Monthly Archives: May 2013

How to save money and keep a good credit score?

credit score, improve credit scoreSaving money and having a good credit score are inter related. A good credit history and constant good score will let you enjoy credits whenever you are in need at a really low rate of interest. Getting a loan will also be easier when you have a good credit score. Thus, the low interest rates as compared to the normal rates will surely help you to save some bucks. Maintaining the credit score is not very difficult and you just need to be slightly careful.

You must never open any new credit card or take a loan if it is not really an emergency. Taking loan just for some unnecessary luxury should be avoided at any cost. With every new credit card opening there will be direct effect on your credit score so act judiciously. Make sure you keep the oldest credit card account in an active state. The overall credit history is benefited with long running credit accounts and hence credit score is improved.

How to get loan with a bad credit score

loan with a bad credit scoreAre you in great financial glitch and need a loan desperately but bad credit is posing as a giant obstruction on your way? You can stop worrying as now getting a loan with a bad credit score is not really impossible. There are various options available that will enable you to get a loan from a reliable financial institution with a bad credit history.

The bad credit personal loans are offered on one condition and that is the purpose of the loan should be clearly justified and mentioned. You need to authenticate your reasons with proper proofs. You can check and compare the loan rates, conditions and repayment options of various lenders before taking the loan. Make sure you comprehend the terms and conditions well as there can be hidden charges, closing cost with a high rate and other clauses that will lead to hefty payback money. You can apply with a local bank that offers such loan or go for a private financial firm.

 

Recurring Deposit And Its General Benefits

Recurring DepositRecurring deposit is a facility that is provided by banks in order to deposit small sums of money over time that actually gets large enough later on. It is a debt relieving investment tool, hence very beneficial. The advantage of this mainly is that the interest rates are nearly 8 to 9% and the money can be added on periodically.  The paperwork required is also minimal and incase of the sudden demise of the primary owner it can be easily passed on to the nominee.

Loans can be taken against these deposits and they are also not eligible for tax deductions.  Any number of installments can be given in advance to it too. These are also flexible in terms of deposit as customers can then pay any amount above demarcated minimum every period. This is a very easy and reliable way of growing wealth in the bank and it is one of the safest too.

Difference between Education Loan and Personal Loan

Education Loan and Personal LoanThere are different types of loans available. Among these the two most important loans are personal loans and education or student loans. The post below jots down the differences between personal & education loans.

First of all, the personal loans are multi purpose loans which imply that you can use it for any of your needs. But in case of education loans, you can use the advance only for education purposes. You have to state the name of the college or university to get approval for the loan.

Then, another important difference is that in case of personal loans, the repayment has to be made from the next month. But in case of student loans, you will start to repay after you get a job. Besides, one of the most significant differences is that the education loans, being underwritten by government always features a lower rate of interest in comparison to personal loans.