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How to choose a Personal Loan Firm

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How to choose a Personal Loan Firm

Each lender has its own terms and conditions, so figure out what you’re looking for before you start comparing lenders.



Approval Requirements

Lenders often set minimums that borrowers need to meet for credit scores and years of credit history to qualify for personal loans.

They also care about your debt-to-income ratio, which is how your monthly debt repayments compare with your monthly income. Lenders like to see a low debt-to-income ratio.

Lenders may not be licensed to lend money in every state. Before comparing lenders, check to make sure they can offer loans where you live.

Some lenders allow you to take out a personal loan with a co-signer. A co-signer is helpful for people who don’t have enough income or credit history to qualify for a loan on their own.

With a co-signer, you can sometimes get a lower interest rate because the lender is taking into account the co-signer’s credit score and history as well. And there’s someone else the lender can collect from if you stop making payments.

The loan will also appear on the co-signer’s credit history, which could affect his or her ability to be approved for future credit. Keep this in mind if you ask someone to co-sign for you.

Lenders may offer merit-based qualifications, which means they will count your education, earning potential and more when approving you for a loan. This is especially helpful to low-income borrowers in the beginning of their careers.

Each lender may have a minimum income requirement that a borrower must meet to qualify for a personal loan. Borrowers with higher incomes tend to be better applicants because they have more money for repaying their loans. Still, a high income can’t fix a low credit score or high debt-to-income ratio.

Some lenders require that you work a certain number of years before you’re eligible for a personal loan. If you don’t have a long employment record or high income, make sure your credit score is strong.

Interest Rates

Most personal loans offer a fixed interest rate, which stays the same through the duration of the loan. A variable rate changes over the life of the loan, depending on prevailing interest rates.

Some borrowers don’t want the uncertainty of a variable-rate loan and prefer to stick with a fixed-rate loan.

Loan Terms

Each lender sets its own terms, such as loan amounts, repayment periods and use restrictions.

Every lender has a minimum and maximum loan amount, for example. If you’re looking for a personal loan under $2,000, you’ll need to find a lender offering that amount.

SoFi will lend up to $100,000, while Payoff lends up to $35,000. If you need to borrow $45,000, then only look at lenders that offer that amount or more. Don’t expect a personal exception if you need to borrow more than a lender’s maximum.

Lenders also have minimum and maximum repayment terms. You’ll typically have two to five years to pay off your personal loan, but some lenders offer terms of up to seven years.

The longer your loan period is, the lower your payments will be, but you will pay more in interest. If you can afford a higher monthly payment, go with the shorter loan period to save some money on interest.

Some lenders have restrictions on how you can use your loan. Payoff only allows you to apply its personal loan funds toward your credit card debt, while Earnest does not allow borrowers to use funds for business expenses.

Don’t lie about how you’re going to use the money. Lying on your loan application can be deemed loan fraud and can result in extra fees and charges.

Lenders also have their own time frames for how quickly you’ll receive your personal loan funds. Usually, funds are distributed within a few business days, and most lenders will disburse them electronically.

A few lenders offer discounts if you set up automatic payments online.This can help you avoid missing a payment and save a little on interest.

Fees and Penalties

One of the most important aspects to compare before choosing a personal loan is the fees each lender charges. Fees can significantly increase the cost of a personal loan. For example, a 3% origination fee on a $25,000 loan is $750.

An origination fee is the fee a lender charges to administer the loan. Only a few lenders, including LightStream, SoFi and Earnest, do not charge an origination fee.

Most lenders have an origination fee between 1% and 6%. The amount you pay for the origination fee may depend on your credit score; the higher your score, the lower the origination fee.

While some lenders charge a prepayment fee, none of the lenders in this guide do. A prepayment fee is a fee you pay for repaying your loan early or ahead of schedule.

Because most lenders enforce late fees, always pay your loan on time. Autopay can help you avoid missing a payment, which can result in a late fee and damage to your credit score.

Most lenders charge a minimal fee for returned payments, which happens when you have insufficient funds to cover your loan payment.

Repayment Options

Most lenders offer a few different repayment options, including autopay, check by mail or online, and even an option to change your payment date. These choices vary by lender, so make sure it offers the repayment option that works best for you.

Additional Features

Some lenders have additional features that make them a better fit for certain borrowers.

Discover, for example, lets you return personal loan funds within 30 days, with no interest, fees or other charges if you change your mind after the loan has been finalized. And SoFi has an employment assistance program that allows you to temporarily suspend payments and get personalized help finding a new job if you lose your job through no fault of your own.

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See Top Mortgage Banks in Nigeria

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Top Mortgage Banks in Nigeria

See Top Mortgage Banks in Nigeria

We would be looking at the top mortgage banks in Nigeria. There are numerous banks scattered across Nigeria, but a selected few are into mortgages. Before we delve into that, what is mortgage?



What is Mortgage

A mortgage is a loan – provided by a mortgage lender or a bank – that enables an individual to purchase a home. While it’s possible to take out loans to cover the entire cost of a home, it’s more common to secure a loan for about 80% of the home’s value.

The loan must be paid back over time. The home purchased acts as collateral on the money an individual is lent to purchase the home. The two most common types of mortgages are fixed-rate and adjustable-rate (also known as variable rate) mortgages.

See Top Mortgage Banks in Nigeria 1

Here are the top mortgage banks in Nigeria, this bank has assist people in getting their dream homes, their loans is perfect for those seeking mortgage loan to acquire properties in Nigeria, I will be listing the top mortgage banks in Nigeria.

FBN Mortgages

FBN Mortgages Limited is a leading Primary Top Mortgage Bank in Nigeria  with focus on delivering the best mortgage banking services and products that typify the dominance of its parent– First Bank in the financial services industry.

As a dedicated provider of a wide range of mortgage and real estate financing solution, FBN Mortgages is in a unique position to help customers make those critical steps towards seamless home ownership and real estate development. 

Platinum Mortgage Bank Ltd

Platinum Mortgage Bank Ltd is one of Nigeria’s leading Primary Mortgage Institutions. It was incorporated in 1992 with the Corporate Affairs Commission to provide savings, loans and homes ownership services, and licensed by the Central Bank of Nigeria and the Federal Mortgage Bank of Nigeria under the CBN Decree 24 of 1991 and FMBN Decree No. 53 of 1989 respectively to provide Mortgage Banking Services in Nigeria.

Formally called Platinum Home Investment and Mortgage Limited with Headquarters in Lagos, PMB Limited was recapitalized into a formidable Primary Mortgage Institution backed by innovative products, services, latest information technology and requisite professional management.

Abbey Mortgage Bank Plc

Abbey Mortgage Bank Plc is the premier, largest and most profitable, non-aligned Primary Mortgage Bank in Nigeria. It is one of the seven national Primary Mortgage Banks (PMB) licensed by the Central Bank of Nigeria and Federal Mortgage Bank of Nigeria (FMBN).

It is also an accredited primary mortgage bank (PMB) for the National Housing Funding (NHF) on-lending facilities. They offer various mortgage and investment products, guidance and advisory services to corporate organizations and individuals to empower them to access housing finance.

Abbey mortgage bank assist in finance and facilitate the provision of mortgage and real estate related services to respond to their needs. 

Federal Mortgage Bank of Nigeria (FMBN)

The Federal Mortgage Bank of Nigeria (FMBN) was established in 1956, known then as the Nigerian Building Society (NBS), a joint venture of the Commonwealth Development Corporation and the Federal and Eastern Governments of Nigeria.

The Bank operates as an effective vehicle for increasing the mobilization of long-term funds, lending volume and expansion of mortgage lending services to all segments of the Nigerian population.

Hosing is a global problem but that of Nigeria is huge due to her huge population. Most Nigerians can’t afford to build a house of their own as majority can’t afford it.

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Using a Digital Marketing Agency to Support Company Growth

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Using a Digital Marketing Agency

Using a Digital Marketing Agency to Support Company Growth

Digital marketing agencies are in charge of driving brand awareness and lead generation through all the digital channels both free and paid that are at a company’s disposal.



What digital marketing agency is… 

Digital marketing companies use channels such as social media, the company’s own website, search engine rankings, email, display advertising, and the company’s blog.

What actually is digital marketing? Or is it one of those big word and clumsy words techies throw around confusing people?

Well in case you are wondering what digital marketing is, it can be said to be advertising via digital channels or mediums, such as social media, mobile apps, email, web applications, search engines, websites, or any new digital channel.

Some other experts have defined digital marketing as any form of marketing products or services that involves electronic devices.

That’s the reason it has been around for decades. Digital marketing can be done both online and offline. And, both kinds matter for a well-rounded digital marketing strategy.

Using a Digital Marketing Agency to Support Company Growth 2

A lot of people ask “is digital marketing important?” they don’t realize how many digital marketing assets they have at their disposal.

So what about digital marketing? Google and Facebook generates more revenue than any traditional media company because they control more eyes.

That’s why digital marketing is important, it is where the attention is. Digital marketing jobs are very lucrative and the opportunities are vast.

Categories of Digital Marketing

  • Search engine optimization (SEO)
  • Search engine marketing (SEM)
  • Content marketing
  • Social Media Marketing (SMM)
  • Pay-per-click advertising (PPC)
  • Affiliate marketing
  • Email marketing

Digital marketing agencies who have certificates in digital marketing usually focuses on a different key performance indicator (KPI) for each channel so they can properly measure the company’s performance across each one.

A digital marketing company can take your business to the next level. Most people always want to know before venturing into online marketing by asking is digital marketing in demand? of course it is.

A digital marketing agent who’s in charge of SEO, for example, measures their website’s “organic traffic” — of that traffic coming from website visitors who found a page of the business’s website via a Google search.

How to Start a Digital Marketing Agency

Digital marketing is carried out across many marketing roles today. In small companies, one generalist might own many of the digital marketing tactics described above at the same time.

In larger companies, these tactics have multiple digital marketing specialists that each focus on just one or two of the brand’s digital channels.

There are several steps which we must take when setting up a digital agency, these steps are very vital in ensuring your business don’t just crash on arrival. They include:

  • Educate Yourself
  • Find Your Niche
  • Do Competitor Research
  • Launch Your Website
  • Build a Portfolio
  • Set a Business Model
  • Have a Social Media Presence
  • Generate Leads

Top digital marketing agencies

Here’s a list of the best agencies for digital marketing for you to review. These companies are the top dawgs in the industry.

Roles or Jobs in Digital marketing

There are several roles or jobs in digital marketing. Here are some examples of these digital marketing jobs:

SEO Manager

Main KPIs: Organic traffic

What is digital marketing in SEO? SEO managers get the business to rank on Google. Using a variety of approaches to search engine optimization digital marketing course, this person might work directly with content creators to ensure the content they produce performs well on Google — even if the company also posts this content on social media.

Content Marketing Specialist

Main KPIs: Time on page, overall blog traffic, YouTube channel subscribers

Content marketing specialists are the digital content creators. They frequently keep track of the company’s blogging calendar, and come up with a content strategy that includes video as well as digital marketing services.

These professionals often work with people in other departments to ensure the products and campaigns the business launches are supported with promotional content on each digital channel.

Social Media Manager

Main KPIs: Follows, Impressions, Shares

Agencies for digital marketing need the role of a social media manager, its easy to infer from the title, but which social networks they manage for the company depends on the industry.

Above all, social media managers establish a posting schedule for the company’s written and visual content. Besides courses for digital marketing are somewhat complex though.

Using a Digital Marketing Agency to Support Company Growth 3

This employee might also work with the content marketing specialist to develop a strategy for which content to post on which social network.

Marketing Automation Coordinator

Main KPIs: Email open rate, campaign click-through rate, lead-generation (conversion) rate

The marketing automation coordinator helps choose and manage the software that allows the whole marketing team to understand their customers’ behavior and measure the growth of their business.

Because many of the marketing operations described above might be executed separately from one another, it’s important for there to be someone who can group these digital activities into individual campaigns and track each campaign’s performance.

Digital marketing can work for any business in any industry. Regardless of what your company sells, digital marketing still involves building out buyer personas to identify your audience’s needs, and creating valuable online content. However, that’s not to say all businesses should implement a digital marketing strategy in the same way.

B2B Digital Marketing

If your company is business-to-business (B2B), your digital marketing efforts are likely to be centered around online lead generation, with the end goal being for someone to speak to a salesperson.



For that reason, the role of your marketing strategy is to attract and convert the highest quality leads for your salespeople via your website and supporting digital channels.

Beyond your website, you’ll probably choose to focus your efforts on business-focused channels like LinkedIn where your demographic is spending their time online.

B2C Digital Marketing

If your company is business-to-consumer (B2C), depending on the price point of your products, it’s likely that the goal of your digital marketing efforts is to attract people to your website and have them become customers without ever needing to speak to a salesperson.

For that reason, you’re probably less likely to focus on ‘leads’ in their traditional sense, and more likely to focus on building an accelerated buyer’s journey, from the moment someone lands on your website, to the moment that they make a purchase.

This will often mean your product features in your content higher up in the marketing funnel than it might for a B2B business, and you might need to use stronger calls-to-action (CTAs).

Is digital marketing the future? Of course it is. Digital marketing is the marketing of the future, you can track the results of your digital marketing efforts with incredible accuracy, which means it is easy to see which strategies are producing profitable results and which ones need some work.

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Why you need a Personal Loan in 2020

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Why you need a Personal Loan in 2020

Why you need a Personal Loan in 2020

There may be times when we run out of cash and might need to lend somewhere, especially going into the year 2020. Where are you going to go?



Many people use credit cards, but high interest rates and a desire to spend more on credit cards and increase your balance may not be the best choice.

These loans are paid back in monthly installments over the course of typically two to six years, but it can take longer depending on your circumstances and how diligent you are with making payments.

Although it may seem frivolous to take out a personal loan for, well, personal reasons, it can be greatly beneficial in certain instances and when used and paid back correctly.

Reasons why you need a personal loan

Here are the top six reasons to apply and secure a personal loan.

  • Consolidate debt
  • Alternative to a payday loan
  • Finance home remodeling
  • Money for moving expenses
  • Unplanned emergency expenses
  • Make a large purchase

Money for moving expenses

You probably won’t need to take out a loan to relocate over a short distance. However, if you’re facing a long-distance move, perhaps for a new job opportunity, then costs can be expensive enough to warrant applying for a loan.

Personal loan funds can help you move your household belongings from one place to another, purchase new furniture for your new residence, transport your vehicle across the country and any other expenses you may incur.

Making a large purchase

Household disasters can strike unexpectedly. If you suddenly need to buy a new washer and dryer but don’t have the funds on hand, a personal loan can provide great relief. Other large purchases, such as an entertainment center or gaming computers, can also end up costing more than what you have in your checking or savings account.

Although it’s nice to have entertainment items in the home, it’s probably best to use personal loans for appliances like washers, dryers, ovens, bathrooms and other necessities.

Loans allow you to purchase major household appliances and electronics immediately, rather than having to wait months to save up for them.

Though you may incur some loan fees, a personal loan can save you time and money in the long-run, since you’ll be able to avoid using laundromats and other short-term but expensive alternatives.

Pay for a wedding

When you hear people talk about wedding loans, what you’re really hearing about are loans. In some cases, it’s a good idea to take out a personal loan before you walk down the aisle.

A wedding loan can be used for big-ticket items like the venue and bride’s dress, as well as smaller expenses like flowers, photography, cake, and a wedding coordinator.

“It gives you the flexibility to pay for all those pieces, whether you’ve contracted it through one place or put it together a la carte,” Shuff says.

You can also consider paying for the engagement ring with a personal loan. Depending on the kind of ring you’re getting, engagement rings can easily cost several months of your salary.



If you don’t want to deplete your savings account, consider a personal loan to help make your engagement and wedding exactly the way you always dreamed it to be.

Take a dream vacation

Your average vacation might not cost enough to necessitate taking out a personal loan, but what about a honeymoon or a luxury cruise? That’s where things can get pricey and a personal loan can help.

Just as personal loans can help pay for your wedding, they can also be used to help you see the world. Whether you’ve just graduated and want to go on a trip, or you’re celebrating an anniversary, personal loans can help you finance your dream vacation.

Consolidate debt

Debt consolidation is one of the most common rationales given for taking out a personal loan. Imagine carrying multiple loans or outstanding credit cards that all have varying interest rates and balances due. That’s a recipe for financial trouble, and it’s also where personal loans can step in to help.

When you apply for a loan and use it for debt consolidation, you’re combining all of those outstanding balances into one monthly payment. This grouping of debt makes it easier to work out a timeframe to pay off your balances without getting overwhelmed.

One of the best advantages of using a personal loan to pay off your credit cards is the lower interest rates. With lower rates, you can reduce the amount of interest you pay and the amount of time it takes to pay off the debt. Consolidation allows you to pay off credit cards in finite terms with a clear end date in sight.

Finance home remodeling

A personal loan can be a great option to pay for home remodeling, according to Kristin Shuff, senior vice president of marketing at LightStream, an online lending division of SunTrust Bank.

Whether you want to put on a new roof, install solar panels, remodel your kitchen or add a swimming pool, hot tub, landscaping or hardscaping, if you don’t currently have the cash on hand, a personal loan can be a big help when it comes to home improvements.

Furthermore, a personal loan is a good fit for people who don’t have equity in their home or don’t want to get a home equity line of credit or HELOC, Shuff says.

Unplanned emergency expenses

Finance funeral expenses

Some people forget to talk about funeral expenses when discussing the main reasons for personal loans. Though it may be an area that is uncomfortable to consider, personal loans can be a helpful resource in the event of a family member’s death.

In short, funerals are expensive. Between the burial plot, casket, funeral home services and other factors, costs can quickly add up to thousands of dollars.

If a deceased person’s estate can’t afford those expenses, a family member or other person may choose to apply for a personal loan to cover the deceased’s final costs.

Pay medical bills

Medical expenses are a significant reason people go to lenders for personal loans, LightStream’s Shuff says.

Common medical treatments that may require the use of a personal loan include dental work, cosmetic surgery, fertility treatments and other procedures that can cost $5,000 or more. Ancillary expenses like medical travel, parking, medications and aftercare also can be effectively financed by a personal loan.

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