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3 Indications of a Wrong Loan Decision and Their Reasons

On March 30, 2021

Oops! A wrong loan deal is such a huge regret, and once you borrow funds, it is a complicated procedure to switch to another deal. Also, it is not possible to jump to another lender in all types of loans. We usually take wrong decisions in short-term loans because we need them now and then. For bigger ones such as a mortgage, heavy machine loans, etc., we always scrutinise each aspect. However, it is never a guarantee that every borrower will take a wise decision in short and long-term loans. Mistakes can happen anytime, and anyone can make them.

If you know the 3 signs of a wrongly picked loan deal, you can perhaps take better and safe borrowing decisions next time.

The same loan is available at a lower rate – It is very painful to know that the deal you just grabbed thinking of as the best deal is not the perfect one. The other lending companies are offering it at a lower rate. The only difference is that you didn’t do the due research of the marketing before borrowing funds. Later, when you pay the funds with hefty instalments and at a higher rate which can also be bumpy, it can be a big regret.

Why does it happen?– It usually occurs due to the haste to get money faster. During any financial crisis, we typically need funds immediately. Thanks to the FinTech world that online funding is available in a few hours. But it does not nullify the importance of wise comparison between the lenders. You should always make rational decisions. The applicants of the loans for bad credit in Ireland usually become the victim of this mistake. They believe that they get approval with difficulty. It is better to take whichever lender is approving the funds to them.

Less creditworthiness, as you borrowed an unnecessary bigger amount – You had plans to take another loan or credit card, but after applying for it, you got rejected. Later the fact came out that the loan amount could be smaller. It can be very annoying to have a suffocated space in creditworthiness. All future possibilities can face a big obstacle.

Why does it happen? – It usually occurs due to attractive loan offers in the market. The over-popularised deals and the unrealistic commitments work like a magnet for the fund seekers. They forget to apply the logic and do not understand the impact of a loan on future financial circumstances. The market is full of options, and the lending companies want to catch the attention of the borrowers and try every trick to make them apply for their loans. But it is essential not to take random borrowing decisions.

Your credit mix got disturbed – It is one of the biggest mistakes people make while taking a loan. Borrowing funds many times with some loan product thoroughly disturb the credit mix. Our financial records should have all types of obligations in balance. The harmony between short-term and long-term loans is vital to have a stable financial life. A financial advisor can teach you well the role of mix and also how to improve it. Not only loans but many other types of financial choices can affect it.

Why does it happen? The most common reason for this flaw is ignorance. Many people still do not know the meaning of credit mix. They do not understand how it works and what should be done to keep it in good condition. As a result, they face issues when they apply for any other financial product. They get to know only when the finance companies tell about this fact due to their application rejection. If you are also not aware of how the calculation of credit mix works, know about it today.

The above mistakes can cost big to you because financial issues are always very complicated. Your smallest decision can bring a sharp turn in your finances. Loans are always required for varied needs; it is better to be wise while you take them. Personal loans, car loans, business loans, payday loans, no guarantor loans etc. the options are easily available. Due to the ease, typically, people borrow instantly for every small and big reason. The loan is not a bad thing but borrowing irresponsibly is undoubtedly a wrong thing. Hope, next time, you will take care and will not receive the habits above.

How to Get Doorstep Loans in Dublin?

By admin

On March 20, 2021

In Loan

A doorstep loan is a financial service for people who don’t want to go through lengthy and complex traditional methods. Unlike personal loans, the amount is delivered to your doorstep by the lender. There is no pile of paperwork and document submission, as the process is completed online.

In Ireland, more and more people are availing the service for small financial problems. It is ideal for senior citizens and differently-abled people to get financial support at the comfort of home. However, there are some doubts among the borrowers regarding the application process and repayment of the doorstep loan in Ireland.

Here, we have explained the process to get a doorstep loan in Dublin with its stages that include application, verification, fund disbursement, and repayment.

Application

As mentioned above, there are no visits to the lender’s office and lengthy documentation in the application process. You need to fill the online form to apply for a doorstep loan. The form will ask you to fill in personal details and loan amount to avail.

You can get a loan amount from 100 to 1000 based on your profile and requirement. The borrowers should go through the eligibility criteria and loan terms before filling the application form. Also, apply for the loan amount closest to the requirement to avoid unnecessary stress on the finances during repayment.

The documentation involves age proof, address proof, and bank account details to get the loan. You can upload a scanned copy or photograph of these documents for verification. There are no upfront fees or processing charges until the loan is approved.

Verification

The verification and approval process takes a few hours for the lender. Once the application is submitted, they will assess your profile based on the details provided. A representative from the lender will get in touch with you once the documents are verified.

They will conduct a financial assessment to check the repayment ability. This process will not take much time to complete based on the income and repayment ability of the lender. The borrower can explain the repayment plan to the representative if the profile seems ineligible to them.

Lenders will conduct a credit check during the financial assessment to check the current list of debts and repayment history. You can ask them to conduct a soft enquiry instead of hard to avoid trails on credit history. However, only a few lenders will provide the soft enquiry option to the borrower.

Fund Disbursement

After the verification and assessment, the lender will initiate the fund disbursement process. It will take only a few hours to complete the fund disbursement in doorstep loans. As the name suggests, the amount will be delivered to your doorstep.

You don’t have to visit the ATMs to get the loan amount in cash. Again, the elderly people and physically abled are benefitted the most from this feature. Moreover, you should select a doorstep loan over other small loans if the emergency requires payment through cash.

Nevertheless, you can ask the lender to transfer the amount to your account. The flexibility is provided to the borrower to select the method of fund disbursement and repayment.

Repayment

The repayment process of the doorstep loan is quite different from traditional loans. The lenders will collect the amount from your doorstep on the repayment date. You can pay them through cash or select automate payment from the account. There is no need to visit the office or bank to deposit the instalments.

You can select the repayment duration from a month to a year. The cycle is also flexible. Borrowers can repay the lender weekly, bi-weekly, or monthly. This reduces the stress of repayment for different salary schedules.

Moreover, there is some flexibility provided to the borrowers for repayment. You can miss a payment and pay double on the next cycle at minimal or no fees. In some cases, the lenders extend the loan terms at no extra cost if the reasons are genuine.

Conclusion

To sum up, a doorstep loan is a simple and convenient alternative if you want the loan amount in cash. There is no physical paperwork involved, and the loan amount is delivered to your doorstep. Moreover, you get the flexibility that is hardly offered by financial institutions like banks and credit unions.

How I Got Freedom from Being Financially Blacklisted?

By admin

On March 19, 2021

In Loan

I live in a farmhouse with my family, and it has been 20 years since I was 18 years old. My father retired from Navy services, and he decided to move back to his ancestral house to live a happy life. He always wanted to segregate us from the urban lifestyle to live a completely natural life.

When I was at a young age, I used to think of having a personal car, though we had a small car which was just enough for our family of three members. My father used to drive my mother and me to the city whenever we made our plans for shopping and a few amazing moments for me.

Unlike my father, I am obsessed with the city lifestyle and always wished for having that lifestyle. I graduated from high school in a remote village, and now the time came when I had to go out of the village for further studies. I reached the city on my father’s pension; I took admission to a big university and claimed my admission there.

The dreams fulfilled

I had to live in a hostel or boys dormitory to stay there. I had to earn for myself the hostel fees and other expenses as my father had no extra money for me. He assembled everything for me, and now I had to manage all my work by myself.

Days went by, and the time came when I graduated with my bachelors from the university. There was a lot for me to do in my life. I got a college placement and started doing my job there. The job was great, and my salary was also perfect. This was what I was looking for.

Life in a city

I was impressed with my life, and there is another leisure developed inside my heart, and that was for a personal car. The owning of a personal car had been my dream, and with my fate, I successfully arranged a new car without the permission of my father.

I had been sending money to my family to support their personal well-being, but I forgot my virtues and obligations towards them due to life in the city. Erstwhile, I used to ask them for their health and different needs, but I forgot them all.

I drowned in the deep sea of personal desires and selfishness. I used to buy new cars in exchange for selling the old ones. I used to dream of a luxurious car parked in front of my rental house. Yes, rental home, my craze for cars moved me to only look for them and not invest my money in the house.

Desperation for a new car

I was all set to buy a luxurious car, but the finances I had taken on buying earlier cars could not allow me to stand by my desires. My desperation for a new car increased at the level of retaining only the sense of buying a new car.

Perhaps, my pocket, savings and income were not allowing me to own this car. I finally diverted to the finance section, and there I could not get anything in my favour.

The finances for cars were meant for satisfying my hunger for them, and the day came when I was not allowed to take more finances aggravated from these things. Along with the car craze, since every aspect of a luxurious lifestyle amazed me, I got into extreme debts.

The financers suspected me and reminded me to pay off the previous loans. The cars I had sold were not legal at all, and because of the different model of cars acquiring, I had to switch different modes of finance. Very soon, I found that I was blacklisted in the list of car financing.

Here I could manage my moves with the help of direct lenders. Actually, they are private lenders who provided me with the best assistance during hard times. They supported me with blacklisted no deposit car finance. This finance helped me in taking all efforts to repay other loans and seek for brighter future.

What at the end

The very special zone of the time made me think that my father was too right, and then I knew why he hated city life and considered village life. I remembered how he was convincing me to come back, and now I was not in the position to show him my face again.

I was shattered with my silliest mistakes and now totally agreed with his words.

I came home back with a happy face after 5 years of those hurdles. I was delighted that now I was with no mistakes and kept all money in my savings. I started helping my father with the farmhouse business and attempted to grow it on another level.