loans

How to Get a Home Loan If You Are a First Time Buyer

November 7, 2018 by Contributor Leave a Comment

*Article contributed by Sasha Belopoljanski.

Buying your first home is a momentous occasion. After all, having a place that you can call your own is one of life’s greatest achievements. But it’s not something that happens overnight and with little in the way of effort. With the real estate market approaching pre-recession highs, it can be tough to purchase a home without taking a substantial loan to help cover the costs.

First-time buyers in particular may find the act of navigating the various home loan options out there quite challenging. So let’s take a closer look at the three most common loan types and see which one fits best for your situation:

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8 Major Reasons Leading to the Rejection of Business Loan Applications

May 23, 2018 by Contributor Leave a Comment

*Contributed by Satchit Hasabnis.

Are you looking out for a business loan? Have you recently applied for a loan but had your application rejected? Why do you think your business loan application was rejected? This depends on certain factors which you may not be entirely aware about. There could be several reasons why your business loan was denied.

These are 8 major reasons why business loan applications are rejected.

Bad Credit Score

Though you are applying for a business loan, your personal credit score does affect your chances of your loan’s approval. This holds true even if the company has been in existence for a while. In case your personal credit score is bad then the financial institution may not trust your financial position much. Thus the bank may hesitate to provide a loan as your repayment history would not be up to par. It is very important to keep your own credit score strong by making regular payments. Review your credit score time and again and take steps to repair it.

Volatile Industry

Some industries or areas of business could be considered as risky in nature, by traditional banks and lenders. For instance, hotels and restaurants can be seen as risky to lend or fund as there is a high failure rate involved. If this is why your business loan application gets denied, then try looking out for other financial institutions that lend to the industry your company operates in.

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5 Types of Loans You Should Know About

January 26, 2017 by Contributor Leave a Comment

*This is a guest post by Kyle Kam (@undisputedkyle) from MoneyMax.ph.

If you’re looking to get a loan, it helps to know what you plan on using it for. There are several types of loans available in the country, ranging from something that simply adds to your current funding based off of your salary, or something that requires a lot more thinking like a business loan.

It’s important to understand your options and the risks involved when borrowing money. Most loans fall under two distinct categories: Unsecured and Secured.

Secured loans require collateral, which will be used to pay back the amount borrowed should you default on the loan, while Unsecured loans require no collateral but have a higher interest rate in order to ensure prompt payment.

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Bad Credit Score

Volatile Industry