Month: December 2019

New Years Resolution: Save or Settle Debts?

There are decisions to be made financially that can be difficult. However, taking them on time will ensure a quieter future with good financial health.
Of all the great decisions you must make are knowing if you will pay off your debts or if you will choose to save.

Among the main risks of not paying your debts are the loss of property and bankruptcy, among others, according to The Money Advice Service. The most common debts are credit card debts, medical and student loans. There are others, such as personal loans, cell phone bills, utility bills, bank overdraft fees, car loans, payday loans, says Protecting Consumer Rights.

What would you do? With this great concern in mind, we offer both scenarios for you to evaluate and consider what your best option will be:

 

When to decide on the debt balance?

When to decide on the debt balance?

How much you have high interest debts. This is the main reason for deciding to settle your debts and that is that over time that interest will be greater. If your average annual percentage rate reaches double digits, you must pay this debt urgently, as this may affect your credit score.

On the other hand, if you have car loans or for studies, we advise you to pay them as soon as you can and / or follow the deadline established rigorously. In this way, you will keep your credit, you will save the interest paid and you can use that money in other goals.

Finally, if you got out of control and spent more than expected with your cards without thinking about the money you had. Do not let having a balance established on a credit card makes you take the expense to the top. Nor do you spend “blindly” without knowing if you will have that money; Spend what you have, not what you think you have.

 

When to decide to save?

save money

The savings option is essential if you do not have an emergency fund. Whether it is an unplanned arrangement of your car or house, some unforeseen or a medical emergency, all these situations are emergencies that can be sustained with a fund that you have saved for this purpose. Try to keep three months of common savings expenses in case something happens.

If you are thinking about how you will stay in the future, saving is the option. You should consider establishing a fund for your retirement account that allows you to save and contribute at the same time. It depends on the type of account you select, this money can grow so it would add to your financial mission in the future.

If your debts are under control and you have other dreams that involve a monetary sacrifice, the time has come to save. Be it your next vacation, a house or the establishment of your new business, saving that little money will help you achieve that long-awaited mission.

These are some ways in which you can answer the question: “settle debts or save?”. We encourage you to study your situation, evaluate your case and make a decision. What to do after making the decision? To take action. We recommend you take into account your monthly daily expenses, your debts and your main concerns in the financial future.

You are in time to build and maintain good financial health. Cheer up, organize yourself and achieve your dreams and your peace of mind, either by paying off debts or saving for the future.

Bank small Loans for pensioners.

Among the categories of customers to whom small loans are addressed, there is that of retirees , who often find themselves in the position of having to apply for a loan. Let’s find out in detail everything you need to know about this form of loan: what are the requirements to have access to it, how to request a free quote with calculation of the repayment installment and how to make the request for the small loan you want.

A topic that has been topical for some time in Italy is that relating to the economic conditions of our pensioners. The income received by Italian elders is often too low, and many people struggle to make ends meet. For this reason, small loans are born, designed precisely for those retirees who need a small amount of money to cope with an unexpected expense.

Small loans for retirees: what are the requirements?

Small loans for retirees: what are the requirements?

If the situation of pensions in Italy remains a significant problem, at least as far as loans are concerned, pensioners can consider themselves lucky with regards to the treatment that is reserved for them. The main problem of people looking for a loan, even if for a small amount, is always the one relating to the requirements that we must meet in order to have access to the credit we need.

Often the guarantees required by the various banks are too restrictive, therefore many have to give up the desired loan, or have to accept a worse treatment if compared with that provided for classic loans.

Why are pensioners protected in this sense? The reason is very simple: the pension that is paid every month by Social institute constitutes an insured income for the customer, therefore the bank will have no problems in granting the desired loan.

So if you are retired and looking for a small loan, be aware that the only guarantee that you will have to present to the bank you will contact will be the last pension slip. Regarding the personal data, the maximum age limit beyond which it is not possible to receive funding depends on the bank you contact, but it is usually set at 75 years.

Who to contact to receive a small pension loan

Who to contact to receive a small pension loan

Today, much more than what happened a few years ago, it has become a real company to choose which company to rely on to receive the financing we need. Especially when it comes to small loans, the products that are made available to us are many, and are aimed at meeting the needs of any customer.

So it is good to inquire about all the opportunities that the financing market offers us, in order to identify what is right for us. So let’s see which are the best banks to turn to if we are looking for a loan for a small amount, especially for pensioners.

As always, our advice is to rely on the major companies, which certainly offer greater reliability than smaller companies, as well as usually offering a wide range of products to choose from. 

To choose which company to apply for a small loan for retirees, our advice is to visit the websites of the various banks, where you will find all the information about the products reserved for customers. Furthermore, it is often possible to find special offers valid only for some periods, therefore it is good to always keep informed about it.

Small loans for retirees with assignment of the fifth

Small loans for retirees with assignment of the fifth

One of the most convenient formulas regarding loans granted to pensioners is undoubtedly the so-called assignment of the fifth. If you have started looking for information on loans for seniors, surely you have read this option, offered by all the major companies. What is it about? The assignment of the fifth is a form of loan intended for civil servants and pensioners, to that category of customers who can therefore guarantee the bank an insured income every month. The main feature of this product is described by the name itself, and is represented by the fact that the repayment installments that will be paid each month will never exceed one fifth, i.e. 20%, of the salary or net pension received.

This means having the guarantee that the financing expenditure that we will receive will not unduly affect the monthly budget available to us. A further advantage is represented by the possibility of paying the installments, making us deduct them from the pension that we receive every month. So we will have no problems such as remembering to pay by the due date, with the risk of penalties in case of late payment. Finally, as regards the interest rate applied to the sum that is lent to us, this is usually lower than that of “classic” loans, precisely because of the guarantees that we can give to the bank that grants us the loan.

It is getting easier and easier to get a loan

Although in the media you can still hear about the real risk of another economic crisis, and although it is increasingly said that some European countries are just on the verge of bankruptcy, the Polish market of financial services and products does not seem to care.

Although this threat of crisis should easily result in an incentive to save, and ordinary consumers should simply be more careful about spending money, banks are still tempting their clients with newer and more favorable, at least at first glance, loan offers.

It turns out that now almost anyone can easily get a cash loan

You don’t even have to be a person employed under an employment contract for the bank to gladly grant us a loan. Often, various banks, above all, fighting against increasing competition, offer such loans, the receipt of which does not require many formalities.

To receive a small cash loan, all you need now is your ID card, personal bank statement or simply a PIT form, on which you settle your income tax with the Tax Office. At Loan and Credit interest rates in banks that are most favorable for you can only be found with us.

A loan for everyone

A loan for everyone

Banks are also increasingly not checking our credit history. Of course, we are still talking about the situation when the bank loan is not very high and its repayment is assumed to last for a long time. It should be remembered, however, that banks still somehow take care of their interests and check the creditworthiness of their clients. It is not difficult, because in the relevant registers of debtors you can check a person by entering their name or PESEL number.

However, there are also institutions in Poland that grant loans even more willingly than banks. It is thanks to them that you can quickly get extra money and spend it for any purpose.

Interestingly, these institutions offer, for example, online credit. To get such a loan, simply visit the appropriate website, enter the amount you need and the phone will ring almost immediately to arrange a visit to the representative of the company who has the given amount of money to bring with you.

In order not to fall into the trap

In order not to fall into the trap

Here, however, special care must be taken. Some regularity can be seen. Well, the easier it is to get a loan, the more expensive it is. Therefore, if you decide to take out a loan from an institution that is particularly willing to grant loans, it is good to first look more closely at the contract suggested for us to sign. This is where you can read, and high commissions and interest will have to be paid.

So it may turn out that when paying back a loan, the cost will be several times higher than the borrowed amount itself. To avoid this, it is worth using the services of trusted and respected institutions.

Preferably those that are eagerly recommended by personal financial advisers. And it would be even better if a person who simply knows the economics and banking and knows what details of the contract should pay attention to before signing the loan agreement.