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General Personal Finance Blog

6 Benefits of Physician Mortgage Loans We Bet You Didn’t Know

September 23, 2022 By Kevin | Just Start Investing

You’re a recent medical graduate and probably got a lot on your plate. You’ve just finished your studies and are ready to work as a physician. And like others, you may have financial requirements. Maybe you want to buy a house but don’t have much in terms of savings or income history. And while you’ve been able to pay off some of your student loans, there are a majority left over.

[Read more…] about 6 Benefits of Physician Mortgage Loans We Bet You Didn’t Know

What You Need to Know About Personal Loans

August 2, 2022 By Kevin | Just Start Investing

What You Need to Know About Personal Loans

Source: https://pixabay.com/photos/twenty-pounds-business-united-19925/

In many cases, people consider personal loans when they need extra cash to do some minor home improvements, complete the money needed for a new car, or consolidate debt with high interest. Personal loans are usually unsecured and when used wisely, they can help fill the temporary void in your budget without having to use your home and other assets as collateral. Like other types of loans, the amount you can take depends on your income, credit score, or debt-to-income ratio.

Express loans are a type of personal loan that does not consider bad debt and bad credit as a criterion. It offers a fast and automated procedure from when you make an application to being credited with online banking. In some cases, approving the loan amount is based on some factors like your membership length, payment and deposit history, and previous loan.

In this post, we will look at what you need to know about personal loans. How it works, the pros, the cons, and if it’s right for you.

How Personal Loans Work

How Personal Loans Work

Personal loans are usually installment loans offering you a fixed amount ranging from $1,000 to $5,000. The terms of repayment can be between one and 10 years. While personal loans may be used for nearly anything including eCommerce business, some lenders impose restrictions on its use. The process involved in the application for personal loans is almost the same as that of a credit card. You need to provide your personal and financial information and the necessary details about your preferred loan.

Pros of personal loan

Personal loans often have some unique benefits over other types of loans. Here are some of the advantages of a personal loan.

  • Flexibility

Most types of loans have their specific usage. For instance, a car loan can only be used for purchasing a vehicle. On the other hand, personal loans can be used for several purposes. If you’re looking to fund a big project and you do not want to be restricted on how to spend the money, then a personal loan is a great choice. You can consult your lender on the uses of the loan before you apply.

  • Doesn’t Require Collateral

A personal loan is usually unsecured, and you don’t need collateral for security. As a result, you don’t have to use your home, car, or any other asset as a guarantee. The penalty of defaulting on your payment doesn’t involve any collateral. However, it involves other financial consequences.

  • Easy to manage

One of the major reasons people take personal loans is to pay off debts. Personal loans that have a single and fixed-rate payment each month are easy to manage compared to different credit cards with several interest rates. If you qualify for personal loans that have a lower interest rate than credit cards, you can budget your monthly payments, saving in the process.

Cons of personal loan

While personal loans might be a good choice for some, they aren’t always the best in all situations. Here are some drawbacks you should know about.

  • High Fees and Penalties

The penalties and fees attached to personal loans can increase the cost of acquiring a loan. Some lenders may charge the repayment fee if you pay off the balance before your loan term ends. It’s best to review all penalties and fees before seeking to apply for a personal loan.

  • High Payments compared to credit cards

Credit cards usually have a small monthly payment without a deadline for paying the full balance. However, personal loans need a higher fixed-rate monthly payment to be paid before the loan term ends.

Before applying for a personal loan, it’s best to have a plan on how to pay it back. In addition, weigh the pros and cons before making a choice.

JustStartInvesting.com

Understanding Bitcoin Fees

July 18, 2022 By Kevin | Just Start Investing

Many investors and traders initially avoided the crypto market, describing cryptocurrencies such as Bitcoin as speculative assets and bubbles that would soon crash. However, Bitcoin has proven the exact opposite with its exponential growth. It is now the most valuable cryptocurrency, attracting institutional investors and traders globally. For more information about a reputable trading platform, you can visit bit index ai official site

[Read more…] about Understanding Bitcoin Fees

Who holds the most Bitcoins?

July 18, 2022 By Kevin | Just Start Investing

Many institutional investors were quite skeptical about Bitcoin in its early days, citing its high volatility as a severe threat to profitability. However, times have quickly changed with mainstream financial institutions and investors now at the helm of Bitcoin adoption. Nevertheless, their reluctance gave several industry leaders and individuals enough room to accumulate significantly ahead of the rest. If you are interested in investing in Bitcoin, you may consider visiting a reputable trading platform like bitcoin code app

[Read more…] about Who holds the most Bitcoins?

Webull Roth IRA Review

June 12, 2022 By Kevin | Just Start Investing

If you’re in your 20s or even 30s, saving for your golden age may not be at the top of your list. Instead, you probably have other more pressing financial objectives on your wish list, such as saving for a house, purchasing a car, or establishing an emergency fund.

Even if it’s only a tiny percentage of your income, experts strongly urge you to put money away for retirement right now, even if it’s just a small amount of your pay. Another example is an Individual Retirement Account. An IRA is a tax-advantaged investment account.

[Read more…] about Webull Roth IRA Review
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