3 Common Rookie Mistakes When Borrowing Personal Loans

Rationale behind personal loans may vary according to one’s financial circumstances as some will be taking it because of some necessity while others may be doing it on their own choice. Regardless of that, one should avoid some common mistakes at every cost. The top 3 of them are discussed below: Continue reading

Key Words To Look Out For in A Loan Contract

Loans are the preferred financing method for personal and business, particularly those that are established and already have positive cash flow. Each bank has different regulations and policies for structuring a loan contract, so be sure you understand local requirements. Be realistic about what you can afford to pay back. In other words, do not take more money than you need just because it is there. Pay off the loan as quickly as possible to save on interest costs, which can add up to more than you expect. Beyond these general suggestions, there are certain key words to look out for in a loan contract. Continue reading

How to benefit more from loans

Increasing loan tenure

The tenure of the loan is generally defined as the time period over which the loan is distributed, while being divided into equated monthly installments (EMI’s). In simple words, the amount of time that one has in hand to pay off the credit amount is the tenure of the loan. While calculating, one will find that, lesser the time period, the greater is the amount to be paid, per month. Hence, the best way to benefit from this is to make sure that the loan has to be paid, over a longer stretch of time. In this manner, the monthly expenditure is lessened considerably and that is quite beneficial. Continue reading