geneticscienceservices.com

The marriage loan

 

The loan for marriage allows you to organize with serenity an important moment, perhaps the most remembered, in the life of a couple.

The expenses to be incurred for the organization of a wedding (the purchase of clothes, wedding rings, lunch offered to guests, photo album, honeymoon, etc.) can significantly increase the necessary budget.

The couple that has to face this expense can be supported by two forms of financing: the finalized loan and the personal loan.

FINALIZED LOAN

FINALIZED LOAN

The finalized loan is offered directly by the retailer who has entered into a collaboration agreement with a bank or a credit institution and is exclusively linked to a specific product sold (eg the honeymoon, or wedding favors).

The finalized loan amount is paid directly to the seller, while the user must pay the credit installments in accordance with the amortization schedule.

If a finalized loan solution is not available, or if the user needs additional liquidity, it is possible to resort to another form of financing which is presented below.

Taking into account that the services/goods needed for the ceremony are difficult to buy at a single point of sale, very often the loan or the specific loans must be accompanied by additional financing.

In fact, a specific personal loan for marriage or a salary-backed loan can be coupled to the finalized loan . The finalized loan can also be replaced entirely by a single personal loan for a marriage, or by a single loan of the fifth.

PERSONAL LOAN FOR WEDDING

PERSONAL LOAN FOR WEDDING

The personal loan for marriage can be a valid opportunity, as it allows you to merge different expenses into a single debt, minimizing the costs of the investigation. On the other hand, it offers a usually higher rate than the finalized loan.

To find the loan that is most convenient and suitable for your needs, you can access the online loan comparison section of Becky Sharp.it.

Asking for marriage funding can be an opportunity to make an unforgettable day. It is possible to find an analysis of the spread of this type of loan in this article published by Becky Sharp.it Observatory.

ANY WARRANTIES

ANY WARRANTIES

In general, the granting of a marriage loan is not subject to the presentation of real guarantees (or pledge or mortgage rights on assets owned by the applicant).

However, in some cases, in order to limit the risk of insolvency, the financial institutions submit to the applicant a contract that provides for the repayment of installments, or a single bill, able to guarantee a part or the entire amount disbursed.

The most widespread form of guarantee is the signature of a co-obligor or a third guarantor, who acts as the guarantor of the success of the transaction. This is a rather common request, in the presence of particular conditions (such as an applicant with recent seniority or a particularly high amount).

In any case, it is not possible to establish rules that are valid a priori since the possible request for guarantees is at the discretion of the individual Institute which decides on a case-by-case basis, depending on the risk profile of the transaction and the individual applicant.

THE ELEMENTS OF THE CONTRACT

The law states that a marriage loan contract must contain the following elements:

  • the interest rate charged;
  • any other price and conditions applied, including the higher charges in the event of default;
  • the amount and methods of financing;
  • the number, amounts, and expiry of the individual installments;
  • the annual percentage rate of charge (APR);
  • the detail of the analytical conditions according to which the APR can possibly be modified;
  • the amount and purpose of the charges that are excluded from the APR calculation;
  • any guarantees required;
  • any insurance coverage required and not included in the APR calculation.

NON-PAYMENT OF AN INSTALLMENT

The interruption of the repayment of the loan entails the immediate non-fulfillment of the financing institution and the risk of unpleasant consequences:

  • the interest due would be increased, with the application of a default;
  • there is a risk that your name will be included in the list of latecomers and/or reported to credit protection bodies (the Central Risks), which will share information with the entire banking and financial system. The result will be a worsening of the customer’s creditworthiness and a consequent greater difficulty in obtaining credit in the future.

Failure to timely pay even a single installment authorizes the lending institution to unilaterally terminate the contract. The customer will be required to pay all bank and protest charges as well as all the costs incurred by the Institute to recover the sums due, in addition to a possible penalty.

EARLY EXTINCTION

The law establishes that it is always possible to extinguish the loan early with respect to the agreed term.

The customer who chooses to exercise this option will be required to repay the outstanding capital, plus a penalty which, by law, cannot exceed 1% of the amount financed.

If the contract does not specify the amount of residual capital after each repayment installment, the sum of the present value of all installments not yet due on the date of early repayment shall be understood as residual capital.

EVALUATION CRITERIA

EVALUATION CRITERIA

Below we illustrate in a schematic way some specific evaluation criteria of the marriage loan.

  • Risk policies: each Institute applies its own risk policy in the assessment of requests, based on the statistical data it has (credit scoring). This data is the tool that allows the Institute to keep insolvencies below a certain level.
  • Income level : the acceptance of the requests is normally also subordinated to the evaluation of the income level of the applicant and to the relationship between the latter and the possible repayment installment.
  • Creditworthiness: the creditworthiness of the applicant is of great importance. It is important to stress that this evaluation has no “moral” meaning. The Institutes are limited to estimating the level of risk associated with each request, also based on the credit reports provided by the Central Risks. If the credit history of the applicant has some “flaws” (delays in repayments of previous loans, outstanding, etc.) the probability of the request being accepted is obviously lower. In some of these cases, a valid alternative is constituted by the Assignment of the fifth, a solution which, by offering the appropriate guarantees to the financing institution, allows the adoption of more flexible evaluation criteria.

ECONOMIC CONDITIONS

When choosing between multiple financing offers, it is good to consider the overall burden of each one, without limiting yourself to evaluating the monthly installment only.

However, this is sometimes not an easy operation, as there may be a large number of financing items (amount paid, interest, ancillary charges, initial costs, insurance costs) and cannot be easily measured immediately.

In general, the elements that should be considered before signing a loan agreement are:

  • TAN (Nominal Annual Rate)
    The TAN represents the interest rate, expressed as a percentage and on an annual basis, applied to the financed capital (sometimes including any insurance costs or preliminary investigation costs). It is used to calculate, starting from the amount financed and the duration of the loan, the portion of the interest that will be paid to the lending institution and which, added to the capital share, will determine the repayment installment.
  • APR (Global Effective Annual Rate)
    The APR is a measure, expressed in percentage terms, with two decimal places, and on an annual basis, of the total cost of the loan. Unlike the TAN, the APR is inclusive of any additional charges, such as investigation costs and insurance costs, which are charged to the customer.
    However, under certain conditions, the Italian legislation allows a certain discretion, excluding or including some items in the calculation of the APR: insurance costs, for example, if optional, can be excluded from the calculation.
    Pay attention and carefully consider your overall expenditure, analyzing every single item of the offer that is proposed to you.

Unsecured Loans

As the name suggests, unsecured loans (also known as unsecured loans) do not require collateral in any form; on the contrary, borrowers are valued based on factors such as your business credit score and the strength of cash flow. Because lenders take greater risks in the absence of collateral guarantees, these loans often have a slightly higher interest rate, requiring a replacement in the form of a guarantee or personal lien – or all of the above.

For what purposes are unsecured loans generally used?

For what purposes are unsecured loans generally used?

Common uses for unsecured loans include:

  • Funding business expansion activities: Unsecured loans can be used to finance various business growth activities in various industries dari ranging from renovation and expansion projects to restaurant owners, to the establishment of new branches or acquiring local clinics in other areas for health practitioners.

  • Preparing for seasonal demand: flexible financing solutions, such as unsecured credit limits can be a useful tool for balancing your cash flow both in the busy and quiet sales season.

  • Utilizing Opportunities that Only Appear in a Specific Time: External financing can allow small businesses to take advantage of certain business opportunities that emerge for a moment — something that you sometimes have to miss, such as taking advantage of a discount on procurement items in a limited time or securing a retail store location strategic one.

  • Covering unforeseen costs: Equipment damage, late payments, facility usability issues – this can happen from time to time, but the last thing you won’t want to happen is this makes your business operations delayed longer than it should or or has an impact bad on your cash flow. With external funding, you will get the funds needed to improve the situation on time.

What kinds of unsecured loans exist?

What kinds of unsecured loans exist?

Credit line

A credit line, also known as a revolving credit that gives borrowers access to a number of capital with a ceiling that has been agreed in advance. Think of this as a credit card; a loan facility where you can withdraw funds whenever needed, and interest is only charged according to the amount withdrawn. When the amount of funds withdrawn has been paid, your credit limit will return to normal.

This is the most suitable solution to meet short-term financial needs, such as paying employee salaries or paying wages, seasonal expenses or to cover the cash flow gap.

Merchant cash advance

An advance cash merchant (MCA) – sometimes referred to as a loan for down payment – is determined based on your credit card transaction history. Through partner providers, your needs are paid in advance, which will be repaid through sharing the percentage of daily or weekly sales that are deducted directly from your credit card.

Suitable for business with:

  • The volume of consumer payments via a large credit card. Examples include restaurants and retailers.

  • New businesses that do not yet have a strong credit score: With MCA, lenders place more emphasis on the volume of consumer payments via credit cards in your store, and tend not to care too much about the personal credit score or the business of the borrower.

  • Seasonal fluctuations: Because payments are based on the volume of transactions of consumers and your business, so you don’t need to make regular payments, but instead can pay lower amounts during the period of the break or the business is quiet.

Short-term loan

Short-term loans are financing options that will be repaid within six months. It is easier to meet short-term filing requirements compared to long-term loans, offering quick access to funding and usually used to meet urgent financing needs — such as emergency repairs or recruiting temporary employees (or contract workers). Examples of short-term loans include MCAs, credit lines and invoice financing.

Tips to help you prepare a loan application without collateral

Tips to help you prepare a loan application without collateral

Increase your business and personal credit score

In unsecured business loans, the giver takes additional risks in the absence of collateral – so they need to ensure that you have a solid credit history, and can be trusted to pay off payments consistently and on time. The better your personal and business credit score, the more likely you are to get an unsecured loan with the terms of a profitable agreement. Here are some tips to help you.

The better your personal and business credit score, the more likely you are to get an unsecured loan with the terms of a profitable agreement. Here are some tips to help you.

  • Pay your bills on time: Consistent and timely pay is simple, but this is a basic step to get good credit scores. Make sure you don’t forget to settle bills, even when you make a big purchase – like buying a car or property – and need to collect large amounts of cash.

  • Avoid unnecessary credit applications: There are two types of checks in loan applications: soft pull inquiries (light checks), and hard pull inquiries (thorough checks). The first occurs when an individual or company checks your credit as part of a background check, while the second occurs when a financial institution checks your credit as part of a loan decision. Hard pull inquiries will be registered on your business credit report that is integrated in the central bank system, and affects your credit score for future loan applications. Although soft pull check does not have a direct impact on your credit score, checks for this type will be recorded in files / documents in the database. Thus, you need to limit the number of requests to be submitted, because of course you do not want to later meet potential lenders with a history of being irresponsible borrowers or someone who is in an alarming financial situation.

To increase your business credit score, you must:

  • Check your credit report regularly: Check your credit report periodically, and make sure to report the errors you encounter — even if there are minor mistakes, such as miscalculations can have an impact on your credit score. If you need help with this section, you can consider signing up for a credit monitoring service. This service will monitor your credit report, and notify you of any changes or potential fraud.

  • Report a good payment track record: Some vendors can report credit information to the bureau, while others do not. It’s a good idea to work with vendors who always report their payments — you can verify this by asking their department that deals with accounts payable — but if they don’t, you can add a trade relationship reference with them to your credit report through a credit reporting agency.

Where can my business get a loan without collateral?

Where can my business get a loan without collateral?

Traditional lenders usually have strict loan criteria — such as having a minimum operational history of two to three years, or an annual income of at least Rp 2,000,000,000. This requirement makes it difficult for small businesses and startups seeking external funding.

But traditional banks and lenders are not the only available option. Therefore the online loan platform offers greater flexibility, with a simplified process, and faster access to funding suitable for the needs of small business owners.

Work loan simulation: Find your financing online!

Difference between work loan and eco loan?

Difference between work loan and eco loan?

You may know it? in Belgium, there are several loans adapted to your specific needs. Among these, we find on the one hand the loan said ” work ” or ” renovation “, it depends on the banks, the terms are different but the credit remains the same. On the other hand, the loan ” green ” or ” eco “.

  • the loan works : allows you to borrow a sum of money for renovations, modernizations, rafraichissement or big jobs in your home,…
  • the eco loan : allows him the investment of expenses said eco like for example to acquire a boiler with high yield? To put a triple glazing? Install photovoltaic panels? etc. all those fees that help the environment in a certain way. A more advantageous rate is granted to you.

The advantages of a renovation loan at Cantilloan?.

The advantages of a renovation loan at Cantilloan?.

  • I finance different types of ecological work, whether I use professionals or I tinker myself.
  • I enjoy one of the best market rates from 1.89% for my ecological renovation credit.
  • I borrow the amount adapted to my needs and my budget, ranging from 2,500 € to 75,000 €, with monthly payments and a fixed duration, known in advance.
  • I repay my ecological renovation credit safely by choosing the insurance Cantilloan Protection that suits me and without obligation.
  • I’m not sure I can finance my project with the ecological renovation loan. Here I can consult a list of the services concerned.
  • I can also finance other non-ecological renovation projects with the Cantilloan classic renovation loan.

The advantages of a renovation loan at Cantilloan?.

The advantages of a renovation loan at Cantilloan?.

Open kitchen, bubble bath, open fire or wooden deck: I want to live in an environment that meets my needs but not at any price! I want the best buying conditions and the best financial partner. The one I can count on. Thanks to Cantilloan, I finally have the opportunity to make a renovation credit that fits my needs!

  • I finance all types of work, small or large, whether I call professionals or I tinker myself.
  • I have one of the best rates on the market from 2.69% for my renovation credit.
  • I borrow the amount adapted to my needs and my budget, ranging from 2,500 € to 75,000 €, with monthly payments and a fixed duration, known in advance.
  • I repay my credit renovation safely by choosing the insurance Cantilloan Protection that suits me and without obligation.
  • I can also finance my ecological renovation projects with Cantilloan’s Ecological Renovation Loan.

How to Find Loan for Small Businesses?

When you want to have your own business, the first thing that becomes a problem is how you get enough business loan. In every business, both small and large, capital is the most important factor so that the business can open and run smoothly.

If you are not looking for venture capital, then all your business plans will definitely not be realized and will only be wishful thinking. The amount of capital that you have to have of course will depend on the type of business you choose.

If the business you want to open is a basic food store or a standard shop, of course the capital you need will be far greater than if you sell fried or pulses without using a counter.

But for now, looking for venture capital is not as difficult as a few years ago. In the past to get venture capital still using conventional methods such as borrowing money from banks.

Now there are many ways to get more creative capital. Following this we provide several ways to get capital for small businesses that are not complicated.

5 Ways to Find Business Loan

5 Ways to Find Business Loan

1. Borrow from a bank with a guarantee

1. Borrow from a bank with a guarantee

This method is indeed the most conventional and most common. But borrowing money from a bank is the easiest way. There are several loan programs in a bank called KMG or Multi-Purpose Credit. This type of loan will give you a loan where Anad provides guarantees to banks such as motorized vehicles or property assets. The interest offered by each bank must vary, but the average is 9 to 12 percent with tenors which also vary from 5 to 20 years. The loan amount will also affect the interest rate and the length of the tenor.

2. Using personal savings

2. Using personal savings

For those who like this, maybe not everyone can do it. However, if you have enough savings, then you can use savings as your business loan. Usually people who use personal savings to be used as business loan are people who don’t like to borrow money from banks because the interest is too high. By using personal savings, this will be much safer because you have no risk of debt.

3. Borrow from a bank without collateral

3. Borrow from a bank without collateral

Looking for further business loan can also go to the bank again, but this time use KTA facilities or Unsecured Loans. So, with this facility, you can borrow money from a bank without collateral. Usually this is something that is liked by capital seekers or for those who are in need of sudden money. You can get a loan of money without giving any guarantee. However, KTA has a greater interest than KMG, starting from 10 to 23 percent.

4. Selling Assets

4. Selling Assets

If you have assets such as gold, property, motorized vehicles, and other profitable assets, it’s good if you sell assets as business loan. If your business is unsuccessful, of course you can buy assets that you have sold with more and better assets. This method can also be used to avoid bank debt.

5. Borrow from family or friends

5. Borrow from family or friends

The last way to find business loan is to lend money to your family or friends. Borrowing money from them will not be as much as you can borrow from a bank, but at least the loan has no interest or you can directly make loans online.

There are 5 ways to get business loan. Good luck.