There are numerous reasons why you might need financing. Whether it is for your personal needs or for business needs, financing options are always available for you. As you explore your options, you need to understand the features and the terms of the same. A cash loan is one such option that you should be aware of.
What is a cash loan?
Cash loan is a short-term loan, which is taken against the credit card line. It will allow you to use your credit card and get a loan. It is different from a cash withdrawal because a cash advance has to be paid back. Basically, you are using your credit card to buy cash instead of goods and services. It is a convenient form of borrowing money instantly.
How can you get a cash loan?
If you are someone who uses a credit card extensively, you might find it difficult to manage a “cash only” situation. In this case, a cash loan might help you. Many people apply for a loan against their credit card if they do not have enough money in their bank account. You can use the credit card PIN for the purpose of the loan or you can take your card to the bank, which offers advances on the payment network of the card. You will be required to show an ID for the same.
You need to keep in mind that credit card companies will not allow you to take the entire credit in the form of a cash loan. Hence, you cannot rely on the credit card for all the funds that you might require in the case of an emergency. You will have to have a substantial balance in the account for the same.
Things to remember
You need to do proper planning if you seek a cash loan. Primarily, you need to have adequate balance in the credit card account and ensure that you make the repayment on time. For many borrowers, the loan has turned out to be expensive when compared to other loan options. You are only taking money against the card and you have to repay the same on time.
Many salaried employees prefer the loans to make their payments by the end of the month and when they receive their salary, they repay the loan amount borrowed against the credit card. It is a quick method of raising funds for your needs.
Silver has always been a lucrative investment option. It is considered as an ideal choice for those who want to park their money in a precious metal for a few years. It is possible to buy silver bars online and have them delivered to you. Read on to know the best places to buy silver bars online.
APMEX
APMEX offers an extensive collection of silver bars for you. They sell top quality silver bars, which are available in sizes from 1 oz to 100 oz, and you will be able to shop from the diverse mix of top quality manufacturers. The bars are hallmark stamped with the purity of silver from the issuer.
J M Bullion
One of the best places to buy silver bars, J M Bullion is known for the top quality metal it sells and the wide variety of styles available with them. This portal has a high customer satisfaction rate. The silver bars are available in different designs and there is a simple and secure buying process.
Money Metals Exchange
The cost-effective and secure seller of metals has silver bars in 1 ounce, 5 ounces, 10 ounces, and100 ounce sizes. You can buy them within a few minutes at the lowest premium. This online portal offers a quick delivery of your purchase in good packaging.
GoldCore
GoldCore allows you to buy gold and silver in the form of bars and coins. You have the option to decide whether you wish to own your bullion in bars or coins. You can buy silver bars in 100 ounces and 1000 ounce depending on your preferences. It is completely safe to purchase the precious metal from GoldCore. You can also open a bullion trading account with them.
SD Bullion
You can purchase gold, silver, and platinum from SD Bullion. Silver bars are available in varying sizes, which range from 1 oz, 5 oz, 10 oz, kilo, and 100 oz. SD Bullion has a customer-friendly service and it has catered to more than 80,000 customers in the past.
Before you decide to buy silver bars, you need to determine the quantity you intend to invest in. You will have a range of sizes and designs to choose from. Always make a wise choice and purchase from a reliable and authentic seller in the industry. Do not make a hasty decision; otherwise, you will end up losing your money. Purchase silver bars that are hallmarked so that when you sell them in the future, you receive a good price for the purity of the metal.
Today, thanks to the technological advancements, the process of opening a bank account has become extremely easy. You no longer need to visit the bank for the same. Even if you wish to open a bank account online with no deposit, it is not any different. However, there are only a few banks that let you open an account with zero deposit. These banks allow you to earn interest on your savings without having to maintain a minimum deposit.
Before you open a bank account online with no deposit, it is recommended that you compare the banks and shortlist the ones which meet your requirements. Once you finalize on a bank, you will need to fill in the online or the physical application form and furnish details such as that of a government-issued ID and your personal details like the social security number.
To make your job easier, here is a list of five banks which allow you to open a bank account online with no deposit.
It is a known fact that an outstanding balance on a credit card which is not cleared beyond the due date is bad. A high rate of interest is charged on these balances, which may eat your money with each passing day. Over a period of time, your credit card balance could lead you into bankruptcy and you could be in deep trouble.
Therefore, it is best to choose a low APR credit card which will make it easier for you to carry the balance month on month. This is especially true if you have a habit of carrying an outstanding balance every month. Here are the best credit cards with low APR that you may consider.
Barclaycard Ring® Mastercard®
This card is known as the first social credit card which is built around a user community that shares financial tips amongst members. It has a low APR on purchases as well as cash advances. There is no annual fee or foreign transaction fee. However, there do have a balance transfer fee. There is no sign-up bonus. The card has 0% APR on balance transfer for one year from the opening of the account. You may also get access to your FICO score through your online account.
Discover it® Chrome
Considered as one of the best credit cards with low APR, Discover it® Chrome has a low purchase APR as well as a low balance transfer APR. The credit card comes with a 0% introductory APR period and has a cashback rewards program too. Cardholders who pay the balance in full every month may benefit from this program. The card has a 0% APR on purchases and balance transfer for a period of 14 months. Neither does it have a balance transfer fee nor an annual fee. There is also no late fee charged for the first late payment.
Citi® Diamond Preferred® Card
This card offers a 0% introductory APR on purchases as well as balance transfers for a period of 21 months. There are numerous benefits you may avail of the card which include exclusive deals at retailers and perks such as a 24/7 access to personal concierges in order to book flights, hotel rooms, as well as concert tickets.
Doing a study on all low-APR credit cards before deciding to apply for one will help you save a substantial amount of money in the long-term.
It is now possible to open an online bank account without having to physically visit the bank. With the online platform, you can open a bank account in an easy manner. However, your credit history will play a significant role in the same. It is a legal requirement for the opening of a bank account.
Documents required
In order to open an online bank account, you will be required to submit the necessary documents. This requirement could vary from state to state; hence, gather information about the same before you set out to fill the application form. You could speak to the customer representative before you open the account and get an idea about the information you need to ensure that your application is successful.
The basic documents required for the purpose of opening the account include your passport, driving license, or an identity card. Furthermore, you will need to provide proof of address and your social security number. Some banks may also require additional documents, but this varies from one institute to another. If you are a student, you can provide your address through the enrollment form and also provide details of your school.
Application process
The process of application is fairly quick and simple. Once you decide on the bank you wish to open an account with, you need to visit their website and click on the online bank account. You will then be asked to log in with your credentials and the account opening form will materialize. The form will have to be filled by you and it should carry your personal details.
Furthermore, unless it is a no deposit account, you will have to make a deposit through wire transfer. You will have to deposit the minimum amount as required by the bank. There are a number of banks that have a no deposit requirement as well for your benefit. In the next step, you will be required to submit your documents, which will complete the application process.
The most important decision is to choose the right bank and account type as per your needs. You will have to carry out market research and consider the banks that offer the best features. You can then make a choice between a checking account and a savings account. The application process for them will be quite similar and the documentation requirement will also remain the same. You no longer need to visit the bank for this process.
A personal loan offers a complete solution to the requirement of cash during a financial crisis. It is a lump sum borrowed from a financial institution, which carries a fixed or a variable rate of interest. It is repaid in the form of equated monthly installments (EMIs) over a period of time. The loan will allow you to cover for something urgent right away. You may also use the loan to repay a high-interest debt. The monthly installments are fixed after considering the amount you may comfortably afford to pay each month.
These days, when it comes to personal loans, although there are many players in the market, you may apply for LendingClub personal loans as this online peer-to-peer lending portal has been fulfilling the loan requirements of borrowers for many years.
Eligibility criteria for a LendingClub personal loan
A LendingClub personal loan requires you to make an application, providing details about the type of loan you seek and your credit history. The loan is ideal for individuals with an excellent credit score. A minimum score of 600 is required to qualify for the loan. Anybody above a credit score of 700 may easily avail of a loan from LendingClub.
LendingClub personal loans are preferred by borrowers who have a high annual income with an average of $78,764. Additionally, borrowers with a low debt-to-income ratio, preferably below 30%, may also enjoy the loan. LendingClub accepts joint applications for a single loan. If you wish to file a joint application, your multiple incomes will be considered and you may be sanctioned a larger loan amount.
Terms of lending
Personal loans from LendingClub are sanctioned in the range of $1000 to $40,000. They carry a fixed amount of interest which is anywhere between 5.98% to 35.89%. Based on your profile and your application, you will receive a quote. They go through your credit history, loan amount, desired tenure, debt-to-income ratio, repayment terms, and the amount you owe to your creditors before deciding on the loan amount. You have the flexibility to choose 36 months or 60 months to make the repayment of the loan.
If you are in need of urgent cash and do not want to go through the long approval and application process, it is best to apply for a LendingClub personal loan. However, borrowers with a bad credit should not consider this loan option as there are high chances that your application gets rejected.
If you are looking to opt for a home warranty company, it is important to go through the fine print of a home warranty contract before you put your initials over it. There are small specifications that determine what will happen if something goes wrong. To prevent any unpleasant surprises in the long run, it is advisable to choose a reliable home warranty company. Below is a list of the four best home warranty companies that you may check out.
American Home Shield (AHS)
This is a top pick for multiple reasons. It offers a generous coverage and has a flexible plan. Further, it is known for its exemplary customer services. It has transparent policies and customizable plans that cater to different consumers. This means you may choose to avail of coverage only for those appliances which you think are more prone to breakdowns. AHS has online tools to simplify bill payment and claim filing processes, thereby making it one of the best home warranty companies.
Sears Home Warranty
With a 180-day workmanship guarantee, the Sears Home Warranty offers the most expensive coverage but is worth every dollar you spend. With the workmanship guarantee in place, you will not have to bear a single penny in terms of service fees for any follow-up work done for a period of 180 days. Moreover, there is a cover up to $10,000 per item, and you have an option to choose between an appliance plan, a systems plan, or a whole house plan.
TotalProtect Home Warranty
Known for generous liability caps, the TotalProtect Home Warranty has no caps on most of the appliances as well as systems. It has a workmanship guarantee that waives the service fees for the follow-up work for up to 180 days. But it does not offer customization of the plan. Some of the appliances covered under it are dishwashers, built-in microwaves, refrigerators, and garbage disposals.
First American Home Warranty
The home warranty provider has a flat rate service charge of $75, which is the lowest out of all the service providers. However, there are additional charges for an AC coverage. Some of the reasons why people prefer to go with this provider are its flexible payment options, a team of professionally-qualified technicians, and its 24/7 service.
Choose a home warranty company keeping your requirement and preferences in mind. However, do not decide simply based on the cost associated with it. It is important to consider the coverage offered by the service provider. If choosing an expensive plan gives you a comprehensive coverage and a high liability cap, it may be the best option for all the appliances in your home.
Home loans or mortgage loans are considered as commercial paper in the country. This leads to a situation where institutions bundle mortgage loans into securities and allow people to invest in the same. Most home loans have a fixed rate of interest. Read on to get an insight into the home loans.
Applying for a home loan
When you apply for a home loan in the country, you will have to deal with an underwriter for the same. You can either chose to work with a brokerage firm or a bank. A broker cannot directly provide you with a loan, but they have professional relationships with the lenders who help you with the same. In order to apply for a home loan, you will have to undergo a credit check, provide information about your income and employment, and provide the details of your bank account. You will also have to list the places of your residence and provide a copy of the sale or purchase agreement.
The documentation requirement varies from one financial institution to another. There are loans known as no-doc loans where you do not have to provide any statements. However, they are more expensive. Home loans require a significant down payment of about twenty percent of the value of the home. For no-doc loans, a larger amount might be required.
Making the most of competitive marketplace
For those who are keen on investing in real estate, you need to remember that the market is quite competitive and the interest rates vary due to the competition between the brokers and the banks. It is ideal to work with your existing bank for the loan. The process of application is straightforward and you might find the best deal possible.
Alternatively, you can choose to speak to the underwriters at different financial institutions and understand the mortgage rates as well as the origination fees and closing costs. Brokers have professional relations with multiple lenders. Therefore, they can help you find the best deal in the market. However, it can cost you less if you directly contact the bank for the loan. When you deal with an underwriter, you need to ask about the fees they charge for the services. This will be over and above the cost, you incur for the loan.
Study the market and consider alternative options before you make a decision to apply for the home loan. Remember that you should make the most of the varying interest rates in the market.
Opening a new bank account might seem overwhelming. However, if you have the documentation in place, the entire process is pretty quick and straightforward. You need to start by choosing between a savings account and a checking account. If you want to open an account for making payments and for direct deposit, a checking account is ideal for you. Consider the purpose of opening the account and approach the bank according to your needs.
Know the features of a checking account
Before you open a new checking account, you need to understand the features of the account and the services that are a part of it. Learn about the minimum deposit requirement or the fees. Choose an option that is ideal for your requirements. If you want to keep a low balance, you need to open an account that has no minimum balance requirements.
Open a checking account online
The advances in technology have made it possible for you to open a free online checking account from the comfort of your home. Once you have decided the bank in which you want to open a new checking account, you need to drill down to the product and click on “Open an account” and then click on “Checking account”. You will be required to fill in your personal details here.
To verify your identity, they will require you to provide details like your full name, date of birth, and identification numbers, like your Social Security Number. You will also have to provide a valid government ID, like a passport or a driver’s license. Additionally, you will need funding account information. If you are making an application for a joint account, you will have to provide the verification documents of both the applicants.
Open a checking account offline
If you prefer visiting the bank to open the account, you can have all your queries answered by the banker during business hours. You can then fill up the account opening form and hand over your verification IDs to the banker who will make photocopies of the same.
After this, the bank will open a new checking account within minutes and you can make an instant transfer of funds. Always keep a watch on the account and maintain a record of the account statements. If you have any additional accounts, you might want to transfer the funds from the respective accounts to your checking account. Moreover, the inter-bank transfer process is quick and convenient.
Foreign exchange or forex refers to the process of buying and selling of foreign currency. It is traded across different markets in the world and is a simple and convenient process. Before you take the next step in foreign currency trading, here is all you need to know.
Currencies are always traded in pairs. With currency pairs, you may see the cost of one currency relative to another. For instance, you may exchange the US Dollars (USD) for Indian Rupees (INR) or choose any two other currencies for an exchange.
Every currency is denoted by its symbol. In foreign currency trading, one symbol represents one currency and its pair is represented by another symbol. You need to identify the symbol for the currency you want to trade in. For example, the symbol for the Japanese Yen is JPY and that for the Canadian Dollar is CAD.
Each currency has a market price associated with it. Every single pair in the market will carry a market price. The market prices show the amount of second currency it will take to buy one unit of the first currency. For example, the USD/INR price will tell you the sum of INR that you will need to spend to buy one USD.
For the purpose of trading, the first currency which is listed in the pair is the directional currency. Therefore, when you see a chart and the price is moving upwards, it shows that the first currency is moving higher relative to the second. If it is falling, then the first currency is declining in value with regard to the other currency in the pair.
The currency pairs move about 50 to 100 pips in a day where a pip is the fourth decimal place in a currency pair. The trick to making money on the sale is that you buy currency at a lower rate and sell it when the pip has moved upwards.
Your profit in foreign currency trading will depend on the amount of currency you purchased. You need to multiply the profit earned on one unit with the total amount of currency you hold.
It is advisable to only venture into foreign currency trading when you have gained thorough knowledge about how it works and what the movement means. You need to keep in mind that you are investing in something dynamic and if you make a wrong decision, you could end up losing money.