Web directories – Livelink Directory http://livelinkdirectory.com/ Wed, 22 Jun 2022 21:00:02 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://livelinkdirectory.com/wp-content/uploads/2021/10/icon-5-120x120.png Web directories – Livelink Directory http://livelinkdirectory.com/ 32 32 More than 127,000 public sector workers have received student loan debt forgiveness. Are you next? https://livelinkdirectory.com/more-than-127000-public-sector-workers-have-received-student-loan-debt-forgiveness-are-you-next/ Wed, 22 Jun 2022 21:00:02 +0000 https://livelinkdirectory.com/more-than-127000-public-sector-workers-have-received-student-loan-debt-forgiveness-are-you-next/ Federal student loan repayments have been on hold for more than two years due to the pandemic. As borrowers check their student loan account and consider resuming payments before the the hiatus is set to end on August 31Public service workers like teachers, nurses, first responders, government employees, and firefighters have the opportunity to get […]]]>

Federal student loan repayments have been on hold for more than two years due to the pandemic. As borrowers check their student loan account and consider resuming payments before the the hiatus is set to end on August 31Public service workers like teachers, nurses, first responders, government employees, and firefighters have the opportunity to get student loan forgiveness.

After changing the rules in October 2021 and again in april this year, the Public Service Loan Forgiveness Program has now forgiven a total of $7.3 billion in student loans for more than 127,000 borrowers, the United States Department of Education announced in early June. During President Joe Biden’s tenure, the department has approved a total of $25 billion in student loan relief since January 2021.

This initiative to help more public servants qualify for student loan forgiveness began last fall when the PSLF program extended debt relief to more teachers, nurses, firefighters and eligible civil servants. Other changes in April improved tracking of borrowers in income-driven repayment plans and those who were improperly placed on forbearance by lenders.

Read more: With interest rates on the rise, should you refinance your student loans?

“Borrowers who dedicate a decade of their life to public service should be able to count on the promise of public service loan forgiveness,” US Education Secretary Miguel Cardona said in October. “The system has not delivered on that promise to date, but that is about to change for many borrowers who have served their communities and their country.”

In addition to the expanded PSLF exemption, the Federal student loan payment break extended until August 31, and the Biden administration is exploring more widespread cancellation of student loans for federal student loan holders.

How do you know if you qualify for loan relief through the expanded PSLF program? And how to apply? Here’s everything you need to know about civil service loan forgiveness.

What are the changes to the PSLF program?

The PSLF program, first launched in 2007, was designed to help civil servants repay their loans faster. The program works by providing loan forgiveness to eligible government officials who have made 120 eligible student loan payments. Still nearly 99% of borrowers who applied since 2008 were denied before the October expansion.

Under the PSLF’s new limited waiver program, the Department of Education is making it easier for borrowers to enroll and receive program benefits. These include making it easier to identify and deal with potential errors made by their loan servicers – and expanding the types of loans that will now be eligible for the forgiveness. Another focus will be on improving benefits for service members, including converting time spent on active duty into loan repayment, the department said.

Some restrictions are temporarily relaxed, offering new categories of borrowers the opportunity to receive a discount through loan consolidation. Previously, only direct federal loans were eligible for the PSLF. Now other federal ready such as FFEL, federally guaranteed loans from private lenders, Perkins loans, and those with non-standard or non-income-based repayment plans may be eligible. (Note: the exemption only applies to federal loans – although these make up the vast majority of student loan debt, accounting for more than 90% of the total.)

Borrowers can also receive credit for past payments and periods of employment, such as active military service, for which they would not have qualified in the past.

The limited derogation gives borrowers a full year to apply for the PSLF program under its new terms and greatly expands eligibility. Previously, there were limited options for appealing a denial of a PSLF request, and only 5% of people who applied because PSLF has never benefited from debt forgiveness.

Who is eligible for the PSLF?

To qualify for the PSLF, you must be employed full-time by a U.S. federal, state, local, or tribal government agency—this includes the military—or nonprofit organization. You must have direct loans or other types of federally guaranteed loans that have already been consolidated into direct loans, and you must make 120 qualifying payments (10 years of payments). Examples of eligible borrowers for the PSLF are workers like teachers, nurses, and firefighters who serve their local communities.

Who is eligible for student debt cancellation under the new PSLF terms?

The PSLF has expanded borrower eligibility in the sense that more loan types and payment plans are eligible for forgiveness than ever before, but borrowers who can apply are still limited to public sector workers. Thus, more than 550,000 borrowers already eligible for the PSLF can now benefit from an additional discount. There are several specific ways to meet the requirements and check if you are eligible.

The easiest way to determine if you qualify is to apply for the Limited Waiver. Completing the waiver will help you do things like consolidate different types of loans or certify previous periods of employment for credit.

And even if you suspended your monthly student loan payments during the pandemic, you are still eligible for additional relief from the PSLF. In fact, each suspended payment still counts as an eligible payment toward your goal. So if your payments have been suspended for 22 months, that counts as 22 on-time payments.

How do I apply for a PSLF pardon?

The Ministry of Education has a dedicated tool to guide you in your request for a limited exemption. The deadline to apply for the waiver is October 31, 2022, but the sooner you apply, the better. Some borrowers may not have to do anything to have their loan cancelled, but it’s a good idea to confirm your specific details.

What if I didn’t receive credit for past payments?

In the past, if you made payments but your loan servicer had incomplete or inaccurate records, you had to almost no recourse to counter their claims. Now, with the limited waiver, you can apply for forgiveness and have your payments count towards your debt and forgiveness.

Which loans are eligible for the PSLF?

Previously, only direct loans with a standard or income-driven repayment plan were eligible for PSLF. However, for a limited time, you may be able to receive credit for past payments on federal loans that were not previously eligible for PSLF, regardless of your repayment plan. Borrowers with FFEL, Perkins and other federal loans may need to consolidate their loans through the Direct Consolidation Program by October 31.

What other policy changes should I know about?

The Department of Education said in its statement that it will continue to roll out and update its policies in the coming months as it attempts to get the PSLF program back on track.


Correction, January 25: This article previously stated that private loans would be eligible for student loan forgiveness under the new waiver. It was wrong. In addition to direct loans, only FFEL loans – which are federally backed, but often issued by private lenders – Perkins loans and other federal loans are eligible for the PSLF exemption.

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How Payday Loan Consolidation Works https://livelinkdirectory.com/how-payday-loan-consolidation-works/ Tue, 21 Jun 2022 12:22:00 +0000 https://livelinkdirectory.com/how-payday-loan-consolidation-works/ Payday lenders offer small, short-term loans to borrowers who need cash fast. Usually, you won’t have to submit to a credit check to obtain funds, and your payment will be due in two to four weeks. But many borrowers are unable to repay their payday loans in a single two to four week period. This […]]]>

Payday lenders offer small, short-term loans to borrowers who need cash fast. Usually, you won’t have to submit to a credit check to obtain funds, and your payment will be due in two to four weeks.

But many borrowers are unable to repay their payday loans in a single two to four week period. This can make already expensive debt even more expensive, especially if you have multiple payday loans. To get out of the payday loan cycle, consumers can consider a payday loan consolidation.

What is Payday Loan Consolidation?

When you consolidate payday loans, you combine multiple loans so that you can make one payment on your debt, instead of many.

“I would define a payday loan consolidation as any method that allows you to escape the payday loan cycle,” says Omari Hall, learning experience designer at GreenPath Financial Wellness. The payday loan cycle, says Hall, is the experience of being forced to repay the full amount you borrowed in a short period of time with high interest.

You can consolidate payday loans by taking out a consolidation loan or using a debt management or debt settlement program, says Anissa Schultz, director of debt management at the Credit Advisors Foundation.

What is the best way to pursue payday loan consolidation?

The appropriate choice depends on your situation, but you have options.

Debt consolidation loans

“This usually involves a credit check, which limits the availability of people with severely compromised credit, but it’s probably the best option,” says Martin Lynch, director of education at Cambridge Credit Counseling and chairman of the Financial Advisory Association of America. “I know replacing one loan with another doesn’t seem appealing at first glance, but if you can get a much better interest rate and only a moderately extended term, then you’re better off.”

Consolidation loans usually show up on your credit report, unlike payday loans. Paying off a consolidation loan on time and in full can improve your credit score in the long run, Lynch says.

However, there can be risks in taking out a new loan. For the rare payday loan borrower with a decent credit score, a consolidation loan is a good way to stop high interest rates, Schultz says. But borrowers who start to default on consolidation loans might find themselves returning to payday loan companies for funds to repay their consolidation loans. “Borrowing is not a good way to get out of debt,” Schultz says.

Debt management plans

Working with a credit counselor as part of a debt management program or getting a bank loan can be a good place to start, depending on your situation, Hall says, though he notes that payday loan borrowers may struggle to qualify for traditional loans.

“In many cases, people who find themselves in these payday loan cycles often don’t have super great credit, so a traditional bank loan would be available to them,” Hall said. At the same time, banks may not offer loans for low balances, such as $1,000.

Instead, consumers can consider debt management. This process involves a financial advisor who will work to reach an agreement with your creditors, according to the National Foundation for Credit Counseling. Your credit report will include a note indicating your participation in a debt management plan, although the NFCC says this won’t hurt your credit score, and completing a DMP should help your credit score in the long run.

A DMP could prevent additional charges from piling up on your debt, among other benefits. You may pay a monthly maintenance fee to participate in the debt management program, but that amount will pay off, especially for consumers accustomed to paying high interest rates, Hall says.

Debt settlement

A debt settlement company may try to come to an agreement with your creditors that you pay less than you owe. But debt settlement is not right for everyone, and you need to be aware of the risks.

Settling a batch of payday loans signals to lenders that they’ll only get some of their money back if they lend to you, Lynch says. “That’s why the settlement is really a credit killer in that it alerts lenders to the thought that we may only get some of our money back. That’s a terrible signal to send.” Other negatives include “extraordinarily high” settlement fees and a chance of being sued, Lynch says.

What are the pros and cons of payday loan consolidation?

This section will focus on debt consolidation loans and DMPs. Keep in mind that the pros and cons may vary depending on your situation and how you go about consolidating your payday loans.

Advantages of consolidation loans:

  • Lower interest rates. Payday loans can have annual percentage rates of 400% or more, while traditional bank loans or online lenders can offer much lower rates.
  • Different loan structure. A consolidation loan is an installment loan, so borrowers don’t get “sucked into this vicious circle of, ‘Oh, I’m only paying part of the interest, and you’re going to apply my principle’, and then it just keeps going roll out of control and it looks like they’ll never be able to get out of it,” Schultz says.
  • Longer terms. A consolidation loan can give you more time to pay off your debt than the two to four weeks you have with a payday loan.

Disadvantages of debt consolidation loans:

  • You may not qualify. Consumers may not meet lenders’ requirements for income, credit score and other factors. You may also not be looking to borrow enough money to qualify, depending on a lender’s minimum loan amount.
  • Usually requires a credit check. When you apply for a consolidation loan, the creditor will usually do a thorough investigation of your credit report, which can lower your score. “Because they’re looking to expand their finances, they’re going to do a thorough investigation, and that’s going to lower their credit score,” Schultz said.

  • Can block accounts from going to collections. Using a debt management program can help borrowers avoid hearing from debt collectors.
  • Can offer borrowers better loan terms. Lenders may agree to reduce borrowers’ monthly payments and stop adding fees to the balance, for example.
  • Can help borrowers with other financial matters. Getting a DMP involves working with a nonprofit credit counselor, who can help you with other aspects of your financial life, not just your payday loans.

  • Lenders are not required to participate. Although most payday lenders participate, “payday loan companies are unfortunately not mandated to work with credit counseling organizations and their joint clients,” Schultz says.
  • Lenders are not required to make concessions. Credit counselors “can’t necessarily get benefits from payday lenders,” Lynch says, although payday lenders almost always receive payments.

What are the other options for getting out of payday loan debt?

Consolidation loans and DMPs aren’t the only ways to get out of payday loan debt. Borrowers might also consider options such as:

  • No Fee Extended Payment Plans. More than half of the states that allow payday loans also require lenders to offer extended payment plans at no cost, according to the Consumer Financial Protection Bureau. These plans vary by state, but they allow borrowers to extend the term of their loan without paying additional fees.
  • Credit card. The average APR for credit cards in the US News database is 15.56% to 22.87%, so paying off payday loan debt with a credit card will also provide a rate of lower interest. If you can get one, a 0% APR credit card lets you pay off your balance interest-free for an introductory period.

Consumers struggling with payday loan debt are not alone. “Falling into this cycle of debt isn’t something you should necessarily be ashamed of,” Hall says, noting that in some communities there aren’t many other options. “A lot of my work is focused on the black and brown community, the inner city inner city community, and it’s a fact that these payday loan companies are much more prevalent in those communities than they would be. in other more established or more supported communities.”

And there are options for getting out of debt. “This is not a situation where there are no options or no (means) to escape,” Hall said.

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Interest-Free Loan Program: How the Interest-Free Program Works https://livelinkdirectory.com/interest-free-loan-program-how-the-interest-free-program-works/ Sun, 19 Jun 2022 10:29:26 +0000 https://livelinkdirectory.com/interest-free-loan-program-how-the-interest-free-program-works/ The pilot initiative will expand beyond its existing areas in Herefordshire, Shropshire and Worcestershire to other parts of the UK The Treasury-backed interest-free loan (Nils) scheme, which is run by credit unions and other lending organisations, has been successfully piloted in Manchester and will be rolled out across the UK in September. Register to our […]]]>

The pilot initiative will expand beyond its existing areas in Herefordshire, Shropshire and Worcestershire to other parts of the UK

The Treasury-backed interest-free loan (Nils) scheme, which is run by credit unions and other lending organisations, has been successfully piloted in Manchester and will be rolled out across the UK in September.

Register to our Money Savers newsletter

It is hoped the scheme will provide a low-cost alternative to the UK’s three million high-cost credit users, preventing people from going into debt or, in extreme situations, turning to loan sharks.

How does Nils work?

From September the pilot scheme will be extended from its current locations in Herefordshire, Shropshire and Worcestershire to other parts of the UK for a period of two years, with a decision on whether it should be extended later.

Customers are only allowed to take out one loan under the program, which can last from six to 18 months, although the average term is one year.

Borrowers can access between £100 and £2,000, with the average loan size being £500.

“We fund items ranging from household essentials and school uniforms to laptops to access education and training, and tools and equipment to help people get back to work,” Nils says on his site. website.

In May, John Glen, Economic Secretary to the Treasury, expressed optimism that a large-scale program could be implemented in the future.

He told the Association of UK Credit Unions that Nils “is a fundamental and worthwhile new initiative, to provide a gateway product for people who at the moment are beyond the lending capacity of some credit unions”.

“The challenge now will be to bring this proof-of-concept pilot to a larger pilot so that we can now validate it.”

How is it funded?

The pilot project is being funded with £3.8m from the Treasury, £1.2m from JPMorgan Chase and up to £1m in loan capital from each of the devolved administrations, with matching from Fair4All Finance in England.

The Treasury and the Department for Culture, Media and Sport set up Fair4All Finance three years ago to “support the financial wellbeing of people in vulnerable situations”.

Joanna Elson, chief executive of Money Advice Trust, said: “Too many people fall into a vicious cycle of debt that starts with needing to borrow a small amount for something essential like a fridge or cooker – with high interest and quick charges. turn small debts into big problems.

“It is essential that we improve access to affordable credit for those who need it. »

Why is it necessary?

(Photo: Matt Cardy/Getty Images)

In January 2022, research by a charity showed that the number of people struggling to meet payments and credit commitments had risen by around a third since the start of the Covid-19 pandemic.

According to a survey for StepChange, almost a third of UK adults – 30% or 15million people – said they struggled to meet their financial obligations, up from 15% or 7.5million people in March 2020.

Its survey found that nearly 8.6million people in financial difficulty borrowed £26billion in 2021 to cover basic needs, including 3.5million using credit to pay essential bills.

The cost of living crisis, according to StepChange, is expected to increase the number of people using credit to cover basic household needs in the coming months, and the organization warns that “immediate action” is needed to help households to pay the necessary expenses without resorting to credit.

How can I use the diet?

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Defer, reschedule or switch loans if EMIs have increased: experts https://livelinkdirectory.com/defer-reschedule-or-switch-loans-if-emis-have-increased-experts/ Fri, 17 Jun 2022 19:06:00 +0000 https://livelinkdirectory.com/defer-reschedule-or-switch-loans-if-emis-have-increased-experts/ The monetary policy committee of the Reserve Bank of India (RBI) raised the repo rate by 50 basis points (bps) on June 8, following a 40 basis point increase in May. According to a recent report by Knight Frank India, home loan rates are still around 150 basis points lower than 2019 levels. […]]]>


The monetary policy committee of the Reserve Bank of India (RBI) raised the repo rate by 50 basis points (bps) on June 8, following a 40 basis point increase in May. According to a recent report by Knight Frank India, home loan rates are still around 150 basis points lower than 2019 levels. A return to these levels would lead to an 11.7% increase in the burden of equivalent monthly payments ( EMI) of the home buyer.


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First published: Saturday, June 18, 2022. 12:36 a.m. IST

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Get cash immediately with Instant Personal Loan from Fullerton India https://livelinkdirectory.com/get-cash-immediately-with-instant-personal-loan-from-fullerton-india/ Tue, 14 Jun 2022 06:39:00 +0000 https://livelinkdirectory.com/get-cash-immediately-with-instant-personal-loan-from-fullerton-india/ India Business WireNeed an instant loan for a sudden expense? A Fullerton India personal loan is one of the best options when you need funds quickly. With features like instant approval in principle*, no restrictions on end use of loan amount, and no collateral requirements, personal loans are the most sought-after way to handle immediate […]]]>

India Business Wire
Need an instant loan for a sudden expense? A Fullerton India personal loan is one of the best options when you need funds quickly.

With features like instant approval in principle*, no restrictions on end use of loan amount, and no collateral requirements, personal loans are the most sought-after way to handle immediate and anticipated financial needs. Fullerton India personal loans are unique and personalized for customers with fast approvals and digital processes.

Benefits of Fullerton India Personal Loans

Fullerton India personal loans offer several benefits and features to the customers such as

  • Low interest rates: Personal loan interest rates are very attractive, starting at 11.99% per annum for eligible loan seekers.
  • Loans up to Rs. 25,000,000*: Customers can borrow up to Rs. 25 lakhs* from Fullerton India, depending on their loan needs and eligibility.
  • 100% paperless application: Clients can apply online, using the Fullerton India InstaLoan App or Fullerton India website and get instant in-principle approval* based on their eligibility. Please note that while an approval in principle indicates that the lender will move their application forward for processing, final approval will depend on various factors including successful checks, documentation and Fullerton India policy.
  • Quick disbursements: After successful verification and execution of the loan agreement, the loan is approved and the clients can get the approved funds in their bank account.
  • Additional benefits: Existing Fullerton India customers can get additional benefits such as instant recharge loans with minimal documentation and easy loan management through the customer login section of the Fullerton India website and the m-connect mobile app.

5 Simple Steps to Get Instant Personal Loans Fullerton India

Customers can apply for a Fullerton India personal loan online by doing the following:

  • Visit the Fullerton India website. Salaried persons can also apply using the Fullerton India InstaLoan application.
  • Select the ‘Apply Now’ option under ‘Personal Loan’ and enter the mobile phone number. Also specify whether you are employed or self-employed.
  • Enter the OTP sent to mobile for mobile number verification.
  • Enter the desired loan amount and the expected loan term.
  • Provide personal and professional information and also give bank details.
  • Upload the requested documents

These steps complete the instant loan application process with Fullerton India. If the applicant meets the personal loan requirements as per the Fullerton India eligibility criteria, approval in principle can be provided and the application is processed further. Shortly after final approval, funds are disbursed.

Eligibility criteria for a personal loan

  • The loan applicant can be a self-employed person or an employee of a private or public company.
  • Salaried persons residing in Delhi or Mumbai should have a minimum salary of Rs. 25,000, and salaried persons residing in any other Indian city should have a minimum salary of Rs. 20,000.
  • Independent professionals must have a minimum turnover according to their sector of activity or profession.
  • The age of the borrower must be 21 years minimum at the time of the filing of the loan application and 65 years maximum at the maturity date of the loan.
  • The borrower must be an Indian resident.
  • Borrowers must have a credit score of 750 or higher. Those who have no credit transaction history and therefore have an “NH” or “-1” score can also apply.
  • Candidates should have at least 1 year of overall professional experience and at least six months of professional experience in the current organization.
  • Loan applications from cash salary seekers will not be accepted.

Documents required for a personal loan

  • Loan applicant’s PAN and proof of identity
  • Proof of address (home and job) of the loan applicant
  • Salary slips for the last three months for a salaried borrower
  • Proof of income or financial statements for self-employed
  • Form 16 or tax returns
  • Bank statements for the last six months of the loan applicant

Fullerton India offers complete transparency in the loan approval process for customers. Customers can get quick loans at attractive interest rates and no hidden fees using a simple loan application process. The interest rate for personal loans in Fullerton India ranges between 11.99% and 36% per annum depending on the eligibility of the applicant.

For more information contact:
1800 103 6001
Hours: 9:00 a.m. to 7:00 p.m.

Website: www.fullertoninde.com
You can also visit: https://associations.fullertonindia.com/contact-us.aspx

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Why an 84 month car loan is a waste of money https://livelinkdirectory.com/why-an-84-month-car-loan-is-a-waste-of-money/ Sun, 12 Jun 2022 14:00:00 +0000 https://livelinkdirectory.com/why-an-84-month-car-loan-is-a-waste-of-money/ Why an 84 month car loan is a waste of money Imagine buying a new car, getting the keys, signing a finance agreement, and then realizing you’ll still be making payments seven years later. It’s a real possibility, as more car dealers and lenders offer 84-month car loans. A seven-year loan may seem like a […]]]>

Why an 84 month car loan is a waste of money

Imagine buying a new car, getting the keys, signing a finance agreement, and then realizing you’ll still be making payments seven years later.

It’s a real possibility, as more car dealers and lenders offer 84-month car loans.

A seven-year loan may seem like a great option; after all, a longer term means a smaller monthly payment.

But that doesn’t make it a good idea. Here’s what you need to consider before getting an 84 month car loan.

More from MoneyWise:

Why consider an 84 month auto loan

Loans seem more affordable

For many years, the longest car loan most lenders considered was 72 months, or six years.

The new 84-month loans tempt borrowers with even smaller payments over an even longer term.

This may seem very appealing if you are on a budget and cannot afford the repayments of a shorter term loan.

You would have more money to invest

The smaller payments with an 84 month car loan theoretically frees up money that you could spend on other uses.

The idea makes sense if you are convinced that your investments will earn you a higher return than the interest on the loan.

But don’t leave it simple possibility fool you by choosing an 84-month car loan. If you don’t actually invest more, you just suffer the inconvenience of a longer loan for no reason.

Disadvantages of an 84 month car loan

You’ll pay a ton more interest

Although an 84 month loan means a smaller payment each month, your total interest will be higher because you will be paying interest for longer.

And a seven-year loan usually carries a higher interest rate than a shorter-term loan.

Let’s take a look at what your monthly payment could be on a $20,000 loan based on your term length, assuming you have an excellent credit rating.

Big Auto Loan Statistics

MoneyWise

Now let’s see how much interest you would pay in total for each of these terms.

Big Auto Loan Statistics

MoneyWise

As you can see, the monthly payment on a 60 month loan is about $100 more per month than the monthly payment on an 84 month loan, but you’ll save $1,200 in interest over the life of your loan. .

You can always try to pay off an 84 month loan early to lower your total interest, but many lenders charge a prepayment fee to pay off your loan early, so it may not be worth it.

If you really need a seven-year loan to buy your dream vehicle, consider that a sign that it’s well outside your price range.

You might find yourself upside down on the loan

Unlike a house, vehicles almost never increase in value over time. Committing to long-term financing is therefore not a good idea.

New cars lose around 23.5% of their value after one year and around 60% after five years, according to the automotive site Edmunds.

Your car will likely depreciate faster than you can pay it off, leaving you upside down on your loan. In other words, if you were to sell the car for market value before the end of your 84-month loan term, you would still owe your lender money.

And if you have an accident before your car is fully reimbursed, your insurer may only cover the market price of the car, which will likely be less than you owe.

Even if your car is depleted and can’t be driven, you may still have to pay your monthly payments until your loan is paid off.

You could be caught in a negative stock market cycle

If you decide to trade in your car before your 84 month loan is paid off, you could be caught in what is known as a negative equity cycle, in which you owe more each time you take out a new loan. .

Let’s say you buy a car for $20,000 on an 84 month finance plan at 4.6%, like our example above, and your monthly payment is $296.23.

You drive it for four years, then decide to trade it in for a new car that costs $25,000. Because you took out an 84-month loan, you still owe $10,664.28 on your trade.

However, your car has depreciated since you bought it and you’ve put a fair amount of miles on the odometer, so your trade-in is only worth $8,000.

You now have $2,664.28 of negative equity, which means you will need to borrow $27,664.28 for your new car. With the same 84 month loan, your new monthly payment will be $409.53.

If you do the same with your subsequent cars and trade them in before the end of your loan term, you will continue to accumulate negative equity and your debt will only grow.

Your warranty will expire first

A big selling point on new vehicles is the warranty that covers repairs in the first few years.

However, most warranties don’t last seven years, and as your loan ages, your vehicle will likely need more complex and expensive repairs.

This means you’ll pay for repairs out of pocket while you’re still paying for your car.

And if you buy a used car, the chances of it needing serious repairs before the end of an 84-month loan are even higher.

For example, if you buy a five-year-old car with an 84-month loan, it will be 12 years old by the time your loan is fully paid off.

Even if you spend a lot on repairs, your five-year-old car may not be able to drive before the end of your 84-month loan term.

Alternatives to 84 month loans

There are several alternatives to taking out an 84 month loan that may be a better option for you:

Look for refinancing

If you’ve already taken the plunge and secured an 84-month loan, don’t panic.

As long as you have a good credit scoreyou may be able to refinance your loan for a shorter term with a better rate.

Don’t buy, rent

If you’ve got your heart set on a car that’s not in your price range, your best bet might be to lease it instead of buying it.

Leasing often requires a lower monthly payment because payments are based on the depreciation of the car during the lease period instead of the list price.

And if you decide you still want the car at the end of your lease, you’ll have the option of buying it for an amount stipulated in your contract.

Save for a larger down payment

Instead of immediately jumping into a long loan, you could spend time building up your savings, ideally in a high-yield account.

This way, you can make a larger down payment and take out a smaller loan with a lower monthly payment.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

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If you are looking for an instant loan, consider these lending platforms https://livelinkdirectory.com/if-you-are-looking-for-an-instant-loan-consider-these-lending-platforms/ Sat, 11 Jun 2022 05:29:23 +0000 https://livelinkdirectory.com/if-you-are-looking-for-an-instant-loan-consider-these-lending-platforms/ Previous story: ISDC announces partnership with John Moores University in Liverpool, UK for arts and design courses Next story: Medica Clinicians Explain New Age Physiotherapy to Treat Back Pain Caused by Telecommuting Setup If you are looking for an instant loan, consider these lending platforms Posted on June 11, 2022 Personal loans have never been […]]]>
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If you are looking for an instant loan, consider these lending platforms

Posted on June 11, 2022

Personal loans have never been easier to obtain than today thanks to digital technology. The process before digitization was a tedious process where people in need of money would rush and look for families, friends and acquaintances who could lend them money urgently, but now there is no need to take a day off and rush from bank to bank. looking for eligibility requirements, interest rates, and process learnings.

Everything is just 2-3 steps away to avail the biggest personal loan in just 1-2 days through loan applications. One can search and apply for the best personal loan online. Here are mentioned reliable instant loan apps, which one can easily consider to lend money.

RupeeRedee

Launched in 2018, RupeeRedee is a digital lending platform that allows consumers to meet their lending needs in a few simple steps using technology. The app gives you access to personal loans in minutes at your fingertips.

It is a technology-driven digital lending platform that leverages technology and data science to make lending accessible to India’s huge population of underserved customers. With robust KYC and a smooth process, the consumer journey is simple, fast and also protects your data. It currently has 4.51 million installs on Google Play Store and an average traffic of 400,000 on its website.

Operating with its own Captive NBFC FincFriends Private Limited in the background to facilitate short term personal loans coupled with digital lending services and has rolled out various forms of underwriting including alternative data sources and not limited to underwriting based solely on credit rating. By following the code of fair practices and the compliance process, it provides its consumers with an exceptional experience and satisfaction.

GalaxyCard

Established in 2018, the company has acquired a huge customer base in over 600 cities across the country. The digital credit card can be made available instantly in 3 minutes and benefits customers with no annual, membership or interest fees. GalaxyCard aims to make credit cards easily accessible to customers with an income of less than 30,000 per month. Customers can simply download the app and complete a free online registration for treatment. The whole application process is digital and requires three basic details – PANCard, Aadhar Card and bank statements. Unlike the traditional loan process, it eliminates cumbersome paperwork and long processing time.

ReadyKart

Founded in 2014, LendingKart’s main mission is to facilitate access to credit for SMEs (small and medium enterprises) in India. It operates as an NBFC and focuses on MSME loans and capital. LendingKart uses big data analytics to help lenders determine a borrower’s creditworthiness. It also completes the loan disbursement process much faster than traditional banks.

Loan tap

LoanTap Financial Technologies is an online platform committed to providing personalized loan products to millennials. The Pune-based company was established in 2016 with the aim of providing a seamless customer experience from application to disbursement process. The platform is reportedly committed to providing flexible loan products to salaried professionals. LoanTap offers loans to help millennials live the life they want. The company is said to offer quick personal loans on favorable terms to the customers. LoanTap’s goal is to delight its customers by helping them choose the best loan products.

BOX

Mumbai-based CASHe is a digital lending platform for young salaried millennials. CASHe offers instant short-term personal loans ranging from INR 7,000 to INR 300,000 for tenors up to 1 year at from young professionals based on their social profile, merit and earning potential. The company uses its proprietary algorithm-based machine learning platform.

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What credit score do you need for a personal loan? https://livelinkdirectory.com/what-credit-score-do-you-need-for-a-personal-loan/ Wed, 08 Jun 2022 15:55:14 +0000 https://livelinkdirectory.com/what-credit-score-do-you-need-for-a-personal-loan/ Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own. The credit score you need for a […]]]>

Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own.

The credit score you need for a personal loan varies by lender. But to get the best interest rates, you’ll generally need good to excellent credit. (Shutterstock)

A personal loan is a useful financial tool when you need to borrow money to cover almost any expense, such as car repairs, home renovations or medical bills. When you apply for a personal loan, you must meet the lender’s credit requirements. Having good to excellent credit will usually get you the lowest interest rates, but some lenders specialize in bad credit personal loans.

Learn more about the credit score you need to qualify for a Personal loan, why your credit score matters and what to consider when comparing personal lenders.

Credible, it’s easy to view your prequalified personal loan rates from various lenders who offer loans for a wide range of credit scores.

What credit rating do you need to qualify for a personal loan?

Each lender has their own credit score requirements for a personal loan. For this reason, it is probably possible to find a personal lender who will give you a loan, regardless of your credit rating.

But you usually need at least a good credit score to get a personal loan with a decent interest rate and loan terms. The higher your credit score, the better your interest rate will be and the more loan options you will have available.

Most lenders use the FICO credit scoring model to determine if they should approve you for a loan. Here’s how FICO breaks down credit score ranges:

Why is your credit score important when applying for a personal loan?

Credit scores are three-digit numbers that represent your credit history, which are recorded on your credit reports from each of the three major credit bureaus – Equifax, Experian and TransUnion. The higher your credit score, the more likely a lender is to lend you money. Because having a higher credit rating makes you more likely to repay your loan in the eyes of the lender, they tend to offer the best interest rates and loan terms to borrowers with good credit ratings.

If you have a low credit score, you will have to do a little more work to find a lender who will offer you a personal loan. Some lenders will approve you for a loan even if you have a bad credit score or lack of credit history. But you’ll likely pay a higher interest rate for a loan than someone with good or excellent credit.

CREDIT SCORE NEED A BOOST? 3 TIPS RECOMMENDED BY EXPERTS TO IMPROVE YOURS

Factors that affect your credit score

The following factors interact to determine your credit score:

  • Payment history – It’s the most important factor in determining your credit score, accounting for 35% of your score. When you pay your credit card and bills on time each month, you improve your credit score. If you make late payments or miss payments so much that you can’t repay a loan, it can hurt your credit score.
  • Credit utilization rate — Your credit utilization rate represents the amount of available credit you are using and represents 30% of your FICO score. The lower your credit utilization ratio, the more your score will benefit. Ideally, you want to keep this ratio below 30%.
  • Length of credit history — If you can establish a credit history from a young age, you’re on the right track. The longer your credit history, the more likely your credit score will benefit. Keeping an old credit account open, even if you don’t use it often, can help you maintain a longer credit history.
  • Composition of credit — Having a diverse combination of credit products in your name, such as a student loan, credit card, and car loan, can help show lenders that you’re capable of handling and repaying multiple types of debt at once.
  • New credit — Applying for or opening too many new credit accounts in a short time can scare off lenders, as it indicates that you may need to borrow money to get by. If you are considering applying for a personal loan, try to avoid applying for new forms of credit in the months leading up to your loan application.

You can compare personal loan rates on the Credible platform, and it will not affect your credit score.

Can you get a personal loan if you have bad credit?

Yes, you can get a personal loan if you have bad credit. Some lenders even specialize in bad loans.

Consider a peer-to-peer lender who accepts a lower credit score and instead focuses on work and educational history when deciding whether to lend you money. If you belong to a credit union, it may have looser borrowing criteria than some major banks or financial institutions.

If you’re having trouble getting approved for a personal loan on your own, you can apply with a co-signer who has good or excellent credit. Adding a co-signer to your loan application can make it easier to qualify for a personal loan and help you get a lower interest rate.

How a personal loan can affect your credit score

Taking out a personal loan can affect your credit score in different ways :

  • Improves your credit mix — Taking out a personal loan can help you improve your credit mix.
  • Creates a payment history — As long as you repay your personal loan on time, you will strive to establish a positive payment history.
  • Create a challenging investigation — When you apply for a personal loan, the lender will check your credit with a firm credit check. This can negatively affect your credit score, but it will usually rebound after a few months.

HARD AGAINST. SOFT CREDIT CHECKS: WHAT YOU NEED TO KNOW

What about loans without credit check?

Loans without credit check are a type of loan designed for those with bad credit or without an established credit history. Since these loans do not require a credit check, lenders compensate for the risk they take by charging high interest rates or additional fees. Loans without a credit check may be easier to obtain than traditional personal loans, but this ease of eligibility comes at a high cost.

Payday loans and title loans are two types of loans that do not require good credit ratings. These small, short-term loans come with fees that can amount to exorbitant annual percentage rates (APRs) of nearly 400%, according to the Consumer Financial Protection Bureau. These loans can trap you in a cycle of debt and should only be considered as a last resort.

What should you consider before choosing a personal lender?

Regardless of your credit score, you’ll want to consider the following factors when comparing different loan options:

  • Interest rate – The higher the interest rate, the more you will pay over the life of the loan. See which lender can offer you the lowest interest rate.
  • Repayment period – The length of a repayment term can affect the amount of your monthly payment. Although shorter repayment terms can help you save on interest, they usually come with higher monthly payments. Make sure the lender you choose can offer repayment terms that fit your budget.
  • Amount of the loan – It is important to borrow only what you need so that you do not pay interest on unnecessary funds. Find a lender who will lend you the full amount you need.
  • Costs – All lenders charge fees differently. Ask each lender you’re considering what fees you’ll have to pay, such as origination fees for processing the loan or prepayment penalties for repaying the loan earlier than expected.
  • Co-signer option — Not all lenders allow co-signers on personal loans. If you want to apply for a co-signer to improve your chances of qualifying and help you get a better interest rate, you’ll need to find a personal lender that allows co-signers.

How to apply for a personal loan

Different lenders have different application processes, but when you apply for a personal loan, you can generally expect to go through the following steps:

  1. Compare lenders. Before you apply for a personal loan, get prequalified with different lenders and compare each to see which one can offer you the best personal loan for your needs.
  2. Choose a loan option. Once you find a lender, you can choose which of their loan products you want to apply for.
  3. Complete the application. When applying for a personal loan, you will need to provide personal and financial information, such as documents proving your identity, employment status, and income.
  4. Get your funds. If you are approved for a loan, the lender will disburse the funds, usually by direct deposit to your bank account.
  5. Start making payments. Once you receive your loan funds, you will begin making your regular payments (usually monthly) until you repay the loan in full according to your repayment term.

If you’re ready to apply for a personal loan, visit Credible for quick and easy compare personal loan rates from various lenders in minutes.

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How to Know if You Qualify for a VA Loan https://livelinkdirectory.com/how-to-know-if-you-qualify-for-a-va-loan/ Tue, 07 Jun 2022 12:01:06 +0000 https://livelinkdirectory.com/how-to-know-if-you-qualify-for-a-va-loan/ Buying a new home takes a lot of work. But, if you’re a veteran or in active military service, the process can become even more difficult, especially if you don’t qualify for a traditional mortgage. This is where a VA loan comes into play. This is a type of mortgage loan created by the United […]]]>

Buying a new home takes a lot of work. But, if you’re a veteran or in active military service, the process can become even more difficult, especially if you don’t qualify for a traditional mortgage. This is where a VA loan comes into play. This is a type of mortgage loan created by the United States Department of Veterans Affairs (VA) to help service members and their families obtain the funds needed to purchase a home.

Although the government generally supports VA loans, there are private lenders, such as Security America Mortgage, which provide VA loans to those in need. However, like conventional mortgages, VA loans are only available to certain qualified individuals.

So, if you’re considering taking out a VA loan, here’s how to find out if you’re eligible for this type of financial solution.

  • Check qualification requirements

One of the best ways to find out if you are eligible to apply for a VA loan is to check the basic qualification requirements. Generally, you can qualify for the said loan if you are one of the following:

  • In active service: If you actively serve in the military for a period of time, you may be eligible to apply for a VA loan. You must show that you have been on active duty in the Navy, Air Force, Army, or Marines for at least 90 consecutive days.
  • Veteran: If you are a veteran, you can also qualify for a VA loan as long as you show a copy of your military service discharge papers.
  • Reserve and National Guard: If you are a member of the Reserves or National Guard, you may also qualify to apply for a loan if you have completed at least six years of service and are no longer on active duty for specific reasons. These may include placement on the retired list, honorable discharge from service, and transfer to another part of the reserve.
  • Military Spouses: You may also qualify for a VA loan if you are a military spouse. But specific requirements must be met. For example, you must prove that the service member you are married to is deceased, a prisoner of war, or officially recognized as missing for at least 90 days.

So, if you are one of the people mentioned above, you may have a better chance of getting a VA loan approval. But, if you want to prove your eligibility to your lender, you need certain documents showing the length and type of service you have. These documents are known as the Certificate of Eligibility. You can get a copy of this document from the US Department of Veterans Affairs, or you can ask your lender for help.

There are many lending institutions that not only offer affordable VA loans but also quality customer service to all of their customers. So, if you are looking for a reliable lender, you can check sites like securityamericamortgage.com.

  • Know if your income is stable

To find out if you qualify for a VA loan, you need to determine if you have a stable income. Although there are no specific income requirements to qualify for this loan, your lender will probably want to know if you can make the new mortgage payments and pay your monthly fees.

Plus, in some cases, your lender will also look at your residual income. It is the amount of money left over each month after deducting all necessary expenses, including the mortgage payment. When you show that you have residual income, you give your lender the assurance that you can cover emergency expenses without depleting your savings. This situation can help you become more eligible for a VA loan to cover your house purchase.

  • Check your credit score

Another way to find out if you qualify for a VA loan is to check your credit score. Before you can get approved for a loan, the lender will review your credit score and determine if you are a subprime borrower. Although credit score requirements differ from lender to lender, most VA loan providers require a score of at least 620 for you to be eligible.

Therefore, if you have a credit score below 620, the lender may not be able to offer you a loan. But, if your credit score is 620 or higher, the lender may find you eligible for a VA loan. To ensure you are qualified before taking out a loan, check your credit history with major credit reporting agencies to see if you have a good enough credit score to get a VA loan approval.

Final Thoughts

Applying for a VA loan to help you buy a new home doesn’t have to be difficult. As long as you know you qualify, you can get the mortgage you need. Therefore, if you are planning to take out a VA loan soon, keep the information mentioned above to know if you meet the eligibility requirements.

]]> Instant loan apps in India: Don’t fall prey to scams; important points to consider before taking out loans online https://livelinkdirectory.com/instant-loan-apps-in-india-dont-fall-prey-to-scams-important-points-to-consider-before-taking-out-loans-online/ Sun, 05 Jun 2022 12:41:40 +0000 https://livelinkdirectory.com/instant-loan-apps-in-india-dont-fall-prey-to-scams-important-points-to-consider-before-taking-out-loans-online/ India oi-Prakash KL | Updated: Sunday, June 5, 2022, 6:22 PM [IST] New Delhi, June 5: The number of complaints about scams involving loan apps has grown exponentially in 2021 and 2022. Thanks to the smartphone craze and cheap data plans, people in need of cash are falling prey to ‘unauthorized lending applications. Operating modePeople […]]]>

India

oi-Prakash KL

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Updated: Sunday, June 5, 2022, 6:22 PM [IST]

Google One India News

New Delhi, June 5: The number of complaints about scams involving loan apps has grown exponentially in 2021 and 2022. Thanks to the smartphone craze and cheap data plans, people in need of cash are falling prey to ‘unauthorized lending applications.

Operating mode
People are lured by pledging higher loan amount without paperwork. Customers will receive the money instantly but less than the promised amount. As the customer installs the application, they will have access to sensitive customer information.

Instant loan apps in India: Don't fall prey to scams;  important points to consider before taking out loans online

He will have access to phone contacts, gallery and other information. Using this information, the company will adopt harsh recovery tactics. Loan officers will abuse and harass customers and even call customers’ friends and relatives from their contact list.

In some cases, customers have died by suicide after cyber crooks allegedly circulated transformed photos for failing to repay loans taken out through an instant loan mobile app.

RBI Results
A Reserve Bank of India (RBI) digital lending task force said in a report that as many as 600 “illegal lending apps” are present in several app stores for Android users in India. A total of around 1100 unique Indian loan apps containing keywords like loan, instant loan, fast loan etc. are available in the app stores.

In a bid to prevent illegal digital lending activities, RBI has proposed the Indian government to formulate new legislation. The details were mentioned in a report by the RBI task force on digital lending, including lending through online platforms and mobile apps.

“According to the findings of the task force, there were around 1100 loaner apps available for Indian Android users across more than 80 app stores (from January 1, 2021 to February 28, 2021),” the RBI report said. “Number of app stores where Indian loan apps are available ~ 81. Number of unique Indian loan apps that have the keywords: loan, instant loan, quick loan, etc. ~ 1100. Number of Illegal loan ~600,” he added.

The maximum number of complaints were filed in Maharashtra, followed by Karnataka, Delhi, Haryana, Telangana, Andhra Pradesh, Uttar Pradesh, West Bengal, Tamil Nadu and Gujarat, according to the RBI report.

Important points to consider before taking loans from online applications

Is the lender approved by RBI?
The first thing a customer should do before applying for loans on apps is whether the company is approved by the Reserve Bank of India or not. This ensures that you don’t face repayment related issues as companies that do not follow RBI guidelines would have to harass customers once they take out loans.

Does the lender have a website and physical office?
See if the lender has a proper website and has mentioned all the details about the business. More importantly, see if the lender has a physical office. Most scammers don’t have a website or physical office.

Check Reviews
Also check customer reviews which give you a fair idea of ​​the lender. And avoid taking loans from apps without a verification badge. Find out if the app is associated with a bank or a non-bank financial company (NBFC) and vice versa.

Terms and conditions
Many of us tend to ignore the “Terms and Conditions” section. Studies have shown that most people pay attention to “terms and conditions” without realizing that it is an agreement that acts as a legally binding contract between you and the company. So always read the ‘terms and conditions’, especially when making financial transactions online.

Look beyond interest rates
It has been reported that individuals/small businesses are falling prey to an increasing number of rogue digital lending platforms/mobile apps on the promise of getting loans quickly and hassle-free. These reports also mention excessive interest rates and additional hidden fees charged to borrowers; adoption of unacceptable and authoritarian recovery methods; and misuse of data access agreements on borrowers’ mobile phones. Therefore, find out all the fees charged by the app, such as prepayment, processing fees, etc.

Don’t get loans without a credit history
People should not take loans from apps that are willing to lend regardless of your credit history and are ready to sanction immediately. Never pay money to get sanctioned loans. “Processing fees are usually charged to you as part of your loan or must be paid directly to the bank on NBFC that offers you the loan. If you are asked to pay part of the loan upfront for processing or if you have to pay cash or transfer money to any personal account, that’s a red flag,” Adhil Shetty, CEO of Bankbazaar, was quoted by The Times of India as saying.

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