Personal loans – Welcome Echizenshi http://welcome-echizenshi.com/ Tue, 28 Jun 2022 23:49:44 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://welcome-echizenshi.com/wp-content/uploads/2021/06/cropped-icon-32x32.png Personal loans – Welcome Echizenshi http://welcome-echizenshi.com/ 32 32 How to finance a boat https://welcome-echizenshi.com/how-to-finance-a-boat/ Tue, 28 Jun 2022 23:49:44 +0000 https://welcome-echizenshi.com/how-to-finance-a-boat/ Buying a boat can be a fun investment, but it can also be expensive. Prices vary depending on the type of boat you are considering, but the average cost of a new boat is usually between $60,000 and $75,000. In addition to the cost of the boat itself, you also need to consider insurance, maintenance […]]]>

Buying a boat can be a fun investment, but it can also be expensive. Prices vary depending on the type of boat you are considering, but the average cost of a new boat is usually between $60,000 and $75,000. In addition to the cost of the boat itself, you also need to consider insurance, maintenance and fuel costs. If you are considering buying a boat, but need help financing it, there are several options available to you.

Taking out a boat loan can be an excellent way to finance the purchase of your boat without breaking the bank. There are several things to consider before choosing a boat lender, including loan terms, interest rates, and eligibility criteria. Your credit score will play a major role in determining what terms you qualify for.

What is a boat loan?

A boat loan is a type of personal installment loan offered by credit unions, banks, and online lenders. When you take out a boat loan, you start making fixed monthly payments until the loan is paid off. Monthly payments will include a fixed interest rate and any fees charged by the lender.

Lenders generally have the choice between several repayment methods. The term of the loan and the interest rate you qualify for depends on your credit score, debt-to-equity ratio, income, loan size, and whether you choose to take out a secured or unsecured loan.

Types of boat loan

If you want to finance your boat with a loan, you have several options.

Secured loans

Secured loans require you to provide collateral to ensure repayment of the loan. For a boat loan, you would place the boat as collateral, which means the lender could repossess the boat if you stop making payments or fail to repay the loan.

The advantage of secured loans is that they usually come with lower interest rates and higher loan limits because the lender poses less risk. However, you risk losing your boat if you are unable to make the payments.

Unsecured Loans

Unsecured loans do not require any collateral, which means you do not risk losing any physical assets when you apply for these loans. However, unsecured loans have higher interest rates and lower borrowing limits, especially if you don’t have good credit. For borrowers with good to excellent credit, unsecured loans are a great option.

Where to get a boat loan

If you decide to take out a loan to finance your boat, you have several options. A variety of lenders offer boat loans, including traditional brick-and-mortar banks, credit unions, and online lenders. Before choosing an individual lender, it is important to compare the best boat lenders and find the one that will best suit your needs.

Traditional banks

Many traditional banks offer loans. If you have a relationship with a bank that offers personal loans for boat financing, it may be a good idea to consider taking out a loan from that institution. It’s often easier to get the best rates if you’ve worked with a bank in the past, and some banks offer loyalty discounts to customers who have other accounts with them. Working with a bank may also be your best option if you prefer in-person service.

credit unions

Credit unions, like banks, usually include benefits for pre-existing customers. Credit unions are usually local institutions that must be members to access their products. If you are a member of a credit union or are considering joining one, you may benefit from lower interest rates and more flexible credit requirements.

Online lenders

Online lenders allow borrowers to apply for and receive a loan completely online. These lenders tend to have faster approval and funding processes than traditional institutions. If you prefer an entirely online experience or need your funds quickly, finding an online lender might be your best option.

What to consider before getting a boat loan

Before applying for a boat loan, there are several things to consider. Once you have chosen a boat and determined the amount of money you need to borrow, you need to check your credit score. Knowing your credit score will give you a better idea of ​​the rates and loan amounts you may qualify for from various lenders. The lowest advertised interest rate is never guaranteed. Make sure you have a good idea of ​​what your interest rate will be before signing with a lender, taking into account any fees charged by the lender.

Lenders offer a variety of loan amount ranges and loan repayment ranges. That’s why it’s so important to know how much you need to borrow before researching lenders. Be sure to factor things like maintenance costs and insurance into the total cost of your boat before deciding how much you need to borrow. Generally, larger loans have longer repayment terms, but the exact terms depend on the lender you choose.

It is essential that you do your research and read the fine print before signing up for a loan.

How to apply for a boat loan

If you decide that taking out a boat loan is the right decision, you can follow these steps:

  1. Calculate how much you need to borrow. Owning a boat costs more than the price of the boat itself. You should factor in boating insurance, maintenance costs, and other potential costs when calculating your expenses.
  2. Check your credit score. Knowing your credit score and having a good understanding of your financial situation will help you determine the loan terms you will qualify for with individual lenders.
  3. Choose your type of loan. Boat loans can be secured or unsecured. Secured loans require collateral. In this case, the warranty would be the boat you are buying. If you don’t want to run the risk of losing your boat, it may be a good idea to take out a loan without collateral.
  4. Research lenders. There are a variety of lenders to choose from. Be sure to review the terms and pricing offered by each, as well as any fees charged or additional perks such as auto-pay discounts and 7-day customer service.
  5. Choose a lender and apply. Once you have decided which lender you want to work with, you can apply online or in person if the institution has branches. If you’re deciding between lenders and want to see exactly what the terms will be, many lenders allow you to prequalify without hurting your credit score. This allows you to see exactly what you would qualify for with that lender.
  6. Prepare the necessary documents. During the application process, you will need to provide supporting documents such as pay stubs, W2s, proof of residency, driver’s license, and other documents that show your financial situation.

Alternatives to boat credit

If you don’t want to buy a boat with a personal loan, you can consider other options.

Pay in cash

If you have enough money saved up and are able to afford it, paying cash for your boat might be a smart move. Although taking out a loan allows you to build up credit, paying in cash allows you to avoid additional fees and interest. It also means that your debt ratio and credit score will remain unchanged since the purchase.

Rent a boat

Buying a boat is a commitment that requires regular maintenance, insurance and other expenses. If you want the experience of driving a boat without a long-term commitment and without additional costs, you can consider renting a boat. This would allow you to gain the experience without making any commitment.

Marine financing

Financing through the dealer you buy the boat from is probably the most convenient financing option. Working with the dealer’s finance office can reduce the time spent looking for loans. Sometimes dealers offer special perks like rebates and manufacturer offers. However, financing through a dealership tends to be more expensive, with higher interest rates and longer repayment terms that require you to pay more interest.

At the end of the line

If you want to buy a boat and are financially ready to commit, there are several ways to finance it. However, unless you can pay cash, taking out a boat loan is probably your best bet. Be sure to research the best boat lenders carefully and get quotes from a few different lenders before settling on one. It’s also important to know exactly how much you’ll be paying each month, so try using our boat loan calculator before applying for your loan.

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Rising interest rates mean it’s time to eliminate credit card debt https://welcome-echizenshi.com/rising-interest-rates-mean-its-time-to-eliminate-credit-card-debt/ Sat, 25 Jun 2022 16:45:00 +0000 https://welcome-echizenshi.com/rising-interest-rates-mean-its-time-to-eliminate-credit-card-debt/ Credit card debt can be difficult to manage, even at the best of times, but increasingly high interest rates add to that challenge. On Wednesday, the Federal Reserve announced a 0.75% increase in the federal funds rate – its largest increase in nearly 30 years. Increases in this rate tend to make borrowing more expensive, […]]]>

Credit card debt can be difficult to manage, even at the best of times, but increasingly high interest rates add to that challenge.

On Wednesday, the Federal Reserve announced a 0.75% increase in the federal funds rate – its largest increase in nearly 30 years. Increases in this rate tend to make borrowing more expensive, which means maintaining a balance on your credit card can become more expensive.

But by creating a plan to pay off your credit cards in the coming months, you can save money on interest. Whether you’re tackling debts one at a time or consolidating under a fixed rate product like a personal loan, there are strategies that can help.

Why You Should Prioritize Credit Card Debt

Most credit cards have a variable interest rate, which means the rate can go up and down depending on a few factors, including market conditions. While fixed rate products like personal loans may not see as much change in interest rates when the fed funds rate rises, variable rate products like credit cards likely will.

Higher rates on credit cards mean people will start paying more for a balance, at a time when household budgets are already stretched due to rising consumer costs, says property expert Jeff Arevalo. -be a financier at the non-profit credit counseling agency GreenPath.

It can also mean that progress on other important goals, like saving for a house, is being sidelined as more people focus on making ends meet. However, Arevalo says there is still plenty of time to get ahead of a rising rate environment.

“When [the Federal Reserve increases] interest rates, it can take a month or two for it to have a full impact on credit cards, so ideally consumers can be proactive,” he says. “If you know these changes are coming and you’re carrying these higher credit card balances, the key is not to be paralyzed by fear.”

Tackling Your Credit Card Debt: First Steps

Brittany Davis, a certified financial counselor who works with people struggling with credit card debt, says the first steps to getting out of debt can be the hardest for clients.

First, you have to face the extent of your debt. Davis advises keeping track of your balance, minimum monthly payment, and interest rate for each credit card to get an overview of what you owe.

Then, she says, you can use an online tool, like a debt repayment calculator, to plug in the numbers and compare different strategies. Two popular winning strategies are the avalanche and snowball methods. With the avalanche method, you start with the debt with the highest interest rate and work your way down, which generally saves you time and money on interest. With the snowball method, you start with the smallest debt and progress gradually, which builds motivation.

Another advice from Davis: Stop using your credit cards for now, which means looking at what sites and apps they’re already linked to. While you might remember not using a credit card when you make a big purchase, it’s the small, recurring expenses like monthly subscriptions that surprise you.

“Money moves fast now,” Davis says. “It’s easy to forget where our maps are linked. If you’re really serious about not using a credit card when paying, be sure to switch those accounts to a debit card.

Other Strategies to Fight Credit Card Debt

If your debt feels too overwhelming to deal with the avalanche or snowball method, there are other strategies that can help lighten the load.

Negotiate with your creditors. It never hurts to phone your creditors and ask what they can do for you, says Davis, especially if you already have a relationship with them. Your bank or credit union may provide a lower rate, waive fees, or provide a higher credit limit, which may reduce your use of credit and help you access low-interest financing at home. ‘coming.

Beware of the effects of what you ask. For example, extending a higher credit limit may require high credit demand, which may temporarily knock a few points off your credit score.

Consolidate your debts. If you have high-interest debt on multiple credit cards, consolidating is a smart move, especially if you qualify for a lower rate than you’re getting on your current debt.

At 0% balance transfer card is one of the best ways to consolidate your debt if you have good or excellent credit (FICO score of 690 or higher). These cards charge 0% interest for a promotional period – sometimes up to 21 months – so if you transfer your debts to the card and pay it off during this period, you won’t pay any interest. Some cards charge a balance transfer fee, usually 3% to 5% of the total transferred.

If you are not eligible for a balance transfer card, a debt consolidation loan is another good option. These loans are available to borrowers from all credit backgrounds, but they charge interest, which is fixed over the term of the loan, so you’ll make the same payment each month.

Contact a credit counseling agency. Finally, you don’t have to go it alone. Arevalo recommends finding a reputable, nonprofit credit counseling agency that can help you budget, negotiate with creditors, or get into a debt management plan.

A debt management plan typically consolidates credit card debt at a lower interest rate and gives you a three to five year repayment plan. You may be charged a start-up fee and monthly fee for using this service.

More from NerdWallet

Jackie Veling writes for NerdWallet. Email: jveling@nerdwallet.com.

The article Rising interest rates mean it’s time to eliminate credit card debt originally appeared on NerdWallet.

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How to deal with a valuation gap on a house https://welcome-echizenshi.com/how-to-deal-with-a-valuation-gap-on-a-house/ Tue, 21 Jun 2022 20:39:16 +0000 https://welcome-echizenshi.com/how-to-deal-with-a-valuation-gap-on-a-house/ A valuation gap occurs when a home is appraised for less than the price you offered. Valuation discrepancies can increase your personal expenses or even force you to forego a purchase. Including a valuation gap guarantee with your offer can help avoid losing a home due to valuation issues. Loading Something is loading. A Evaluation […]]]>
  • A valuation gap occurs when a home is appraised for less than the price you offered.
  • Valuation discrepancies can increase your personal expenses or even force you to forego a purchase.
  • Including a valuation gap guarantee with your offer can help avoid losing a home due to valuation issues.

A


Evaluation

is an integral part of the home buying process. But if a home’s appraised value is lower than the price you’ve offered, it can complicate things with your mortgage financing.

However, a valuation discrepancy does not necessarily mean that you will have to cancel the purchase. There are ways around this problem.

What is a valuation difference?

Mortgage lenders

won’t lend you more money than a house is worth. So when you make an offer, your lender orders an appraisal of the home to verify its value. If the appraiser determines that the property is not worth what you offered, you have a problem.

“When an appraisal is low, there’s what’s called a valuation gap – or the difference between the agreed-upon purchase price and the appraised value,” says Bill Gassett, real estate agent at RE/MAX and founder of Maximum real estate exposure. “When a buyer is not financially able to fill the gap, the sale may fail.”

Fortunately, there are several ways to keep the deal alive – and even proactively prevent a valuation discrepancy from derailing your purchase.

How the Home Appraisal Process Works

Lenders order home appraisals to protect themselves if you are unable to repay your loan. For example, if you stopped making payments, they could foreclose, sell the property, and be more likely to raise enough cash to cover your overdue loan balance.

During the appraisal, a real estate professional will inspect the property and assess its current market value. To do this, they will consider the cost of rebuilding or replacing, the value of comparable recent homes sold in the area, and any earning capacity of the property. They will also usually do a physical assessment of the home.

There are several reasons why an appraisal may be lower than what you offered. Home values ​​in the area may have fallen recently, or the appraiser may have discovered flaws in the home or determined that it needs improvements. There is also the possibility that you are simply offering too much for the property, perhaps to beat other buyers or win a bidding war.

As Gassett explains, “one of the downsides of a bidding war is the increased possibility of a house not valuing at the agreed price.”

What is a valuation difference guarantee?

Including a valuation gap guarantee – also known as a valuation gap clause – in your offer can prevent valuation issues from hurting your purchase. They can also give you a head start when bidding on properties.

“It puts in writing the intention of a buyer to cover the difference between the purchase offer and the figure calculated by the expert, up to a certain amount”, explains Tabitha Mazzara, director of operations at the lender mortgage. MBANC. “It’s the buyer’s promise that if the appraisal is lower than their offer, they will return money to the seller to cover funds above the amount the mortgage company would lend on the property.”

Sellers like valuation gap guarantees because they reduce the risk of a bid failing due to valuation issues. As a homebuyer, you can include a valuation gap guarantee to give sellers more confidence in your offer or to help it stand out from other buyers. On the downside, it does mean that you could potentially incur additional fees if the rating is low.

“In a hot real estate market where bidding wars are common, a buyer with a valuation gap guarantee written into the offer will be more attractive to the seller than one without that flexibility,” Mazzara said. . “It could be the difference between getting the house or not.”

3 other ways to deal with a valuation gap

Covering a valuation gap out of pocket is just one way to manage a low valuation. You might also be able to:

1. Renegotiate

You can try to negotiate with the seller and ask them to accept the lower appraised value of the house instead of your original offer. You might also consider asking them to meet you somewhere in the middle, covering you for some of the valuation gap and the seller also agreeing to a price slightly lower than your original offer.

2. Challenge the assessment

If you and your agent think the appraised value is inaccurate, you can dispute it with your lender. To do this, you must write a letter to your lender and include evidence explaining why the appraisal is wrong. Perhaps the appraiser missed features of the home or you found errors in their report. You will also want to include recent, comparable sales that support the value of the property you feel is more accurate.

3. Withdraw from the contract

It’s not ideal, but if you can’t come to an agreement with the seller, a new appraisal won’t support a higher value, and you can’t close the appraisal gap out of pocket, you may need to walk away from the transaction. Keep in mind that this is only possible without penalty if you have included an appraisal contingency in your contract. These allow you to opt out of the deal if the home is not valued for what you are offering.

The bottom line

Valuation gaps can hurt your home buying goals, but there are ways to manage them. If the above strategies fail, Mazzara says, “it’s time to get creative.”

“The buyer can waive the inspection, pre-secure the mortgage, close earlier or later at the seller’s desire, or offer the seller a sale-leaseback,” she says.

Just be sure to talk to your agent about these options before moving forward.

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Head-to-head survey: Private Bancorp of America (OTCMKTS: PBAM) and ING Groep (NYSE: ING) https://welcome-echizenshi.com/head-to-head-survey-private-bancorp-of-america-otcmkts-pbam-and-ing-groep-nyse-ing/ Mon, 20 Jun 2022 04:17:12 +0000 https://welcome-echizenshi.com/head-to-head-survey-private-bancorp-of-america-otcmkts-pbam-and-ing-groep-nyse-ing/ Private Bank of America (OTCMKTS: PBAM – Get a rating) and ING Group (NYSE:ING – Get a rating) are both finance companies, but which company is superior? We’ll compare the two companies based on their dividend strength, earnings, valuation, risk, analyst recommendations, profitability, and institutional ownership. Profitability This table compares the net margins, return on […]]]>

Private Bank of America (OTCMKTS: PBAMGet a rating) and ING Group (NYSE:INGGet a rating) are both finance companies, but which company is superior? We’ll compare the two companies based on their dividend strength, earnings, valuation, risk, analyst recommendations, profitability, and institutional ownership.

Profitability

This table compares the net margins, return on equity and return on assets of Private Bancorp of America and ING Groep.

Net margins Return on equity return on assets
Private Bancorp of America 28.86% N / A N / A
ING Group 23.05% 7.77% 0.43%

Analyst Notes

This is a summary of the current ratings and price targets for Private Bancorp of America and ING Groep, as provided by MarketBeat.

Sales Ratings Hold odds Buy reviews Strong buy odds Rating
Private Bancorp of America 0 0 1 0 3.00
ING Group 0 4 6 0 2.60

Private Bancorp of America currently has a consensus target price of $29.00, indicating a potential upside of 0.00%. ING Groep has a consensus target price of $12.97, indicating upside potential of 28.18%. Given ING Groep’s likely higher upside, analysts clearly think ING Groep is more favorable than Private Bancorp of America.

Valuation and benefits

This table compares the revenue, earnings per share (EPS) and valuation of Private Bancorp of America and ING Groep.

Gross revenue Price/sales ratio Net revenue Earnings per share Price/earnings ratio
Private Bancorp of America $74.70 million 2.17 $20.75 million $4.05 7.16
ING Group $21.88 billion 1.80 $7.04 billion $1.28 7.91

ING Groep has higher revenue and profit than Private Bancorp of America. Private Bancorp of America trades at a lower price-to-earnings ratio than ING Groep, indicating that it is currently the more affordable of the two stocks.

Volatility and risk

Private Bancorp of America has a beta of 0.24, indicating that its stock price is 76% less volatile than the S&P 500. In comparison, ING Groep has a beta of 1.74, indicating that its stock price is 74% more volatile than the S&P 500.

Institutional and insider ownership

5.7% of the shares of Private Bancorp of America are held by institutional investors. In comparison, 9.3% of ING Groep shares are held by institutional investors. Strong institutional ownership indicates that large fund managers, hedge funds, and endowments believe a stock is poised for long-term growth.

Summary

ING Groep beats Private Bancorp of America on 9 of the 13 factors compared between the two stocks.

Private Bancorp of America Company Profile (Get a rating)

Private Bancorp of America, Inc. operates as a bank holding company for CalPrivate Bank which provides personal and business banking products and services in California. The Company’s personal banking services include personal checking and savings accounts, money market, certificates of deposit and retirement accounts; personal lines of credit and term loans; additional services, such as direct deposits, online banking, ATM/debit cards, credit cards, savings/line of credit overdraft protection and safe deposit boxes; and deposit account certificate registration services. Its business banking services include business checking and savings accounts, sweepstakes accounts; and business services including cash management, merchant card, bill payment, positive payment, electronic statement, remote deposit capture, wire transfer services, electronic payments and collections, acceptance of electronic checks, account reconciliation, safe deposit box and gift and business credit cards, as well as funds management services. The company also offers commercial real estate, small business administration, construction, equipment and business expansion loans, as well as working capital lines of credit and letters of credit. The company has offices in La Jolla, San Diego, Coronado, Newport Beach, Beverly Hills, El Segundo, Temecula, Mission Valley and Redlands. Private Bancorp of America, Inc. was founded in 2006 and is headquartered in La Jolla, California.

ING Group Company Profile (Get a rating)

ING Group logoING Groep NV, a financial institution, offers various banking products and services in the Netherlands, Belgium, Germany, Poland, the rest of Europe, North America, Latin America, Asia and Australia . It operates in six segments: Retail Netherlands, Retail Belgium, Retail Germany, Retail Other, Wholesale Banking and Corporate Line Banking. The company accepts various deposits, such as checking accounts and savings accounts; and offers business lending products, as well as consumer lending products, such as residential mortgages, term loans, and revolver and personal loans. It also provides debt capital market, working capital, export finance, day-to-day banking, treasury and risk, and corporate finance solutions; and specialty lending, equity markets, finance, payments and cash management, and business services and solutions, as well as savings, investment, insurance, mortgage and digital banking services. The company serves customers, businesses and financial institutions, including small and medium-sized businesses and medium-sized businesses. ING Groep NV was founded in 1762 and is headquartered in Amsterdam, the Netherlands.



Get news and reviews for Private Bancorp of America Daily – Enter your email address below to receive a concise daily summary of the latest news and analyst ratings for Private Bancorp of America and related companies with MarketBeat.com’s free daily email newsletter.

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Several banks offer Aadhar loans at low interest rates; Here’s how to apply https://welcome-echizenshi.com/several-banks-offer-aadhar-loans-at-low-interest-rates-heres-how-to-apply/ Sat, 18 Jun 2022 09:26:41 +0000 https://welcome-echizenshi.com/several-banks-offer-aadhar-loans-at-low-interest-rates-heres-how-to-apply/ Gone are the days when customers had to wait days for their loan applications to be approved. Customers can now get a personal loan quickly with KYC and just a few important documents like Aadhaar card or PAN card. You […]]]>



Gone are the days when customers had to wait days for their loan applications to be approved. Customers can now get a personal loan quickly with KYC and just a few important documents like Aadhaar card or PAN card.








You can easily apply for a personal loan using your Aadhaar card by following the steps below.





The Aadhaar card is a vital identification document as it is required for many tasks, such as school admissions and opening bank accounts. However, few people know that the same Aadhaar card can be used to get a loan.












You can easily apply for a personal loan using your Aadhaar card. Many banks like State Bank of India, HDFC Bank and Kotak Mahindra Bank offer Aadhaar based loans to their customers.

Before considering this option, you need to know your credit score. Any customer with a credit score of at least 750 can easily apply for a loan using their Aadhaar card. In particular, in such cases, banks apply a low interest rate.

Here’s how to apply for a personal loan using your Aadhaar card

1. Go to the bank’s official website to apply for a loan using your Aadhaar card. In particular, you can apply for a personal loan via the bank’s mobile application.












2. Enter the one-time password (OTP) you received on your mobile phone.

3. Choose the option for a personal loan.

4. Enter the loan amount and other required information, as well as your date of birth and address.

5. Next, you need to upload a copy of important identity documents such as your PAN card and Aadhaar card. After the banks cross check the information you provided, they will approve your loan.

When an Aadhaar card is used as a paperless e-KYC document to obtain a personal loan, the transaction is known as an Aadhaar card loan.












Since the Aadhaar card meets your eligibility criteria for biometric verification, the overall process of getting personal loan approval becomes much easier and faster.











First published: June 18, 2022, 02:34 IST



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Should I change banks? | the ascent https://welcome-echizenshi.com/should-i-change-banks-the-ascent/ Thu, 16 Jun 2022 21:39:12 +0000 https://welcome-echizenshi.com/should-i-change-banks-the-ascent/ Account types and features Most banks and credit unions offer checking accounts, savings accounts, certificates of deposit (CDs), mortgages, personal loans, and more. You may not need some of these services right now, but if you think you might use them in the future, consider choosing a bank that offers them. Also consider any specific […]]]>

Account types and features

Most banks and credit unions offer checking accounts, savings accounts, certificates of deposit (CDs), mortgages, personal loans, and more. You may not need some of these services right now, but if you think you might use them in the future, consider choosing a bank that offers them.

Also consider any specific bank account features you might want. For example, some bank accounts include budgeting tools or the ability to earn interest on debit card purchases. If these things appeal to you, look for a bank account that offers them.

Customer service

Many of us are comfortable with online banking these days and rarely speak to a bank representative. But if there’s a problem with your online account or you have a question about the services, it helps to be able to speak to a live person. See what support options are available to you and check their hours. Phone and email support are the most popular, but some banks may also offer live chat support.

It also doesn’t hurt to get feedback from bank customers. If you know someone who does business with the institution you are considering, you can ask them about their services. Or check out his ratings from independent agencies like JD Power.

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Citibank Personal Loans Review | the ascent https://welcome-echizenshi.com/citibank-personal-loans-review-the-ascent/ Tue, 14 Jun 2022 21:03:44 +0000 https://welcome-echizenshi.com/citibank-personal-loans-review-the-ascent/ Main advantages Loans for as low as $2,000 It’s handy to be able to borrow as little as $2,000, especially for those who only need the funds to cover a much-needed home or car repair. Relatively low APR Borrowers with a good credit score can benefit from a competitive fixed rate. This is ideal for […]]]>

Main advantages

Loans for as low as $2,000

It’s handy to be able to borrow as little as $2,000, especially for those who only need the funds to cover a much-needed home or car repair.

Relatively low APR

Borrowers with a good credit score can benefit from a competitive fixed rate. This is ideal for anyone looking to consolidate high interest debt into a single loan.

No setup fees or prepayment penalties

An origination fee is an amount added to the total amount borrowed. It is intended to cover the administrative costs associated with the loan. A prepayment penalty is sometimes charged to a borrower if he repays his loan earlier than expected. The fact that Citibank does not charge origination fees or prepayment penalties automatically saves borrowers money.

Long repayment plan

With 12, 24, 36, 48 or 60 month repayment terms, borrowers can pay more each month and withdraw the loan sooner or pay it off at a slower rate with lower monthly payments.

What could be improved

Must have a Citibank deposit account

A huge hoop to jump through is Citibank’s rule that only current account holders can apply for personal loans. Unless a borrower has held a Citibank deposit account for at least 12 months, they are not eligible to apply.

Mailed checks can take five days or more to arrive

The only way to receive funds in one day is to opt for direct deposit. Customers who prefer to receive a check can wait five or more business days from the time the loan has been approved.

No opportunity to prequalify

With most personal loans, borrowers can prequalify. They provide the lender with basic information and the lender runs a “soft” credit check that does not impact their credit rating. Once a lender has completed the due diligence, they let the borrower know if they are likely to be approved for the loan, and if so, what their APR will be. With Citibank, a borrower must complete an application and go through the entire approval process before knowing if they qualify or how much they will pay in interest on the loan. This rigorous credit check will reduce their credit score by a few points.

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Reviews | Personal finance course should be required in high school https://welcome-echizenshi.com/reviews-personal-finance-course-should-be-required-in-high-school/ Sun, 12 Jun 2022 13:31:22 +0000 https://welcome-echizenshi.com/reviews-personal-finance-course-should-be-required-in-high-school/ Placeholder while loading article actions One of the best gifts state and local lawmakers and teachers can give high school graduates is a solid financial education. Michigan is on its way to becoming the 14th state make a personal finance course mandatory before students graduate from high school. This should be a requirement across the […]]]>
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One of the best gifts state and local lawmakers and teachers can give high school graduates is a solid financial education. Michigan is on its way to becoming the 14th state make a personal finance course mandatory before students graduate from high school. This should be a requirement across the country. Every student graduating from a public high school should take at least one semester of basic personal finance.

High school graduates will soon face the challenges of finding jobs, paying bills and taxes, finding housing, and managing credit cards, bank accounts, mortgages, student loans and more. Some teens face these burdens even before they graduate because they have to help support their families. Money management is daunting at any age, but it’s especially difficult when you’re just starting out. Losing even a little money at first to fees, fines, or bad investments can be crippling, and bad credit can linger and hurt a young person for years.

Less than 1 of 4 high school students must take a personal finance course before graduating, according to Next Generation Personal Finance, which evaluates high school curricula and advocates for all students to have access to basic monetary education by 2025. The situation is even worse at many majority nonwhite and low-income schools. Only about 1 in 20 black and brown college students have the opportunity to take a personal finance course before graduation, unless they live in a state that offers it to everyone, the organization found.

Critics of these types of programs argue that they are a band-aid that hides deeper problems in the US financial sector where low-income families and people of color often fall prey to high-fee products and, in some cases, face outright discrimination. in access to loans and other basic services. Personal finance courses are not a magic bullet. But they must go hand in hand with efforts to reform the banking system to make it fairer for all. Giving young people a basic education about how the financial system works is not just about helping them avoid the worst options; it’s about helping them choose the best path.

Likewise, those who argue that all students need a basic understanding of math and compound interest are naïve. Today, being savvy about personal finance is as much about knowing how to navigate paperwork and legal terms as it is about knowing basic math. Customers have to choose between different bank accounts and fee structures, different types of loans, and traditional banks versus non-bank lenders. The recent outbreak ofbuy now, pay laterin many stores is another reminder of how quickly old ideas can be repackaged for the digital age and catch consumers off guard. And then there is the rise of bitcoin and other cryptocurrencies.

The fact that Michigan’s bill passed with an overwhelming majority shows what a rare bipartisan issue this is. We’re glad to see that Virginia is one of the top-ranked states for personal finance education, according to Next Gen Personal Finance. Maryland is ranked in the middle and DC is unfortunately ranked 49th. Personal finance should be as essential to a secondary education as Shakespeare and algebra.

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Turkey announces measures to support the economy, prioritizing the fight against inflation https://welcome-echizenshi.com/turkey-announces-measures-to-support-the-economy-prioritizing-the-fight-against-inflation/ Fri, 10 Jun 2022 12:43:00 +0000 https://welcome-echizenshi.com/turkey-announces-measures-to-support-the-economy-prioritizing-the-fight-against-inflation/ A man looks at a butcher shop window in Ankara, Turkey February 16, 2022. REUTERS/Cagla Gurdogan Join now for FREE unlimited access to Reuters.com Register Treasury launches income-indexed bonds for state enterprises The central bank and banking watchdog also announce measures Inflation soared to 73%, lira down 23% this year Analysts are skeptical about what […]]]>

A man looks at a butcher shop window in Ankara, Turkey February 16, 2022. REUTERS/Cagla Gurdogan

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  • Treasury launches income-indexed bonds for state enterprises
  • The central bank and banking watchdog also announce measures
  • Inflation soared to 73%, lira down 23% this year
  • Analysts are skeptical about what the latest measures can accomplish

ISTANBUL, June 10 (Reuters) – Turkey’s Treasury said on Friday tackling inflation remained its top priority after authorities announced new measures to support an economy beleaguered by soaring prices and falling lira , although analysts expected the latter measures to have little effect.

The Treasury said it would issue national bonds indexed to the income of state enterprises to encourage savings in lira assets, the central bank raised the reserve requirement ratio for commercial lira loans from 10% to 20% and the bank watchdog changed a maturity limit for consumer loans.

“The fight against inflation remains the top priority. In this fight, the importance of coordination between institutions is clear and all our institutions act with the understanding of a common fight,” said a statement from the Treasury.

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The steps caused volatile lira trading. It firmed up to 16.8 to the US dollar before the announcements before falling back to 17.3 after their unveiling. It traded at 5:21 p.m. 08:00 GMT after the latest Treasury statement.

The pound has fallen 23% this year following last year’s 44% plunge, which was precipitated by a series of unorthodox central bank rate cuts carried out under pressure from President Tayyip Erdogan despite soaring inflation.

Meanwhile, the lira crisis is worsening inflation, especially this year, as Russia’s war in Ukraine has pushed up energy and food prices.

Analysts were skeptical how far the latest measures could move the needle, saying the measures failed to address the central problem of runaway inflation and low interest rates.

“As far as I know, there is no policy change available to bring inflation under control,” said Arda Tunca, an Istanbul-based economist and columnist at PolitikYol.

Sources told Reuters the government is considering pushing a supplementary budget through parliament ahead of a recess next month to cover possible summer payments.

“I always wonder what kind of bunny they’ll pull out of the hat next – so far I haven’t seen anything that would help stabilize the lira,” said Per Hammarlund, chief EM strategist at SEB.

Turkey is suffering from economic and market headwinds as Erdogan faces a tough election by mid-2023, with his approval rating already hit by soaring inflation to 73 .5% in May.

Turks like Onder Ozturk, 42, a barber in Istanbul, have borne the brunt of soaring prices.

“We’re never going out to eat again,” said Ozturk, who has cut discretionary spending in half, including visits to his hometown. “We limited our expenses to clothing and personal needs.”

REAL PEOPLE

Commenting on the decision to issue lira income-linked bonds this month, Ozlem Derici Sengul of Spinn Consulting noted that the bonds were issued in 2009.

“It is not companies but only real people who are targeted this time, but in my humble opinion, it is difficult to attract deposit holders who do not have experience in stock investing” , she said.

The Treasury said the use of the lira and practices to increase its attractiveness would continue without compromising free market rules.

Separately, banks will be required to hold between 3% and 10% of fixed-rate bonds for foreign-currency deposit accounts, the central bank said, in a bid to stimulate demand for fixed-rate bonds and effectively cut costs Treasury borrowing, said a senior banker. Reuters.

Separately, the banking watchdog has reduced the maximum maturity for consumer loans over 100,000 lira ($5,814) to 12 months from 24, and plans to ease restrictions on the access of foreign investors in the lira via the swap facility.

The capital markets board said it had reduced its fees to encourage foreign financing for public offerings held in Turkey and to encourage companies to raise funds by issuing capital market instruments in Turkey. foreign.

Local bond yields have slipped on the latest announcements, with the yield on the benchmark 10-year bond dropping to just over 21% after ending the day at 25.72% on Thursday. Borsa Istanbul’s main banking index climbed 4%.

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Additional reporting by Nevzat Devranoglu, Can Sezer, Ebru Tuncay and Azra Ceylan in Turkey and Karin Strohecker in London; edited by Mark Heinrich

Our standards: The Thomson Reuters Trust Principles.

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10 ways to reduce the cost of student loans and other debt https://welcome-echizenshi.com/10-ways-to-reduce-the-cost-of-student-loans-and-other-debt/ Wed, 08 Jun 2022 20:56:27 +0000 https://welcome-echizenshi.com/10-ways-to-reduce-the-cost-of-student-loans-and-other-debt/ Looking at many different lenders and comparing terms can help you find the best rate. Make more than the minimum payment each month and try to make additional payments if possible. If you are looking for a student loan, prioritize federal options before getting a private loan. Loading Something is loading. If you need to […]]]>
  • Looking at many different lenders and comparing terms can help you find the best rate.
  • Make more than the minimum payment each month and try to make additional payments if possible.
  • If you are looking for a student loan, prioritize federal options before getting a private loan.

If you need to borrow money to pay for something like your car or your education, you want to make sure the debt is as affordable as possible.

Whether you’re looking to lower the cost of your student, personal, auto, or any other type of loan, we’ve got 10 key tips to make sure you’re paying the lowest amount possible.

1. Shop around and compare offers

You can check the rates that many different lenders will offer you by completing simple online applications which should only take a few minutes and won’t affect your


credit score

. You can also use a loan market to compare several offers at once with a single app.

Taking the time to consider a range of options pays off. A study by SuperMoney.com to analyse 160,000 loan offers to over 15,000 borrowers and found that the average difference between the highest and lowest APR offer for the same borrower was 7.1 percentage points.

“Just accepting the first loan offer you qualify for can be a costly mistake,” says Andrew Latham, CFP® professional and editor of SuperMoney.com. “The data suggests that comparing multiple lenders can save you more money than raising your credit score by 100 points when it comes to finding the best APR.”

2. Pay early and often

If you have the financial flexibility to make additional or prepayments on your loan, you should. The more additional payments you make for your loan, the faster the balance will decrease and the less interest you will pay overall.

Most lenders don’t charge any penalties for prepaying your loan, and you can shorten your loan term by months or even years with regular extra payments.

3. Make more than the minimum payment each month

Making the minimum payment each month probably won’t do much to reduce your overall debt, since most of your money will go to paying off interest first, especially on high-interest loans. Making higher monthly payments will reduce your debt more aggressively and leave less room for interest to rise.

However, if you have a choice between making the minimum payment or doing nothing at all, pay the minimum. This way you will keep your credit score in good shape.

4. Consider a variable rate loan

Variable rates change periodically throughout the life of your loan and they usually start lower than fixed rate loans. Although you run the risk of your loan rate increasing during its term, you may also benefit from a rate drop.

Paying off your loan quickly enough can negate the fixed rate aspect of a fixed loan, as you will benefit from a lower rate to start with.

5. Refinance your loan

If your credit score, income, or overall financial situation has improved since you first took out your loan, you may want to consider refinancing to take advantage of more favorable terms. This could include a better rate, more accessible customer service, and a different term.

However, be very careful before refinancing federal student loans, as you will lose key protections in the process. For example, you would not be eligible for the COVID-19 student loan payment pause.

6. Pay bonuses, tax refunds or gift money on your debt

While putting extra money into your debt might not sound like the most exciting idea (and you should definitely save some of it to do something good for yourself), an unexpected windfall can boost your ability to pay off your debt quickly.

You’re not always able to predict how much money you’ll receive, but if you have an idea (say your company offers annual vacation bonuses of $1,000) you can budget a certain portion to pay off your debt. . The exact percentage you allocate doesn’t matter, because every little bit counts.

7. Sign up for automatic payments

Many lenders offer discounts to borrowers who sign up for automatic payments. While a 0.25% or 0.50% discount may not seem like much, the reduced rate adds up in the long run.

Plus, signing up for automatic payments ensures that you won’t miss any payments, which will hurt your credit score and could disqualify you from future loans.

8. Choose a shorter duration

When deciding on the terms of your loan, you will usually have the choice between a shorter and a longer term. This varies by loan type, and we’ve listed the general timelines below:

  • Student loans — 5 to 20 years
  • Auto loans — one to seven years
  • Personal loans — 1 to 12 years

If you choose a shorter term, your monthly payments will be higher, but you’ll pay less interest overall, saving you on the total cost of the loan.

9. Prioritize federal options for student loans

Federal student loan options often have lower rates and better protections than private loans, so they are a good option for reducing overall loan costs. Federal student loan relief programs like Public Service Loan Forgiveness can help you get all of your debt forgiven if you work in the public sector and make qualifying monthly payments for 120 months.

To avoid student loans altogether, see what federal assistance you qualify for in the form of grants, scholarships, and work-study, which don’t have to be repaid.

10. Don’t let interest capitalize on your loan

Capitalized interest is unpaid interest added to your loan balance after periods of non-payment, including forbearance, deferment, and after your grace period. This will increase your overall loan balance and you will later pay interest on this higher amount, which will increase the total cost of your loan.

Although loan forbearance can help you get back on your feet if you run into financial difficulties, keep in mind that interest will usually continue to accrue. So the longer you wait to start repaying the loan, the more it will cost you in the end.

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