Category: Loans & Finance

Whether it’s a financial emergency or getting out of a growing debt load, a personal loan can help in a broad range of ways. It’s the fastest way to get usable cash without having to hold valuable collateral. However, a personal loan is one of the most expensive forms of lending because no assets or banks will back it up. If not managed properly, a personal loan can do more harm than good. As a wise borrower, you should keep these ten elements in mind before applying for a personal loan.

Take a Closer Look at Your Finances

This advice applies not only to personal loans but to all types of borrowing. You should consider your current and future financial situation before taking out a loan. A personal loan may seem like the perfect solution for your financial emergency, but if it is not managed carefully, it can disrupt your finances. 

An EMI calculator is useful for this purpose. Simply enter the amount of your loan and the interest rate to find out the EMI you have to pay each month. Prepare a budget to find out your monthly expenses and savings. You need to ask yourself if the new EMI can fit into your monthly budget.

Is My Credit Score Good Enough?

Before you start applying for a personal loan, it’s crucial to know your credit rating to make sure you are eligible. Since assets do not secure a personal loan, credit criteria can be even stricter.

Unlike secured loans, where the value of your collateral becomes a fundamental factor in determining your credibility, a credit score is considered the most critical factor in personal loans. Your credit score shows your credibility as a borrower and helps the banks decide how much risk you represent for them. People with a good credit score are likely to obtain loans at a more competitive interest rate.

Ensure Your Loan Purpose Is Allowed

While personal loans are open and can be used for several purposes, not all lenders allow your loan to be used for just anything. For example, you may not be able to use your loan funds for expenses related to high school education or your business. Check with your lender to make sure that you can use your funds for whatever you need.

Determine the Amount Wisely

It’s never recommended to borrow more than you need. Analyse the purpose for which you need the loan and then calculate how much you will need. The bank may be willing to give you a more significant amount if they find that you’re more creditworthy. However, it is not advisable to exaggerate the amount. A more considerable amount means more debt and higher interest payments. So borrow only as much as you need.

What Are the Different Alternatives?

As mentioned earlier, the interest rate on personal loans is higher than the interest rate on loans secured by assets such as gold, property, a vehicle or anything else. The gold loan or complementary real estate loan can be attractive alternatives to personal loans at comparatively lower rates. 

The interest rate on personal loans can range from 16% to 24%. But if you opt for a supplementary home loan (if you have an outstanding home loan), you can get lower interest rates starting from 9.50%. You should explore the possibilities of secured loans if you are willing to give a property as collateral. 

Think About the Worst Case Scenario

Before signing on the dotted line, you should think about the impact it would have on your financial situation if you could not afford to pay your EMI on time. Defaulting on a loan not only results in an accumulation of debt on your head, but it also has a direct impact on your credit rating. A single missed payment can lower your credit rating, and a complete default would wreak havoc. It is, therefore, advisable to think about your future finances and act accordingly.

Have a Thorough Look at the Fine Print

Although banks are required to disclose all significant fees, you still need to read between the lines to see how this works best for you. There are several things to consider here, such as processing fees, the length of the loan, cancellation or foreclosure fees. These hidden fees, if not taken into account at the beginning, can catch you off guard later on. So read the terms and conditions; don’t rely on bank officials for full details. Do your research and make a wise choice.

Verify Your Details

Before hitting on “Submit”, check your request. Missing even minimal details could result in rejection. If a lender cannot verify your data, they will not be able to offer you a loan.

Should I Get a Personal Loan?

If you have a budget, a personal loan can be a smart way to finance a project or consolidate debt. Although a personal loan is not free – you’ll pay interest in addition to the principal – staggering payments could allow you to take a vacation or renovate your kitchen when you might not otherwise have the opportunity.

Before applying for a personal loan, ask yourself if your budget allows you to make regular monthly payments and if you are willing to spread them out over several years. Be sure to look for a reasonable interest rate and use a personal loan calculator to get an idea of how much you would pay each month. Need a personal loan for your business in Melbourne? Kingsley Finance is worth considering! They offer tailored personal loans to give your business the boost it needs to flourish.

Having fun and purchasing a home are two phrases that are rarely used in the same sentence. Buying a home is a major investment, and the process of securing a mortgage and negotiating a price is complicated. Most buyers are unaware of the confusing steps that are involved but don’t worry.

Step 1: Assess your finances

This step determines the buyer’s ability to afford a home. The buyer may want to consult a financial adviser as to the strategy he or she may employ in paying for a home. Assessing your finances is important, especially if the buyer has a troublesome credit history and other financial obligations. The buyer must also reach a compromise between payment capability and desired property.

Getting a letter of pre-approval shows the seller that you are serious about buying a home. This certificate assures the seller that you have have enough money to buy their property. Securing a Pre-Approved certificate would range from a few days to a few weeks, depending on the status of the request. It’s worth the trouble of waiting, especially if it increases your ability to reach a fair compromise on price.

Step 2: Survey the Market

With the explosion of information, it becomes more exciting to search for possible properties. Newspapers, advertisements, referrals, brochures, and even the internet all give the buyer more choices and better options. Buyers should take full advantage of this information glut to facilitate his or her decision regarding a house. Remember, real-estate agents search for new homes daily. Use this knowledge to find your “dream home.”

Step 3: Learn from Others

If the buyer is a first-timer, he or she does not have to make the common mistakes first-timers commit. He or she should contact people who have been in the same circumstance and learn from their experience.

Step 4: Find a Suitable Agent

Considered as one of the most underestimated yet important aspects of home buying. Most buyers end up with an agent by sheer accident. It would do well for the buyer to do research and contact an agent whose strategy and skills fit the buyer’s needs. Buying or selling a house is a thrilling experience. But connected to this is a stressing and overwhelming job. This calls for an excellent real estate agent.

Verifying the real estate agent’s license is very helpful. It pays to be very cautious because this involves the property! This includes their state license in selling a property. Ask for the previous homes sold for a client.

Develop good chemistry with your agent. An agent understands what is important to you when searching for a property, and when negotiating with the seller. The agent should be able to tell their client the true worth of the property. Meet with your agent frequently so they can keep you up to date about new properties. A skillful agent can save the buyer a great deal of trouble and is instrumental in a successful sale.

Ask friends and family who they have used in the past, and ask them if they would use the same agent again in future transactions. Trusting your agent will save the buyer from a great deal of grief later.

Step 5: Close the deal

A great deal of discussion and paperwork is in involved in closing a deal. However, if the preceding steps were accomplished well, this step will be taken care of. Here, the buyer and the seller come to terms with the financial details, paperwork, and other details vital to the sale. By properly planning and educating yourself, you will now be the proud owner of your dream home!

House shopping can be stressful, but implementing these tips can remove some of the roadblocks on your path to finding your dream home. How can you use these tips to make your search smoother? Ready to start your journey to your new home? Sunland Capital Mortgage has over 20-years experience helping people find a home they love. Contact them today to learn more!

For most people, buying a car usually makes more financial sense than leasing. However – if a lease turns out to be right for you, then you should be aware of the advantages it offers versus buying a car.

Lower Monthly Payments

Leasing a car usually results in monthly payments that are 30% – 60% lower versus buying a car. This allows you to drive a vehicle that you may not usually be able to afford, and this is perhaps the most significant advantage that leasing offers.

Substantial Flexibility

You can return the vehicle at the end of the contract period or you can buy it or extend the contract. Of course, you could also select a new car.

No Hassles with Used Cars

When your lease is over, you simply return the car to the leasing company. No more hassles trying to sell a used car – and the value of the vehicle at the end of the lease is not your problem. There are some cases where leasing companies overestimate the value of the car, which results in a lower lease payment for you and a loss for the leasing company.

No Repair Costs, Low Maintenance

If you follow my advice and only rent for 36 months or less, then the manufacturer’s bumper-to-bumper warranty generally covers you for the full term of your rental. You’ll never have to worry about significant repair costs, and in some cases, manufacturers also offer free maintenance for the first two years.

Drive The Newest Cars

Leasing allows you to drive a new car every 2 or 3 years, allowing you to benefit from the latest technological advances and safety features.

Tax Benefits

If you intend to use the car for your business, you can generally write off the entire lease payment as a tax deduction. And even if you don’t own a business, most states only tax you on the “use” portion of your lease, which means you don’t have to pay tax on the full price of the vehicle. This can save you a few hundred dollars compared to buying a car and paying taxes on the total amount.

A Greater Choice Of Vehicles

When you rent a car, you don’t have to worry about its reliability or quality because you only drive it for 2 or 3 years. Most cars will have no problems during that time, which allows you to choose vehicles that you won’t necessarily buy.

Ideal If You Are Accident-Prone

If you buy a car and destroy it, the insurance will pay for the damage, but when you sell the vehicle, you will suffer the consequences because of its “reduced value”. People are not willing to pay the same price for a damaged car. With leasing, if you destroy the car, insurance will still take care of it, but the diminished value is the leasing company’s problem, not yours.

Less Money Up Front

Many cars can be leased without a down payment (although there is always an up-front fee that can usually be built into the monthly payment). When you buy a car, you typically have to make a 20% down payment to get a decent car loan rate.

No Resale Risk

The leasing provider generally assumes the residual value risk in standard operating leases, which means that the lessor is responsible for remarketing the vehicle at the end of the lease. It is sufficient to return the car.

Includes GAP Coverage

Most rental contracts include free additional insurance, which will protect you in case of theft or destruction of the car during the term of the contract.

The rate of leasing vehicles has grown steadily over the last couple of years. Approximately 30% of new cars are leased. This is due to lower costs at the pump, which decreases your cost to own, and affordable monthly lease payments, which allows you to get more for your money.

Whether you opt for a larger car or a car with premium features, you are among those buyers who realize the benefits of leasing in today’s market. Be assured that leasing a vehicle almost guarantees you a lower monthly payment. Explore your options to make the best decision for you, your finances, and your car. Contact DLC Estate Mortgages INC today! With more than ten years of experience in mortgage services, they will guide you through the car-buying adventure and help you determine if now is the right time for you to refinance!

If you want to start a small business, but are having a hard time narrowing your list down to a single, successful business idea for your small town, don’t worry. We’ve got your back. We’ve also come up with the most promising potential small business ideas for you (thank us later!).

Coffee Shop and Bar

When you think of your neighbourhood coffee shop and bar, you might not think of the same establishment. But if your town is small enough, and clientele scarce, merging these two business ideas might be just what the mayor ordered.

Pet Grooming and Boarding

Pet Businesses are a $60 billion industry in the United States, so it just plain makes sense that a small town has at least one pet grooming or boarding facility or a combination of the two to tap into the potential. If you plan your business well, you can become the one-stop-shop for all things furry. And that translates to big profits.

Clothing Boutique

One of the primary amenities that small towns tend to lack is decent shopping. And we don’t just mean a large shopping mall. Often, those living in smaller cities and communities have to drive significant mileage just for basic clothing necessities. That’s why starting a clothing boutique will not only put you on the map but will make you a popular destination for most residents in the vicinity. You’ll pretty much be the mall substitute for all things teen-related. Just make sure to stay up-to-date on the latest trends. But they’ll let you know if you don’t!

Bakery

From your morning coffee to your kid’s birthday cake, neighbourhood bakeries can fill a vast number of potential small-town needs. Though owning and operating a bakery is hard work, if it’s your life-long dream to produce pastries for the masses, it’s a business idea that can be incredibly rewarding.

Food Truck

Opening up a taco or food truck might not have been first on your list of ideas for a successful small-town business. But depending on the location of your town, the seasonality of its residents, and the weather, starting a food truck business can be an excellent investment.

Restaurant

Every town, big or small, needs (and deserves) a few good restaurants. Your local pizza castle won’t suffice for all occasions and events. But much like owning a bakery, opening a restaurant is not something to go into half-heartedly. You need to be passionate and have the drive, and obsession of both a great entrepreneur and a chef (or at least a hard-core foodie). If you have that drive and experience, being a restaurateur can be a successful endeavour and a great business for a small town.

Organic & Healthy Food

There is one trend that has been sweeping the country for the better part of two decades: healthy food. Though what is considered healthy food has shifted and changed frequently over this period, the general concept of eating healthier to live longer and look your best is not going anywhere. Small town business idea, large town business idea, a health food store is a good idea wherever you reside.

Home Improvement

Are you the one all your friends call when their sink is clogged, or their roof is leaking? Are you looking to start your own business but not thrilled about having a brick-and-mortar location? A home improvement business might be just the small-town business idea you’re looking for.

Hair Salon/Barber Shop

Even Rapunzel needed a trim now and them. It’s one service that regardless of your age most people need a few (if not a few dozen) times a year. If you’re currently calculating the average number of women in your town and multiplying it by three, thinking that is the amount of business you will drum up yearly, you’re thinking too narrowly. Opening your own hair salon or beauty salon as a variety of additional services that go far beyond haircuts. Think colouring, nails, and makeup, just to name a few. And remember, men tend to get their hair cut at least once a month. And, if you’re covering up that grey, every six weeks sounds about right. Just make sure you have a solid business plan before opening up your small-town shop.

Need Help to Start Your Business?

Regardless of the business idea you choose for your small town, proper planning is essential to the success of the business. And since being a small business owner is both a major lifestyle and time commitment, make sure your choice is one you see, bringing you both profit and joy for the foreseeable future. Need a business loan to start your small business? Contact Kingsley Finance today! They offer unrivalled financing services to a wide range of commercial clients throughout Melbourne, Adelaide and Sydney.

Debt consolidation is one of the options people consider to address their outstanding debts. Combining all your credit cards and other debts into a single new loan can help you get on the path to becoming debt-free. One loan means a single debt payment to contend with every month, not a half dozen or more due at different times. Making one payment each month helps to streamline your debt repayment process and makes it less likely that you’ll forget a bill.

A good debt consolidation loan will also be issued at a lower interest rate than what you’re currently paying on other outstanding debts, too. This helps to eliminate the challenge many borrowers have with minimum payments on their credit cards, as paying the bare minimum each month does little to chip away at the card’s overall balance. The new loan’s lower interest rate reduces the interest expenses accrued on the outstanding debt over time, which decreases the rate at which the principal is building up.

When considering debt consolidation, one issue to worry about is how any new loan will affect your credit. Requesting a debt consolidation loan and taking on additional debt will almost certainly affect the way credit-reporting agencies view overall credit worthiness. The loan itself, and how you put it to use, can have an impact on your credit as well. This article looks at the impact debt consolidation loans can have on your financial situation to help determine whether a debt consolidation loan hurts or helps your credit.

The Debt Consolidation Loan Application

If you decide to obtain a debt consolidation loan, the first thing you’ll have to do is apply for one. When you do so, the lender will likely initiate a hard credit inquiry. A hard credit inquiry is a formal review of your credit rating. Each credit inquiry that’s performed can cause a slight decrease in your overall credit score, and multiple inquiries on your credit, or multiple loan rejections, can lower your credit score significantly.

If you’re concerned about the effects that applying for a debt consolidation loan may have on your credit, you can consider non-traditional lenders, too. Most peer-to-peer (P2P) platforms, which link prospective borrowers with private investors who are willing to lend them funds, don’t execute hard credit inquiries prior to issuing debt consolidation loans.

Making the Loan Payment

A debt consolidation loan will streamline the process for managing your debt. After combining all your old debts into the new loan, you’ll just have one payment to track and worry about each month. However, it’s still a payment, and you still have to make it. If you’re late on your debt consolidation loan payment, it could hurt your credit rating.

However, when considering debt consolidation, it’s important to note that payment history works both ways when it comes to credit. If you do consistently pay your debt consolidation loan on time, it can help improve a weak or average credit score. Many borrowers find that they become more consistent about making payments after consolidating their debts into a single loan, too. If you’re confident in your ability to repay a new loan and need something to help simplify all your monthly credit card payments, then a debt consolidation loan might be a good option for you and your situation.

Debt Consolidation Limits

Debt consolidation may be a good option to consolidate your credit card and store credit debts. However, what about debts such as student, automobile, and medical loans? In some cases, those debts may be substantial and extremely difficult to consolidate. If you have significant debt that you cannot roll into the loan with your credit cards, there’s a chance that debt consolidation will only have a modest impact on your credit.

If you have high levels of debt that cannot be consolidated, it may make sense to choose options other than debt consolidation. In some cases, borrowers can deal with debt more effectively by selecting a debt management option better suited to their situation. For example, many lenders have programs available to help borrowers consolidate complex student loans.

The Final Word

Debt consolidation is just a tool to manage your outstanding debt more effectively; it cannot solve your financial problems. If you don’t address the underlying reasons why you ended up in debt in the first place, whether counterproductive spending habits, living beyond your means, or having no budget, you could end up in a worse situation than when you started, and with worse credit, too. All borrowers have to be prepared to change some financial habits when they decide to address all their outstanding debts.

Before you decide to take out a debt consolidation loan, you should talk to a trusted financial advisor like Grange Finance Pty Ltd, who will analyze your debt situation and help you make the best decisions about how to deal with all your outstanding debts without destroying your credit rating in the process.

We’ve all heard about refinancing, but only a few are aware of its benefits. If you’ve never come across this word before, let me briefly throw some light on it (without sounding like a dictionary or Wikipedia). Mortgage refinancing is simply a strategy of paying off a mortgage with a new loan (pretty much repeating the original loan process) but on more recent and favourable terms.

If you’ve maxed out your current bank loan limit and are looking for a better alternative to lower your mortgage payments or pay off your mortgage faster, refinancing may be the answer. In addition to helping you solve your financial problems, it has many other perks that not only help you achieve your goals but also make your life much more comfortable. But how? Buckle up for some of the best benefits of this intriguing strategy!

Much Better Mortgage Rate

Rates are significantly low, making it the number one reason that many people choose to refinance. If mortgage rates have gone down by the time you’ve taken out the loan, it’ s often possible to save money by refinancing your mortgage into a new home loan at current rates.

Save Some Bucks

Did you know refinancing saves homeowners an average of $4,264/year? A lower rate is synonymous to lower payments, meaning you’ll generally pay less for your home, especially if your refinanced mortgage matches the same payment date as your old mortgage. You can also minimize your month-to-month payments by extending the repayment date beyond what it is now. By paying less each month for your mortgage, you also free up extra cash in your budget that you can put into your savings accounts!

Bid Farewell to All Your Debts

It’s indeed a sad reality! Most of us struggle with daily or monthly payments because of our loans or leasing and want to consolidate our respective debts as quickly as possible. Thanks to cash-out refinancing, you can use the funds to pay off all your debts, be it a student or your car loan. Alternatively, you may also use the extra funds to finance renovations, wedding expenses, emergencies or perhaps simply enjoy a well-deserved family vacation!

Stabilize Your Loan Payouts

For those of you who currently have a variable rate mortgage and want more predictable monthly payments, consider refinancing your loan with a fixed-rate mortgage. Depending on the level of risk you are willing to take and your current and future financial situation, switching from a variable rate mortgage to a fixed-rate mortgage may be the ideal solution for you. This way, you don’t have to worry about seeing your monthly payments increase even when rates start to rise. Most people choose to switch from the first to the second, especially when interest rates are rising.

Own Your Home Sooner

There is no better feeling than owning a house much faster! From credit cards, loans, car payments and all the other financial obligations you may encounter, having one less monthly payment to deal makes you feel much more in control of your finances. Refinancing can be a great bonus if you want to pay off your mortgage debt at a faster time. If you have a 30-year loan, refinancing over 15 years will allow you to own your home much sooner. Moreover, if you proceed this way, you’ll have the opportunity to increase your home equity in a jiffy!

Your Plan B for Unforeseen Events

Refinancing can be of a helping hand in dealing with unexpected and uncontrolled situations. No one wants to dwell on tragedies involving severe injury or even death. However, knowing the options available to you in an emergency can ease your mind.

Scale Up Your Business

Regardless of whether you’re consolidating debt or have chosen to switch to a fixed loan, lower interest rates could translate into increased cash flow. That money could serve as a source of reinvestment in your business and help it prosper. You must be aware of specific elements when deciding to refinance, such as hidden costs or high penalties for late payments. Do your homework in advance and make the right decision for the financial future of your business.

Taking A Person Out of a Mortgage

Sometimes, usually after a divorce, a person who initially took out a mortgage is no longer held financially responsible for the loan. The only way to get him or her out of the pledge is to refinance it. Refinancing could also help delist a co-signer whose support is no longer deemed and who would like to be freed from his or her responsibility.

If you haven’t had a home and mortgage for a while, this may be an excellent time to at least consider refinancing your house loan. Explore your options to make the best decision for you, your finances and your home. Contact DLC Estate Mortgages INC today! With more than 10 years of experience in mortgage services, they will guide you through the home-buying adventure and help you determine if now is the right time for you to refinance!

Sowing the seeds of your own business can get you at your wit’s end but can be arguably one of the most enriching and empowering experience you’ll ever have. On top of being exciting, being your own boss can actually free you from an unfulfilling, dull job and turn your life around forever. Of course, jumping yourself into the deep end of the start-up pool involves all sorts of high-stakes risks and requires enormous commitment, energy and boldness! Taking the plunge in business can be significantly less daunting once you’re clued-up on all the smart, easy-breezy tips. To help you make your way to a successful business, we’ve jotted down some of the most practical pieces of advice that will totally rock your sales! (Thank me later!).

Keep It Simple!

You don’t need all the bells and whistles of a giant corporation. Try to start small, narrow your focus and cut unnecessary features that water down your offerings (and break the bank). Be careful not to let your concept snowball into something overcomplicated. Otherwise, you could end up with a costly, elaborate end-product that nobody wants to buy. Create a simple, high-quality service and learn how to test your business idea. A successful business idea should fulfil promises to customers and exceed expectations.

Be Fired Up About What You Do 

The number-one ingredient in a successful business idea is passion. Whether your business consists of creating pottery, running fishing charters or providing financial advice, you have to enjoy what you do genuinely. Of course, you don’t necessarily need to love every aspect of your business (and you probably won’t), but you do have to be passionate about it. Passion will consistently drive you to improve the growth of your business (that said, don’t let it take over all your decisions). Let your dedication hit the gas pedal and your mind control the steering wheel.

Since you’ll devote most of your time and energy into making your enterprise a successful one, you’ll have to be honest to yourself and make sure you’re on the right track by asking yourself the right questions! Do you have what it takes to surmount all the hurdles and the determination to stick it out over the long run? Do you feel the excitement when you think of the business? Is it worth the sacrifice of your time and money? If your answer is “no” to any of those questions, then it probably isn’t right for you.

Refine Your Idea

If you’re thinking about starting a business, you likely already have an idea of what you want to sell, or at least the market you wish to enter. Do a quick search for existing companies in your chosen industry. Learn what current brand leaders are doing and figure out how you can do it better. If you think your business can offer something other companies don’t (or deliver the same thing, only faster and cheaper), you’ve got a solid idea and are ready to create a business plan.

Write A Business Plan

This is a far-reaching step before kicking off your business, as it provides you with invaluable information and can help you avoid pouring your time and money into something that will not succeed. Once you have your idea in place, you need to ask yourself a few overriding questions: What is the purpose of your business and your end goals? How will you finance your start-up costs? Who is going to buy your product or service? These questions can be answered in none other than a well-written business plan. 

A lot of mistakes are made by new businesses rushing into things without pondering these aspects of the company. Creating a business plan will allow you to have a more unobstructed view of both operational and financial goals – providing crucial budget and marketing strategies. 

Be Creative!

Keep exploring new ways to enhance your business and set it apart from the rest. It’s okay to admit that you don’t know it all and be open to fresh ideas and new perspectives for your venture.

Make Some Sacrifices

Launching an unsuccessful business idea is a reality for many entrepreneurs. Over half of new enterprises fail within the first five years of opening.? How long can you live without incoming money? Not long, and it may be a while before your new company actually makes any profits. 

It’s a good idea to come up with a “just in case the worst outcome happens” plan. If you want to start a small business, don’t quit your nine-to-five job—yet (or get a job-on-the-fly). Being employed while you’re starting your business means you will have money in your pocket for investment and will ensure you can keep up with your monthly living expenses. You might also have to go without the comforts you’re used to. Once you have a healthy inflow of cash from your company, you can tackle business ownership full time.

Get Your Money Lined Up!

Once you have a grasp on all your expenses, start to create a business budget. At first, you might need to get some outside capital to make ends meet, like a small business or start-up loan. Go over all of your options before putting your money into the start-up. You can also contact Kingsley Finance to apply for a business loan! Whether you’re starting up a business or you own one, they have the right commercial finance solution for your situation!

Life is full of surprises over which we have no control…and life insurance has got to be a part of your plan, whether you like it or not. For many people, medical exam is one of the most headache-inducing parts of the life insurance application process. Sure, those pesky medical exams may seem to stand in the way, but did you know that even though you’re hard to insure or have been declined, there is still coverage available to you? Yes, you read it right! Some insurance doesn’t need medical exams! Here’s what you need to know…

But What Is No Medical Exam Insurance?

Before I dive into the reasons why you should consider a no medical exam life insurance, let’s start with the basics. Most people purchase life insurance to secure the financial stability of their loved ones after their death. However, buying an insurance plan can be very challenging for several reasons!

Many insurance companies would want to assess the risks involved in insuring you through strict medical exams. The good news is that some insurance companies also provide life insurance policies without the need to go through all the medical exam stuff to qualify (ideal for those scared of doctors, needles and anything doctor-ish). But how do these policies differ from those that require a medical exam?

Get Rid of Useless Stress

Without a doubt, obtaining life insurance by bypassing medical examinations and medical history checks can be a real solace. You no longer have to bother scheduling a visit with a nurse, fasting for 12 straight hours and trying to have a healthy diet in the days leading up to the exam (oh yes, you can use these tips to ace your medical test if you decide to go that route).

And who says no medical checks says no needle to suck up your blood (doctors won’t steal your blood), no need to provide a urine specimen, no scale to take your weight (your weight can be kept a secret) and no blood pressure meter thing on your arm! However, no medical exam policies still ask your health history and look at your public reports.

You Are Fully Covered Without Any Fuss

Whether you are suffering from depression, life-threatening cancer (or any other illnesses) or you are overweight or a heavy smoker or simply happen to have a risky job; you might have a hard time finding an insurance plan that uses a comprehensive underwriting process! Why? Based on your family’s medical history, age and physical and mental health, insurance brokers often assume that there is a higher chance you will die during the term of your life policy. They might charge higher monthly premiums, or worse, your insurance request can get rejected. (Yes, unfortunately, insurance can be harsh and ruthless!).

Thankfully with No Medical Insurance, you can benefit an insurance plan anytime! From leaving your loved ones a financial legacy, paying off lawyer’s fees, taxes and outstanding loans to covering final expenses (such as funerals or cremation costs), you are fully covered without any fuss! However, if these circumstances don’t apply to you and you want to cover more than just the final expenses, then medical exam life insurance is probably not for you. Young, healthy people with families generally need enough life insurance to pay off debts and provide some income support for their spouses and children.

Protecting Your Little Ones’ Future

Purchasing No Medical Child Insurance guarantees your kids’ future and insure them against unforeseen events, even beyond your lifetime. It offers financial security, flexibility and a head start for any financial need in life, whether it’s education, buying a home or starting a business.

Oh-So-Convenient!

If you can’t have fully purchased life insurance but need coverage over $55,000, term life insurance without a medical exam is the best option for you! This insurance policy offers a maximum term of 30 years and can generally be purchased up until you turn 75, although some insurers limit the term based on your age. What’s more convenient than that?

Available Riders

Most life insurance policies without a medical examination include built-in riders. These riders are frequently described as “living benefits.” This means that having life insurance with a living benefit allows you to kind of speed up your death benefit while still alive. In other words, death is not necessary for life insurance to payout (which is a tremendous advantage). Thanks to modern medical technology, you could survive a heart attack, but could you afford it?

Secure the Policy You Need in A Jiffy

Life insurance policies without a medical examination tend to be processed more quickly. Numerous policies can be instantly issued or within 48 hours, and thus, you can say goodbye to the long and tedious waiting hours and days for your lab results to come back!

Are you looking for no medical and simplified issue life Insurance in the surrounding of Toronto and the GTA? Contact Nonmed Insurance Inc. to have your own personal plan!

Many times, we’ve been in a financial situation where we need money to start or complete a project. That’s why we get the help of loaning an amount from either the bank or some other financial institution. Many people who are confused about what is a loan, well it is a lump sum of money that you borrow with the expectation of paying it back either all at once or over time, usually with interest and they are a fixed amount, like $5,000 or $15,000. The interest rate varies from the amount of money you are taking from the bank. There are some factors that they do consider before loaning you an amount these are your income, debt, credit history, and a few other factors. Some loans are the most common because the amount is higher, and the interest rate is lower; such investments are home loans and student loans. It is important to know that there are different types of loans you can borrow and we are going to talk about that today in details.

What are Open-ended and Closed-ended Loans?

These are loans that you can borrow over and over. The credit cards and lines of credit are the most used types of open-ended loans, these have a credit limit, which is the maximum amount you can borrow at one time. Depending on your needs, you can use all or part of the credit limit. It is normal that the more purchase you make, the quicker the credit decreases. As for closed-ended loans, these are the one-time loan that cannot be borrowed again once they’re repaid. As soon as you make a payment on the closed-ended loans, the balance goes down. If you don’t have any credit, then you can use the closed-ended loans, but if you need more money, then you would have to apply for another loan and go through the same approval process all over again. The common types of closed-ended loans are mortgages, auto and student loans.

What are Secured and Unsecured Loans?

These are loans that rely on an asset as collateral for the loan, and in the event of the loan default, the borrower can take possession of the asset and use it to cover the loan. Know that the interest rates for secured loans may be lower than the unsecured loans. However, it is good to know that the asset may need an appraisal in order to confirm its value before you can borrow the amount that is up to the value of the asset. An example of a secured loan is a title loan. As for unsecured loans, these do not require an asset for collateral. Unsecured loans depend fully on your credit history and your income so that you can be qualified for the loan. If you don’t pay an unsecured loan, then the lender can exhaust the collection options that include a debt collector or a lawsuit to recover the amount.

5 Types of Loans

Here are the five most common types of loans apart from home and student:

  • Auto loans – These are mostly used so that you can buy a new or used car and it normally takes years to pay off. An auto loan can be financed through a bank, credit union or a car dealership and these have the lowest interest rate.
  • Personal loans – These are types of unsecured loans and are mostly offered by the bank. It is normally based on the borrower’s creditworthiness and high scored are preferred. The money from a personal loan can be used to pay off any bills or debts. Interest rates for personal loans vary from 9% to 12 % depending on certain financial institutions.
  • Credit cards – These are essentially loans that the borrower and the bank agree to be repaid at a later date. It is one of the easiest loans to use.
  • Cash advances – Known as short-term loans that are offered by credit card companies. Short-term lenders are payday lenders and tax-preparation companies. These offer money against an expected refund.
  • Small business loans – These are banks that offer small businesses to start their business by providing a loan that would have variable rates and the payment can be made from five to 25 years.

Loans to Avoid

There are certain types of loans that one should avoid taking even if in dire need of it! They are like predators and take advantage of the consumers. These are:

  • Payday loans are short-term loans that are borrowed using your next paycheck as a guarantee for the loan. These loans interest rates are pretty much high, especially when it comes to annual percentage rates, and it can be difficult to pay off.
  • Advance-fee loans are scams to trick you into paying money. These use different tactics to convince borrowers to send money to obtain the loan, but the lender will have to pay an upfront fee to obtain the loan. There is a risk in this type of loan and is normally avoided by anyone.

If you’re looking for a reliable source where you can manage your finances, then do consider FLAME Mortgages. They are your experts in finance loan and mortgage. As a family-owned and operated business, they do know the real problems when it comes to mortgaging and financial crisis. The management assists you from scratch in order to get a better understanding of your needs and financial goals.

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