have an upside down auto loan because you are paying high rate of interest. The reason can be your bad credit score.

>>Your auto loan term is too long resulting in slower repayment of the debt.

>>You rolled an old auto loan into your current auto loan which led to a rise in the total debt amount.

Negative equity and Upside Down Auto Loan: Let’s swim to the shore

Accept the fact that you are upside down on your current auto loan. You will have to deal with the difference between the car’s current value and what you still owe on the auto loan. Save yourself from going underwater with these helpful tips and swim to the shore!

>>The outstanding balance isn’t going away so you will have to pay the difference before buying a new car. If you cannot afford to pay now, keep making payments on your current auto loan. It will improve your upside down auto loan situation.

>>You can roll over the difference into your new auto loan. When you opt for it, the balance on the current auto loan amount will be included in the new one. You will have to make higher payments if you choose the option.

>>If lowering down the monthly payments is your top priority, consider refinancing your auto loan and get an extended loan term. It will provide you instant relief from high monthly payments.

>>Work overtime and earn extra bucks to pay off the outstanding loan amount. Working a few additional shifts might be the easiest way to get more cash in your pocket. Also, it will help you to lower the negative equity.

>>Sell your old car. You can get instant cash and it will help in repaying the current auto loan. When it is paid off, you can begin another journey with your new car and a new auto loan.

When you are driving your old car and see a new model of a car passing by, it will give you goose bumps. If you need the luxury of a latest car, you will have to consider your current outstanding auto loan balance. Before making any decision, consider how negative equity on your current car will affect your financial situation. Think about the upside down auto loan and prepare a detailed plan to tackle the plan. Only then, you will have the best chance to swim though the problem of negative equity and reach the shore.

The Income Factor While Buying A Car

The paycheck of your income is spent over a number of things ranging from household items to your monthly payments and dues. When you purchase a car, the gross monthly income becomes a key factor in order to ascertain your creditworthiness. Income provides a clear gateway to the lender to evaluate your plan of repaying the auto loan. Asking the right questions can help you gain clarity on how income can play a huge role in buying a car. A question we frequently struggle with is: Is income influential or irrelevant to the decision of purchasing a car?

Buying a Car: Is your Income important?

So, which income-related questions should you ask yourself as you ascertain the purchase of your car?

Q1) Can I leverage my strong debt-to-income ratio in order to obtain a new car?

The common misconception surrounding cars is that the difference between the incomes of two people determines your auto loan approval. In other words, it is to say that a person with a higher income would be more likely to purchase a new car or get faster auto loan approval. However, a lender ascertains your creditworthiness primarily through your debt-to-income ratio and then through the value of your income. A debt-to-income ratio compares your monthly debts against your income before taxes. Lenders consider a debt-to-income ratio of 36% or lower favorable. Therefore, a strong debt-to-income ratio will put you in a good position to purchase a new car with a long life and low maintenance costs.

Q2) Will I be able to manage the interest rates?

The most effective way to plan the purchase of your car is by assessing the total amount of the auto loan including the interest rate. A winning move to earn you brownie points while negotiating a lower interest rate is to pay a large down payment. The more money you put down, the larger will be your savings in terms of interest rates over the loan term. As you pay a portion of your income in the form of a down payment, it improves your creditworthiness and provides less risk to the lender.

Q3) Can I improve my approval chances with a high credit score?

Along with a good income, a good credit score equally increases your chances to get approval for the auto loan. A good credit score positively displays how well you have managed your finances and credit. A FICO score of 700 or above is ideal for quick approval. You could start by improving your credit score before you set out to purchase your car. A few methods to build your credit score include paying off any pending debts, keeping a low balance on credit cards and becoming a cosigner. As a good credit score can overshadow the situation of a low income, it becomes imperative to get your credit score to an ideal level before purchasing your next car.

Purchasing a car is no longer a luxury but an absolute necessity. So, naturally, while purchasing a car we want to make sure we get the best deal. In order to purchase your dream car, you need to ask yourself the right income-related questions and evaluate your financial standing. Moreover, with the right preparation about debt-to-income ratio and credit score, you can get one step closer to the car of your dreams.

Learn The Most Important Thing While Buying A Car

For many of us, buying a car is a way of fulfilling a life-long dream. Even though a car purchase is a common phenomenon, many make mistakes and end up paying with their credit scores. When dealing with the four-wheeled beauty, you must be diligent and strive to get the best deal. No matter what you do, there is one important thing that you cannot miss while buying a car.

Research: The Key to buying a Car with Bad Credit

If you have a bad credit history or any other problem that makes your credit application weak, the game changes for you. In an ideal world, the lender and the dealer should treat you as they treat a good credit borrower. You should be able to buy a car of your choice and obtain affordable interest rates. However, the real world is cruel and you will face discrimination on the basis of your credit score. If your credit score is below 580, lenders will consider you as a risky credit seeker and ask you to bring a down payment and a cosigner. So, how to come out as a winner and buy your favorite car with bad credit?

If you are unable to buy a car quickly, you need to research. Knowledge is power. And, when you do not have an upper hand while buying a car, you need all the knowledge in the world to secure the best deal.

Do you really want a Car?

When you are buying a car, it is important to take a hard look at your financial situation. Can you afford to buy a car? Will monthly payments put a burden on you? If you need a car to commute, it is essential that you cut down on your expenses to ensure regular monthly payments.

Spend time in selecting a Car

Thinking of buying a car and selecting a car are two different things. Do not settle for a used car because you cannot afford a new one. Search for discontinued car models in your area so that you can get your hands on a new car at a reduced rate.

Visit more than One Dealer

Never deal with the first dealer you visit. Even if you are in a hurry to buy a car, make sure that you visit at least three dealerships. Learn the different car options available at the different lots. Talk to the salesmen and negotiate an affordable price for the car. Also, search online and learn about auto auctions to get the best deal on a used car.

It’s Time for Auto Loan Research

If you do not make a right auto loan decision, it will pinch you every time you make the payments. So, find an auto financing company who works with bad credit car buyers. Ask questions about their loan process. If you are a member of a credit union, you can seek financing from them.

Do not worry about getting negative hits on your credit score. Fair Isaac Corporation understands that one cannot obtain an auto loan without rate shopping. If you find an auto loan within 30 days, the different inquiries will not have a negative impact on your credit score. So, do not worry about working with different lenders to find the best deal.

The Bottom Line

When you credit score is not excellent, you need to spend more time in research so that you do not end up paying more. Do not make a hasty car buying decision. Spend ample time in researching a car model as well as the lender. Remember that the time you spend now will leave you stress-free forever.

Risk Factors And Symptoms Of Diabetes

Blood glucose levels are controlled by insulin. Insulin is a hormone produced by the pancreas which lowers the blood-glucose level. When food is consumed and digested, our blood-glucose levels become elevated. This would in turn trigger the release of insulin to normalize the blood-glucose levels by promoting the uptake of glucose into our cells. Diabetes affects an estimate of 29.1 million people, 9.3% of the population, in the United States. In addition, another 86 million people may have prediabetes and they do not know it.

Over a long period of time, diabetes may lead to blindness, kidney failure and nerve damage. These are the result of damage to small vessels which is referred to as microvascular disease. Diabetes also plays an important factor in accelerating the hardening and narrowing of the arteries which would then lead to strokes, coronary heart disease and other large blood vessel diseases which is known as macrovascular disease.

Some causes of diabetes are due to the insufficient production of insulin, production of defective insulin or the cell’s inability to use insulin properly and efficiently. The cell’s inability to use insulin properly and efficiently affects mostly the muscle cells as well as fat tissues. This results in insulin resistance which is the main problem in type 2 diabetes. The absolute lack of insulin is the main disorder in type 1 diabetes. In type 2 diabetes, a steady decline of beta cells add on to the process of elevated blood sugars. Basically, if a person is resistant to insulin, the body can, to a certain extent, increase production of insulin thus overcoming the level of resistance. Overtime, if production decreases resulting in a slowdown of the release of insulin, diabetes develops.

There is no definite way to know if you have diabetes without having to undergo blood tests to determine your blood-glucose levels. As a result, many people are unaware that they have diabetes, especially in the early stages when symptoms may not be present.

However, some of the potential early tell-tale signs of diabetes are:
1. Increase urine output which would then lead to dehydration. Dehydration would also cause increased thirst as well as water consumption
2. Weight loss would still occur despite an increase in appetite resulting from a relative or absolute insulin deficiency
3. Fatigue
4. Nausea and vomiting
5. Frequent infections such as infections of the bladder, skin and vaginal areas.
6. Blurred vision may also occur as a result of fluctuations in blood-glucose levels

Some people are more prone to diabetes due to certain risk factors. Risk factors for type 1 diabetes are not well understood but family history is a known risk factor for type 1. On the other hand, many risk factors are known for type 2 diabetes and some of these factors are:
1. Being overweight or obese
2. High blood pressure
3. Family history
4. Sedentary lifestyle
5. Increasing age