Understand 3 Good Ways to Deal with Bad Credit

Enjoyment & Benefits of Using a Credit Card

Consumers are now increasingly spoiled by the facilities of a payment system by means of credit. Various conveniences, comfort, and even the benefits offered, more and more people are applying for credit cards to banks as one of the tools that can be used in conducting transactions. Facilities, advertisements and promotions of various products with credit system payments often provide more time for consumers to be able to pay/repay product bills that they must pay at 0% interest, in addition to promotions from points with prizes for members/credit card holders concerned. Of course, every offer and gift given varies depending on the credit card of the bank that issued it. This also sometimes makes many people not only have one credit card but up to two or even more because of the various facilities and convenience provided.

Various items can now be purchased by consumers using credit cards, from goods shopping for daily necessities to gadget products, motorcycles, to cars. By using a credit card, consumers are spoiled to be able to use the products they are interested in without having to pay off the goods in advance. They only have to pay installments every month at a cost that is quite cheap depending on the period of payment / repayment.

But, have you ever imagined when one time the credit card holder is in the process of time installments, but it turns out he cannot make installment payments because the source of income is disrupted such as experiencing increased needs, deferred salary or even Termination of Employment (PHK) to bankruptcy? Some of the unexpected events above can just happen and when that happens, the bank, leasing, or other producers can take the goods that we have repaid and finally we suffer losses because we cannot pay the installment fee.

Of course you don’t want to experience it right? However, if that happens to you, what will you do? Here are some ways you can do when an event like the explanation above happens to you or your colleague.

1 Credit Restructuring

Credit Restructuring

The first way to consider is to use a credit restructuring facility. In this way, you can change the installment payment system by reducing the interest that must be paid from the goods bill, extending the repayment time or making late payment installments. You need to have clear reasons and be able to consult cooperatively in applying for a loan restructuring because not anyone can do it. Some of the conditions that are usually assessed so that credit restructuring gets approval include, the debtor has a payment history that is smooth and has good business prospects besides the reason for not being able to pay monthly installments.

In addition, an assessment of the debtor’s honesty regarding the reasons for filing a credit restructuring is also one of its own judgments. The procedures and mechanisms for credit restructuring are regulated in Bank Indonesia regulations Number 14 / 15.PBI / 2012.

2 Credit Refinancing

2 Credit Refinancing

The next way you can consider is Credit Refinancing . This one alternative gives you the opportunity to apply for a new money loan with the reason to cover the debt from the previous credit. In other words, you add debt but your profits get new funds and thus you can use them as a new business tool to pay off previous debts. If you use alternative refinancing credit, you need a well-planned plan considering that this alternative adds to your new debt, but there is the next advantage is that you don’t get a blacklist from the bank and you still have the trust to apply for a credit without a blacklist month with a smaller bill. However, even though there are some advantages above, there are additional fees that are charged in the process of making a credit refinancing application and the interest rate will be greater than before if you experience a delay in payment.

Be reminded again if you want to take this one alternative to overcome your bad credit application, you need to think more carefully because there is a significant impact, that is if you experience a failure again in paying off the debt, with great regret you cannot apply with any type too. That is, you have two types of credit debt with a fine amount that will be far greater than the previous fine.

3 Over Credit

The next alternative that you can do in order to overcome your bad credit is to do over credit. Many people have used over credit for their items including motorbikes or cars. By doing over credit, you sell goods as well as credit installments. Usually for those who are accustomed to over credit, they get a distinct advantage in doing so. Therefore, today many people do business with a system of over credit . If you want to intend to be free of credit bills, you can make this alternative.

Wisdom in Using a Credit Card

Wisdom in Using a Credit Card

By doing these methods, of course you can avoid the problem of congestion payments every month. In other words, you can complete the remaining payments smoothly and without any problems. However, if you want to make a payment by credit card, it would be nice to think about it wisely.

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What is IOF? Understand Personal Payday Loan

Have you ever heard of the IOF (Tax on Financial Transactions) and understand its operation? If not, let us explain how this tax influences when making a loan or personal payday loan. Stay with us.

After all, what is the IOF?

cash

The Tax on Financial Operations as its name suggests, is a tax levied to carry out credit, foreign exchange, insurance or securities transactions. In the personal payday loan is no different, the IOF tax is charged in the month-to-month installment of the claimant.

How is the loan IOF calculated?

cash

Credit operations that were contracted until January 21, 2015 the rate charged is 0.38% added to a daily rate of 1.5% per annum, which is calculated at the time of the credit release based on the amount requested and the number of plots.

This tax is levied on credit operations carried out by:

– Financial Institution;

– Companies that perform the activities of cumulative and continuous provision of credit advisory services;

– Legal entities or between legal entity and natural person;

What is IOF for?

What is IOF for?

This tax is for the Brazilian government to analyze the demand for credit and supply in the country.

How can the IOF influence the loan application?

The IOF can help in choosing the best CET that fits in its budget, since this tax is part of the Total Effective Cost (CET) of the operation.

It is worth mentioning that the IOF does not influence the interest rate of the loan, since it is charged on the main cost of the operation, and also does not affect the installments already paid. In addition, the value of the IOF is limited to 3% of the contracted value, ie, even if the operation exceeds 365 days, the maximum rate will remain the same.

Want to make a quick, safe and easy loan? Apply for your personal payday loan online with Você AZUL, and stay well away from the red.

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Request prepaid credit card

With a prepaid credit card you are always assured of money en route, you also do not have to borrow money or be in red with corresponding high interest because you can only spend what is on the card. For applying for a prepaid credit card, a more negative credit history is no problem because no credit check is performed. Also submitting to payslip or other papers is not necessary.

Request prepaid credit card

Request prepaid credit card

You can use the prepaid credit cards wherever you see the logo on the card, this can be Visa or Mastercard. You can also use the card at ATMs for withdrawing money, even if it is in a foreign currency.

Please note that in addition to the costs charged by your own card, costs can also be charged by the bank that delivers the money via the cash machine. This differs per bank and per country. These costs can run high, so keep an eye on this.

On holiday

On holiday

If you are going on holiday to a far and exotic country, inform the company that supplied your prepaid credit card. If you go to PIN in certain countries or log in to your online account, the system can suspect fraud and block the card and your account. If you report in advance that you are going to a risk country (usually outside of Europe) then this fraud report can be turned off.

Nothing is more annoying that when you want to pay somewhere or get money from a machine, you get the message that your account has been blocked due to suspected fraud. This rule has only been introduced to prevent miscreants from plundering your account.

Pay for car rental or hotel

Pay for car rental or hotel

In certain countries (including the Netherlands) a deposit is required when renting a car or paying for a hotel room. This deposit is then reserved from the card you pay with and only released later, this can take quite a long time, 45 days is not uncommon, you cannot spend this reserved amount and have to wait until the relevant company again releases.

When renting a car (especially in the Netherlands) it is often difficult to pay with a prepaid credit card, in the best case scenario you have to take all-risk insurance on the rental car, in which case the rental company runs no risk in the event of damage to the car. car. In some cases, the prepaid credit card is not accepted at all. Before you make a reservation, it is advisable to contact the rental company to explain that you want to pay with such a card and whether they agree.

Toll roads and planes

Since the prepaid credit card has no credit, but can only use the credit on the card, it is not suitable for toll roads and also not suitable for paying on the plane. So make sure you have enough cash with you to be able to pay these costs in cash.

In the Netherlands there are still large companies that do not accept all cards and often have difficulty with prepaid credit cards, this is because their equipment is not designed for this, large companies where I have encountered this are Blokker, V&D and HEMA. But especially small stores that do accept cards often fail to pay with a foreign card or a prepaid credit card, which is difficult, but keep this in mind. In the hospitality industry, the card is generally accepted.

Insurances

Insurances

Some prepaid credit cards also offer some extras such as additional travel insurance, and compensation for damage to your purchased items. Certain conditions have been set to prevent fraud, but they are still nice extras for which you do not have to pay anything.

Limits on the prepaid credit card

It works differently for all cards, but in general the better you know the card issuing company, the higher the limits for depositing, withdrawing and transferring money to third parties. Some cards work with levels, you enter level 1 with a limit of 1000 euros per year, if you want to increase this limit then you will have to send your identification with proof of your address.

If you then want even higher limits, say more than 15,000 euros per year, then you will have to explain where the money you are going to deposit on this card comes from. This is to prevent money laundering. All this data remains with the company itself and is only used when criminal activities are suspected.

Pay online

Paying online with a prepaid credit card is actually not a problem anywhere, whether you do this in a Dutch store or in a foreign online store. When ordering online, always pay attention that the date is sent encrypted, you can see this on the lock on the left in your address bar.

If you do not know the online store, make sure that it is a real store and not a fake web store that is only trying to steal your money. Certainly websites that sell prescription drugs are almost all fake and only set up to get hold of your card details. So don’t do this!

Tip for requesting a prepaid credit card

money

If you are going to apply for a prepaid credit card, pay attention not only to the annual costs, but also to the costs per transaction, it is better to pay a little more per year with lower transaction costs than the other way around.

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Private credit free loan with instant confirmation!

 

German banks are increasingly lending, which is not least due to the current low level of interest rates. However, there are consumers who do not get credit even in the current times. This is due to their private credit information, because this tells the banks how creditworthy a loan seeker is. Accordingly, banks in Germany only grant loans if the data has been checked by private credit and no negative entry is revealed. All consumers who have a negative entry must resort to a loan without private credit, which is not offered by German banks.

The credit despite private credit seems to have been on everyone’s lips for some time, yet still many consumers do not know what is behind the loan without private credit. The credit despite private credit is awarded by banks abroad, where the data of the private credit play no role, therefore, is also waived a query of private credit. But not only that, who applies for a loan without private credit information, can also be sure that this loan is not noted in the private credit, so that it is not additionally burdened or negatively affected. Thus, the credit despite negative private credit no future loans and financing at German banks in the way.

Credit without private credit from Switzerland

Credit without private credit from Switzerland

The loan without private creditauskunft is assigned in most cases by banks from Switzerland, therefore it is well-known to many persons also under the designation Swiss credit. In the meantime, however, other European nations have adjusted to the lending business without private credit, so there are also numerous loans despite negative private credit from Luxembourg, Liechtenstein or other European countries. Loan offers without private credit are similar, like a classic installment loan from a German bank. Thus, the borrower not only has to prove a firm and undeclared employment, but also a regular income that must be above the seizure limit. In addition, a borrower must be at least 18 years old and have a permanent residence in Germany.

If these requirements are met, nothing stands in the way of a private credit-free loan. Loan amounts of up to € 3,500 or € 5,000 can be applied for. The easiest way to do this is with the help of a credit intermediary, which can be contacted online, because he is not only familiar with the private credit-free loan, but also has contact with numerous banks abroad.

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Start-up financing – Bank loans

Anyone who needs more capital as a founder or entrepreneur or entrepreneur than he has at his disposal will usually borrow money. Banks and savings banks grant loans for this purpose. Such loans are short, depending on their term -, medium – or long distinguished.

Short-term loans (up to 12 months maturity)

Short-term loans (up to 12 months maturity)

Overdraft. This is a credit for your business account, through which all current payments are processed. The current account loan serves as a short-term financial means: for example, to pay a due invoice on time. He is not eligible for major investments such as machinery that will stay in business for a long time and retain the necessary capital for the long term. Arrange with your house bank a sufficient credit line for your overdraft. Rule of thumb: a monthly turnover. Attention: If you overdraw the line of credit, the interest rates are often “juicy”.

Medium-term / long-term loans (from 12 months maturity)

Medium-term / long-term loans (from 12 months maturity)

Investment loan. The investment loan is used to finance land, buildings, machinery, fleet, etc. (= fixed assets). The term of the loan depends above all on the loan amount and the amount of installments you can or want to pay. Especially in the initial phase, it may be useful to extend the repayment of a loan as long as possible. The rates are lower and the solvency of the young company is improved. However, one should not forget that long maturities make a loan more expensive because you have to pay interest over a longer period of time.

Looking for a house bank

Looking for a house bank

If you do not have a house bank, take the time to find the bank of your choice. Check the services and conditions of different houses. Negotiate early on loan conditions. Talk to key contacts: Branch Officers, Branch Officers or Special Credit Officers are not just there for the big customers.

Collateral and guarantees

Collateral and guarantees

Banks or savings banks only grant loans if they are sure that they will get back the borrowed money. This certainty can be conveyed to you by the borrower: through collateral. As collateral you can throw in the balance:

  • the successful business concept
  • equity
  • Valuable or “customary” collateral

If borrowers have little or no collateral to offer, private (rather rarely) or public guarantees from the guarantee banks can help.

Money against trust: rating

Entrepreneurs and entrepreneurs who want to obtain a loan from a bank or savings bank must obtain a so-called rating. By rating (English to rate), the assessment of the probable economic ability of the (prospective) borrower is to meet his payment obligations on time. For this, the bank takes stock of the overall situation of the company in question. Result is a kind of opinion about his creditworthiness. Depending on how high the risk for the credit institution is, the conditions (interest) for loans also fall.

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Salary-backed Installment Loans – Tailor-made Loans

The salary- backed loan is a particular non-finalized fixed-rate loan repaid in monthly installments withheld directly from the net payroll by the employer. It is the employer who pays the installments to the credit institution that provided the transfer, until the loan is repaid. The fifth salary assignment can never exceed 20% net of the pay slip, that is one fifth of the salary itself and can have a maximum duration of 10 years.

Who can apply for a salary-backed loan?

Who can apply for a salary-backed loan?

The fifth salary assignment can be requested by all public, state and employees of private companies with a permanent employment contract of at least 18 years of age. Even employees with a fixed-term contract can apply for a fifth of salary assignment but in this case the duration of the loan must not exceed the term of the contract.
Even those who have recently been hired with a permanent contract can apply for the Assignment of the Fifth, as long as the requested amount is not high and the company is medium to large.

Who can’t apply for salary-backed loans?

Who can

The salary grant is reserved only for employees, so self-employed workers and the unemployed cannot apply for it . Retirees cannot even access me but can apply for a Fifth Pension Assignment.

What is the maximum amount that can be financed with the salary-backed loan?

What is the maximum amount that can be financed with the salary-backed loan?

The maximum financed is not the same for all but is determined by the accrued settlement (TFR) and by the net salary received monthly.

What is the maximum duration of the fifth salary assignment?

What is the maximum duration of the fifth salary assignment?

The fifth salary assignment has a minimum duration of 24 months up to a maximum of 10 years .

Can anyone who is protested or reported to a risk center or database request a salary-backed loan?

Can anyone who is protested or reported to a risk center or database request a salary-backed loan?

One of the advantages of the fifth salary transfer is precisely that of being able to be requested even in case of negative reports to the end-to-end knowledge company or protests. It is therefore the ideal solution for all those who are unable to obtain other loans because they are reported to the central credit registers or databases.

Do we need to present guarantees to apply for a salary-backed loan?

Do we need to present guarantees to apply for a salary-backed loan?

The salary-backed loan is a single-signature loan. This means that to request it there is no need for guarantors , sureties or mortgages, because the severance pay and salary act as a guarantee. Furthermore, an insurance policy is included in the signing of the Cession of the Fifth, which guarantees reimbursement even in the event of unpleasant unexpected events such as illness or loss of work.

Is the early termination of the Fifth Pension Transfer possible?

Is the early termination of the Fifth Pension Transfer possible?

It is possible to extinguish the fifth salary assignment in advance or. Details on how to extinguish it in advance are defined in the contract signed at the time of the request. It is therefore good to always read all the clauses before accepting and signing the contract.

Assignment of the fifth of the pension and debt consolidation: is it possible?

Assignment of the fifth of the pension and debt consolidation: is it possible?

If there are several loans in progress, with the Fifth Salary Transfer it is possible to carry out a debt consolidation , ie the monthly installments of all current loans are unified into a single installment in which it is possible to agree on the monthly amount and the duration of the Assignment, thus making the monthly payment lower than the total amount of the previous ones.

What documents need to be submitted to apply for a salary-backed loan?

What documents need to be submitted to apply for a salary-backed loan?

To request the Salary Fifth Transfer, a copy of an identity document, health card, CUD and last paycheck is required .

Is it possible to renew the salary-backed loan?

Is it possible to renew the salary-backed loan?

The fifth salary assignment is renewable from the moment at least 2/5 of the established repayment period have elapsed.
If, on the other hand, the Fifth Assignment is less than 5 years, it is possible to renew it even before but only if the applicant enters into a new assignment for a period of 10 years.

What is the difference between a traditional loan and a salary-backed loan?

The traditional loan can be requested by all those in possession of a demonstrable income, the installment is paid monthly by the loan contractor directly to the Credit Institution and the applicant cannot access the loan if he has been reported as a bad payer or protested.

The salary-backed loan can only be requested by public, state and private employees, the monthly payment is retained by the employer directly from the contractor’s pay slip to pay the installment to the lending institution on a monthly basis, the interest rates are lower, the amounts that can be requested can be higher than traditional loans and can also be requested by all those reported as bad payers or protesters.

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€ 30,000 credit guide – Online Loans

One of the most important credit driving differences between federal loans and private loans is the fact that, in order to qualify for federal loans, a student must complete and submit the  form credit guide, while students applying for private loans they must not present. Furthermore, most federal loans offered are need-based study loan grants, which means that only students who demonstrate acceptable levels of financial need can receive them. Private loans, on the other hand, are generally assigned based on the credit history of the potential borrower; a co-signer with cash deposits and management loans may need loans to receive a private loan.

Loans are paid directly to the student’s school and must therefore only be used

student loans

With private loans, the funds go directly to the borrower, usually within five working days. The things for which money is used is left to the discretion of the borrower. There is a cap on how much money the federal government will allow a student to have for each loan every year so there are no cash deposits and management loans guarantees that the package A student’s financial aid meets all his college expenses and needs. Generally, borrowers can receive substantially more money from private loans, as there is no annual limit. With federal loans, students are guaranteed a grace period of six months after graduation or withdrawal from an institution.

If necessary, there are other mortgage deferral opportunities as well as credit guidance provided that deferment is approved. Conversely, the recipients of private loans can apply for cash deposits and loan management deferment only when they are at school. Private lenders do not offer any grace period, and it is much more difficult to receive a postponement after the borrower has finished with the school. There are circumstances where federal loans of the fifth can be forgiven, canceled, or discharged. Furthermore, in the event of economic and financial difficulty cash deposits and credit guide or student loan management to return to school, federal loans offer the possibility of substantial extensions. With private loans, there are no opportunities for forgiveness; The requirements for deferment options are much more stringent and strictly regulated. With federal Perkins loans, federal Stafford loans and PLUS loans for parents, interest rates are set. Private loans, on the other hand, come with variable interest rates, which can be up to five percent higher than the interest rates offered by federal loans. Finally, the average repayment duration for federal loans is ten years. Private loans determine the repayment term based on the amount of money the borrower has borrowed.

What prevents you from reaching your cash deposit goals and professional management loans for many people, its a simple lack of education, whether in the form of basic credentials or a full-scale degree. And it is believed mistakenly that they will never possibly be able to attend college cash deposits and loan management or school trade due to the increase in tuition costs. But what they have not considered cash deposits and management loans are how personal credit guide loans can help them make their dreams a reality.

Personal loans can be anyones ticket to get a better job

Personal loans can be anyones ticket to get a better job

If the applicant is young or old, wealthy or impoverished, employed or unemployed, there are personal loans that can meet his fiscal needs. She’s 19 years old, very smart, a single mother, and slaving at a fast food restaurant for a couple of euros an hour. She takes home only about three-hundred euros a week, but fortunately enough she lives with her grandmother, who provides childcare and a place for Mindy and her child to live. Still, it’s not an eternal scenario, and Mindy can say that her grandmother would like to have more freedom.

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BEWARE OF Online Loan Mode! Don’t Happen to You!

Watch Out! Technological progress is not always profitable. Such losses are experienced in some cases of online loan victims.

Technological development is indeed very helpful for the community in facilitating life. However, in the hands of the irresponsible, technological advances can be a tool to reap greater profits. 

Technological Progress in the Field of Financial technology

Technological Progress in the Field of Financial technology

The more advanced technology, there are many things that used to be troublesome, now it can be done just by sitting at home. For example, like shopping, buying food, working, to borrow a number of funds through online loans.

Online loans are now one of the things that are beginning to be in demand. You can easily apply for a loan through a cellphone.

Supposedly, only online financial institutions known as Financial technology ( Financial Technology ) can provide loans to customers.

To establish a, there are many requirements that must be met so that a Financial technology is guaranteed security.

But sometimes, there are people who use this convenience to reap irresponsible profits. Not even reluctant to commit fraud to their customers.

Online Loan Victims

Online Loan Victims

Fraud under the guise of online loans is actually not new. Since 2016, there have been several people reporting and filing complaints regarding this matter.

However, as technology develops, irresponsible individuals become easier to use and capture victims.

Referring to data owned by Red Jakarta, in 2016 there were 10 people who reported being victims of this online loan capital fraud. Then in 2017 the number of victims reporting increased rapidly to 65 people.

And in 2018, there were around 120 people who reported being victims of online loan capital fraud.

The increasing number of victims in an extraordinary amount certainly makes anyone be aware. Do not let you or the family affected by this kind of fraud.

Online Loan Mode

Online Loan Mode

Even though online loans can seem to be an alternative solution to your financial problems, in the long run this will cause you more losses.

Offers that are used by irresponsible online lending institutions are usually in the form of ease of applying for loans, liquid funds quickly, and loans without lucrative collateral.

Therefore, before you are tempted to apply for a loan, there is no harm in first investigating the background or safe procedure for applying for a loan at a lending institution.

Usually, fraud in the online loan mode has several patterns or types, including:

# 1 Personal Data Taken from the Borrower’s Cellphone

In the case of fraud in the online loan mode, the borrower will usually use your personal data. For reasons of convenience, your personal data will be retrieved from your mobile.

The danger is that your data can be misused for the benefit of the lender.

Therefore, if you apply for a loan using an application, make sure you do not give permission to access the application to data that is not related to lending and borrowing. For example, accessing contacts on your cellphone.

# 2 Billing Not Only to Borrowers

Because the data on your cellphone is already owned by the borrower, it’s easy for them to get the number of relatives you have. Sometimes, they use this data to collect your debt.

In some cases, there is a lender who collects a superior from his office, office friends, clients, or even to the borrower’s in-laws. Of course this will be very risky for the progress of your career.

# 3 Billing Is Done in Rough Language

When you apply for a loan at an irresponsible institution, often billing is done in a rude manner. For example, by cursing, threatening, sometimes even in the form of sexual abuse.

There are a number of cases where lending institutions ask the loan recipient to do a naked dance on the railroad tracks so that the loan can be paid off.

Billing can also be done without knowing the time. And of course this will be very disturbing. Professional lenders will not do things like this.

# 4 Unlimited Loan Interest

Irresponsible lenders usually have the requirement to apply for loans that are very easy and tempting. However, once you get a loan and have to return it, then this will be very difficult for you.

This loan institution will impose unlimited loan interest on you. This of course will make it difficult for you because you don’t know when your debt can be completely paid off and finished.

# 5 Contact Numbers and Unclear Addresses

Usually, an irresponsible loan institution will not want to provide clear contacts and office addresses. Even if they have a contact number, often this number is difficult to contact and is not always active.

This of course will make it difficult for you as a borrower to file a claim.

Losses Due to Online Loans

Losses Due to Online Loans

There are some cases of losses caused by irresponsible online loans, for example:

# 1 Divorce

Lenders often collect payments from relatives of borrowers. One of the victims was even forced to divorce his partner because the lender billed the borrower’s in-laws.

# 2 Death

Unlimited loan interest will of course make it difficult for the borrower to pay off the total debt costs he has. This results in a larger debt many times compared to the debt principal.

Some borrowers even get the threat of being killed if they are unable to pay off a very large debt. On the other hand, there are also borrowers who finally decide to commit suicide because of the heavy burden of the mind.

# 3 Dismissal

Another victim from another online loan institution received a letter of dismissal because the lender billed directly to his supervisor at the office.

There were also victims who finally decided to resign because the online loan party billed their colleagues. This makes the victim feel embarrassed and finally withdraws from the job he is carrying out.

In addition to these cases, there are still many other cases caused by submitting online loans to irresponsible institutions.

Of course this will be very detrimental to you as a borrower. Not only material losses or just money, but also mental, time and even relationships with clients and family.

Before you borrow money, you better plan your finances better, so that all of your financial goals can be more focused. You can read the Financial Planning ebook for the age of 30 below for free.

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