Lining up for a Loan – How to Secure a Good Loan


23 October 2018



Obtaining credit in its various forms is not a difficult feat. In fact, the online platform has laid the groundwork for many consumers to get the funding they need for any project. While online funding sources and traditional institutions have streamlined the application process, applying for a loan is a process requiring prospective borrowers organise their materials way before obtaining credit.

Whether you apply for a loan online or in a traditional bank, the institution requires applicants to submit information regarding your ability to pay the loan back. While you can find lenders who require no credit check and a quick process, these lenders increase the interest rate of the loan, in addition to other surprises that lurk in the details of the contract. To obtain the best loan, prospective borrowers should plan to submit an application, prove income, and have a good credit history.

Continue reading to learn more about what is involved in applying for a loan so you can secure the best loan possible.

The Application Process:

When applying for a loan, the first step is the application. While the easiest part of applying for a loan, the document asks you for all of the relevant information needed to determine risk. The document usually asks you for information related to your employment, assets, and debts. Furthermore, few applications ask you for a list of references. Whether applying online or in the institution itself, you essentially should be prepared to give the lending institution much of the information related to your current finances.

The Credit Report:

Of the documents to be submitted, your credit report is an account of all of the debts you have incurred as an adult. Before applying for any loan, the easiest way to secure funding is to make sure your credit report is in the best shape by obtaining a copy months before applying for the loan. Obtaining a copy beforehand gives you a chance to address any inaccuracies that appear on the file, and more importantly, any derogatory remarks that show up on the file.

Cleaning up your credit report is important for a few reasons. For one, your credit score directly affects your interest rate, but more significantly, it can affect the type of loan you are approved for and whether you are approved at all. Furthermore, those with derogatory remarks and delinquencies are required to have some type of collateral to qualify for a loan, in this case, a secured loan.

Proof Of Income And Assets:        

Lenders want to know how you are going to pay the loan off if you, for some unforeseeable reason, cannot fulfill the obligation. Before applying for a loan, figure out what your assets are and how much income you have to pay down the loan. Prospective borrowers with savings and other assets stand a greater chance of being approved for loans that can offer them competitive rates.

Furthermore, the lender can also determine your ability to pay by figuring out your debt-to-income ratio (DTI). This figure simply is the percentage of money that you spend on debt every month. Low DTIs are favourable because it means that you have more than enough to cover the loan and high DTIs mean the opposite. Each lender has a percentage that qualifies a person for a loan, and much of the time it depends on the type of loan. For example, the percentage might be higher for a home loan than a car loan.

Gaining The Advantage When Borrowing:

Much of what determines whether you get a great loan is in the preparation. If you have addressed many of the common ailments that plague the credit report, you increase the chance of getting a lower rate. Ultimately, it is the entire financial picture that determines whether or not you can actually afford to carry the loan.

Read Also:

Image Source:

I enjoy writing and I write quality guest posts on topics of my interest and passion. I have been doing this since my college days. My special interests are in health, fitness, food and following the latest trends in these areas. I am an editor at Content Rally.

View all posts

Leave a Reply

Your email address will not be published. Required fields are marked *


Introduction to StockEdge

Introduction to StockEdge – Overview and important Feature

1. Daily Updates :Who doesn’t like to get all the updates about financial markets at one place in a short and crisp manner? Stock Edge provides this feature in the “Daily updates” section. You just have to dedicate 5-10 minutes of your day to this section and you are ready with all the updates for the day.It also helps those people who do not have much time to spare and still want to keep a track of the day-to-day activities of the markets. 2. Scans :Scans make it very easy for the user to filter out stocks that he wants on the different basis. For example, if the user wants to filter out stocks on the basis of profitability, he/she can use the fundamental scans, and if he/she wants to filter out stocks on the basis of technical scans like simple moving average scans, Relative Strength Index scans (RSI) etc., and he/she can do so by using the technical scans.Likewise, there are many other scans available in the StockEdge application like price scans, volume and delivery scans, futures scans and options scans etc. The user can select the scan that he/she finds suitable and make scans accordingly.For more detailed knowledge about each of the section of the StockEdge application, click here 3. Learn Section : There is even a “Learn Section” on the StockEdge homepage. In this section, many useful materials for your reference are available as shown in the image below.These materials are free to use by anyone who is using the StockEdge application. This section is a combination of different content that has been developed to know the concepts of financial markets. What does it include? It includes basic and advanced levels of capital market and financial market. It includes both written material and videos by an expert. 4. Tracking FII/DII activity :Who are FIIs/DIIs? Foreign institutional investors (FIIs) refers to people from other countries who are investing in Indian companies and Direct Institutional Investors (DIIs) are Indian Institutional Investors who invest in Indian Companies like banks, financial institutions, insurance companies, mutual funds etc. What do they signify? These traders trade in huge quantities so they have the capability to influence the movement of the market. This data helps in tracking the inflow and outflow of the money in the Indian market.With the help of this data, one can track in which segment of the market, these investors are investing their money in whether cash market, futures market, stock options or stock futures. 5. Tracking what big investors are doing :This section gives you a list of all the investors that purchase shares of a company for long-term because they believe that the company has strong growth prospects in the future. Tracking these big investors helps in getting an idea of where should one invest their money in only after proper study and “doing your homework”.Suppose, you want to track the big bull of India, i.e. Rakesh Jhunjhunwala, all you need to do is type his name in the search box and you will get a list of people or institutions that are in any way related to Rakesh Jhunjhunwala. You can add all of them in your “investor group” and keep a track of them just by clicking on the group.6. Search by Sector : One can even search a stock by sector wise. For example, if you want to study how the automobile sector is performing, he/she can just click on the “sector” section and go to the automobile part. All the stocks are classified on the basis of the different sector which makes it easy for anyone to study a particular sector.Bottom Line : Stock Edge is best for anyone who does not have much time to invest in the stock market and still wants to earn returns higher than the bank deposit. StockEdge helps you to be your own analyst by providing with all the data that you need to analyze a company.How to download the StockEdge application?For Android (Google Play Store)  users, you can click here to download the app.For iOS users, you can click here to download the app.You can also check out the video below for a better understanding of the application.Link:- Edge provides you with all the analysis you required for self-research. However, if you still feel that you need a more customized learning environment, we present StockEdge club for you.This is India's first virtual club for stock market enthusiasts. This club will have the following features -Access to 12 paid webinars that we conduct on a monthly basis.Invitation to become part of one workshop in your city or in the nearby city.Become a part of a What's App group where there will be continuous learning, continuous doubt clearing, and continuous question and answer so that you become a more knowledgeable and learned participant of the financial market in India.To know more about this, you can click here.Read Also :Best SEO Tools For Ranking The Website How To Check Someone Out Online: 5 Tips On Finding Out Someone’s Personal History How To Remove Pname Com Facebook Orca 10 Of The Best Facebook Pages To Follow Now

Investor Journey

How To Start Your Investor Journey: 5 Credible Options To Explore

If you want to have a comfortable financial future, you should start investing.You must have understood that the trajectory of our lives can change anytime, and one of the most recent examples of that trend is the COVID19 pandemic.We have seen how a subtle, and stable economy can be turned over its head in a matter of few days during this time.During that time, people started investing in digital currencies such as ekrona to get a reasonable return.However, there are other investment options too. So, if you want to know about them, keep on scrolling. Why Should You Invest?Investing is an excellent source of passive income, and even if it sounds risky, there are plenty of safe investment options available in the market too.If you want to build a retirement fund, your only viable option is to start investing right now. This way, you’ll have an emergency fund too if your loved ones fall sick suddenly or you need a capital amount to start a new business. Top 5 Credible Investment Options To ExploreIf you are willing to take a little risk and start your investment journey, there are plenty of options to choose from. We are bringing the most credible ones here so that, as a beginner investor, you don’t have to go through too many complexities.Let’s take a look: 1: High-Yield Saving Accounts This is the safest yet more convenient investment option. The higher your cash balance is in an account, the more interest you get.They don’t have many overhead costs, which is why they let you earn much higher interest rates at online banks.If you want to access the fund immediately, you can always transfer it back to your account and withdraw the cash via an ATM.These are the safest investments because even if you don’t get a good return, you also don’t lose a dime. 2: Deposit Certificates Banks issues deposit Certificates. They usually offer a higher interest rate than savings accounts, which makes them an attractive investment choice.If you are looking at short-term certificates, they will be better options when you expect those interest rates to rise, enabling you to reinvest at higher speeds when the certificate reaches its maturity.These time deposit certificates are federally insured, and they have specific maturity dates that can range from weeks to years.This may be a drawback because you can’t withdraw the money before a certain period without giving a penalty. But, if you need immediate income in a short time, this is undoubtedly a good investment option to explore. 3: Government Bonds You can always invest in government bonds if you want a risk-averse investment option. For example, you can invest in mutual funds or ETFs, which won’t expose you to market vulnerabilities.Some government bonds also invest in debt-backed securities issued by government-sponsored business enterprises.Even though these investment options are considered low-risk, if interest rates increase, their return would decline.However, if you are stepping into the world of investment opportunities, this can be an excellent place to start and ensure a steady cash flow. 4: Dividend Stock Funds Dividend stock funds are a good investment option for almost any investor.Those who need revenue and can stay invested for extended periods may find these stock funds attractive.If you buy a group of individual stocks that provide a certain margin on dividends, you can generate a sufficient return on it.On top of that, if you invest in dividend funds, your stock market investments also become less risky. So the best part of dividend stock fund investment is you generate a substantial return on both short, and long-term prospects. 5: Cryptocurrency The most popular Cryptocurrency is Bitcoin. Although its price fluctuates significantly, the digital currency world attracts many investors.In fact, Bitcoin being the most popular digital currency, soared up to $30,000 at the start of 2021. However, it also declined by $60,000 before falling back into the static zoneWe understand the start of 2022 was rough for Cryptocurrency, but it is still a plausible investment option to explore.In fact, it is quite usual for these digital currencies to fluctuate markedly before eventually rising further. So those who bought and held may undoubtedly have a good return on their investment before this year comes to an end. The Bottom Line If you have gone through the article, you must have figured out the most credible options to start your investment journey.However, you must keep in mind that all investments come with a bit of risk, and nobody can control them.If you are willing to take that risk, start investing right away. For further information, let us know in the comment box below.Read Also:How Bitcoin Development Is Evolving? Is 2021 The Most Critical Year For Bitcoin And Other Cryptocurrencies? Three Rules for How to Buy Bitcoin as a First-Time User – Make Sure You Follow These Steps! 5 Ways First Time Traders Can Protect Their Bitcoins Against Thefts In 2021 5 Reasons Why Bitcoins Are Considered Reliable Investments

Investment Decisions

Top 5 Investment Decisions You Need To Make In Your Thirties

Are you confused about your investment decisions in your thirties? If yes, you need to explore the best options to provide you fair returns on your investments. Today, there are lakhs of profitable investment plans available in the market. You just need to select the right one that can fulfill your needs.When you reach thirty, it becomes high time for you to start planning for your investments. The matter of fact here is that only proper financial support can help you lead a healthy lifestyle in your sixties for this reason you have to make your plans from thirties. Different Types Of Investment Plans You Can Frame In Your 30’s  You can set up several kinds of investment plans in your thirties that can help you lead a healthy lifestyle in your sixties. I will discuss it in my article. Let’s find out the best ways for that. 1. Direct Equity: In most cases, people think that investing in the equity shares of a company can be risky, but the reality is just the opposite. You just have to monitor the trend of the companies growth rate over a certain period.It will give you a fair idea of when and how you must invest your money in the equity shares. The best thing about investments in equity shares is to earn higher returns from your investments. You need to map the company’s trend for the last four years to understand which companies' shares will suit you the best. 2. Gold: Investments in gold are the most reliable investment form that can provide you stable returns on your investments. A regular hike in the gold prices is estimated each year, and it can help you provide the required returns that you expect from your investments. If you want stable returns from your investments, then investments in Gold are the best option for you.Unlike the equity shares, the return in the gold is not dependent on the company’s profitability. You can earn a stable return when you need it the most. The best thing about investments in gold is that it can support you at the time of your emergency in a steady way. 3. Stocks:Investments in stocks are another best way to opt for when you plan to make your investments in the right direction. Whenever you plan to invest your money in stocks, the best strategy is to apply the bearish method of investing your money in stocks.To identify the fact, which are the best stocks to buy now, you have to understand the market better. Search those types of company’s stocks whose current prices are low but have the potential to grow. If you can apply this kind of strategy, you can get better returns from your investments in the future. 4. Real Estate:  After stocks, real estate is the best option to help you achieve your objectives in a better way. When you invest your money in real estate, then you can get steady returns from your investment at a reasonable price. You must plan out ways that can help you to achieve your objectives in a better way.The best thing about real estate investment is that it can help you get fair returns and a steady way to achieve your objectives. The more you can plan effectively, the better you can achieve your goals in a better way. 5. Debt Mutual Funds:  Debt Mutual funds can help you to get steady returns from your investments. The best thing about the debt mutual funds is that it does not get affected by the market volatility rate and can get the steady returns from your investments.You have to plan out ways that can help you to achieve your objectives in a better manner. Ensure that you have made the correct choices and selection of the investment plans at your end. A correct investment decision can help you to lead a steady life. Conclusion: Hence, these are some of the best ways to apply in your thirties to make the perfect investment plans that can help you suit your requirements in the right way. Here the proper selection of the investment plans matters the most as per your estimated budget and expected returns that you want to get from your investment.Read Also:Why Off-Plan Investment Is Beneficial For Expats Pros and Cons of Oil and Gas Investment Property Investment Success Stories