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The different types of loans involved in a loan buyout

In Belgium, credit consolidation concerns a wide range of loans.

These include unauthorized bank overdraft, loans obtained for the purchase of goods such as a car, a laptop or even a scooter. In addition, part of a loan repurchase, house loans, whether for major developments or works. Consumer credits can also be grouped, just like those from department store credit cards.

As can be seen, the credits that can be bought back or combined are multiple. This is why grouping loans is a particularly advantageous solution.

 

Tips for obtaining a credit consolidation formula adapted to your situation

mortgage loan

Because of its multiple advantages, credit consolidation is a solution offered by a large number of organizations on the market. This means that the offers are varied. It is therefore important not to rush into the choice of establishments specializing in this type of operation.

To increase your chances of finding a buyout contract adapted to your personal situation, you must therefore play the competition card thoroughly. To do this, a comparison must be made of the various proposals from the authorized bodies. In practice, it is sufficient to send a request for a quote to establishments that seem to interest you. You will therefore have plenty of time to study in great detail the main elements of each offer that you receive within a reasonable time.

To choose a loan consolidation proposal, you must take into account your repayment capacity. It is for this reason that you must make a simulation of your credit buy-back. This is easy since there are various suitable tools that you will find on the web. You just need to fill in the information requested in the places indicated to get an idea of ​​your personal situation in a few clicks.

 

What to consider when getting a loan?

What to consider when getting a loan?

There are, of course, several questions, and give a personal feeling of well. You will be better off dealing with this or that company or you will feel that their internet presentation is much clearer and more sophisticated than others. Just choose a transparent partner who does not hide anything from you, as in life. Choosing a loan that you contract for a longer period of time is very important. Nor should you underestimate the microcredit you want for about a month. You will not wait long hours, but the more time you should spend thinking about what this time will be the right choice.

 

Loans moves the whole company, perhaps there is no one who does not have one

Loans moves the whole company, perhaps there is no one who does not have one

There are basically only two types of loans, but sometimes the decision is quite difficult. Engage the family and say pros and cons. Take paper and pencil, write in two different columns as much as possible. You just need to be clear that you are acting correctly, in accordance with your own opinion, and most of all the rest of the family.

Credit bureaus as well as contractual information

Bureaus – collect and pass

Bureaus - collect and pass

Credit agencies are private commercial companies that collect and pass on information, or sell it. Your clients are companies in the private sector; primarily credit institutions, leasing companies, mail order companies, online shops and telecommunications companies. They all conclude contracts with the customer as the end user. They are either directly a loan agreement or they have the effect of a loan with a contribution in kind. The mobile operator makes an advance payment with its contract. He immediately leaves the hardware to the mobile phone user and provides access to the mobile network for the contract period of 24 months. The customer pays for this service in monthly installments for two years, i.e. afterwards. The mobile phone dealer bears the financial risk that the contract installments will be paid on time and in full.

Credit bureaus collect information about creditworthiness

Credit bureaus collect information about creditworthiness

In order to minimize, realistically assess or avoid this financial “credit default risk”, the creditworthiness of the consumer is checked. This is where the credit bureaus come into play. They collect all conceivable and accessible data about the end consumer, occasionally also about the companies themselves. A well-known and well-known credit agency is private credit checker, the protection association for general credit protection. It combines all positive and negative information into one score, the private credit checker base score. It is expressed arithmetically in percentage points. The higher the percentage, the better the creditworthiness, i.e. the creditworthiness of the person concerned.

Credit bureaus have shareholders and business partners

Credit bureaus have shareholders and business partners

The private credit checker score is used as the basis for the credit rating before the contract is concluded, to stay with the private credit checker example. This is only possible with the consent of the end user as a contractual partner. He can hardly say no, because then the sales talk would be over. For its part, the entrepreneur does not forego the possibility of inquiring as a shareholder or business partner of “his credit agency” about the creditworthiness of the contractual partner. From the information from the credit agencies, solvency and willingness to pay can be read, as well as the entire contractual spending behavior. The credit agencies have no information about the income and wealth of the citizen. Only liabilities and expenses are taken into account in the credit rating.

Publicly available as well as contractual information

Publicly available as well as contractual information

The databases of the credit bureaus are “fed” in two ways. On the one hand, the business partners have all contracts with their customers entered in the database there. On the other hand, the credit agencies collect information from public announcements from nationwide authorities and courts. The private credit checker score is calculated from this mixed situation and is updated automatically every three months.

Risk of Online Money Loan User Surveys

Nowadays, I don’t want to borrow money from you anymore. With the spread of online money loan applications, with just Good Credit capital someone can already get a loan. The process is also fairly fast. On average, it only takes one week for funds to be disbursed. In fact, not a few online loans disburse funds in a matter of hours.

If you apply for a loan at a bank

If you apply for a loan at a bank

You must complete a number of document requirements such as Good Credit, salary slip, NPWP, credit card records, to a photocopy of a passbook. Then, the process itself can take up to two weeks. As a result, more and more people are glancing at various providers of online money lending services.

But, with a number of conveniences offered by online money lending services, there is a high risk that must be borne by the borrower.

One of them is a high flower trap. In official institutions such as banks to cooperatives, the average rate of non-collateral loans starts from 1-3 percent per month. While for online money loans, the interest is around 1 percent per day or 30 percent per month. How different is the amount of interest?

The Financial Services Authority (OJK) as the official financial services industry supervisory agency sets a number of policies so that the financial technology (Good Finance) company, including online loan providers, does not act arbitrarily and remains safe. Only Good Finance that complies with OJK rules has the right to operate.

But, the name is to meet urgent needs, many people tend to be desperate to borrow at online loan providers that are not registered with OJK. In principle, the important thing is getting a loan fast. Concerning interest, even though it is large, the latter business.

Well, if that’s the case, get ready to face the consequences, which of course are uncomfortable. Those who are “frustrated” using loan services that are not on the OJK list, must be prepared to be exposed to the following risks.

Get caught up with moneylenders online

Get caught up with moneylenders online

To borrow from a bank, there are indeed many requirements that must be needed. But, these rules are not without reason. In fact, indirectly, these rules can be protection for ourselves as borrowers.

The bank needs to analyze and ascertain whether we as debtors can afford to pay or vice versa, the potential for default in the middle of the road. If it turns out we have not yet qualified as a debtor, it may indeed be very risky to borrow money with a certain nominal with the current financial condition.

Meanwhile, if you borrow Good Credit capital money as offered by many online money lending services, chances are, your loan application is liquid easily. But, if it turns out you can not pay in installments in the middle of the road, so just get ready to be burdened by the debt interest to swell.

Debt payment reports are not transparent

Debt payment reports are not transparent

If it is not thorough, it is not impossible for borrowers to be deceived by these online moneylender calculations. During the bidding process, various sweet promises were given. From low-interest offers to liquid loan guarantees within a few hours.

After the victim enters a trap, you may be asked for a nominal installment without the transparency of your debt calculations. Debtors who are “lazy” are complicated, usually unwilling to bother. They assume the important thing is to pay the installments. In fact, without realizing it, they could suffer huge losses.

Misuse of personal data

Unlike banks that guarantee the confidentiality of their customers’ data, there is no security guarantee from online loan providers that are not registered with the OJK. One of the data that is prone to be misused is an emergency contact.

Usually, this emergency contact will be “terrorized” when the debtor is in arrears. Personal data can also be sold or used for unlawful purposes.

Trapped bulging investment

Trapped bulging investment

Apart from being a moneylender, online loan services also allow customers to become investors who act as lenders. But, do not ever take the risk to be an investor in services that are not registered with the FSA.

Not only does it not make a profit, but the invested funds can also disappear without a trace. If that is the case, you cannot hold the OJK to account. Oh no!

The reasons for canceling the registered marks of each of the companies above vary. However, in general, the OJK states, with the cancellation of the registered mark, all five must stop all borrowing and borrowing activities based on information technology-based technology, resolve user rights and obligations, and are prohibited from including the OJK logo and statement registered and supervised by OJK in all its activities.

 

Prepayment penalty for late loan payment

What is prepayment penalty?

What is prepayment penalty?

If borrowers want to repay their loan unscheduled or prematurely, for example as part of a debt rescheduling, banks generally charge a prepayment penalty. This serves to compensate the bank for the loss from lost interest income. A distinction must be made between compensation for installment loans and mortgage-backed loans.

Procedure for installment loans

Procedure for installment loans

Installment loans are also known as acquisition loans, consumer loans or personal loans. Repayments are possible at any time. The consumer credit directive regulates the maximum amount of compensation. If the borrower wishes to repay part or all of the remaining debt within the last year, the compensation fee may not exceed 0.5 percent of the repayment amount. If the loan is repaid early during the remaining term, the maximum possible compensation is 1 percent. In general, the prepayment penalty may not exceed the debit interest that the borrower would normally have paid up to the end of the loan term. This is effective for all installment loans that were concluded as of June 11th, 2010. The following applies to older loans: The installment loan can be repaid with a 3-month notice period. In the event of an immediate extraordinary termination, banks may deviate from the regulations. Some financial institutions waive prepayment fees, the fees and procedural modalities are regulated in the terms and conditions.

Prepayment penalty for real estate loans

Prepayment penalty for real estate loans

Real estate, mortgage or annuity loans are characterized by a long term, high amounts and fixed interest periods for debit interest. The loss of interest income that the bank incurs in the event of early repayment of the loan is correspondingly higher. However, the calculation of the prepayment penalty for mortgage loans is not regulated as specifically as for installment loans. Borrowers should carefully check whether an unscheduled repayment or early loan repayment is worthwhile. Banks do not have to approve the repayment easily. If the property is sold, the bank is obliged to accept the repayment amount.

There is no prepayment penalty:

  • after 10 years of credit and 6 months’ notice
  • at the end of the first fixed interest rate with a term of less than 10 years and one month’s notice
  • in the case of variable interest rates with a 3-month notice period
  • for fixed-rate loans with an exit option
  • for contractually agreed special repayments

Calculation of prepayment penalty

Calculation of prepayment penalty

Lenders can calculate the loss of interest that arises because a replacement transaction can only be concluded on lower terms, in two ways. The “active-active method” refers to the new loan, the “active-passive method” to an alternative investment of the repayment amount in mortgage Pfandbriefe. The calculation methods are complicated, consumers should have the prepayment penalty given checked.

 

Take Credit Card Installments, These Are What You Need to Know

The BCA credit card installment option is the choice that many people make when making transactions. No wonder why this transaction option was chosen. Because there are a number of benefits that can be obtained.

As we know, the BCA credit card is one of the most popular credit cards in Indonesia. It’s only natural that this BCA product is in great demand because many people are promising. In addition, there are already many merchants that accept card payments.

Although it’s interesting, there are a number of things that you should be concerned about before taking advantage of BCA credit card installments. 

There is a 0 percent interest installment program for a certain period

There is a 0 percent interest installment program for a certain period

It’s good to have a credit card, one of which can enjoy installments with 0 percent interest. At BCA you can also feel the benefits.

You can take BCA credit card installments with 0 percent interest. This program is held by Bank BCA in certain periods.

As is currently underway, there is a BCA credit card installment program with 0 percent interest for those who conduct transactions abroad. The installment tenor starts from 3, 6 and 12 months with a minimum shopping transaction of USD 500 thousand.

BCA credit card installments do not apply for cash withdrawals 

BCA credit card installments do not apply for cash withdrawals 

Sometimes credit card debt isn’t always used for shopping for goods or services. Quite a lot of people who prefer to get cash from credit cards by cash withdrawal.

Instead of being able to be repaid, apparently cash withdrawal funds cannot be converted into BCA credit card installments. Quite a lot of you know who does not know this information.

Hoping to be paid in installments and getting 0 percent interest, it turns out that the mechanism for refunding cash withdrawals isn’t like that. Then the interest charged does not apply per month, but per day you know. Your cash withdrawal is subject to 2.25 percent interest per day.

Not to mention that you are required to pay a cash withdrawal fee of 4 percent or a minimum of USD 40 thousand. So before you do cash withdrawals, think about it first. Because the interest is really big you know.

Not at all merchants apply 0 percent interest installments

Not at all merchants apply 0 percent interest installments

It is true that there is a BCA credit card installment program with 0 percent interest. However, before choosing this payment method, make sure first if the merchant who collaborates with Bank BCA has a 0 percent interest installment program or not.

Because 0 percent interest installments do not apply at all merchants you know. In the end, because it does not confirm first, your installments are even charged 2.25 percent credit card interest. The desire to buy at a low price failed.

The 0 percent interest program does not apply to accumulated spending

The 0 percent interest program does not apply to accumulated spending

Don’t think of the BCA credit card installment program with 0 percent interest applies for accumulated shopping huh! Investigate a calibaration, 0 percent interest can only be obtained for one transaction that happened to happen at that time did have a mortgage program without interest.

For example, you just buy a smartphone by taking installments without interest, then on the same day shopping for clothes with a credit card, the interest-free bill is only the smartphone you buy. While clothing bills are charged 2.25 percent interest.

Need a cash loan? There are BCA Instant Cash Installments

Need a cash loan? There are BCA Instant Cash Installments

Instead of withdrawing cash, it’s better to use the BCA Instant Cash Installment offer if you need cash. BCA Instant Cash Installments is a cash loan program specifically provided to BCA credit card holders.

The loan amount depends on the remaining BCA credit card credit limit. The maximum loan size proposed is 50 percent of the remaining limit. While the installment tenor starts from 3, 6 and 12 months.

The interest applied for this loan is 0.75 percent. However, it can change according to Bank BCA policy.

If BCA Bank agrees with your loan application, the funds will then be sent to your BCA Giro, Tahapan, or Tapres account. Funds are sent no later than 3 days after getting approval.

Change your mind then cancel the submission? You will be charged a penalty fee of USD 100,000.

What are the terms and conditions for taking the BCA Instant Cash Installment program?

  • Only the main card holder can take this program.
  • The remaining limit is at least 40 percent of the total limit.
  • For a minimum of a year already a BCA credit card holder.
  • The minimum funds taken are USD 500 thousand.
  • Funds are transferred to an account in the name of the credit card holder.

 

6 reasons to request an express loan from a private lender

When you need money quickly, it is not always possible to use a credit card or obtain an express loan within the required time by contacting a conventional bank. An alternative solution must, therefore, be found. Here are 6 reasons to go to a private lender for an express loan.

 

Easy access

money loan

Today, it is no longer necessary to leave your home to apply for a credit if you apply to a private lender. All you have to do is make a request by phone, email or fill out a file online, attach the requested documents and wait for the response, which generally arrives between half an hour and 24 business hours after the file is submitted. And in most cases, when you are salaried and have good credit, this type of loan is easily obtained.

In addition, most of the time, the self-employed, people on maternity or parental leave as well as beneficiaries of CSST, disability or pension plan programs, and even in some cases the unemployed, people on social assistance, sick leave, sick leave and retirees also have access.

 

Possible credit with a low credit rating

Possible credit with a low credit rating

Another major advantage of the express loan from a private lender is that it can be granted on other criteria than that of the credit rating. In other words, borrowers with a low score are not penalized, provided they meet the acceptance criteria established by the lender.

Indeed, some creditors rely in particular on the amount of income, the debt ratio, prior employment with the employer, and the study of bank statements to establish their decision.

 

Funds deposited quickly

Funds deposited quickly

Once the request is accepted, the loaned money is most of the time deposited within the next 24 to the borrower’s bank account. Some organizations even manage to deposit the money the same day on the acceptance of the file on the bank account.

A delay without common measure with that of traditional banks, which often pay the amount loaned after several days, allowing to deal with emergencies such as an invoice to pay to avoid a service cut, a payment to be made in time to avoid affect his rating , payment of non-reimbursed medical expenses or the repair bill for his vehicle.

 

Easy renewal

money loan

As soon as the repayment of the initial loan has gone well, renewing it is simple and quick since it is generally sufficient to apply by email.

 

No account to report

Unlike some personal loans that come with conditions such as the provision of supporting documents, the express loan leaves you entirely free to spend the borrowed money as you see fit. This can allow you, for example, to settle a mortgage due date and thus avoid an unpaid amount.

 

No guarantee to provide

No guarantee to provide

In return for relatively high rates, credits granted by private lenders are generally not accompanied by collateral.

Using a private lender for an express loan can save many situations and help deal with temporary monetary problems. However, you must be vigilant about the conditions of the contract, because some creditors can impose expensive filing fees, prohibitive interest rates, or even penalties in the event of early repayment.

Loans for pensioners with minimum pension

Retired loans with a minimum pension? Complete guide to these loans that are not accessible to everyone because the law assumes that every person must have every month, to be able to spend on shopping, bills and everything else, an amount equal to at least the minimum pension, which therefore cannot be used to finance a personal loan. This amount is called a sort of minimum survival amount.

Not all retirees can get funding with their pension, let’s see in this complete guide updated to 2020 what can be done.

What are the minimum pensions?

What are the minimum pensions?

The minimum pension is the minimum economic treatment required by law, which all pensioners must have in order to live, month by month. For 2020 the minimum pension amount is $ 513.01 per month. This amount is the minimum amount considered to be able to live for all pensioners.

It follows that this amount cannot be affected in any way by the repayment of the installments of a personal loan, even if obtained with the assignment of the fifth. Consequently, a loan can only be requested by retirees who can boast a monthly fee in excess of the minimum.

Example of personal loan, because the minimum pension is needed

Let’s take a concrete example of how the minimum pension for personal loans works, in order to better understand the concept.

  • Net monthly pension: $ 1,000
  • Maximum transferable amount: $ 200 (1/5 of the net pension). It is also the maximum monthly payment that can be paid.
  • Residual pension after the payment of the installment: 800 $

This value is higher than the minimum pension, so you can proceed without problems with the fifth assignment.

Here is another example.

  • Net monthly pension: $ 600
  • Theoretically transferable amount: $ 120 (1/5 of the net pension)
  • Residual pension after the payment of the installment: 480 $

This amount ($ 480) is lower than the minimum pension foreseen by law for 2020, therefore the monthly installment is “adjusted” so that the difference between the minimum and the residual is never less than the minimum.

For this reason, the maximum monthly installment that can be paid becomes $ 600 (net) – $ 513.01 (minimum pension) = $ 86.99 (installment that can be paid, at most, in the reimbursement of the transfer of the fifth).

Conclusions and alternative solutions

Conclusions and alternative solutions

As we have seen, the pension defined as “legal minimum” has an important influence on the calculation of a loan and on the repayment procedure.

We understand that Italian law considers the minimum legal pension to be “sacred” and “untouchable”, which therefore can never be affected by any financing or reimbursement.

So, to conclude, loans to pensioners who have the minimum pension are obtainable, but along other paths, such as lifetime loans, which are based on the possession of a property that is given as collateral.

When do they prescribe debts? We tell you

In Spain, according to the civil code, debts tend to prescribe over a period of five years. There are many factors that determine the time of prescription or maturity of a debt incurred with a financial entity.

To be able to know if the acquired bank debt or the money pending payment has come to prescribe it is necessary to make a deeper study of the type of indebtedness that one has. The period really varies from three years to twenty years.

When do they prescribe debts?

When do they prescribe debts?

In Spain, debts tend to prescribe according to the type of indebtedness that was acquired at the time. The number of years that pass for these debts to prescribe range from three to twenty years.

However, there are many ways to declare that a pending obligation came to prescribe:

  • In case of payment: naturally, a paid load is automatically a commitment that no longer exists and, therefore, we can say that prescribed.
  • Prescription of the debt: when a certain time of between 3 and 20 years has passed with the same liability, which is not mortgage, and this has not been paid, it is canceled.
  • By compensation: in this case, the debtor gives a compensation that replaces the money that is owed, therefore, somehow cancels the outstanding balance.
  • Forgiveness: although this happens a few times, the creditor may decide to pay off the debt, even if it has not been so, but for all purposes, it will appear as a settled obligation I prescribed.

It is normal to believe that all commitments are made “until the end of time”, but it is not so. In this article, we tell you.

When do you prescribe a personal loan?

When a loan is requested from a bank, as long as it is not a mortgage, these debts and their interests come to prescribe.

Any non-mortgage bank loan, whether a personal loan or credit card, comes to prescribe after five years. Originally the borrowings generated by the credit card prescribed at fifteen.

Debts acquired between November 7, 2000, and November 7, 2005, by law, continue to be prescribed at 15 years.

However, currently, this statute of limitations has been reduced from 15 to 5 years.

It is important to review all articles associated with bank credit cards, as there are some “small letters” that must be taken into account.

Differences between expiration and prescription of a debt

The words “prescribe” and “expire” are often considered synonymous words with each other, however, they are not, and much less in Law. To understand the difference between a noun and another in a simple way we explain it through an example.

It is known that dehydrated foods have a long lifespan, however, it is mandatory to put a day of expiration, which we can consider as its date to prescribe, but not expiration. That is, this date is decided for consumer safety, as is the prescription of debt, however, these foods never expire.

On the other hand, milk and other foods expire, that is, they expire. The date that appears written on its packaging determines the moment in which the product in question, for health reasons, in this case, can no longer be consumed. In personal debts, the expiration comes when the right to collect the debt can no longer be exercised and, therefore, the law that could regulate this debt ceases to be valid. On the contrary, the prescription of the load is given when it has been a long time since it was contracted and although it remains in force and will never disappear, it has been prescribed for the passage of sufficient time.

Most common deadlines for prescribing debts in Spain

Most common deadlines for prescribing debts in Spain

Initially, it was explained that the most common time used for a debt to be prescribed is five years, but this changes according to the type of cargo acquired:

  • Mortgage loan: depending on the conditions in which the loan or credit with the bank is requested, it can vary from fifteen to twenty years until its prescription.
  • Non-mortgage bank loans: these include commercial debts acquired with credit cards and prescribe after five years.
  • Social Security and Finance: these obligations have a term of four years to prescribe.
  • Other debts: those related to alimony, general services or rent payment, among others, prescribed at 5 years.