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Understanding Loans – Types of Loans

types of loansWe have all gotten to that point in our lives when we required having access to a large amount of money for one reason or the other. It might have been to get a new car, pay for your college fees or start up your dream business. There is really no embarrassment in taking out a loan to get head in life.

However, getting a loan is a short commitment, one that you will have to be disciplined in. You will agree to be paying back the loan in small portions for a specified amount of time. You therefore need to be prepared for that. The term loan is however very general as there are very many loan types that are available and that you need to be aware of before you go ahead and apply for a loan with a lending institution such as a bank. Speaking of which, there are several qualifications that banks require you to meet before they can approve the loan that you applied for. Doing your research and understanding loans better will increase the chances that you stand to get a loan that best fits your needs.

Types of loans

Having the information on the various types of loans that are available will help you know which the best is and also how to evaluate the terms that the lenders provide you with.

Installment loans

This is a type of loan that is paid back over a specified amount of time ranging from a few months to several years. They have scheduled a payment that goes towards the repayment of the loan. Mortgages are an example of installment loans

Secured loans

These are the types of loan that require collateral that would be seized in the event one fails to pay the loan. A good example of such is a home loan in which the home itself is the collateral. In the event payments are not made, the lender would be the legal owner of the home.

Fixed rate loans

A majority of the loans available are fixing rated, meaning that the same interest applies throughout the repayment period of the loan.

Variable rate loans

In these type of loans, the interest rate fluctuates depending on the interest rate index. The interest rates however have a cap marking how high the interest rate can go in a particular time frame. The rate can however change many times in one year.

Convertible loans

As the term suggests, these are loans that can be converted from one type to another. For instance from a variable rate loan to a fixed rate loan. The perfect example of this type of loan is a variable rate mortgage which can be transformed into a fixed rate.

What to look for in loan

When you are choosing a loan, the goal is to find one that perfectly meets your needs. This may take some time and effort but it is not impossible. To land the best loan for yourself, you should take into consideration the interest rates, the fees and the points. You should ensure that you are comfortable with each of the above factors before you make your choice.

To get more information on loans, click and visit several finance sites on the internet.

Why You Should Apply for Quick Loans Online

quick loansThe trends in the lending business are changing fast thanks to the introduction of new lending methods that make it easier for people to access loans. For instance, many people like the fact that they can borrow from an online company as opposed to the traditional method when they had to visit banks or other lending institutions. According to statistics from reliable sources, the number of people who prefer borrowing online has been on a sharp increase especially over the recent years. If you have never tried, here are some of the reasons why you should get quick loans online.

It is fast

With the online option, you will get the money in your bank account faster than you can ever imagine. You do not have to fill an application and wait for long just to hear from the relevant officer. Unlike when it would take days and even weeks to get a confirmation of your loan approval, the online platform allows you to get it almost instantly. This is because once you click on the submit link, your application will instantly be ready for review by the lender and if there are not many applications, you can be sure that the response will be pretty fast.

No paperwork

You also will like getting quick loans online owing to the fact that you do not have to do any paperwork. If you have ever applied for a loan through the traditional method, you definitely know how cumbersome the paperwork can be. You might have to make several submissions before you get it right. If you make a mistake on the application, you probably will have to start all over again because you just do not want to submit an untidy copy. However, if you submit it online, you do not have to worry about correcting mistakes or starting again.

You will enjoy the convenience

Imagine the possibility of applying for a loan from the comfort of your house, in your office, while on holiday or just anywhere else that you may be. This is exactly what the online opportunity allows you to do. Never again will you have to abandon your job or business to spend an entire day moving from one lender to another in search for a loan. You also do not have to exhaust yourself in the process. As long as you have a reliable internet connection, you are good to go.

There are however several things that you should always keep in mind when looking for quick online loans. You need to know about the interest rates that every company charges. You also need to understand all the terms and conditions that come with the loan. To find the most appropriate lender, you might have to compare the interest rates from several companies. At this point, you definitely will be baffled at the difference. Consider the duration that you are allowed to repay the loan so that you do not find yourself in a difficult position without even knowing it.

3 Tips to Spring-ify Your Home

dd471ac07efa42e5acced2017fd30423Good morning loves.  I’ve got a confession – I have spring fever.  I want everything in my home to be bright and floral.  The problem is I live with BF and he’s more of an earth tones type of guy.  We haven’t decorated much since we moved in to our new apartment last October.  We spent most our money on buying new furniture and now it’s time to make everything pretty.

After spending hours on Pinterest and a lunch break in the mall I have come up with a few clever ways  to decorate our home for spring.

Mix and Match Everything

Apparently the days of having everything matchy-matchy are over.  It’s O.K. to mix and match colors,  patterns and even textures.  This is an ever growing trend in the world of home decor, but I also noticed it on mannequins in store windows.  I think I missed the memo but when did it become acceptable to mix polka dots and stripes?  I’m not sure if that’s the way I’ll go but I am definitely going to mix and match when it comes to our pillows.

Pillow are supposed to be welcoming.  We want them to be bright and colorful and of course comfortable.  So that’s exactly what I’m going to do – I’m also going to mix shapes and sizes.  I wish we could afford high end pillows from Pier 1 Imports but I think we’re going to look at TJ Maxx and Bed Bath & Beyond.

Make Every Room Smell Good

This has always been our motto.  We love candles and burn them all year round, even in the summer.  However candles, the good ones, are expensive.  I always hold out for the “2 for” sales or the semi annual sale at Bath & Body Works and then I stock up.  Like really stock pile candles!

I love the smell of fresh cut flowers but buying bouquets every couple of weeks just isn’t realistic.  First of all it can be very expensive and second up here in the north east we don’t really have fresh cut flowers all year round.  Flowers are a great way  to add some life into our apartment, but scented candles, wall plugins and those scented oil sticks are a great way to fake it.

Hang Pictures Where Ever You Can

I am only 5 feet tall so painting walls is out of the question.  Besides when my OCD kicks in after six months it’s a lot easier to change decor than it is to repaint.  I don’t really like to stick to one thing for very long so changing accents is definitely the way we’re going to go when it comes to decorating this spring.

I’m a very visual person so I like to look at things.  I plan on covering our walls with art, pictures and mirrors, not in a hoarders kind of way, just in a “Oh Welcome to Our Home” kind of way.  Hanging pictures gives homes a personal touch and putting up art on the walls can give rooms a pop of color without having to spend money (and time) on painting.

Photo from I’d Pin That

Friday Faves: It’s the weekend, time to…

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Happy Friday!  It’s almost the weekend.  Need I say more?  Have a wonderful Friday and enjoy these good reads from around the web.

My Life I Guess – My Job Is Not Worth It

Budget Bloggess – Budget vs Spending Plan – Let the Battle Begin!

Frugal Beautiful – Finding Friends in a New City

Broke Girl Rich – How to Make Money From Craigslist

Broke Millennial – Why Owing Uncle Sam Made Me Smile

 

Photo from I’d Pin That